Property Type

Atlanta Braves SunTrust Park Omni Atlanta Northwest Hotel

New Omni Hotel Will Anchor Mixed-Use Campus Adjacent to Atlanta Braves’ SunTrust Park

by John Nelson April 29, 2015

ATLANTA — The Atlanta Braves and Omni Hotels & Resorts have partnered to develop a new Omni hotel in the mixed-use development adjacent to SunTrust Park in Cobb County. Known as the Omni Atlanta Northwest Hotel, the property will span 16 floors and feature 260 guest rooms. The hotel will comprise 12,500 square feet of meeting space, a signature restaurant and an elevated pool deck and bar overlooking the plaza and ballpark. Groundbreaking for the Omni Atlanta Northwest Hotel is expected to occur later this year. The Dallas-based hospitality company has 60 hotels and resorts in the top markets across the U.S., including the Omni Atlanta Hotel at CNN Center. SunTrust Park is set to open by April 2017 and will be the new home to the Atlanta Braves.

April 29, 2015

Multifamily Southeast Virginia

Security Properties Buys Multifamily Community in Virginia for $31M

by John Nelson April 29, 2015

ASHBURN, VA. — Security Properties has purchased the 168-unit Grove at Flynn’s Crossing, an apartment community located at 21892 Blossom Hill Terrace in Ashburn, for $31 million. The acquisition marks Security Properties’ first acquisition in the northern Virginia/Washington, D.C. area. Built in 1999, the property contains a mix of one-, two- and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse, pool and playground. The Grove at Flynn’s Crossing consists of affordable apartments for individuals and families earning up to 60 percent of area median income. Jeff Kunitz and Brandon Grisham of Marcus & Millichap represented the undisclosed seller in the transaction. Tim Leonhard of Oak Grove Capital arranged acquisition financing through Fannie Mae on behalf of Security Properties.

April 29, 2015

North Carolina Office Southeast

CBRE|Raleigh Brokers Sale of Office Campus in Raleigh

by John Nelson April 29, 2015

RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Grove Towers, a three-building, 115,413-square-foot office campus in Raleigh. The office park is located at 1001, 1100 and 1110 Navaho Drive in the Six Forks/Falls of Neuse office submarket. Nearby attractions include retail destination North Hills, downtown Raleigh, neighborhoods inside the beltline and Duke Raleigh Hospital. The buyers, Iron Point Partners and Hobbs Properties, purchased the office campus from GT Company LP for an undisclosed amount. Ben Kilgore, Jeff Glenn and Jim McMillan of CBRE|Raleigh represented the seller in the transaction.

April 29, 2015

Alabama Multifamily Southeast

Berkadia Brokers $4.1M Sale of Apartment Community in Birmingham

by John Nelson April 29, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the $4.1 million sale of Element 26, a recently remodeled apartment community in Birmingham. The 66-unit property is located on 14th Avenue and 17th Street on Birmingham’s south side. Element 26’s units average roughly 650 square feet that rent for an average $1.11 per square foot. The asset was fully occupied at the time of sale. Element 26 LLC, an investment group based in Birmingham, purchased the asset from Birmingham-based Highland Ridge LLC for $61,742 per unit. Joshua Jacobs of Berkadia represented the seller in the transaction. The new owner has retained ArbourValley to manage Element 26.

April 29, 2015

Georgia Mixed-Use Restaurant Retail Southeast

Redstone Brings Retail Portion of 315 W. Ponce in Decatur to Full Occupancy

by John Nelson April 29, 2015

DECATUR, GA. — Redstone Investments has brought the retail portion of its mixed-use property in Decatur to full occupancy. The development is located at 315 W. Ponce de Leon Ave. and includes 10,000 square feet of street-level retail space, a 125,000-square-foot office building, shared parking deck and new multifamily residences. The property’s retail tenant roster includes Highland Bakery, Taziki’s and Orangetheory Fitness. The mixed-use project was jointly planned by Redstone Investments and Carter. The first phase of the residential component above the retail was completed in December 2014 and was 100 percent occupied within weeks of delivery. The final phase of the residential development will be completed this summer. Steve Wohl of Oakhurst Realty is the leasing agent for the property.

April 29, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Arranges $360M in Financing for Development of Midtown Manhattan Condo Tower

by Amy Works April 29, 2015

NEW YORK CITY — HFF has arranged $360 million in financing for the development of 100 East 53rd Street, a luxury condominium project in Manhattan’s Midtown East neighborhood. The construction loan was arranged for a joint venture between RFR Holdings LLC and Vanke Holdings LLC/China (HK) Asset Management Co. Ltd. through the Industrial and Commercial Bank of China. The 61-story tower will feature 94 for-sale residences, as well as ground- and second-floor retail and restaurant space. Slated for completion in 2017, the Foster + Partners-designed property will offer studio, one-, two-, three- and four-bedroom floor plans, a swimming pool, sauna, steam room, fitness center, yoga room, Pilates studio, massage/spa treatment rooms, lounge, media room and concierge services. Hines is serving as co-developer of the project along with RFR Holding LLC. Compass and Classic Marketing are handling sales and marketing for the project. Mike Tepedino, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the financing.

April 29, 2015

Industrial New Jersey Northeast

NAI Mertz Brokers Sale of 503,000 SF Industrial Facility in New Jersey

by Amy Works April 29, 2015

BURLINGTON, N.J. — NAI Mertz has brokered the sale of an industrial facility located at Six Campus Dr. in Burlington. The buyer is an investor focused on the acquisition and operation of single-tenant industrial properties. Generation Brands, a manufacturer and distributor of decorative and functional lighting and ceiling fan products, occupies the entire building. Situated on 60 acres, the property, which includes 250,000 square feet of expansion potential, features 32-foot clear ceiling heights, 61 loading docks, solar paneling and ESFR sprinkler systems. Scott Mertz of NAI Mertz was the sole broker in the transaction. The name of the seller and the acquisition price were not released.

April 29, 2015

Loans Northeast Pennsylvania Retail

Aztec Group Secures $23.3M in Financing for Two Pennsylvania Retail Centers

by Amy Works April 29, 2015

BARTONSVILLE, PA. — Aztec Group Inc. has secured a total of $23.3 million in financing for two retail centers in Bartonsville. The firm secured $13.2 million in financing for Bartonsville Square and $10.1 million for Bartonsville Plaza. Basis Investment Group provided a 10-year loan, featuring a 75 percent loan-to-value ratio and a 30-year amortization schedule, for Bartonsville Square. Bartonsville Square is an 80,000-square-foot retail center anchored by a 50,000-square-foot Dick’s Sporting Goods. The property was developed by an affiliate of Legend Properties and is currently 95 percent leased and occupied. Also developed by an affiliate of Legend Properties, the 49,000-square-foot Bartonsville Plaza is 94 percent leased and occupied. Current tenants include Sleepy’s Mattress, Verizon Wireless, GameStop, Moe’s Southwest Grill, Great Clips, Sonic and Advanced Auto Parts. Ladder Capital provided a 10-year loan, which features a 70 percent loan-to-value ratio and a 25-year amortization schedule, for Bartonsville Plaza. Howard Taft and Charles Penan of Aztec Group Inc. arranged the financing for the undisclosed borrower.

April 29, 2015

Mixed-Use New York Northeast

Marcus & Millichap Brokers $10.1M Sale of Mixed-Use Property in West Harlem

by Amy Works April 29, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use building located at 2070 Frederick Douglass Blvd. in New York City’s West Harlem neighborhood. Prince Street LLC purchased the six-story building for $10.1 million, or $667 per square foot, from 2070 Uptown LLC. The property features 16 residential units and two commercial spaces. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Brett Garson of Marcus & Millichap represented both parties in the transaction.

April 29, 2015

Loans Multifamily New York Northeast

Mortgage Equicap Arranges $8.5M Bridge Loan for Condo Conversion in Tribeca

by Amy Works April 29, 2015

NEW YORK CITY — Mortgage Equicap LLC has arranged an $8.5 million bridge loan for mixed-use condominium conversion in New York City’s Tribeca neighborhood. The building will feature four loft residential condos and a ground-floor retail condo. Equicap was able to arrange the bridge loan to replace the in-place construction loan on the property. Daniel Hilpert of Mortgage Equicap negotiated the financing.

April 29, 2015

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