PORT JEFFERSON, N.Y. — Port Jefferson-based Rail Realty has broken ground for the development of an apartment complex in Port Jefferson. The two-building community will feature 74 one- and two-bedroom, market-rate apartment units. Additionally the community will feature full amenities and secure on-site parking. The Town of Brookhaven Industrial Development Agency provided economic incentives for the project, which is expected to create 69 construction jobs and five permanent positions.
NEW YORK CITY — GFI Realty Services has arranged the sale of two contiguous multifamily buildings located at 241-245 Ocean Parkway in Brooklyn’s Kensington section. The assets sold for $10.3 million, or $323,000 per residential unit. The properties consist of a combined 32 two- and three-bedroom apartment units and 24,000 square feet of air rights. The buyer plans to renovate the properties. Neither the buyer nor the seller were disclosed; Erik Yankelovich of GRI Realty represented the both parties in the transaction
SAN DIEGO – The 12-unit Village North Senior Garden Apartments in San Diego has sold to the San Diego Housing Commission (SDHC) for $14.7 million. The affordable seniors housing community is located at 7720-7780 Belden Street. SDHC was represented by CBRE’s Jim Neil, Eric Comer and Merrick Matricardi. The sellers, Village North LLC and Belden Village LLC, were self-represented in this transaction.
PHOENIX – A joint venture between True North Management Group and Crown West Realty has purchased three buildings within the Cotton Center business park in Phoenix. The sales price was not disclosed. The acquisition included Corporate Cotton Center I, II and III, located at 4645, 4625 and 4675 E. Cotton Center Parkway. Two of the spaces are flex office buildings, while the third is a corporate office building. Cotton Corporate Center I is a 116,858-square-foot, Class A office property. The building includes a two-story lobby, fitness center, men’s and women’s bathrooms with locker rooms, a cafeteria/restaurant and a break room. The building was constructed in 2001 as a build-to-suit for Aetna, though it’s currently vacant. Cotton Corporate Center II and III is a Class A flex office complex that contains two single-story buildings that were constructed in 2000. The complex totals 147,627 square feet. It was 87 percent occupied at the time of sale.
LOS ANGELES – Camden Glendale, a 315,391-square-foot, mixed-use project in Los Angeles, has opened its doors. The development includes 16 live-work units and six ground-floor retail spaces. It is located at 3924 San Fernando Road in the Glendale submarket. Notable employers in the area include Disney and DreamWorks. The project’s multifamily component features a pool and spa, two roof decks, four courtyards, a fitness center with yoga rooms and a barbecue area. It was designed by TCA Architects and built by Bernards.
SAN DIEGO – The 44-unit Imperial Crest Apartments in the San Diego submarket of Imperial Beach has sold to Rodney A. Johnson for $6 million. The community is located at 1030-1042 15th Street. It was fully occupied at the time of sale. Johnson was represented by Dave Savage of ACI Apartments. The seller, Imperial Crest Apartments II LLC, was represented by Anton Burman of ACI Apartments.
The New Mexico retail market is continuing to change in a positive manner, which bodes well for property owners and businesses. There are new national, regional and local tenants looking at this market, moving in and around the shopping centers of New Mexico. New shopping centers are being built, while existing shopping centers are being redeveloped and traded. Some of the most significant transactions include Columbus Pacific acquiring Sierra Vista Shopping Center in Albuquerque and moving Stein Mart and Hobby Lobby into a former K-Mart space. Pete Daskalos Properties has also purchased Four Hills Village Shopping Center on Central and Tramway in the Southeast Heights submarket. The center now has a new movie cinema, among other changes to its anchors and tenant roster. A K-Mart building at Rio Rancho at Hilltop Plaza Shopping Center was also sold after the store vacated. The new landlord is looking to re-anchor that space as well. These big box vacancies have created redevelopment opportunities for existing shopping centers located in established trade centers while rents are increasing as the larger spaces are subdivided and leased to other tenants. This has created momentum in the market and upward pressure on asking lease rates. Other retailers …
HOUSTON — Morgan plans to start construction during the first quarter of 2016 on its latest Pearl luxury apartment project in Houston’s Midtown district. The eight-story complex will include apartments above a Whole Foods Market. The upcoming development is located in the 3100 block of Smith across the street from Morgan’s Pearl Midtown midrise that opened last summer. Ziegler Cooper is the project’s architect. The new apartment complex will feature 260 studios, one- and two-bedroom units. Amenities will include Bluetooth sound systems, a sky lounge, fitness center and pool. The Whole Foods Market store will be 40,000 square feet, with a second floor mezzanine for seating. Pearl will include components of Morgan’s LiveWell program, which focuses on providing a healthy and comfortable apartment lifestyle for residents of its Pearl branded projects.
HOUSTON — Lloyd Jones Capital has opened a new office in Houston to serve the Houston and San Antonio markets. Headquartered in Miami, the company specializes in multifamily investment in Florida, Texas and South Carolina. This is the company’s second Texas office. The Dallas/Fort Worth office opened earlier this year. Located at 2929 Allen Parkway, Suite 200 in Houston, the new office will house two vice presidents of investments, Fin Erwin and Fernando Zamarripa, whose responsibilities will be to identify, acquire, underwrite and manage the company’s multifamily investments.
GEORGETOWN, TEXAS — Marcus & Millichap has arranged the sale of a 14,490-square-foot, net-leased Walgreens property located in Georgetown. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. An outside agent represented the buyer who acquired the asset through a 1031 exchange. Walgreens is located at 3204 Williams Drive, one mile west of I-35. Built in 2002, the asset is situated on 2.15 acres north of Austin. At the time of listing, more than 12 years remained on the initial 15-year lease term.
