Property Type

Embassy Towers Washington, D.C. Adams Morgan

UIP, Lubert-Adler Acquire Apartment Building in D.C. for $13.3M

by John Nelson March 31, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) and Lubert-Adler Partners have teamed up to acquire Embassy Towers, a 72-unit apartment building located in Washington, D.C.’s Adams Morgan neighborhood, for $13.3 million. The property is located at 1620 Fuller St. N.W. The Embassy Towers Tenant Association has not decided whether the property will remain an apartment building or convert into a condominium project. Alan Davis and Brendan Flood of HFF represented the seller, a family consortium, in the transaction. UIP subsidiaries UIP Property Management Inc. and UIP General Contracting Inc. will handle property management duties and renovations to Embassy Towers, respectively.

March 31, 2015

Florida Retail Southeast

Reichel Realty Signs Presidente Supermarket to 45,500 SF Lease in Palm Springs

by John Nelson March 31, 2015

PALM SPRINGS, FLA. — Reichel Realty has arranged the lease for Presidente Supermarket, a large Hispanic supermarket chain, to anchor Forest Hill Center, a 150,000-square-foot shopping center located at Forest Hill Boulevard and Congress Avenue in Palm Springs. Beginning in the spring, Presidente will occupy the 45,500-square-foot space that was recently vacated by Winn-Dixie. Presidente’s new 20-year lease is valued at $10 million. Reichel Realty represented the landlord, Four Florida Properties, a family trust, in the lease transaction. Final negotiations are also underway for a national fast food restaurant to develop an outparcel at Forest Hill Center. Presidente Supermarkets has nearly 40 locations from Miami-Dade to Palm Beach counties.

March 31, 2015

Multifamily New York Northeast

Kushner Cos. Buys 16-Building Multifamily Portfolio in NYC for $131.5M

by Amy Works March 31, 2015

NEW YORK CITY — Kushner Cos. has acquired a 16-building portfolio of Manhattan and Brooklyn multifamily properties for $131.5 million from Stone Street Properties and HIG Realty Partners. The portfolio, which also includes five retail stores, consists of 14 Manhattan buildings totaling 251 units in the Upper East Side, Murray Hill, East Village and Greenwich Village, and two buildings, totaling 40 units, in Brooklyn’s Boerum Hill district.

March 31, 2015

Loans Massachusetts Northeast Office Retail

HFF Secures $55M Financing for Office/Retail Building in Boston’s Back Bay

by Amy Works March 31, 2015

BOSTON — HFF has arranged $55 million in first mortgage financing for a boutique office and retail property located at 185 Dartmouth St. in Boston’s Back Bay neighborhood. HFF placed the long-term, fixed-rate loan with HSBC Bank for the borrower, Synergy Investments. The loan proceeds were used to pay off existing debt, provide the necessary capital to complete the property’s rehabilitation plan and return equity upon stabilization. Completed in 1937, the 11-story building features 164,559 square feet of Class A office and retail space and 45 on-site parking spaces. Current tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos. Greg LaBine and Patrick McAneny of HFF secured the financing for the borrower.

March 31, 2015

New Jersey Northeast Office

Rubenstein Partners Sells 268,000 SF Office Park in New Jersey

by Amy Works March 31, 2015

EWING TOWNSHIP, N.J. — Affiliates of Rubenstein Partners have completed the disposition of Princeton South Corporate Center, a two-building office park in Ewing Township. Located at 100 and 200 Princeton South, the asset offers 268,000 square feet of Class A office space. Rubenstein Partners originally acquired the property in July 2011. Tom Walsh and Joe Garibaldi of Jones Lang LaSalle represented Rubenstein Partners in the transaction. Terms of the deal were not released.

March 31, 2015

Massachusetts Northeast Retail

Marcus & Millichap Arranges $8.7M Sale of Retail Property in Massachusetts

by Amy Works March 31, 2015

BEVERLY, MASS. — Marcus & Millichap has arranged the sale of a retail property in Beverly. MAR Realty LLC purchased the property for $8.7 million, with a 5.46 percent cap rate, from Westward Apple Orchards LP. The property is occupied by Walgreens under a 25-year lease that includes five-year extension options. The lease was executed in November 2012. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the transaction.

March 31, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Two Multifamily Sales in New Jersey

by Amy Works March 31, 2015

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the sale of two multifamily properties, totaling 60 units, in Plainfield. In the first transaction, Gehane Triarsi and Nicholas Nicolaou of Gebroe-Hammer arranged the $3.1 million sale of a 33-unit multifamily property at 815-825 Central Ave. The property features a mix of two-, three- and four-and-a-half-room layouts. In the second deal, Triarsi represented the seller in the $2.2 million sale of a 27-unit property at 315 W. Eighth St. The property features 21 studios and six one-bedroom units. Stephen Tragash, also of Gebroe-Hammer, procured the buyer in the transaction.

March 31, 2015

California Retail Western

Faris Lee Arranges $29.3M Sale of Rosedale Village in Bakersfield, Calif.

by Haisten Willis March 30, 2015

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the $29.3 million sale of a 222,000-square-foot, Class B shopping center in Bakersfield. Rosedale Village is located at Rosedale Highway and Calloway Road. Donald MacLellan, Rick Chichester, Chris DiPeierro and Tom Chichester of Faris Lee Investments represented the buyer, JH Real Estate Partners. The team also represented the seller, Standard Management. Faris Lee Investments is a retail advisory and investment sales firm.

March 30, 2015

California Mixed-Use Western

ACI Commercial Brokers $2M Sale of 10,000 SF Lot in San Diego

by Haisten Willis March 30, 2015

SAN DIEGO — ACI Commercial, a San Diego-based real estate brokerage firm, has arranged the $2 million sale of a 10,000-square-foot lot in the Little Italy section of San Diego. The site, located at 2148 India St., is zoned for mixed-use commercial development. Norm Root of ACI Commercial represented the seller, the Wilson and Stodelle Family trusts, in the transaction. Victor Krebs of Colliers International represented the buyer, HG Fenton Property Co. Teresa McElaney of Chicago Title Co. handled the escrow obligations, and Chicago Title provided title insurance for the transaction.

March 30, 2015

California Restaurant Retail Western

Solana Beach Pho Bar & Grill Signs 2,881 SF Lease in San Diego

by Haisten Willis March 30, 2015

SAN DIEGO — Solana Beach Pho Bar & Grill, a Vietnamese restaurant, has signed a 2,881-square-foot lease at 1005 Rosecrans St. in San Diego. The landlord is OliverMcMillan Rosecrans LLC. The lease is for 10 years with a consideration of $1.1 million, according to Flocke & Avoyer Commercial Real Estate. Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate represented OliverMcMillan Rosecrans in the transaction. Jose Bravo of Vanguard Resource Group represented the tenant.

March 30, 2015

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