SOMERS POINT, N.J. — Marcus & Millichap has brokered the sale of The Gates at Somers Point, a multifamily complex in Somers Point. The 202-unit, garden-style property sold for $11.4 million, or $56,436 per unit. Situated on five acres at 555 Shore Road, the five-building property features a mix apartment floorplans. Nat Gambuzza and John Veniero of Marcus & Millichap’s New Jersey office represented the seller, WWW Associates, and the undisclosed buyer in the deal.
WESTPORT, CONN. — GHP Office Realty LLC has acquired a retail shopping center located at 20 Saugatuck Ave. in Westport for an undisclosed price. The 19,000-square-foot center was vacant at the time of sale. The buyer has a $2 million capital improvement program slated for the property to redevelop it into a Class A multi-tenant shopping center. Upgrades will include installation of a new modern glass façade, awning and signage; installation of new mechanicals and gas service; new landscaping; resurfacing and re-striping of the parking lot; and resurfacing the roof. Additional terms of the transaction were not released. GHP Office Realty is a division of Houlihan-Parnes Realtors LLC.
SYRACUSE, N.Y. — Arbor Commercial Mortgage has funded its first loan under the newly launched Freddie Mac Small Balance Loan initiative for Nettleton Commons, a mixed-use property located in Syracuse. Originally built in 1899 as a shoe factory, the property was converted into a multifamily building in 1988. The five-story property features 61 apartment units, nine commercial office spaces and one retail space. Stephen York originated the five-year $4 million loan, which carries one year of interest-only payments along with a 30-year amortization schedule. Eastern Union was the mortgage brokerage firm involved in the deal. The property is owned and managed by Steven and Silvia West, who purchased the property in 2007.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 15,000-square-foot multifamily property located at 2475 Hughes Ave. in the Belmont section of the Bronx. A private investor acquired the property for $2.56 million. The 20-unit walk-up features six three-bedroom units, seven two-bedroom units and seven one-bedroom units. Victor Sozio, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a real estate investment firm, and procured the buyer in the transaction.
SAN FRANCISCO — ASB Capital Management has acquired De Haro Place, a 138,430-square-foot creative office building in San Francisco, for $92.7 million. The building is located at 488 De Haro Street in the South of Market (SoMa) neighborhood. De Haro Place was originally built in 1927. The Class A building was completely transformed and renovated in 2013 to create a work environment that targeted technology and creative users. The seller, Ares Management, was represented by DTZ’s Robert Gilley and Steve Hermann.
LOS ANGELES — A new condominium project in Downtown Los Angeles has received $77 million in financing. The 151-unit community will be located at 1050 S. Grand. This will be the first new condominium tower development in Downtown in more than seven years, according to the developer, JLL’s Capital Markets team, which secured the financing. The property is being developed by Trumark Urban. The tower will also feature seven levels of parking and 5,672 square feet of ground floor retail space. The non-recourse construction financing was arranged by JLL’s John Manning, Chris Casey, Reid McGlamery and Alex Witt. It was provided by PCCP. This is the fourth major closing from JLL on behalf of Trumark, totaling $460 million of placed capital over the past two years.
SAN DIEGO – Girard Plaza and the Ralph Lauren building in La Jolla have sold to RCB Ranch for a total of $26.5 million. The buildings are located at 7833-7851 Girard Ave. and 7830 Girard Ave., respectively. Girard Plaza was originally built in 1950. Tenants include Banana Republic, Lululemon Athletica, Gap, Girard Gourmet and Kore Pilates. The Ralph Lauren building was also built in 1950. It has been continuously occupied by Ralph Lauren since the early 1990s. RCB was represented by Sean Doyle of Mexico Retail Advisors. The seller, Pogapana, was represented by Brian Quinn of Flocke & Avoyer Commercial Real Estate.
SAN DIEGO – Breeze Hill Commercial Center, a 17,855-square-foot retail center in Vista, has sold to Gershman Properties for $10.2 million. The center is located at 620 Hacienda Drive and 251 S. Melrose Drive. It is fully occupied by eight tenants, including Starbucks, FedEx, Jersey Mike’s, Rubio’s, Pick Up Stix, Nutrition Zone and Ohana Hawaiian BBQ. The 1031 exchange buyer was represented by David Lachoff of Newmark Knight Grubb Frank. The seller, Breeze Hill Commercial Center, was represented by Rick Chichester and Nicholas Coo of Faris Lee Investments.
SAN LEANDRO, CALIF. – 21st Amendment Brewery has leased 58,648 square feet of space at the Williams Street Industrial Park in San Leandro. The space is located at 2010-2020 Williams Street. The brewery now occupies the entire space. Future plans may include a 5,000-square-foot brewery café/pub. The landlord, Broadreach Capital Partners, was represented by DTZ’s Jeff Starkovich and Michael Karp.
COLLEGE STATION, TEXAS — Satterfield & Pontikes Construction has completed a $7 million renovation of Texas A&M University’s Francis Hall. The building will house the school’s construction science department’s 900 students and 30 faculty members. Francis Hall was built in 1918 and spans 32,500 square feet. The renovated Francis Hall includes specialty labs, classrooms, a 120-room auditorium, exhibit hall, student lounge, conference room and administrative suites. Brown Reynolds Waterford Architects provided design services for the project.
