Property Type

Bussel Realty Arranges $4M Industrial Property Sale in New Jersey

by Amy Works May 20, 2015

SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of an industrial property located at 111 Somogyi Court in South Plainfield. Somogyi Holdings LLC purchased the 64,990-square-foot property for $4 million. Situated on six acres, the property features 20-foot ceiling heights, 1,200 amps of electric power, 10 tailboards, seven drive-ins, wet sprinklers and rail service. David Blitt and Robert Sager of Bussel Realty represented the buyer, while CBRE represented the undisclosed seller in the transaction.

May 20, 2015

Connecticut Industrial Northeast

Sentry Commercial Brokers Sale of 52,214 SF Industrial Facility in Connecticut

by Amy Works May 20, 2015

EAST HARTFORD, CONN. — Sentry Commercial has brokered the sale and acquisition of an industrial property located at 60 Meadow St. in East Hartford. Arthur J. Hurley Co. purchased the 52,214-square-foot facility for $1.5 million from New Boston Fund. The electrical wire and cable distribution company plans to expand operations into the property this fall. Sentry Commercial was the sole broker in the transaction.

May 20, 2015

California Loans Multifamily Western

Mariners Bay Apartments in Marina del Rey Receives $96.4M in Financing

by Nellie Day May 20, 2015

LOS ANGELES — The 379-unit Mariners Bay Apartments in the Los Angeles coastal market of Marina del Rey has received $96.4 million in acquisition financing. The community is located at 14000 Palawan Way. Mariners Bay was built in 1975. It is one of the largest apartment and anchorage properties in Marina del Rey. The community is situated on 19 acres of land. It contains 409 boat slips. The borrower, Legacy Partners Residential, plans to renovate the apartment homes, existing docks, waterfront promenade, common-area amenities and site landscaping. The floating-rate bank loan was secured by CBRE’s Brian Eisendrath and Brandon Smith.

May 20, 2015

California Multifamily Western

The Landing at Walnut Creek Receives $70M in JV Equity

by Nellie Day May 20, 2015

WALNUT CREEK, CALIF. — The Landing at Walnut Creek, a 178-unit apartment development in Walnut Creek, has received $70 million in joint venture equity. The Class A project will be located at the corner of Ygnacio Valley Road and Oakland Boulevard. The Landing will be situated directly across from the Walnut Creek BART station. The transit-oriented development is scheduled for completion late next year. Community amenities will include a fitness center, yoga studio, roof deck with lounge and outdoor resident activity areas. HFF’s equity placement team was led by Bruce Ganong and Adam Simon, who worked on behalf of the Landing’s developer, BHV Centerstreet Properties LLC. The equity was sourced from a U.S.-based life insurance company.

May 20, 2015

California Office Western

M&M Promotes Hessam Nadji to Senior Executive Vice President

by Nellie Day May 20, 2015

LOS ANGELES — Hessam Nadji has been promoted to senior executive vice president of Marcus & Millichap. Nadji joined the firm in 1996. He served as the chief strategy officer and senior vice president. Nadji is responsible for Marcus & Millichap’s specialty brokerage divisions. He also oversees the firm’s research, advisory services and marketing departments. In addition to these duties, Nadji will now oversee the firm’s mortgage brokerage operations and certain corporate functions. He is based in Walnut Creek, Calif. Prior to joining Marcus & Millichap, Nadji was senior vice president at Grubb & Ellis. He received a Bachelor of Science degree in information management and computer science from City University in Seattle.

May 20, 2015

California Industrial Western

Rexford Buys Lynwood Industrial Facility for $22M

by Nellie Day May 20, 2015

LOS ANGELES – Rexford Industrial has purchased a two-building industrial portfolio in the Los Angeles submarket of Lynwood for $22 million. The center is located at 2588 and 2605 Industry Way. It contains a total of 164,662 square feet. Rexford worked with the primary tenant, which had exercised its purchase right of first refusal, to acquire the properties in a long-term sale-leaseback secured by a credit tenant.

May 20, 2015

California Industrial Western

Robinson Pharma Leases Manufacturing Building in Santa Ana

by Nellie Day May 20, 2015

SANTA ANA, CALIF. – Robinson Pharma has signed a 10-year lease for a 126,796-square-foot industrial manufacturing/warehouse building in Santa Ana. The space is located at 2811 So. Harbor Blvd. The building is now fully occupied. This transaction represents one of the largest lease transactions in Orange County this year, according to Marc Belluomini of CT Realty, the building’s landlord. The firm is currently finishing interior and exterior refurbishments to reposition it as a corporate headquarters facility for Robinson Pharma. The supplement and soft-gel manufacturer was represented by CBRE’s Bob Goodmanson. CT Realty was represented by Dale Camera and Jim Snyder of Lee & Associates.

May 20, 2015

Springhill-Suites-Marriott-Chasewood-Houston

Hospitality Texas

SpringHill Suites by Marriott Opens in Northwest Houston

by Haisten Willis May 19, 2015

HOUSTON — SpringHill Suites by Marriott Houston Northwest, located at 20303 Chasewood Park Drive in Houston, is now open. The new hotel is a 139-room, all-suite property located along Highway 249 and Chasewood Park Drive and provides access to shopping, restaurants and entertainment districts. Local attractions include Vintage Park, Willowbrook Mall, Old Town Spring, Sam Houston Race Park and University Park. MAS Lodging Capital LLC, the sponsor, is a joint venture between Oldham Goodwin and TEKMAK Development that focuses on the acquisition and development of franchised hotel assets in markets throughout Texas.

May 19, 2015

Retail Texas

Vestar Awarded Management of Retail Property in Dallas

by Haisten Willis May 19, 2015

DALLAS — Vestar has been retained by a large institutional owner to handle the property management, leasing and marketing of Village on the Parkway, a 357,731-square-foot retail center situated on 31 acres in Dallas. The company plans to refresh the property’s merchandising strategy while enhancing the shopping experience. Village on the Parkway is 91 percent leased to tenants including Whole Foods Market, AMC Theatres, Neighborhood Services, Ra Sushi, Gloria’s Latin Cuisine, Yard House, AT&T, Beauty Brands and 24 Hour Fitness. Village on the Parkway is located along the Dallas North Tollway at Belt Line Road and Montfort Drive in the far north Dallas area. Vestar manages more than 23 million square feet in Texas, California, Arizona, Colorado and Nevada.

May 19, 2015

Loans Multifamily Texas

BMC Capital Provides $2.5M Acquisition Loan for Apartment Complex in Austin

by Haisten Willis May 19, 2015

AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $2.5 million acquisition loan for a 36-unit apartment property located in Austin. The loan features a 75 percent loan-to-value ratio, five-year term, fixed interest rate at 4.37 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s credit union correspondent relationships.

May 19, 2015

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