HOLBROOK, N.Y. — Long Island Industrial has completed a renovation project for Consumers Kitchens & Baths’ headquarters in Holbrook. The upgrade is part of the company’s $35 million capital improvement program, which is aimed at modernizing its portfolio of properties across Nassau and Suffolk counties. Completed by Long Island, N.Y.-based Hunt Construction Services, the renovation included the demolition of the outdated exterior and the installation of a new energy-efficient Exterior Insulation Finish System façade, as well as new electrical circuits, crown molding and window accents. As part of its capital improvements program, Long Island Industrial will invest an average of $7 million per year over a projected five-year period into its Long Island portfolio, which includes 23 buildings totaling 2 million square feet in Suffolk County and 13 buildings totaling 1.5 million square feet in Nassau County.
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NEW YORK CITY — Adam America Real Estate, in partnership with Horizon Group, will begin leasing 500 Sterling Place, a 77-unit multifamily property in Brooklyn’s ProCro neighborhood, in late June. The seven-story apartment building offers studio, one- and two-bedroom units with premium kitchens, countertops and appliances. Building amenities include a rooftop deck with misting wall, outdoor movie projection capabilities, game and lounging areas and barbecuing stations. Additionally, the amenity package includes a fully equipped window gym, parking, part-time doorman, package room, bicycle storage and a live-in superintendent. Rents range from $1,995 to $3,100, and move-in is slated for July 1.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a retail center located at 1257-1267 Forest Avenue in Staten Island for $5.25 million at $200 per square foot with an 8 percent cap rate. The two-story, 25,860-square-foot property features 12 fully leased retail spaces and a 41-car parking lot. Current tenants include Avon, Papa John’s Pizza, Payless Uniforms and CKO Kickboxing. Adelaide Polsinelli and Carlos Olson of Eastern Consolidated represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 147 Leonard Street in Brooklyn. The eight-unit apartment building sold for $2.3 million or approximately $411 per square foot. James Saros, Michael Salvatico and Shaun Riney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
DALLAS — CBRE has brokered the sale of Galleria North Tower I, a Class A office tower located at 13737 Noel Road in north Dallas. The 16-story, 379,518-square-foot office tower is 87 percent occupied, and includes an executive parking level beneath the building, as well as an adjoining parking garage. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill arranged the transaction on behalf of FSP Galleria North Limited Partnership. Deutsche Asset & Wealth Management acquired the tower on behalf of one of its institutional clients for an undisclosed price. Galleria North Tower I’s tenant mix includes Dealertrack Technologies, EmCare Holdings, Insperity and U.S. Bank.
OKLAHOMA CITY —The LaSalle Group has broken ground on a 30,000-square-foot, $9.5 million memory care facility in southwest Oklahoma City. Autumn Leaves of Southwest Oklahoma City will accommodate nearly 50 residents with Alzheimer’s and other forms of dementia. LaSalle recently opened Autumn Leaves of Edmond and currently has 36 communities open or under construction across the country. Autumn Leaves of Southwest Oklahoma City is a partnership between The LaSalle Group, Silverado Interests and Prosperity Bank. The community is expected to open during the first quarter of 2015.
HOUSTON — Boxer Property has acquired Northwest Crossing II, a three-story, multi-tenant office building of approximately 135,571 square feet, located at 7676 Hillmont Street in the Northwest submarket. Boxer Property plans to renovate the property with updates to all of the common areas, lobby, restrooms and lounge space, as well as offering Boxer Workstyle space, which caters to businesses looking for collaborative workspace.
AUSTIN, TEXAS — Dougherty Mortgage LLC has closed a $5.5 million Fannie Mae refinance loan for the Triple Crown Apartments, a 182-unit multifamily housing property in Austin, located at 7020 Grand Canyon Drive. The 10-year term, 9.5-year yield maintenance loan was arranged by Dougherty’s Dallas office on behalf of a local ownership group, 7020 Grand Canyon LLC.
TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of Cash America Pawn, a 22,080-square-foot, net-leased property located at 3501 North Stateline Avenue in Texarkana. Vincent Knipp, associate vice president of investments and Chance Hales, an associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a private investor. Knipp and Hales also secured the buyer, a private investor.
SAN DIEGO — An entity of NBC 7 San Diego has acquired a 52,347-square-foot office building in San Diego for $9.6 million. The Class A building is located at 9680 Granite Ridge Drive in the StoneCrest office complex of Kearny Mesa. The NBC station plans to use the space for a new television studio and administrative offices. NBC 7 San Diego is an NBCUniversal Owned Television Station. The entity that acquired the asset was KNSD Granite Ridge LLC. It was represented by Tim Cowden, Jay Arnett and David Kim of Colliers International. The seller, T-C Stonecrest LLC, was represented by CBRE’s Brad Black and Mike Hoeck.