Property Type

Savanna Purchases 24,682 SF Retail Property in NYC’s Meatpacking District

by Amy Works January 19, 2015

NEW YORK CITY — Savanna has acquired a newly built retail property located at 461 West 14th St. in New York City’s Meatpacking District. Brandon Miller and Michael Miller of Real Estate Equities Corp. and Alfieri Development sold the 24,682-square-foot property, which is located under the High Line, for an undisclosed price. The property features 15-foot ceilings, all-glass storefronts and LED paneling atop the glass. Additionally, the floor plates can be configured into one or two large retail spaces or several smaller spaces, with 10,000 square feet on the corner of Tenth Avenue and 14th Street, and 6,000 square feet on the corner of Tenth Avenue and 15th Street. Savanna has engaged JLL to market the property. Neil Helman, Vincent Carrega, Jon Epstein and Charles Kingsley of Avison Young represented the seller, a single-purpose entity controlled by investor/developer Real Estate Equities Corp.

January 19, 2015

Hospitality New York Northeast

YOTEL, Synapse Development Group Bring First YOTEL-Branded Hotel to Brooklyn

by Amy Works January 19, 2015

NEW YORK CITY — Synapse Development Group and YOTEL are developing the first YOTEL-branded project in Brooklyn. Situated near the Brooklyn-Queens Expressway, the 100,000-square-foot mixed-use project will feature street-level retail space, a 110-key YOTEL Williamsburg hotel, residential condominiums and a rooftop garden. Designed by HWKN, the hotel is scheduled to open in 2017.

January 19, 2015

Multifamily New York Northeast

Alpha Realty Brokers Three Multifamily Sales Totaling $3.24M

by Amy Works January 19, 2015

NEW YORK CITY — Alpha Realty has brokered the sales of three multifamily properties located in Brooklyn and East New York totaling $3.24 million. In the first transaction, a multifamily investor purchased a three-story, nine-unit apartment building located at 200 28th St. in Brooklyn’s Greenwood Heights section. The 6,000-square-foot building sold for $1.4 million. In the second deal, an investor acquired a 642 Vermont St. in Brooklyn’s East New York area for $995,000. The three-story property features six apartments and one commercial unit. Additionally, 2162 Fulton St., located in Brooklyn, sold for $850,000. The property consists of four apartment units and one store. Lev Mavashev, Jacob Aronov and Adam Traub of Alpha Realty represented all parties in the off-market transactions.

January 19, 2015

California Multifamily Western

Sares Regis Buys Pine@Sixth Apartments in Long Beach

by Nellie Day January 16, 2015

LONG BEACH, CALIF. — Sares Regis has acquired the 158-unit Pine@Sixth apartment community in Long Beach for an undisclosed sum. The community is located at 595 Pine Ave. As its name suggests, Pine@Sixth is situated at the corner of Sixth Street and Pine Avenue in the North Pine district. It was built in 1986. The community also includes 8,661 square feet of ground-floor retail space. The property’s previous owner, UDR, originally acquired the asset with the intention of converting it into condos before the recession hit. Pine@Sixth will undergo a significant capital improvement program to improve its mechanical systems, as well as update the exterior and façades. The courtyard space will also be converted into an “entertainment and social space [that] will include a fire pit, water feature, landscaping improvements and expanded outdoor kitchen space,” according to Sares Regis. The leasing center will also be relocated, the fitness facility will be refurbished and one of the community’s laundry facilities will be converted into a dog-wash station. This is the ninth apartment community purchased by Sares Regis Multifamily Fund I. The fund deployed $114 million for a total capitalization of more than $329 million. The fund acquired properties in Seattle, Denver, …

January 16, 2015

California Retail Western

McFadden Center in Santa Ana Sells for $30.7M

by Nellie Day January 16, 2015

SANTA ANA, CALIF. — Newport Asset Management Group has purchased McFadden Center, a 184,737-square-foot retail and office complex in Santa Ana, for $30.7 million. The center is located at 1714 East McFadden Ave. The center features 11 buildings occupied by 57 tenants. The buildings include two retail pads, one retail-in-line building with 18 suites and eight business park buildings with a total of 79 suites. McFadden Center is currently 98 percent occupied. Newport plans to renovate the center as part of its long-term hold strategy. The firm was represented by Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine. “McFadden Center was an attractive purchase because it offers excellent cash flow and diversified income stream from industrial, office and retail tenants alike in a central OC location,” Swanson says. The seller, Olen Properties, was represented by HFF’s Mike McCann, Ryan Gallagher and Dan Curtis.

January 16, 2015

Colorado Multifamily Western

Asher Investments Buys Alta Harvest Station Apartments in Broomfield

by Nellie Day January 16, 2015

BROOMFIELD, COLO. – Asher Investments has acquired the 297-unit Alta Harvest Station apartment community in Broomfield for an undisclosed sum. The community is located at the southeast corner of Wadsworth Boulevard and 118th Avenue. Alta Harvest was just completed in late 2014. It is currently 93 percent leased. The new development was modeled after the 280-unit Alta Aspen Grove in Littleton, which was also developed by Wood Partners. That property now operates as Berkshire Aspen Grove. Common-area amenities at Alta Harvest include a resort-style swimming pool, outdoor fireplace, lawn courtyard, dog park and wash, bicycle/ski repair shop, plaza with seating and water features, fitness center, yoga/serenity room and a business center. Wood Partners dedicated 1.4 acres of the site as public land. Part of this land was turned into a one-acre pocket park. A half-acre urban trail along the east and south edges of the development connects to the future light rail stop. It also created a pedestrian route that accesses the RTD Regional Transit Station at West 116th Avenue. Wood Partners acted as the general contractor on Alta Harvest, while Womack Hampton served as the architect.

January 16, 2015

California Office Western

Buchanan Street Buys Cornerstone Heights Corporate Center in San Diego

by Nellie Day January 16, 2015

SAN DIEGO — Buchanan Street Partners has acquired Cornerstone Heights Corporate Center, a 97,945-square-foot office property in the San Diego submarket of Sorrento Mesa, for $23.1 million. The two-building center is located at 5959 & 6059 Cornerstone West. The center is 91 percent leased to three tenants, including Konica Minolta, Verimatrix and Tillster. It was developed in 1987. Both buildings recently underwent significant renovations. The seller, a partnership between Lincoln Property Company and Artemis Real Estate Partners, was represented by DTZ’s Rick Reeder and Brad Tecca. The firm’s Brett Ward will lead the center’s leasing efforts.

January 16, 2015

Arizona Hospitality Western

HSL Properties Buys Hilton El Conquistador Resort in Tucson

by Nellie Day January 16, 2015

TUCSON, ARIZ. — HSL Properties has acquired the 432-room Hilton El Conquistador Golf & Tennis Resort and the El Conquistador Country Club for a reported $15 million. The asset is situated on two separate parcels that total 383 acres. The resort was originally constructed in 1982 as a Sheraton hotel. The hotel was Tucson’s first major resort to include more than 250 rooms. It was repositioned as a Hilton hotel in 2003. The hotel features more than 100,000 square feet of indoor and outdoor event space, along with Tucson’s largest golf and tennis facility. The property contains 45 holes of golf and 31 hard-surface tennis courts. The transaction included 18 acres of developable land on Oracle Road. HSL plans to invest about $16 million to rehabilitate the hotel. This work should take about 12 to 18 months to complete. The majority of the rehabilitation will occur over the slower summer months, HSL says. The firm has also begun the process of splitting the resort’s country club and 45-hole golf course. The town of Oro Valley plans to purchase these assets in a sale that is expected to close March 1. The town will then turn the 31,475-square-foot club building into …

January 16, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Health Services to Open $14M Transitional Care Facility

by Danielle Everson January 16, 2015

LAFAYETTE, IND. – Mainstreet and Trilogy Health Services will open The Springs at Lafayette, a 66,786-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility in Lafayette. The property is located at 2402 S. St. Construction started on The Springs at Lafayette in April 2014 and the property is tentatively scheduled to open by the first week of February. The Springs at Lafayette will include 100 beds and will provide hospitality-oriented care with amenities such as a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa, an on-site chef and more. The project, which represents a total investment of $14 million in the community, created more than 350 construction jobs and 120 part-time and full-time jobs. Mainstreet is the developer and owner of The Springs at Lafayette and Trilogy will operate the facility.

January 16, 2015

Midwest Missouri Mixed-Use

HOK Acquires Kansas City-Based 360 Architecture

by Danielle Everson January 16, 2015

ST. LOUIS – HOK has completed the acquisition of Kansas City-based 360 Architecture, a 200-person firm that designs sports, recreation, wellness, entertainment and mixed-use facilities. HOK’s Sports + Recreation + Entertainment practice designs mixed-use entertainment districts anchored by sporting venues that promote urban revitalization. Teams from both firms have been working on integration plans since announcing the agreement on Aug. 19, 2014. HOK’s re-entry into the Sports + Recreation + Entertainment market in 2015 coincides with the celebration of its 60th anniversary. After HOK Sport launched in 1983, the firm became a pioneer in redefining sports facilities. HOK spun off its sports practice in 2008. 360 Architecture was founded in Kansas City in 2004 through a merger of CDFM2 Architecture Inc. and Heinlein Schrock Stearns.

January 16, 2015

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