NEW YORK CITY — Certes Partners, a New York City-based real estate development and investment firm, has acquired a development site at 214-218 W. 95th St. on the Upper West Side. The former Hertz parking garage sold for $26.5 million in an off-market transaction. While development plans for the site have not been released yet, the site is suitable for residential development or operations as a parking garage. Certes currently owns the adjacent property, 206 W. 95th St., which the firm is currently developing. The combined assemblage allows development of an 18-store, more than 85,000-square-foot property.
WAYNE, PA. — Equus Capital Partners, through its affiliates, has acquired Bay Colony Executive Park, a four-building office park in Wayne, a suburb of Philadelphia, for an undisclosed price. The 247,294-square-foot property was 88 percent leased at the time of closing. The acquisition was made on behalf of BPG Investment Partnership IX LP, a discretionary fund managed by Equus. The seller is Radnor, Pa.-based Brandywine Realty Trust, a publicly traded REIT. Terms of the sale were not released.
WILMINGTON, MASS. — Avison Young has brokered the lease of 30,995 square feet of office space at 46 Jonspin Road in Wilmington, north of Boston. Limbach Company LLC signed a seven-year lease for the space from Spinelli Commercial Properties for an undisclosed price. The mechanical contractor plans to relocate from its current location one town south in Woburn, Mass., to the new space in November. The lease brings the property to full occupancy. Jack Kerrigan and Colin Whitney of Avison Young represented the landlord, while Cushman & Wakefield represented the tenant in the transaction.
FORT WORTH, TEXAS — Kite Realty Group Trust has acquired Chapel Hill Shopping Center, a 200,000-square-foot power center located in Fort Worth. The center is 96 percent leased and anchored by Central Market, The Container Store and Cost Plus World Market. Other tenants include Ann Taylor, Beauty Brands, New Balance and Men’s Wearhouse. The purchase price was funded using 1031 sale proceeds and other cash and liquidity sources. Chapel Hill Shopping Center is located at the intersection of I-30 and Hulen Street. The area has an estimated population of 275,000 residents within a five-mile radius. David Disney and Adam Crockett of Disney Investment Group represented the seller and also procured the buyer in the transaction.
AUSTIN, TEXAS — HFF has arranged financing for Falcon Ridge, a 296-unit apartment complex in Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the 10-year, fixed-rate loan with TIAA-CREF. Loan proceeds were used to acquire the property. Built in 2000, Falcon Ridge has 12 residential buildings consisting of one-, two- and three-bedroom floor plans averaging 901 square feet. Community amenities include two swimming pools, a spa, fitness center, tanning room, sand volleyball court, barbecue area with grills, dog park, jogging trail, car wash and clubroom/business center. The property is situated on 23 acres at 500 E. Stassney Lane, immediately southeast of the intersection of Interstate 35 and Highway 71. The asset is 94 percent occupied. Eric Tupler, Josh Simon and Casey Wenzel led the HFF debt placement team representing the borrower.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Chase Motor Bank, a net leased property located in Arlington. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Chase Motor Bank is located at 745 W. Lamar Blvd. The property has a corporate guarantee from JPMorgan Chase Bank. The tenant recently exercised a three-year lease extension to coincide with the lease expiration date of the adjacent Chase Banking Center. There are 10 years remaining on the term, with two, five-year options for renewal. The motor bank was constructed in 1982 and served as a motor bank to The American Bank of Arlington, which was later acquired by Chase. The lot size is 30,100 square feet.
SAN ANTONIO — JLL has brokered the sale of Silver Rock Apartments, which is located on the northwest side of San Antonio. JLL worked on behalf of the seller, Harbor Group International, in the transaction for the ranch-style value-add property. Regional Investment and Management LLC purchased the 328-unit complex. Scott LaMontagne and Moses Siller led the JLL team on the transaction. Silver Rock Apartments is a Class A apartment community with amenities including a fitness center, pool and spa, picnic area and club room.
GREENVILLE, S.C. — Continental Realty Corp. has purchased Avana at Carolina Point, a 346-unit apartment property located at 201 Carolina Point Parkway in Greenville, for $51.8 million. Constructed in 2010, the property was previously owned by Greystar Real Estate Partners and its joint venture partner Lubert-Adler. The apartment community, which includes an outdoor pool, fire pit, courtyard area, fitness center, business center and dog park, is located less than one mile from an interchange of I-85. Avana at Carolina Point is the first acquisition for Continent Realty Fund IV LP, a $164 million value-add retail and multifamily fund. The transaction is also Continental Realty’s first acquisition in South Carolina.
CHARLOTTE, N.C. — New York Life Real Estate Investors has provided a $34 million acquisition loan for Hawfield Farms, a 210-unit, Class A apartment community in Charlotte. Grandbridge Real Estate Capital arranged the seven-year loan with five years of interest-only payments on behalf of the borrower, Bell Partners.
FREDERICK, MD. — Avison Young has brokered the $24.3 million sale of a medical office portfolio in Frederick. Located at 194 and 45 Thomas Johnson Drive in Frederick’s Doctor Row area, the two Class A buildings total 82,348 square feet. The two fully leased buildings are roughly two-thirds occupied by affiliates of Frederick Memorial and John Hopkins Hospitals. Jim Kornick and Chip Ryan of Avison Young’s Washington, D.C., office represented the seller, Ausherman Development Corp., in the transaction. The buyer was CNL Healthcare Corp.