Property Type

The Davis Cos. Acquires Multifamily Portfolio in Richmond for $37.4M

by John Nelson May 11, 2015

RICHMOND, VA. — The Davis Cos. (TDC) has acquired a portfolio of 29 apartment buildings spanning 441 units in Richmond’s Fan and Museum districts for $37.4 million. This purchase marks TDC’s first entry into the Richmond market. TDC owns and manages commercial and multifamily properties and has a long history of repositioning historic commercial office buildings and multifamily residences throughout the Eastern United States. TDC plans to invest significant capital in order to perform exterior and interior improvements to the residences. Work is scheduled to begin immediately and be fully complete by summer 2016. TDC is partnering with Richmond based Spy Rock Real Estate Group to develop and operate the residences. The residences are currently 70 percent occupied. TDC has appointed Bonaventure Property Management Services as the onsite property manager for the portfolio of properties.

May 11, 2015

Georgia Retail Southeast

Blanchard Real Estate to Develop Kroger-Anchored Power Center in Metro Atlanta

by John Nelson May 11, 2015

DAWSONVILLE, GA. — Blanchard Real Estate will develop a Kroger-anchored power center in Dawsonville, part of the Atlanta MSA. The Kroger Marketplace store will span 123,000 square feet and feature a fuel center. Blanchard has also secured commitments from national retail tenants totaling roughly 200,000 square feet. The new power center is located adjacent to the North Georgia Premium Outlets, which attracts roughly 7.5 million visitors annually. Blanchard is slated to break ground on the shopping center late this summer.

May 11, 2015

Georgia Retail Southeast

HFF Brokers $20.2M Sale of Shopping Center in Columbus, Ga.

by John Nelson May 11, 2015

COLUMBUS, GA. — HFF has brokered the $20.2 million sale of Bradley Park Crossing, a 116,768-square-foot retail power center located at 1591 Bradley Park Drive in Columbus, roughly 100 miles south of downtown Atlanta. The property’s tenant roster includes The Fresh Market, PetSmart, Michael’s and Hibbett Sports. Jim Hamilton, Richard Reid and Mike Allison of HFF represented the seller, DDR Corp., in the transaction. The Rosen Group purchased the asset free and clear of existing debt.

May 11, 2015

Healthcare Industrial New York Northeast

Norvin Healthcare Properties Acquires 45,000 SF Property in Long Island City for $66M

by Amy Works May 11, 2015

NEW YORK CITY — An affiliate of New York City-based Norvin Healthcare Properties has acquired a two-story, 45,000-square-foot property, located at 21-21 44th Dr. in Long Island City, for $66 million. Simultaneously with the acquisition, Norvin entered into a 31-year triple-net lease with NYU Langone Medical Center. NYU Langone Medical Center plans to redevelop the industrial property into a multi-specialty ambulatory care facility. The name of the seller was not disclosed.

May 11, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers $38M Sale of Four Multifamily Buildings in Brooklyn

by Amy Works May 11, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Washington Flats portfolio, a grouping of four contiguous apartment buildings in Brooklyn’s Clinton Hill neighborhood. The portfolio sold for $38 million, or $364 per square foot. Located at 425 and 435 Grand Ave., 29 Putnam Ave. and 90 Downing St., the 104,365-square-foot portfolio features 128 residential apartments, with 121 rent-stabilized, three rent-controlled and four free-market units. At the time of sale, the properties participated in the HPD Home Program, which provides housing for low-income tenants and 52 of the rent-stabilized units operate under the Home Program. Stephen Palmese of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

May 11, 2015

New Hampshire Northeast Retail

Curatolo Seabrook Buys Mini Storage Facility in New Hampshire

by Amy Works May 11, 2015

SEABROOK, N.H. — Curatolo Seabrook LLC has acquired Seacoast Mini Storage in Seabrook, a suburb of Portsmouth. The Marilyn T. Imke Revocable Trust sold the property for $5.8 million. Located at 233 Route 107, the 63,754-square-foot property has 55,270 square feet of rental storage space with 583 units, 152 of which are climate-controlled units. Situated on 6.1 acres, the property also includes two apartment units on site. Joseph Mendola of NAI Norwood Group represented the seller and assisted the buyer in the transaction.

May 11, 2015

Multifamily New York Northeast Student Housing

Colliers Arranges Sale of Development Site for Student Housing Facility in Buffalo

by Amy Works May 11, 2015

BUFFALO, N.Y. — Colliers International Student Housing Group has arranged the sale of a 28-acre development site near the State University of New York at Buffalo. A joint venture between Harrison Street Real Estate and University Student Living, a company of The Michaels Organization, acquired the property from Menorah Campus for an undisclosed price. The buyer is planning to build a Class A student housing property on the site with approximately 600 beds. The project is slated for delivery in 2016.

May 11, 2015

Multifamily New York Northeast

Alpha Realty Brokers $2.5M Sale of Multifamily Building in Brooklyn

by Amy Works May 11, 2015

NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily building located at 194 Utica Ave. in Brooklyn’s Crown Heights neighborhood. A local private investor acquired the property for $2.5 million, or $260 per square foot. Constructed in 1906, the 9,100-square-foot property features 14 apartments and two retail spaces. Jacob Aronov of Alpha Realty represented the buyer and the seller, a local private investor, in the transaction.

May 11, 2015

Loans Multifamily North Carolina Southeast

CBRE Arranges $16.1M HUD Loan for Apartment Conversion in North Carolina

by John Nelson May 11, 2015

MEBANE, N.C. — CBRE Capital Markets has arranged $16.1 million in financing for White Furniture Mill Apartments in Mebane. The 157-unit apartment community is a substantial rehab of a historic furniture mill that implemented federal and state historic tax credits. Monica Newman of CBRE’s Capital Markets’ Denver office originated the loan through HUD’s 221(d)(4) rehabilitation mortgage insurance program. The loan provides an interest-only construction period of 16 months that transitions into a 40-year, fully amortizing permanent loan. CBRE arranged the loan on behalf of the borrowers, WFP LLC and D3 Development Inc. The project team includes Raleigh-based JDavis Architects and Winston-Salem-based Rehab Builders Inc.

May 11, 2015

Alabama Market Reports Retail Southeast Southeast Market Reports

Birmingham’s Retail Market Bolstered by New Grocers, Mixed-Use Projects

by John Nelson May 11, 2015

Birmingham’s retail market remained steady in 2014, with approximately 10 percent of the total 24 million square feet available for lease. Birmingham is tracking above national averages relative to new ground-up and rehab projects that are announced or underway. Downward pressure on rents have challenged developers pro-formas, though the very friendly city and state incentives environment has allowed developers to creatively meet tenants conservative occupancy cost requirements. While the Birmingham metro area is challenged by the threat of major closings by retailers like JC Penney, Sears and Kmart, there is a pipeline of first-to-market national retailers eyeing the growth submarkets, including Highway 280, Hoover/ Riverchase and Trussville. New Grocers Enter Market Trader Joe’s recently unveiled plans to open a 12,600-square-foot store at The Summit shopping center in the second half of 2015. Trader Joe’s provides a destination food option for the market. The Summit is leased and managed by Bayer Properties. Arizona-based Sprouts Farmers Market recently announced it would be entering the Birmingham metro as well. Sprouts’ first local offering will be at Brook Highland Plaza on U.S. 280. The 22,457-square-foot store will serve an array of fresh produce and meats. Additionally, GBT Realty is developing a 25,000-square-foot Sprouts location …

May 11, 2015

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