Property Type

CBRE/NE Arranges $48.3M Sale of Connecticut Multifamily Community

by Amy Works October 22, 2014

GROTON, CONN. — CBRE/New England’s Capital Markets team has brokered the sale and arranged financing for The Ledges, a multifamily community located in Groton. The 339-unit asset traded hands for $48.3 million. Built in 2005, the community consists of one single-story leasing center and 14 garden-style apartment buildings offering a mix of 148 one-bedroom units, 155 two-bedroom units and 36 three-bedroom townhomes with an average unit size of 1,022 square feet. Unit amenities include fully equipped kitchens, in-unit washer and dryers and more than eight-foot ceilings throughout. Community amenities include a clubhouse with a resort-style outdoor swimming pool with sundeck, resident lounge with gas fireplace and partial kitchen with built-in bar area, billiards rooms with pool table, business center, conference room, two fitness centers with bathrooms and showers, picnic areas with barbeque grills and a children’s playground, as well as walking trails and a Fit-Trail with 12 exercise stations. Simon Butler, Biria St. John and Mike Stone of CBRE/NE represented the seller, LCOR Groton Apartment LLC, an affiliate of LCOR, and procured the undisclosed buyer. Mike Riccio, Susan Larkin and Anna Pfau of CBRE Debt & Structured Finance team placed $39.21 million in acquisition financing for The Ledges.

October 22, 2014

Multifamily New York Northeast

Alpha Realty Arranges $8.3M Sale of Residential Building in Brooklyn

by Amy Works October 22, 2014

NEW YORK CITY — Alpha Realty has brokered the sale of 306 Fifth Avenue, a residential building located in the Park Slope section of Brooklyn. The six-story building sold for $8.3 million. Built in 2002, the 16,525-square-foot building features 10 residential apartments and one commercial unit. Additionally, there is a 421(a) tax abatement in effect on the property until 2025. Lev Mavashev of Alpha Realty represented the seller, the original developers, and the buyer, a Manhattan-based investor, in the off-market transaction. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.8 percent.

October 22, 2014

Hospitality Northeast Pennsylvania

Oxford Development Corp. Buys Crowne Plaza Pittsburgh South for $6.1M

by Amy Works October 22, 2014

PITTSBURGH — Oxford Development Corp. has acquired Crowne Plaza Pittsburgh South, located at 164 Fort Couch Road in Pittsburgh’s South Hills area. Situated on 5.4 acres, the 179-room hotel sold for $6.1 million. The hotel features 13 suites, 13 extended-stay suites, an outdoor pool, fitness center, business center and 15,000 square feet of meeting space throughout 10 rooms. HFF marketed the property on behalf of the SageCrest Liquidating Trust, which was represented by its liquidating trustee, Jack Huber, and portfolio director Christopher Brown, both of SOLIC Capital LLC. Denny Meikleham, Mark Popovich and Alan Suzuki of HFF represented the seller in the transaction.

October 22, 2014

Multifamily New York Northeast

HAP Investments to Develop 10-Unit Residential Building in Washington Heights

by Amy Works October 22, 2014

NEW YORK CITY — New York City-based HAP Investments LLC is developing a new project at 284 Wadsworth Ave. in Washington Heights. Known as HAP 4.1, the six-story, 11,000-square-foot development will offer 10 one- and two-bedroom apartments and basement space. The project team will employ Insulated Concrete Form (ICF) wall system for building construction. HAP has selected Design AIDD Architecture to design the project. HAP is currently developing 11 other projects in Upper Manhattan and Chelsea as well as one in Jersey City, N.J.

October 22, 2014

New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 6,000 SF Net-Leased Property

by Amy Works October 22, 2014

FORT LEE, N.J. — Marcus & Millichap has brokered the sale of an absolute triple-net ground lease at 2035 Lemoine Ave. in Fort Lee. The asset, which features a 6,000-square-foot net-leased property, sold for $990,000. Michael Lombardi and Marco Capozzoli of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a private investor. Greg Babaian of Marcus & Millichap’s New Jersey office represented the buyer, a private investor, in the transaction.

October 22, 2014

Industrial Maryland Southeast

Chesapeake Real Estate, USAA Real Estate to Build 571,000 SF Distribution Center

by John Nelson October 22, 2014

ABERDEEN, MD. — Baltimore-based Chesapeake Real Estate Group LLC and its financial partner, San Antonio-based USAA Real Estate Co., have acquired a 48.4-acre tract of land in Aberdeen for the development of Perryman Logistics Center. The 571,000-square-foot project will be located at 610 Chelsea Road. Chesapeake and USAA expect to deliver the distribution center in the summer of 2015. Bill Pellington, Toby Mink and Jon Casella of CBRE represented the buyers in the land transaction. Chesapeake and USAA have also retained the CBRE team to market and lease the property, which is being developed on a speculative basis. The seller was FO Mitchell Bro. Once complete, the property will feature 36-foot clear heights, 175 rear-loading docks, two drive-in docks, a 130-foot truck court and an adjacent 500-space parking lot.

October 22, 2014

Florida Office Southeast

NAI Rauch Weaver Norfleet Kurtz Brokers $6.8M Sale of Silver Lakes Professional Campus

by John Nelson October 22, 2014

PEMBROKE PINES, FLA. — NAI Rauch Weaver Norfleet Kurtz & Co. has brokered the $6.8 million sale of Silver Lakes Professional Campus, a 43,380-square-foot mixed-use property in Pembroke Pines. The office/retail asset is located at 17730 Pines Blvd. and 17782 S.W. 2nd St. Bill McConnell and Kenneth Kurtz of NAI Rauch Weaver Norfleet Kurtz, along with C-III Realty Services, represented the seller, LBUBS 2006-C6 Pembroke Campus LLC, a limited liability firm based in Florida. Continental Real Estate Cos. (CREC) represented the buyer, Continental Properties Acquisition Corp., an affiliate of CREC.

October 22, 2014

California Office Western

Airport Business Center in Irvine Receives $158M in Financing

by Nellie Day October 22, 2014

IRVINE, CALIF. – Airport Business Center, a 1.2-million-square-foot office/flex industrial park in Irvine, has received $158 million in financing. The 75-acre campus is located just across Interstate 405 from John Wayne Airport. The funds will refinance an existing loan held by two life insurance companies. This loan carried an outstanding balance at closing of about $154.4 million. The 68-building Airport Business Center has been owned and managed by The Koll Company since it purchased the land and commenced construction in 1969. The park contains 700 units. The five-year, fixed-rate, full-term, interest-only loan was arranged by CBRE Capital Markets’ Debt & Structured Finance team. It was facilitated by CBRE’s Brian Halpern, Ben Wagner, Sharon Kline, Marina Massari and Jason Ritchie. The loan features an all-in interest rate in the low 5 percent range. Koll received interest rate strategy advice from Tim Mitchell and Kris Barber of Chatham Financial’s Denver office.

October 22, 2014

California Multifamily Western

San Vicente on the Park in Los Angeles Sells for $75.3M

by Nellie Day October 22, 2014

LOS ANGELES — Douglas Emmett has acquired San Vicente on the Park, a 216,000-square-foot office complex in Los Angeles, for $75.3 million. The two-building complex is located at 6310 San Vicente Blvd. The boutique, five-story property sits adjacent to Cedars Sinai Medical Center, Beverly Hills and the Miracle Mile district. It caters to entertainment-related firms, business services and medical tenants. PRP LLC originally acquired the complex in 2009.

October 22, 2014

California Multifamily Western

Virtu Investments Buys Natomas Ridge Apartment Complex Near Sacramento

by Nellie Day October 22, 2014

SACRAMENTO, CALIF. – Virtu Investments has acquired the 796-unit Natomas Ridge apartment complex in the Sacramento submarket of Natomas for a reported $62 million. The community is located at 2025 W. El Camino Ave. Natomas Ridge was 94 percent occupied at the time of sale. It is situated just eight minutes from downtown Sacramento, via Interstate 5. The community was constructed in 1979. About 765 of the community’s 796 units have undergone complete kitchen and bathroom renovations. The transaction was executed by Mark Leary, Curtis Gardner and John McCulloch of the ARA Pacific team. The seller was a global investment manager.

October 22, 2014

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