SANDY SPRINGS, GA. — Brown Realty Advisors has arranged the $21 million sale of Ansley Place, a 219-unit apartment community located in Sandy Springs. Walter Miller of Brown Realty Advisors represented the seller, Aspen Square Management, in the transaction. Investor’s Management Group was the buyer. The property was built in two separate phases in 1985 and 2000.
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MECHANICSVILLE, VA. — Morgan Property Group LLC (MPG) has sold its recently developed freestanding Walgreens at the intersection of Mechanicsville Turnpike and Lee Davis Road in Mechanicsville, a suburb of Richmond, for $10.5 million. MPG sold the property to Pinak A. Mehta LLC and Nikki P. Mehta LLC. Dean Zang of Marcus & Millichap represented the seller in the transaction. Craig Pelouze of CBRE represented the buyers.
ORLANDO, FLA. — Franklin Street Real Estate Services has brokered the $1.4 million sale of two lender-owned apartment communities totaling 70 units in Orlando — Old Cheney and Abby. The assets, located at 5599 and 6031 Old Cheney Highway, were fully vacant for four years prior to the sale. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames of Franklin Street represented the buyer, a local investor, and the seller, a lender based in California.
BROOKLYN, N.Y. — In partnership with Brickman, a real estate private equity firm, HK Organization in affiliation with Jo-Ann Obergfell, has purchased 275 Park Avenue located in Clinton Hill, Brooklyn for $68 million. Stratus Capital Advisors represented both the buyer and seller in the transaction. The property, known as The Chocolate Factory, consists of seven contiguous buildings and features 123 loft apartments, ground-floor retail and parking. Amenities include a doorman and roof deck with views of Brooklyn and the Manhattan skyline. Converted in 2002, the building offers different floor plans of versatile lofts. Additionally, the property includes more than 25,000 square feet of retail along Park, Washington, and Waverly Avenues, including the neighborhood's only organic market, and a luxury spa. The Parfitt Brothers designed the original Romanesque Revival building in the late 19th century. It was built for the Von Glahn Brothers, a wholesale grocer that received produce from Wallabout Market. Rockwood & Co. Chocolate soon thereafter purchased the property, which for decades served as a candy factory. After World War II, Rockwood closed, and Sweets Corp. of America purchased the factory until closing permanently in 1967. HK Organization is a Brooklyn-based real estate development firm. Local HK Organization developments …
NEW YORK CITY — Rosewood Realty Group has arranged the sale of 4750 Bedford Avenue, an apartment building located in Brooklyn’s Sheepshead Bay neighborhood. 4750 LLC purchased the 105,440-square-foot building from A4750 LLC for $20 million or 11 times the rent roll. Build in 1964, the eight-story, elevator building features 112 apartments and 24 parking spaces. The new owner plans to invest in building upgrades and increase rent roll. Aaron Jungreis of Rosewood Realty Group represented both the seller and buyer in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-used development site at 608-614 Franklin Avenue in Brooklyn’s Crown Heights neighborhood. Located on the corner of Franklin Avenue and Dean Street, the approximately 21,929-square-foot site has 141 feet of frontage on Franklin Avenue and 153.7 feet on Dean Street. Additionally, the property was recently zoned to R7A/C2-4, which allows for more than 75,650 buildable square feet or up to 100,875 buildable square feet with the addition of inclusionary housing. Crow Hill Development sold the property for $17.5 million or $231 per buildable square foot. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG represented negotiated the sale of the property.
AUBURN, N.Y. — First Niagara Financial Group has provided $2.7 million in financing for WST33 LLC/Soules and Dunn Development Group’s Plaza of the Arts complex, which is located at 161 Genessee St. in Auburn. The 20,000-square-foot development offers medical office, retail and restaurant space. Additionally, Grant Avenue Development will relocate and consolidate its headquarters from Roanoke, Va., to the new development. Grant Avenue Development owns and operates more than 40 restaurants on the East Coast, including Arby’s, Domino's Pizza and Tim Horton’s franchises. WST33 LLC broke ground on the $5 million project last year. The Plaza of the Arts is expected to have a total economic impact of $50 million annually.
NEW YORK CITY — The NYC Taxi & Limousine Commission and City of New York Office of Trials and Hearings (OATH) have signed two leases totaling 72,577 square feet at The Falchi Building, which is located at 31-00 47th Ave. in Long Island City. The agencies will occupy the third floor of the five-story, 620,000-square-foot mixed-used building. Mitchell Arkin, Kelli Burke, Greg Smith, Haley Klein and Michael Blanchard of Cushman & Wakefield represented the landlord, Jamestown, while both tenants were represented by Michele Freeman and John Morrill of CBRE.
INDIANAPOLIS — Monmouth Real Estate Investment Corp. has acquired a 327,822-square-foot industrial building in Indianapolis for $23.5 million from an undisclosed buyer. The property is located at 8951 Mirabel Road and is net-leased for 10 years to FedEx SmartPost Inc., a Delaware corporation. The building is situated on approximately 37 acres. The new Class A built-to-suit distribution center for FedEx SmartPost is at the Indianapolis International Airport. With this transaction, Monmouth has acquired six properties totaling approximately 1.45 million square feet thus far in fiscal 2014. Founded in 1968, Monmouth Real Estate Investment Corp., one of the oldest public equity REITs in the U.S., specializes in net-leased industrial properties. The company’s portfolio consists of 82 properties located in 28 states, containing a total of approximately 11.1 million rentable square feet. In addition, the company owns a portfolio of REIT securities.
ST. LOUIS — Holland Construction Services recently completed construction on Cortona at Forest Park, a new 5-story, all wood apartment community in St. Louis. Cortona is located within Balke Brown Transwestern’s 26-acre, The Highlands at Forest Park mixed-use development just off I-64/40. The complex consists of one- and two-bedroom luxury apartment units ranging in size from 575 square feet to 1299 square feet. Apartment units feature gourmet kitchens with full-size appliances, large windows, walk-in closets and nine to 10-foot ceilings. Amenities include private, reserved parking and a gated entrance, an interior courtyard with a three-tiered swimming pool (lap pool, tanning ledge, hot tub), multiple lounging areas and cabanas, grills and an outdoor kitchen. Residents also have access to a community clubhouse, which includes a fitness room, coffee bar, business center and gaming area. This is the second project Holland has worked on with Balke Brown Transwestern.