NEW YORK CITY — Cleveland-based Forest City Enterprises and Greenland USA, a subsidiary of Shanghai-based Greenland Group Co., have partnered to develop Atlantic Yards, a 22-acre residential and commercial real estate development in Brooklyn. The joint venture covers both phases one and two of the project, including infrastructure, a permanent MTA rail yard, a platform above the rail yard, future residential units and future commercial high-rise development. The initial joint venture does not include the Barclays Center and B2 BKLYN, the first residential tower. Under the agreement, Greenland USA has acquired 70 percent of the project and will co-develop the project with Forest City, with both companies sharing all project costs going forward in proportion to their ownership interests. Forest City Ratner Companies, the New York-based subsidiary of Forest City, will co-manage the daily activities and develop project consistently with the approved master plan along with Greenland USA. The project will bring 6,430 residential units, including 2,250 units of affordable housing, to the Brooklyn area.
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LAKEWOOD, N.J. — Gebroe-Hammer Associates has arranged the two multifamily property sales totaling $38.3 million in Lakewood. In the first transaction, The Crest at Washington Square, a 144-unit residential property located at 415 Cedar Bridge Road, sold for $26 million. Built in 2006, the building features a mix of one- and two-bedroom/one-bathroom units and two- and three-bedroom/two-bathroom layouts. Also included in the sale was a two-story, 17,516-square-foot retail and office building, which has a fully occupied ground-floor retail center. Joseph Brecher of Gebroe-Hammer represented the seller and procured the buyer in the transaction. In the second transaction, the 72-unit Shenandoah Village, located at 102 Susan Dr., sold for $12.3 million or more than $173,000 per unit. Built in 2000, the property features one- and two-bedroom floorplans with central air conditioning, washer/dryer, and a balcony, deck or patio. Community amenities include an outdoor barbecue area, playground and 160 parking spaces. Brecher represented the seller in the transaction, while Debbie Pomerantz of Gebroe-Hammer procured the buyer.
DOYLESTOWN, PA. — Doylestown-based Zencorr Properties has acquired Center Square Towers, a 35-unit apartment complex in Doylestown. AIMCO sold the property, which is located at 555 N. Broad St., for $31.5 million. The buyer has a capital campaign planned for the property to refresh the units and common areas. Adam Gillespie of SSH Real Estate represented Zencorr in the transaction. The company purchased the property with 1031 funds.
NEW YORK CITY — TerraCRG has arranged the sale of 55 St. Nicholas Street in Brooklyn’s Bushwick neighborhood. Located between Starr Street and Willoughby Avenue, the 5,832-square-foot, six-unit multifamily property sold for $1.6 million or $266,667 per unit. The property features three newly renovated units each comprising three bedrooms and two bathrooms. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller in the transaction.
HOUSTON — CNL Healthcare Properties has purchased the Houston Orthopedic & Spine Hospital campus for $76 million. The Class A health campus includes a 126,946-square-foot specialty hospital; a 99,768-square-foot medical office building; and two parking structures. This purchase is CNL’s largest single-property investment in its portfolio. The hospital campus was completed in 2007 and is located at the intersection of Interstates 69 and 610. The hospital includes 64 private beds, 10 operating suites and various imaging services. Lincoln Harris CSG will provide on-site leasing and management services.
AUSTIN, TEXAS — NorthMarq Capital has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. Paul Brighton, senior vice president/senior director of NorthMarq’s Dallas office, arranged the loan with a 10-year term and 30-year amortization schedule through a CMBS lender. Austin fashion retailer Julian Gold anchors the property.
PLANO, TEXAS — Silverstone Healthcare Co. has begun construction on HarborChase of Plano, a new 120-unit, Class A, assisted living and memory care community located on Preston Road at Highway 121. Harbor Retirement Associates will operate HarborChase of Plano. Silverstone’s financial partners in HarborChase of Plano include L&B Realty Advisors and the Dow Chemical Pension Fund. HarborChase of Plano will feature a living room, library, salon, spa and wellness center. HarborChase will also offer dining venues that include a dining room, private dining, outdoor dining, an exhibition kitchen and a bistro/coffee bar. Texas Capital Bank will provide HarborChase of Plano’s construction financing. Rogers O’Brien will serve as the contractor, while BOKA Powell and Interior Design Associates will serve as architect and interior designer, respectively.
HOUSTON — Marcus & Millichap has arranged the sale of Villas at Westador Portfolio, a condominium portfolio located in Houston. Clint Roberts, an associate in Marcus & Millichap’s Houston office, marketed the property on behalf of the seller, a partnership. The Villas at Westador Condo Portfolio is located at 17331 Red Oak Drive.
SAN ANTONIO — Stream Realty Partners has broken ground on a Class A office project in San Antonio, Lockhill Crossing. The development will consist of a five-story, 126,626-square-foot office building at the corner of Lockhill Selma Road and Loop 1604. The building is situated on approximately 17 acres, and offers a 4.2 per 1,000-square-foot parking ratio with executive covered parking egress and ingress from Loop 1604 and Lockhill Selma Road, highway visibility, monument signage opportunities, Class A finishes and energy efficient systems and materials. Stream Realty has leased 16 percent of the development to two undisclosed tenants. The building is scheduled to be completed in the second quarter of 2015. Stream Realty will lease and manage the project.
LOS ANGELES – A pair of Marriott hotels have made their debut at LA Live in Downtown Los Angeles. The $172-million project includes the 174-room Courtyard and 219-suite Residence Inn LA Live. Today’s grand opening marks the West Coast debut of a Residence Inn and Courtyard by Marriott in one building – a joint development that offered substantial savings on land, staff and amenities. The project was funded by 320 immigrant investors from 14 different countries. The hotels are located at the corner of Olympic Boulevard and Francisco Street. They are situated adjacent to LA Live on an entitled site that was acquired from AEG, which owns and operates the 4-million-square-foot sports, residential and entertainment hub. The hotels share a lobby, as well as 11,754 square feet of meeting facilities and 5,100 square feet of restaurant space. The guest rooms feature the first roll out of Samsung Smart TVs on the West Coast, in addition to fully integrated wireless connectivity for the TVs and PDA devices. The 371,000-square-foot project was built by SODO Builders, American Life’s in-house construction company. It was designed by GBD Architects. Construction was completed in two years, both on time and on budget. The hotels were …