LANCASTER, PA. — Lancaster-based LMS Commercial Real Estate has arranged the sale of more than 30 assets, totaling two million square feet, to affiliates of Lakewood, N.J.-based Paramount Realty. With this transaction, Paramount Realty will have assets in excess of $1 billion, ownership of approximately 7.5 million square feet and leasing assignments in excess of 13 million square feet throughout Connecticut, Maryland, Massachusetts, New Jersey and Pennsylvania. Brandon Famous of CBRE|Fameco provided consulting services for the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 68 Maujer St. in Brooklyn. The eight-unit building sold for $2.6 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the 1031 exchange transaction.
ATLANTA — Wingate Cos. and Columbia Residential have broken ground on City Lights, an 80-unit affordable seniors housing development located at 430 Boulevard in Atlanta’s Old Fourth Ward district. The project is the first phase of the redevelopment of the Village of Bedford Pine. The property’s one-bedroom apartments will be made available to qualifying seniors aged 62 or older. The project’s financial partners include Community Affordable Housing Equity Corp., Sugar Creek Capital, HUD, the Georgia Department of Community Affairs and Atlanta’s Office of Housing. Prudential Huntoon Paige is providing construction financing for the project, which is slated for a summer 2016 completion. Amenities at City Lights will include a fitness center, TV and movie room, community kitchen, sundeck, covered garage, Wi-Fi access and a business center.
MARIETTA, GA. — Sealy & Co. has purchased Northwest Business Center, a 12-building industrial portfolio in Marietta spanning 472,000 square feet. The warehouse and light-industrial park is located near I-75 and I-285 in Cobb County, home to the new Atlanta Braves stadium known as SunTrust Park, which will open in April 2017. Sealy & Co. purchased Northwest Business Center for an undisclosed amount for its investment offering: Sealy Strategic Equity Partners.
ORLANDO, FLA. — HFF has arranged financing for a three-property, 414-room hotel portfolio in Orlando. The properties include the 124-room Residence Inn Orlando Convention Center at 8800 Universal Blvd.; the 167-room SpringHill Suites Orlando Convention Center at 8840 Universal Blvd.; and the 123-room Hampton Inn Orlando International Airport at 5767 T.G. Lee Blvd. Each of the hotel properties were either renovated in 2013 or 2014. Michael Weinberg and Anthony Frogameni of HFF arranged the financing on behalf of the borrower, JHM Hotels.
FORT LAUDERDALE, FLA. — Morgan Property Group (MPG) has purchased two adjacent land parcels totaling 19,560 square feet at the northeast corner of South Federal Highway and Southeast 7th Street in Fort Lauderdale. Through its affiliate Rio Vista Financial LLC, MPG purchased a 14,760-square-foot parcel of land from Caryl L. Henry Exempt Trust and the adjacent 4,800-square-foot parcel from Rio-Vista Saloon LLC. Bill Rotella of The Rotella Group Inc. represented Caryl L. Henry Exempt Trust, and Kimberly Barbar of Stiles Realty represented Rio-Vista Saloon. MPG plans to develop a freestanding, 3,500-square-foot branch of Florida Community Bank, which will feature a single-lane drive thru and a 24-hour ATM. Construction is expected to commence in April, and the bank is slated to open in October.
DENVER — The 302-unit One City Block apartment community in Denver has received a $57-million loan. The community is located at 444 East 19th Ave. in Downtown Denver’s Uptown neighborhood. The property was completed in January 2014. It features 207,598 square feet of residential space and 10,035 square of ground-floor retail. One City Block is currently 95 percent leased. Community amenities include a lap pool with sun deck and hot tub, grilling areas, fire pit, sport court with practice putting green, four rooftop terraces, fitness center, yoga studio, game room with ping pong and pool table, demonstration kitchen, on-site bike repair shop and pet spa. The fixed-rate loan proceeds will replace the borrower’s existing construction loan. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom, on behalf of RedPeak Properties. The loan was placed with Cornerstone Real Estate Advisers LLC, which acted on behalf of an institutional client.
MILL VALLEY, CALIF. — Woodmont Companies has acquired the 38-unit Casa Roja Apartments in Mill Valley, just 14 miles north of San Francisco. Though the purchase price was not disclosed, the deal set a new record for the price paid per square foot for a multifamily property in Marin County, according to Colliers International, which represented the seller. The sales price equates to about $570 per square foot, while the in-place cap rate was in the low 4 percent range. Casa Roja is located at 396 Pine Hill Road. It is situated just 10 minutes from the Golden Gate Bridge. The community underwent an extensive renovation over the past 18 months. Common-area amenities include a pool terrace and laundry facilities. The seller, Red Island Real Estate LLC, was represented by Ryan Wagner, Brad Lagomarsino and James Devincenti of Colliers International.
PALO ALTO, CALIF. — Menlo Equities has received a $38.6-million loan on a 45,319-square-foot Palo Alto office building. The building is located at 529 Bryant Street in the city’s downtown region. It had previously been converted into an internet exchange, or data center. The 10-year, non-recourse loan carries a fixed rate and a 30-year amortization schedule after a 5.5-year interest-only period. Financing was arranged by Eric Von Berg and Tom Dao of Newmark Realty Capital. It was sourced through Wells Fargo’s CMBS program. Newmark Realty Capital will serve as primary servicer on this loan, while Wells Fargo will act as the master servicer.
LOS ANGELES – A 19,481-square-foot retail property in the Los Angeles submarket of Agoura Hills, has sold to GJD Holdings for $5.6 million. The center is located at 29020 Agoura Road. It was built in 1991. The property is part of an even larger 82,226-square-foot retail center. Tenants at the recently sold center include Prime Steakhouse and Teague Pilates. GJD was represented by Rod Delson of NAI Capital’s Westlake Village office. The seller, Agoura Hills Shopping Center Capital LLC, was represented by Ken Simons of the same firm.