SAN DIEGO – A 24-unit apartment building in the San Diego submarket of Lemon Grove has sold to Phx CapI LLC for $2.9 million. The community is located at 1790 Dayton Drive. It was fully leased at the time of sale. Curtis Lockey of Voit Real Estate Services’ San Diego office represented both the buyer and seller, Limoncello LLC, in this transaction.
NEWPORT BEACH, CALIF. – Law firm Klein and Wilson has purchased a 7,300-square-foot office building in Newport Beach for $2.9 million. The building is located at 4770 Von Karman, within the Newport Corporate Plaza. The seller, Kearny Real Estate Company, was represented by Joe Winkelmann of Voit. The building is one of five fee-simple buildings acquired by Kearny in June 2014. Klein Wilson was represented by Steve Economos of Jones Lang LaSalle.
SAN DIEGO – The Sasa Group has acquired a 20,030-square-foot office/industrial property in San Diego for $2.4 million. The building is located at 720 Gateway Center Drive. It is 50 percent leased to Fresenius Medical Care. The buyer will occupy the other half of the building, which was constructed in 1988. Sasa was represented by Mark Lewkowitz of Colliers International. The seller, Urban League of San Diego, was represented by Bob Teglia and Brent Bohlken of Newark Grubb Knight Frank.
SAN DIEGO – A 10-unit apartment building in the San Diego submarket of Pacific Beach has sold to Plotts Real Estate LP for $2 million. The community is located at 2030 Diamond Street. Plotts Real Estate was represented by Terry Moore of ACI Apartments. It acquired the property as part of a 1031 tax deferred exchange. The unnamed seller was represented by Ron Hammett of Hammett Properties.
LOS ANGELES – Planet Fitness has leased a 28,000-square-foot facility in Downtown Los Angeles. The space is located at 437 South Broadway Street. This lease represents the largest anchor tenant to come to Broadway since Urban Outfitters, according to Kennedy Wilson, which represented the landlord, Broadway Investments Group LLC. The property was built in 1942. It is currently 39 percent occupied. The remainder of the property includes two stories of available creative office space and 3,500 square feet of additional retail space aimed at fast-casual restaurant concepts like a juice bar or coffee house. Planet Fitness was represented by Lauren Smith-Hams Dressler of Crown Retail Services. The Kennedy Wilson team included Lee Shapiro and Justin Weiss.
NEW YORK CITY — HFF has arranged the sale of The Nathaniel, an 85-unit residential building located at 138 E. 12th St. in Manhattan’s Greenwich Village neighborhood. The firm also arranged financing for the $98.3 million acquisition. Wafra Residential Value Invest I, a fund managed by Wafra Investment Advisory Group Inc., purchased the asset from YYY Third Avenue LLC, a joint venture affiliate of Joy Construction Corp. Designed by Karl Fischer Architect and built in 2014, the nine-story, 49,741-square-foot property features 10,000 square feet of ground-floor retail space, 8,000 square feet of below-grade retail space, floor-to-ceiling windows, a 24-hour doorman, resident lounge with TV/media center and billiards, rooftop reflecting pool, sunset terrace, fitness center and bike storage. Andrew Scandalios, Erin Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller in the transaction. Steven Klein and Jennifer Keller, also of HFF, arranged the acquisition financing for the borrower.
NEW YORK CITY — Oak Grove Capital has arranged $82 million in refinancing for 33 West End Avenue Apartments, a 211-unit apartment building located on Manhattan’s Upper West Side. The floating-rate loan has a 20-year term with a 35-year amortization and a one-year lockout. The 25-story apartment building features a variety of amenities, including 24-hour concierge services, a fitness center, a tenant lounge, shuttle services to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace. C.W. Early of Oak Grove Capital arranged the Fannie Mae loan for the borrower, Atlantic Development.
WILMINGTON, DEL. — Odyssey Charter School, a Delaware public charter school, has acquired 36 acres of land located in Barley Mill Plaza in Wilmington. The acquisition and redevelopment of the new school campus was financed through the issuance of $34.7 million in bonds by The Delaware Economic Development Authority. Odyssey Charter School currently serves 933 students in grades kindergarten through seventh. The school plans to add grades eighth through 12th in successive years until to become a full K-12 school in the beginning of the 2019-20 academic year. Scott Matthews and Geoff Grosso of Tarabicos Group LLP served as legal counsel to Odyssey Charter School, while Emilie Ninan of Ballard Spahr LLP served as bond counsel in the transaction.
NEWARK, N.J. — Cronheim Mortgage has arranged $28.1 million in financing for Eleven80, a 37-story residential property in Newark. The three-year loan features a floating rate. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower, an affiliate of KBS Capital Advisors. Located at 1180 Raymond Blvd., the 418,797-square-foot building features 317 units. Originally built in 1929 as an office building, the property was converted in 2007 into an apartment building. The building also includes 7,567 square feet of retail space, which is occupied by TD Bank and a convenience store. Eleven80 features a 24-hour doorman, shuttle service, bowling alley, billiards room, library and 8,000-square-foot fitness center.
WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.
