NEW ROCHELLE, N.Y. — CBRE Group has arranged the sale of an industrial facility located at 125 Beechwood Ave. in New Rochelle. Arizona-based AMERCO purchased the 152,000-square-foot building for $6.1 million. The buyer is the parent company of U-Haul and plans to use the facility for truck and van rentals, as well as selling moving supplies. Kevin Langtry of CBRE represented the seller, LARS Realty Co., while Jami Savage and Kevin McCarthy, also of CBRE, represented the buyer in the transaction.
NEW YORK CITY — Ariel Property Advisors has brokered the $4.13 million sale of a development site, located at 3084 Webster Ave. and 410-414 East 203rd St. in the Norwood section of the Bronx. The site is zoned for 93,000 buildable square feet as of right, and approximately 124,000 buildable square feet with inclusionary housing. The buyer, Stagg Group, plans to develop a residential rental building on the site. Victor Sozio, Shimon Shkury, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a developer and multifamily operator, and procured the buyer in the deal.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of an apartment portfolio located at 33-35 Storms Ave. and 234-236 Jewett Ave. in Jersey City. The properties, which offer 26 units, sold for $2.75 million, or $105,769 per unit. Steven Matovski and Lawrence Conway of Marcus & Millichap’s New Jersey office represented the seller, a partnership, and the undisclosed buyer in the deal.
BETHESDA, MD. — HFF has secured $103 million in refinancing for an 11-story, 274,526-square-foot office building located at 7200 Wisconsin Ave. in downtown Bethesda. HFF secured the four-year, floating-rate loan with a one-year extension option through SunTrust Bank on behalf of the borrower, The JBG Cos. The office building’s tenants include Edens, Linowes & Blocher, Singapore Economic Development, University Research, Enviva and StonebridgeCarras. Sue Carras, Walter Coker, Brian Crivella, Neil Campbell and Nicole Snarski of HFF made up the debt placement team. The JBG Cos. plans to use the loan to fund tenant and capital improvements, leasing commissions and the construction of additional street-level retail, according to HFF.
LAKE MARY, FLA. — CBRE Capital Markets has brokered the $66.3 million sale of Sun Lake Apartment Homes, a 600-unit luxury apartment community located at 420 Sun Lake Circle in Lake Mary, a northern suburb of Orlando. Ecoventures Capital Fund LLC purchased the asset from Harbor Group International (HGI). An affiliate of HGI bought the apartment community in 2012. Sun Lake features a clubhouse with a fitness center and business center, as well as lakefront access that allows residents to fish, kayak and paddle board. The apartment community was built in 1988 and was 96 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquil of CBRE Capital Markets represented HGI in the transaction.
NEW ORLEANS — NorthMarq Capital has arranged refinancing for a portfolio of five multifamily communities located in New Orleans. The properties include Washington Place Apartments (25 units), Liberty Park Apartments (10 units), Forest Park Apartments (20 units), Riverview Apartments (45 units) and Cypress Park Apartments (65 units). Robert Bhat of NorthMarq’s Miami office arranged the loan with 10-year terms and 20-year amortization schedules. Bhat arranged the loans through a Fannie Mae DUS lender on behalf of the borrower, Bruno Inc.
VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the $2.5 million sale of a freestanding retail strip center located at 5824 Northampton Blvd. in Virginia Beach. Boulevard CAF Associates LLP purchased the 7,011-square-foot, Starbucks-anchored property from Megalo LLC. Dean Martin of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.
BALTIMORE — Pro Transport Inc., a private transportation and logistics company, has signed a lease for 51,120 square feet of industrial space within Baltimore Crossroads, a master-planned 1,200-acre mixed-use business park in the White Marsh area of Baltimore County. Pro Transport will occupy 100 percent of the R&D/flex facility located at 11630 Crossroads Circle, which is currently under construction. The company will relocate to the property upon completion in the spring. The single-story property is being constructed to achieve LEED Gold certification. The landlord, St. John Properties Inc., was internally represented by Matt Lenihan in the lease transaction. Lenihan also represented Pro Transport.
Apartment rents and multifamily asset values are rising while vacancy remains low in Connecticut’s New Haven and Fairfield counties. Young professionals and commuters are moving out of suburban areas to reside in downtown locations so they can take advantage of transit-oriented, live-work-play environments. Costly single-family housing is another factor contributing to new residents seeking rentals rather than buying homes. There is a strong demand for apartments, which keeps vacancy low and prompts new development in the region, so much so that delivery of multifamily housing units this year will more than double those built in 2013. Demand however, outweighs the new supply and the current, record-low vacancy levels will be unaffected. Average prices for apartment assets in New Haven and Fairfield counties rose 3 percent over the last year to $169,000 per unit as the overall quality of listings improved. While the region experiences strong rent growth and higher yields than the likes of New York City and Boston, more foreign investors and institutional buyers continue to emerge with sights set on multifamily assets; and in particular, top-tier assets with more than 250 units in primary markets. Properties near Metro North commuter rail stations and employment centers will generate elevated …
There are many opportunities for Orange County tenants and landlords in this ever-evolving region of more than 3 million residents. The county’s unemployment rate was 6.2 percent in 2013, compared to the nationwide rate of 7.3 percent. Homeowners have also prospered over the past two years as Orange County home values rose a whopping 25.8 percent on average in 2013. The median home price is a stout $560,000 and climbing. What does this spell? Opportunity – for businesses, jobs and investors. Tenants are back full throttle with expansion plans for the Southern California basin. The big issue tenants and developers will have to face is a lack of available entitled land where they can construct and occupy a retail strip center or single-tenant restaurant. Tight governmental regulation and healthy city development fee structures can drive the costs of development too high, thereby stunting development growth. Conversely, if you currently own property, the prospects for continued yield growth are promising due to the lack of supply and a global “uber appetite” to own California commercial real estate. We will see a tremendous transition of generational wealth over the next five years, the magnitude of which we have not seen before. This …