Property Type

IPA Brokers $27.8M Sale of Connecticut Multifamily Property

by Amy Works March 10, 2015

DANBURY, CONN. — Institutional Property Advisors (IPA) has brokered the sale of TGM Willow Grove at Danbury, a multifamily complex located at 101 Avalon Lake Road in Danbury. TGM Associates sold the 135-unit property for $27.8 million, or $205,550 per unit, to Beachwold Residential. Completed in 1999, the property features a mix of one- and two-bedroom units ranging in size from 885 to 1,552 square feet. Community amenities include a clubhouse with resident lounge, a fitness center, a heated resort-style outdoor swimming pool, landscaped picnic and barbeque areas and walking paths around Lake Kenosia. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi represented the seller in the transaction.

March 10, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $17.2M Sale of Village Apartments in New Jersey

by Amy Works March 10, 2015

UNION, N.J. — Gebroe-Hammer has arranged the sale of Village Apartments, located at 1221 Magie Ave. in Union. The 126-unit multifamily property sold for $17.2 million. Village Apartments features 32 two-story apartment buildings offering a total of 82 one-bedroom units and 44 two-bedroom units. Additionally, the complex features 150 on-site parking spaces, 25 garages and laundry facilities. Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller, while Joseph Brecher, also of Gebroe-Hammer represented the undisclosed buyer in the transaction. Robert Sochor of Elmwood Park and Richard Rubin provided legal counsel to the seller and buyer, respectively.

March 10, 2015

Multifamily New Jersey Northeast

Prism Agrees to Buy Redevelopment Site in Woodbridge, N.J.

by Amy Works March 10, 2015

WOODBRIDGE, N.J. — Prism Capital Partners has signed a definitive agreement to purchase a five-acre land parcel at the corner of Rahway Avenue and Green Street in Woodbridge for an undisclosed price. The company plans to develop a 180-unit multifamily project at the site, which is across from New Jersey Transit’s Woodbridge Station. Prism purchased a controlling interest in the site from the Lucas family and is currently finalizing plans for township approval. Prism plans to start construction of the property in late 2015.

March 10, 2015

Hospitality Iowa Midwest

Lightstone Value Plus REIT III Acquires Hampton Inn in Des Moines, Iowa

by Danielle Everson March 10, 2015

DES MOINES, IOWA — Lightstone Value Plus REIT III Inc. has acquired a 120-room Hampton Inn located at Des Moines International Airport for $10.9 million. The Hampton Inn is in close proximity to downtown Des Moines. The property will be placed under new management, which will be overseen by Lightstone’s hospitality division. This is the first acquisition for the public, non-traded REIT. The purchase further increases Lightstone’s footprint in Des Moines, adding to its 2013 purchase of SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott.

March 10, 2015

Hospitality Loans Northeast Pennsylvania

NorthStar Income II Originates $42M Loan for Marriott Hotel in Pennsylvania

by Amy Works March 10, 2015

CORAOPOLIS, PA. — NorthStar Real Estate Income II Inc. has originated a $42 million senior loan for a Marriott-branded hotel located in Coraopolis. The 318-room was recently renovated and the borrower plans to complete $4 million in capital improvements using the proceeds from the loan, for a total of $8.3 million in capital expenditures.

March 10, 2015

Multifamily New York Northeast

Houlihan-Parnes Realtors Arranges $3.8M Sale of Apartment Complex in New York

by Amy Works March 10, 2015

ROME, N.Y. — Houlihan-Parnes Realtors has brokered the sale of Bloomfield Garden Apartments in Rome. Located at 319 E. Bloomfield St., the 160-unit garden-style apartment complex sold for $3.8 million. Ed Graf of Houlihan-Parnes Realtors, along with Steve Tierney of Woods, Oviatt, Gilman LLP, handled the transaction. The names of the buyer and seller were not released.

March 10, 2015

Retail Texas

Colliers Arranges Land Deal for Retail Center Development in Metro Houston

by Haisten Willis March 10, 2015

SPRING, TEXAS — Colliers International has arranged the sale of 2.3 acres on the north side of Spring Cypress Road just east of TC Jester Boulevard in Spring. Makhan Banga and Rashpal Banga were the buyers. Tom Condon Jr. of Colliers’ office in The Woodlands represented the seller, the Schultz Family Trust. Albert Yanez with RE/MAX Northwest Realtors represented the buyers. Eddie Chumley with Propserity Bank provided financing.

March 10, 2015

Midwest Retail Wisconsin

Old Navy Signs 17,025 SF Retail Lease at Bayshore Town Center in Glendale, Wis.

by Danielle Everson March 10, 2015

GLENDALE, WIS. — Olshan Properties has arranged a retail lease for Old Navy at Bayshore Town Center in Glendale, a suburb of Milwaukee. The clothing retailer will occupy a 17,025-square-foot space that formerly housed an Applebee’s restaurant, which has relocated to a larger location within the center. Old Navy’s new store will anchor the west entrance opposite the food court on the north end of Bayshore Town Center. Renovation of the space is currently underway and the Old Navy store is expected to open to the public late this summer. Old Navy currently occupies spaces in five other Olshan Properties retail locations.

March 10, 2015

Midwest Retail Wisconsin

The Dickman Co. Brokers Sale of 3,900 SF Retail Building in Milwaukee

by Danielle Everson March 10, 2015

MILWAUKEE — The Dickman Co. Inc./CORFAC International has brokered the sale of a 3,900-square-foot retail building in Milwaukee. The property is located at 3706 W. Wisconsin Ave. MTL 1245 R Street LLC purchased the building for an undisclosed sales price from Houser Properties 3706 LLC. Anthony Huenerbein was the broker involved in the transaction.

March 10, 2015

Florida Loans Office Southeast

CBRE Arranges $95M Acquisition Loan for 1.6M SF Office Portfolio

by John Nelson March 10, 2015

MIAMI — CBRE’s capital markets debt and structured finance team has arranged a $95 million acquisition loan for a portfolio of five single-tenant office properties totaling 1.6 million square feet in the Southeast. The properties, which are all leased by Wells Fargo, include 3579-3585 Atlanta Ave. in Atlanta; 401 Linden St. in Winston-Salem, N.C.; 809 W. 4½ St. and 801 W. 4 St. in Winston-Salem; 101 Greystone Blvd. in Columbia, S.C.; and 7711 Plantation Road in Roanoke, Va. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office secured the financing on behalf of the borrower, a private family interest in Brazil. Guggenheim Partners provided the 10-year loan with a 30-year amortization schedule at 65 percent loan-to-value.

March 10, 2015

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