Property Type

ARM Real Estate Group Brokers Sale of Retail Property in Queens

by Amy Works May 15, 2015

NEW YORK CITY — ARM Real Estate Group has brokered the sale of a corner retail building located in the Woodside neighborhood of Queens. The Daniel Group purchased the 9,500-square-foot property for $2.8 million from 5401 Nb LLC. Located at 540-01 Northern Blvd. and built in 1952, the property features three retail spaces: a Chinese restaurant, a convenience store and a carpet shop. The buyer plans to reposition the property once the current leases expire. Anand Melwani of ARM Real Estate Group represented both parties in the transaction.

May 15, 2015

California Loans Multifamily Western

The Medallion in Downtown Los Angeles Receives $33M Refinance

by Nellie Day May 14, 2015

LOS ANGELES – The Medallion, a 96-unit apartment building in Downtown Los Angeles, has received a $33-million refinance. The community is located at 334 S Main Street. It is currently 97 percent occupied. The property also contains 80,000 square feet of ground-floor retail space and a 275-car parking garage. The loan is also secured by a fully entitled, two-acre development site that sits adjacent to the Medallion. That site is slated for Phase II of the community, which will include an additional 300 units. It is currently leased to a parking lot operator. The short-term bridge loan was secured by Jonathan Hakakha and Mike Yim of Quantum Capital Partners on behalf of Illusion Holdings and Ocean Blue Investments.

May 14, 2015

Colorado Multifamily Western

Cheyenne Crossing Apartments in Colorado Springs Sells for $25M

by Nellie Day May 14, 2015

COLORADO SPRINGS, COLO. – The 220-unit Cheyenne Crossing apartment complex in Colorado Springs has sold to OP Cheyenne LLC for $25 million. The Class B+ community is located at 640 Wycliffe Drive. The deal was organized and sponsored by OpenPath Investments LLC (OPI). The firm identifies workforce housing properties with more than 100 units that offer value-add or operational upside opportunities within the Western States.

May 14, 2015

California Industrial Western

Industrial Property Trust Buys Greenville Business Center in Livermore

by Nellie Day May 14, 2015

LIVERMORE, CALIF. – Industrial Property Trust has acquired Greenville Business Center, a 266,825-square-foot warehouse/distribution building in Livermore for an undisclosed sum. The property is located at 7501-7551 Las Positas Road. The center is fully leased to Performance Food Group (Vistar), Transwestern Polymers Inc. and Topp Shelf (dba UNITS). Michael Lloyd and Greig Lagomarsino of Colliers International represented both the buyer and seller, Alere Property Group, in this transaction.

May 14, 2015

California Retail Western

24 Hour Fitness Building in West Covina Changes Hands

by Nellie Day May 14, 2015

WEST COVINA, CALIF. – A 37,500-square-foot retail building in West Covina that is leased to 24 Hour Fitness USA has sold to Capital Square Realty Advisors for an undisclosed sum. The building is located at 1530 W. Covina Parkway. The 1.6-acre property includes a three-level, free-standing parking garage. It is designed as a 24 Hour Fitness “Sport” facility. Amenities include cardio equipment, circuit training, a kids club, sauna, steam room and lap pool. Capital Square was represented by TFS Properties, doing business as TaxGuard1031.

May 14, 2015

Colorado Retail Western

Lincoln Meadows Near Denver Sells for $2.1M

by Nellie Day May 14, 2015

DENVER – Lincoln Meadows, a 10,010-square-foot retail property in the Denver submarket of Parker, has sold to Prime Management LLC for $2.1 million. The center is located at 18366 Lincoln Ave. The four-tenant community shopping center is part of a retail development anchored by Lowe’s. Its current tenants include Sports Clips, Jersey Mike’s, Opa Grill and Pho Vy. Cory Gross of Marcus & Millichap’s Denver office represented both the buyer and the seller, Lee & Park, in this transaction.

May 14, 2015

Multifamily Texas

Allied Orion Group Breaks Ground on Beacon At Buffalo Pointe in Houston

by Haisten Willis May 14, 2015

HOUSTON — Allied Orion Group has broken ground on The Beacon at Buffalo Pointe, a 281-unit apartment complex in Houston. Scheduled to open during the first quarter of 2016, The Beacon at Buffalo Pointe will be located near the Texas Medical Center. Developed by Allied Orion Group and designed by Steinberg Design Collaborative Architects, The Beacon at Buffalo Pointe is located at 10301 Buffalo Speedway. Situated just outside of Loop 610, the community offers access to both 610 and Highway 288 and a short commute to downtown Houston. Floor plans will range from one to three bedrooms.

May 14, 2015

Hospitality Texas

Strategic Hotels & Resorts Buys Four Seasons Austin Hotel

by Haisten Willis May 14, 2015

AUSTIN, TEXAS — Strategic Hotels & Resorts has purchased the Four Seasons Austin hotel for $197 million. The 291-room hotel is located on 2.3 acres overlooking Lady Bird Lake in the midst of the Central Business District of Austin. The hotel features 28 suites, 18,000 square feet of indoor meeting space, two food and beverage outlets and a 5,500-square-foot spa. Strategic Hotels & Resorts Inc. is a real estate investment trust that owns and provides value-enhancing asset management of high-end hotels and resorts in the United States and Europe. The company has ownership interests in 19 properties with a total of 8,616 rooms and 893,000 square feet of multi-purpose meeting and banqueting space.

May 14, 2015

New Jersey Northeast Office

Cushman & Wakefield Brokers $80M Sale of Three-Property Office Portfolio

by Amy Works May 14, 2015

MORRISTOWN AND MORRIS TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of a three-property office portfolio in Morris County, N.J. East Rutherford, N.J.-based Lincoln Equities purchased the 410,000-square-foot portfolio sold for $80 million, or $195 per square foot, from Edison, N.J.-based Alfieri LLC. The portfolio includes the 106,000-square-foot Harding Plaza located at 1200 Mt. Kemble Ave. in Morristown; the 151,400-square-foot 100 Southgate Parkway in Morris Township; and the 151,000-square-foot Patriot’s Plaza at 60 Columbia Turnpike in Morristown. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented the seller, while the buyer had in-house representation during the transaction.

May 14, 2015

Connecticut Northeast Retail

Cinépolis USA to Join Bridgeport’s $750M Steelpointe Harbor

by Amy Works May 14, 2015

BRIDGEPORT, CONN. — Cinépolis USA has signed on to open a luxury 12-screen, 1,200-seat hybrid theater at Steelpointe Harbor, a mixed-use development in Bridgeport. The 50,000-square-foot theater will offer five Cinépolis Luxury Cinemas auditoriums with fully reclining leather seats and in-theater waiter service and dining with a full bar, and seven Cinépolis auditoriums with comfortable seating and access to a gourmet menu and full bar in the lobby. The theater, which is slated to open in 2017, will be the company’s first location in Connecticut. Bridgeport Landing Development LLC, a subsidiary of The RCI Group, is developing Steelpointe Harbor, a two million-square-foot waterfront project. The first phase of the development is slated to open this year and construction on the second phase scheduled to begin in 2016.

May 14, 2015

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