Property Type

American Real Estate Partners Buys CenterPointe at Bridgewater for $24.7M

by Amy Works April 3, 2015

BRIDGEWATER, N.J. — American Real Estate Partners has acquired CenterPointe at Bridgewater, a four-building office park located at 1130, 1140, 1150 and 1160 Route 22 East in Bridgewater. The 331,846-square-foot asset sold for $24.7 million. Situated on 20 acres, the property features flexible and highly efficient office space, fitness and food amenities, a conference facility and on-site management. American Real Estate Partners plans to invest $2.7 million in capital improvements to the office campus, including improved finishes and upgrades to elevators, lobby and common areas. At the time of sale, the campus was 54 percent leased, with two buildings 100 percent leased. The property is being acquired by a joint venture sponsored by a discretionary fund managed by American Real Estate Partners and is the fund’s fourth investment. The name of the seller was not disclosed.

April 3, 2015

New York Northeast Retail

Greystone Acquires Retail Development Site in TriBeCa for $17M

by Amy Works April 3, 2015

NEW YORK CITY — Greystone has acquired a retail development site at 108 Chambers St. in Manhattan’s TriBeCa neighborhood. Ashkenazy Acquisition Corp. sold the property for $17 million. Located on the corner of Church and Chambers streets, the site features a 2,000-square-foot building with ground-floor retail space and approximately 12,000 square feet of air rights.

April 3, 2015

Multifamily Northeast Rhode Island

CBRE/NE Brokers Sale of 234-Unit Harbor Village in Rhode Island

by Amy Works April 3, 2015

WAKEFIELD, R.I. — CBRE/New England has brokered the sale of Harbor Village in Wakefield. An affiliate of JRK Property Holdings acquired the 234-unit apartment community, which sold for an undisclosed price. Harbor Village consists of 16 residential buildings and a clubhouse. The residential buildings comprise five two-story direct-entry townhome buildings and 11 three-story garden-style buildings. The property offers one-, two- and three-bedroom units, with an average apartment size of 1,113 square feet. Simon Butler and Biria St. John of CBRE/NE represented the undisclosed seller in the deal.

April 3, 2015

Connecticut Hospitality Northeast

HREC Arranges Sale of Inn at Middletown in Connecticut

by Amy Works April 3, 2015

MIDDLETOWN, CONN. — HREC Investment Advisors has arranged the sale of the Inn at Middletown, located at 70 Main St. in Middletown. Massachusetts-based Linchris Hotel Corp. acquired the 100-room hotel for an undisclosed price. Ketan Patel and Geoff Davis of HREC represented the seller, Middletown Hotel Associates LP, in the transaction.

April 3, 2015

2201-2239-South-Clinton-Ave-South-Plainfield-NJ

Mixed-Use New Jersey Northeast

Marcus & Millichap Arranges $2.8M Sale of Mixed-Use Property in New Jersey

by Amy Works April 3, 2015

SOUTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 2201-2239 South Clinton Ave. in South Plainfield. The 27,225-square-foot retail property sold for $2.8 million. Built in 1981 and situated on two acres, the property features 22,325 of street-level retail and 4,900 square feet of second floor office space. At the time of sale, the property was 82 percent occupied by eleven tenants. Ben Sgambati, Alan Cafiero and Akiva Milgraum of Marcus & Millichap represented the seller, a developer, and the undisclosed buyer in the transaction.

April 3, 2015

Industrial Midwest Wisconsin

Zilber Property Group to Break Ground on Industrial Spec Buildings in Wisconsin

by Danielle Everson April 2, 2015

KENOSHA, PEWAUKEE AND MENOMONEE FALLS, WIS. — Zilber Property Group will break ground on three industrial spec buildings located throughout southeast Wisconsin this spring. The properties include Zilber Industrial I at Business Park in Kenosha; Zilber Industrial I at RidgeView Corporate Park in Pewaukee; and Zilber Industrial I at Lilly Creek Business Park in Menomonee Falls. The Kenosha property includes 30-foot ceiling heights and will accommodate industrial users ranging from 27,000 to 173,000 square feet. The Pewaukee facility includes 28-foot ceiling heights and will accommodate tenants from 20,000 to 113,000 square feet. Zilber Industrial I at Lilly Creek Business Park in Menomonee Falls will be the first of two industrial facilities to be built at the site. The first facility will include 30-foot ceiling heights and can accommodate users ranging from 22,000 to 146,000 square feet. The second facility will include 30-foot ceiling heights and will be able to accommodate up to 180,000 square feet.

April 2, 2015

Indiana Midwest Multifamily

Metonic Real Estate Solutions Buys 740-Unit Apartment Complex in South Bend, Ind.

by Danielle Everson April 2, 2015

SOUTH BEND, IND. — Metonic Real Estate Solutions has purchased Castle Point Apartments, a 740-unit apartment complex in South Bend, for an undisclosed sales price. Originally built in three phases between 1974 and 1980, Castle Point Apartments includes one- and two-bedroom apartments ranging in size between 737 and 1,340 square feet. The 20,000-square-foot clubhouse offers residents premier amenities including indoor basketball and tennis courts along with a yoga/aerobics room, tanning room and game room. The property is located within two miles of the University of Notre Dame, St. Mary’s College and Holy Cross College. Metonic plans to make renovations at the property which will include the addition of new appliances and washers and dryers, upgraded kitchen cabinets and counter tops, and new parking garages. The clubhouse will also be renovated with additional amenities for residents. Omaha-based Seldin Co. was selected as the property manager.

April 2, 2015

Industrial Midwest Minnesota

Dougherty Real Estate Equity Advisors Acquires 153,028 SF Office Building

by Danielle Everson April 2, 2015

EDEN PRAIRIE, MINN. — Dougherty Real Estate Equity Advisors LLC, an affiliate within the Dougherty group of companies, has acquired C.H. Robinson Worldwide Operations Center, a 153,028-square-foot office building in Eden Prairie. The facility is net-leased to C.H. Robinson and is part of its world headquarters campus. The transaction represents an off-market opportunity handled by the CBRE Minneapolis Investment Sales Team of Holtz/Buss/Watts/Welliver/Dusil.

April 2, 2015

Multifamily Student Housing Texas

Balfour Beatty, Wynne/Jackson to Develop Mixed-Use Project for University of Texas at Dallas

by Haisten Willis April 2, 2015

DALLAS — Balfour Beatty Campus Solutions will design, build, finance and operate a $54 million on-campus mixed-use housing and retail development for The University of Texas at Dallas through a public/private partnership. The University town center concept is being developed in partnership with Dallas-based residential and commercial developer Wynne/Jackson. Balfour Beatty Construction, also Dallas-based, will lead the overall design/build team, which also features Jacobs Engineering and Architecture Demarest as the design subcontractors. The new community will include mid-rise apartments and townhomes that will add approximately 600 beds, as well as shops, restaurants and entertainment venues to serve the more than 30,000 students, faculty and staff at the university. The project will be located on a 13-acre tract north and west of the intersection of Synergy Park Boulevard and Floyd Road, adjacent to the proposed site of a future DART rail station. The project will break ground in the coming weeks and will be delivered in August of 2016. Upon completion, Balfour Beatty Communities will operate the housing, and SRS Real Estate Partners will market the retail space.

April 2, 2015

Hospitality New York Northeast

Hodges Ward Elliot Brokers $343M Sale of The New York EDITION Hotel

by Amy Works April 2, 2015

NEW YORK CITY — Hodges Ward Elliot (HWE) has brokered the sale of The New York EDITION hotel, located at 5 Madison Ave. in New York City. Abu Dhabi Investment Authority (ADIA) purchased the hotel for $343 million from Marriott International. In 2013, Marriott announced its intention to sell three EDITION hotels — London, Miami and New York — to ADIA for a total of $816 million while maintaining long-term management agreements. This sale marks the final closing of that agreement. The Miami Beach EDITION sold in February 2015 and The London EDITION closed in 2014. HWE represented Marriott in all three transactions.

April 2, 2015

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