NEW CASTLE HUNDRED, DEL. — KeyBank Real Estate Capital has secured a $20.8 million Fannie Mae loan for the acquisition of Village of Windhover Apartments in New Castle Hundred. Built in 1979 and renovated in 2014, the complex features 383 garden-style apartment units. Jeannie Johnson of Key’s Commercial Mortgage Group arranged the financing for an undisclosed borrower.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 90-75 Sutphin Blvd. in the Jamaica neighborhood of Queens. Arbern Sutphin Properties Corp. sold the 80,400-square-foot six-story property for $14.8 million, or $185 per square foot, to Flushing, N.Y.-based Ampiera Group. The property features three elevators, a 13,000-square-foot basement and a 70-car, 10,000-square-foot underground parking garage. Scott Plasky of Marcus & Millichap negotiated the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of two retail properties totaling $7.3 million in separate transactions. In the first deal, Walter & Samuels purchased a 3,541-square-foot retail condominium in the Flatiron District from Diamond Properties for $4.7 million. Located at 40 East 20th St., the property features 1,921 square feet of ground-level space and 1,620 square feet of basement space. The property is currently occupied by Flûte Bar & Lounge. Adelaide Polsinelli of Eastern Consolidated represented the buyer, while Peter Hauspurg, David Schechtman, Abie Kassin and Evan Papanastasiou, also of Eastern Consolidated, represented the seller. In the second transaction, a national buyer acquired a 5,200-square-foot mixed-use building located at 3914-3924 13th Ave. and 1267 40th St. in Brooklyn’s Borough Park. A local family sold the asset for $2.6 million. The two-story building features 4,034 square feet of unused and intact air rights and 95 feet of frontage along 13th Avenue. The property is currently occupied by Kid Dy No Mite Furniture, Robert’s Beauty Salon, Ari Universal Cell Phone Store and Community Home Care. Polsinelli represented the seller, while Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction.
San Antonio remains a strong growth market. While not receiving as much national attention as its sister metro areas of Dallas/Fort Worth, Austin and Houston, the San Antonio area gained over 25,000 new jobs last year. The growth is concentrated in tourism, conferences, military and business support services. San Antonio’s growth is expected to remain strong over the next two years and should continue to drive demand for housing throughout the metro area. Local unemployment remains low at 3.8 percent, almost two points below the national average of 5.6 percent. Unemployment is forecasted to remain well below 5 percent over the next five years, according to Moody’s Analytics. However, with per-capita income at $42,000, about 10 percent below the national average, and with lower paying service jobs, San Antonio remains an affordable market for most real estate — particularly residential, which consumes the most land. At Stratford Land we invest in and lend on land for development across the faster growing metropolitan areas in the Sunbelt from the Carolinas to Southern California. Therefore, we either have the opportunity, or burden, of staying abreast of the fundamentals driving demand in all product types — residential and commercial. In looking to invest, …
PHOENIX — HSL 44 Monroe LLC has acquired a controlling interest in 44 Monroe, a 198-unit multifamily tower in Downtown Phoenix, for $50.6 million. The luxury tower is located at its namesake, 44 Monroe, on the northeast corner of 1st Avenue and East Monroe Street in the Financial District. The property is Arizona’s tallest luxury residential tower. It includes one- and two-bedroom units, as well as three-bedroom, two-bath penthouse apartment homes. Units feature floor-to-ceiling windows, private balconies and dual master vanities, among other amenities. Common-area amenities include an outdoor terrace with gas grill and fire pit, a spa and swimming pool with sundeck, conference room, fitness center, clubhouse with Wi-Fi and a 24-hour lobby attendant. HSL will continue to operate the property as a luxury apartment home building. HSL Properties now owns 42 apartment communities and five hotel properties in Arizona with its affiliates.
SAN DIEGO — The Viejas Band of Kumeyaay Indians has commenced construction on a second hotel tower for the Viejas Casino in Alpine. The casino is located at 5000 Willows Road, just northeast of San Diego. The four-star resort project features a new five-story, 109-room hotel tower that will include a top-floor technology suite. The project will also include additional space on the gaming floor, a specialty bar, ballroom, meeting and board rooms, resort-style pool and extensive multi-use grounds. The new tower is slated for completion in November. It is being built by Xpera CM. The locally based construction management consulting firm has worked on other resort and gaming projects throughout the West, including the Arizona Biltmore Hotel, Stowe Mountain Lodge, Trump National in Los Angeles and Sycuan Resort and Casino.
DENVER — Japanese fashion retailer Uniqlo has announced plans to open its first Colorado outpost at Denver Pavilions. The 22,000-square-foot space will open in summer 2016. The retail center is located along the 16th Street Mall in the Downtown region. Colorado’s first Henry’s Tavern also recently opened at Denver Pavilions. Other activity at the center includes a major remodel at the 15-screen United Artists Theatre; the addition of Long Tall Sally; and the expansion of the H&M flagship to include a third level that features its new home accessories department and apparel designers. This H&M had also been the first one to open in Colorado in 2011. Uniqlo operates about 1,500 stores worldwide, including 39 stores along both coasts in Western outposts like San Francisco and Los Angeles. The retailer also announced plans to open its first Washington State store at the Bellevue Collection in Seattle. The Denver store will only be the second U.S.-based location that is not along a coast. Uniqlo also plans to open a store in Chicago along Michigan Avenue this fall. Uniqlo sells casual apparel for men, women and children. Its newest store at Denver Pavilions will be the only outpost in the state for …
DENVER — MVG Development and Confluent Development Services have merged to create a single private commercial development firm in Colorado. It will operate as Confluent Development. The new firm has about $500 million in ongoing industrial, office, retail, multifamily and seniors housing developments across the U.S. Burton will lead Confluent Development’s expanded team, which is currently composed of 25 real estate and construction professionals. John Shaw was also recently awarded a seat on the firm’s Board of Directors. MVG is a full-service real estate development firm specializing in retail and seniors housing projects.
LOS ANGELES – Linda May Manor, a 32-unit apartment building in Los Angeles, has sold to an unnamed buyer for $5.7 million. The community is located at 456 South Cochran Ave., in the area’s Miracle Mile district. The seller was not named, but the property was listed as being “owned by the same family for more than 40 years.” The family was represented by Rich Johns of KW Commercial.
PAYSON, ARIZ. – Payson Village Center, a 140,500-square-foot, grocery-anchored center in Arizona, has sold to Progression Real Estate Investments for $15 million. The center is located at the intersection of Highway 87 and Highway 260 in Payson. It is anchored by Bashas’. Other notable tenants include Dollar Tree, Big 5, Native Grill, Jiffy Lube and Arby’s. A 250-acre Arizona State University satellite campus has been proposed just East of Payson Village. This project would bring 6,000 students, in addition to more employees and faculty, to the area. Both Progression and the seller, Hirani Oil Foundation, were represented by Christopher Tramontano and Donald MacLellan of Faris Lee Investments.
