Property Type

M&M Brokers $15.8M Sale of Shopping Center Near Kansas City

by Danielle Everson February 6, 2015

OVERLAND PARK, KAN. — Marcus & Millichap has brokered the $15.8 million sale of Regency Square North, a 74,085-square-foot grocery-anchored shopping center in Overland Park. The sales price equates to $214 per square foot. Built between 2001 and 2002 on more than seven acres, Regency Square North is located at 7201-7401 W. 91st St. Regency Square North is anchored by one of two Whole Foods locations currently operating in the Kansas City metropolitan area; a third is built and scheduled to open in March. Garrette Matlock of Marcus & Millichap’s Denver office represented the seller, Regency North Retail LLC, an entity sponsored through AMG National Trust Bank. The buyer, ACF Property Management Inc., represented itself in the transaction. Greg Bates of the firm’s Kansas City office is Marcus & Millichap’s broker of record in Kansas. In addition to Whole Foods, Regency Square North’s tenancy includes Cinzetti’s, a Italian restaurant offering a marketplace-style display kitchen with multiple exhibitor stations, Metcalf Discount Liquors and Hitch Fit Gym. Cinzetti’s and Metcalf Liquors are original tenants with eight years and six years remaining on their leases, respectively. Hitch Fit Gym recently leased 3,783 square feet of space adjacent to Whole Foods.

February 6, 2015

Illinois Midwest Office

Foresite Realty Partners Arranges Lease of 7,196 SF Office Space in Chicago

by Danielle Everson February 6, 2015

CHICAGO — Foresite Realty Partners LLC has arranged the lease of a 7,196-square-foot office space in Chicago. Alliance of Chicago Community Health Service, L3C has signed a 10-year, seven-month lease renewal at the space located at 215 West Ohio. The Alliance provides health information technology to support more than 40 non-profit health centers nationally. Foresite Reality Partners represented the landlord. Trevor Marticke of Cushman & Wakefield represented the tenant.

February 6, 2015

DoubleTree-by-Hilton-Hotel-Galveston-Beach

Hospitality Texas

DoubleTree by Hilton Opens on Galveston Island

by Haisten Willis February 6, 2015

GALVESTON, TEXAS — DoubleTree by Hilton Galveston Beach, a five-story, 97-room hotel located in the island’s dining and entertainment districts and overlooking the Gulf of Mexico, is now open. Formerly the Galveston Beach Hotel, the property has concluded a multi-million dollar renovation that includes a redesign of the lobby, food and beverage outlets, public spaces, meeting and event areas and guest rooms. The property is DoubleTree by Hilton’s first hotel in Galveston. 17th Street Properties LLC owns the property and Houston-based American Liberty Hospitality will manage the property. Amenities include a saltwater swimming pool with swim-up bar, 24-hour fitness center, laundry service, on-site parking, 24-hour business center and in-room safes. Free WiFi is also available throughout the hotel’s public areas and guest rooms. The hotel is located at 1702 Seawall Blvd.

February 6, 2015

Mixed-Use Multifamily Texas

CenterSquare Sells Two Properties in Houston

by Haisten Willis February 6, 2015

HOUSTON — CenterSquare Investment Management has sold 1301 Fannin Street and the Villas at Hermann Park, both in Houston. 1301 Fannin Street is a 784,000-square-foot, Class A, mixed-use office tower and data center in Houston’s central business district. The Pennsylvania-based investment boutique of BNY Mellon acquired the property in 2007 in a joint venture with Houston-based Griffin Partners. During the eight-year hold period, the building’s common areas and infrastructure were upgraded resulting in net operating income (NOI) growth of 71.6 percent. The Villas at Hermann Park is a 320-unit, Class A apartment project south of downtown Houston. The property was purchased in 2011. During the 3.5-year hold, the property’s common areas and apartment interiors were upgraded resulting in NOI growth of 20.5 percent.

February 6, 2015

Loans Multifamily Texas

RED Provides $8.9M Loan for Apartment Complex in Metro Dallas

by Haisten Willis February 6, 2015

ALLEN, TEXAS — RED Capital Partners LLC has provided an $8.9 million balance sheet construction loan to Dolce Living Communities Residential (DLCR) for the construction of Bella Terra at Twin Creeks, a 374-unit, Class A apartment complex in Allen, a suburb of Dallas. The $51.3 million construction project will be capitalized with a Fifth Third Bank first mortgage, equity funding arranged by Nebo Capital with Mountain Capital Partners along with the $8.9 million in mezzanine debt provided by RED Capital Partners. RED retains the exclusivity on permanent financing for the project.

February 6, 2015

Retail Texas

Kennedy Wilson Arranges Sale of Historic Aztec Theatre in San Antonio

by Haisten Willis February 6, 2015

SAN ANTONIO – Kennedy Wilson represented both the buyer and the seller in the sale of the 112,000-square-foot building known as the Aztec Theatre, a historic mixed-use building located at 201 E. Commerce Street in San Antonio. The structure was recently renovated and is located in the central business district. Suzanne Havekost of Kennedy Wilson’s brokerage group in the firm’s San Antonio office represented the buyer, Aztec Family Group LLC, and the seller, Aztec Project Development Ltd., in the transaction. Built in 1926, the theatre underwent more than $20 million in restorations and renovations, first in 1998 when Belgian Baron Theodore Bracht of Aztec Project Development Ltd. purchased the property . In 2013, Sam Panchevre of the Aztec Family Group LLC leased the facility and made an additional investment to increase the seating capacity and upgraded the venue to accommodate live music and entertainment.

February 6, 2015

Multifamily Texas

M&M Arranges Sale of 220-Unit Apartment Building in Dallas

by Haisten Willis February 6, 2015

DALLAS — Marcus & Millichap has arranged the sale of The Villas of Sorrento, a 220-unit apartment property located in Dallas. Norman Eastwood, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, a partnership. Eastwood also procured the buyer, a limited liability company. The Villas of Sorrento is located at 3130 Stag Road, just east of I-45 and south of Loop 12. Built in 1996, features one-, two- and three-bedroom floor plans ranging from 624 square feet to 1,039 square feet. At the time of listing, the occupancy was 96 percent.

February 6, 2015

Loans Multifamily New York Northeast

Greystone Bassuk Group Closes $140M Refinancing for Apartment Tower in Brooklyn

by Amy Works February 6, 2015

NEW YORK CITY — Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of The Dermot Company and Lowe Enterprises Investment Management LLC. The financing was structured with $90 million of 2010 Series A low-floater, tax-exempt bonds; $9 million of 2015 Series A low-floater, tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing for 66 Rockwell Place in Brooklyn. Loan proceeds were used to repay Dermot’s existing construction loan and reduce the developer’s equity in the project. Located on the corner of Flatbush Avenue and Rockwell Place, 66 Rockwell is a 42-story apartment building featuring 326 residential units, 7,000 square feet of retail space and 40,000 square feet of garage parking.

February 6, 2015

Industrial New Jersey Northeast

HFF Brokers $19.5M Sale of 212,000 SF Industrial Facility in New Jersey

by Amy Works February 6, 2015

SECAUCUS, N.J. — HFF has brokered the sale of an industrial facility, formerly Daffy’s Distribution Center, in Secaucus. Situated on 20 acres on Daffy’s Way, the property features 212,000 square feet of warehouse space. Sitex Group LLC sold the property to MEPT, a real estate equity fund advised by Bentall Kennedy, for $19.5 million. HFF’s Michael Nachamkin led the firm’s investment sales team that represented the seller in the transaction.

February 6, 2015

New York Northeast Office Retail

Meadow Partners Converts 866 United Nations Plaza into Commercial Condo Property in NYC

by Amy Works February 6, 2015

NEW YORK CITY — Meadow Partners, through an affiliate, has converted 866 United Nations Plaza, a 471,000-square-foot office building, into a commercial condominium property containing office, retail and garage space. Located at the base of two 32-story residential towers on 48th Street in New York City, the property offers six 78,000-square-foot floors and units ranging in size from less than 1,000 to more than 50,000 square feet. Additionally, units can be combined and demised to accommodate users of varying sizes. Sale prices range from under $1 million to more than $60 million, depending on unit size, view and floor plan. Built in 1965, the property features two lobbies, 24/7 security, 17-foot travertine walls and polished granite floors, six elevators, a separate service entrance with loading dock and oversized freight elevator, and an underground parking garage. Rudder Property Group is marketing the building, which is managed by Jones Lang LaSalle.

February 6, 2015

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