NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 36-01 Vernon Blvd. in the Long Island City neighborhood of Queens. The asset sold for $2.5 million, or $278 per square foot. The four-story, 9,000-square-foot building features one commercial unit and seven three-bedroom apartments. David Chkheidze of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
NEWPORT BEACH, CALIF. — The Seligman Group has received $309 million to refinance 23 of its assets throughout California. The portfolio includes more than 1.9 million square feet and 800 apartments. These assets make up the bulk of the San Francisco-based firm’s California holdings. It includes 12 commercial properties in Orange County and San Francisco, as well as 11 multifamily communities in Los Angeles. Financing was secured by Jordan Ray, Ari Hirt, Gregg Applefield, Steven Buchwald, Jamie Matheny and Eugene Shevaldin of Mission Capital Advisors. The portfolio received 23 separate loans. The refinance allowed the Seligman Group to replace its existing loans, taking advantage of favorable market conditions as the firm took additional cash out.
LOS ANGELES — CityView has sold three multifamily properties in the Los Angeles area. These include the 147-unit Venue in Woodland Hills for $38 million; the 306-unit Enclave in Paramount for $61.2 million; and the 251-unit Torrey Pines in West Covina for $53.8 million. The properties contain a total of 704 units that ultimately sold for a combined $153 million. All three properties were purchased between April 2010 and June 2012.
LAS VEGAS — A joint venture between TruAmerica Multifamily and Investcorp have acquired Solis at Flamingo, a 524-unit urban infill apartment community in Las Vegas, for $50.5 million. The community is located at 3275 East Flamingo Road. Solis at Flamingo is situated just five miles from the Las Vegas Strip, the University of Nevada, Las Vegas, and McCarran International Airport. It was built in1988. The community offers one- and two-bedroom units. Common-area amenities include three resort-style pools and spas, a clubhouse, fitness center, business center, and basketball and tennis courts. TruAmerica will invest an additional $5.5 million in capital improvements that will include full interior renovations and exterior and common-area upgrades. The property will also receive new landscaping, upgraded pool furniture, outdoor kitchens and a pet park. This is TruAmerica’s first acquisition in Nevada. It also recently entered Salt Lake City and Portland, Ore. The seller was Alliance Residential.
LOS ANGELES — Mortgage broker Berkadia has arranged $93.2 million in financing over two separate transactions for ROC Seniors Housing Fund Manager LLC. In the first transaction, Berkadia arranged an $84 million loan from BBVA Compass Bank for the acquisition of 14 seniors housing communities spread across California, Oklahoma, Texas, North Carolina, Ohio and West Virginia. Berkadia contributed $20 million of the overall financing through its Propriety Bridge Lending Program. In total, the facilities consist of 1,038 units: 719 assisted living units, 208 memory care units and 111 independent living units. Christopher Fenton, managing director of Berkadia’s Seniors Housing and Healthcare group, secured the financing for ROC, which is a seniors housing investment fund. In the second transaction, Berkadia arranged a $9.2 million loan for the acquisition of The Landing of Canton, a 76-unit assisted living and memory care facility located in Canton, Ohio.
PHOENIX — East Village at Shea LLC, a company formed by YAM Properties LLC, has purchased Village at Shea, a 117,025-square-foot retail center located in Scottsdale, for $32.5 million. Michael Hackett and Ryan Schubert, executive managing directors at DTZ, brokered the sale on behalf of the seller, Karlin Scottsdale Shea LLC. Village at Shea, anchored by Harkins Shea 14 Theatre, was 85 percent leased at the time of sale.
GRAPEVINE, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged financing for the DFW Corporate Drive portfolio in Grapevine. CBRE worked on behalf of JLL Income Property Trust to obtain a $17.7 million non-recourse loan. The 10-year, interest-only loan has a fixed interest rate of 3.23 percent and was secured through one of CBRE’s correspondent life companies. The DFW Corporate Drive Portfolio consists of two industrial warehouses totaling 643,429 square feet. The buildings are 100 percent leased to tenants including Kay Chemical, Fleetpride and Harland Clarke. The portfolio is located in the DFW Airport submarket. Greg Greene, Scott Lewis and Matt Ballard with CBRE’s Dallas office originated and secured the financing on behalf of the borrower.
SOUTH PADRE ISLAND, TEXAS — Marcus & Millichap has arranged the sale of Plaza 410, a 51,425-square-foot retail property located in South Padre Island. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Levy also represented the buyer, a private investor. Plaza 410 is located at 410 Padre Blvd. and is 74 percent leased to tenants including Tuesday Morning, Spec’s Family Partners, Tate’s Clothiers, Sisters Trading Co., Jong Mi Park, Subway, Coast to Coast Beachwear and SPI Fellowship Group. The building was constructed in 1985 and sits on a 2.7-acre lot.
AUSTIN, TEXAS — HFF has negotiated the sale of SoCo I and II, a 59-unit boutique apartment complex located in Austin. HFF marketed the asset on behalf of Artesia. EG Funds Management purchased the property for an undisclosed amount. SoCo I & II is located at 3504 and 3508 Alpine Circle between South Congress and South 1st streets in the South Austin submarket. Renovated in 2014, the community consists of a pair of two-story buildings situated on 1.4 acres. It was 98 percent occupied at closing. Matt Pohl, Sean Sorrell and Ryan McBride led the HFF investment sales team representing the seller.
DALLAS — Hillwood, a privately owned real estate developer, is set to form Hillwood Urban, a new real estate division. Hillwood Urban will focus on large corporate office developments and mixed-use projects on core urban land sites, as well as suburban land opportunities in North Texas. Hillwood Urban will be led by Mike Berry, president of Hillwood Properties, along with existing Hillwood leadership such as Ken Reese, executive vice president of Hillwood Investments; Walt Zartman, senior vice president for Hillwood Development; Jacob Walter, vice president for Hillwood Development; and Bill Burton and Russell Laughlin, executive vice presidents of Hillwood Properties.