RYE, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $29.6 million acquisition loan for International Corporate Center in Rye. Located at 555 Theodore Fremd Ave., the 168,499-square-foot office building was built in 1990. The 10-year, fixed-rate CMBS loan features five years of interest-only, a 30-year amortization schedule, a 4.32 percent rate and a 75% loan-to-value rate. Christopher Marks of MMCC arranged the financing for the undisclosed borrower.
BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.
MADISON, CONN. — O,R&L Commercial has brokered the acquisition of a light industrial facility in Madison. Stone Heron LLC purchased the 42,000-square-foot property from Garland Associates for $2 million. Located at 14 New Road, the 42,000-square-foot property was developed in 1970 for Shoreline Industries and has been home to Garrity Industries since 1983. The property will become the new home of Pacuda Inc., which is relocating from Deep River, Conn. Timothy McMahon of O,R&L Commercial represented the buyer, while James Panczykowski of Binswanger represented the seller in the transaction.
HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has secured a long-term permanent loan for Woodmont Knolls at Hanover, a multifamily community located in the Cedar Knolls section of Hanover. The financing, which was provided by Valley National Bank, enables Woodmont to secure permanent financing for the property, which is now fully leased. Situated on a 15-acre former industrial site, the property features 126 one- and two-bedroom flats and carriage homes. On-site amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, and a swimming pool with a sundeck. Additionally, the pet-friendly community features a dog park and a picnic and barbeque area.
MIAMI — Skanska USA has signed a $101 million contract to build The Patricia & Phillip Frost Museum of Science in Miami. The 250,000-square-foot property will be located within the new Museum Park complex adjacent to the Perez Art Museum Miami overlooking Biscayne Bay and PortMiami. The new museum will include a planetarium, 500,000-gallon saltwater aquarium, five-story Innovation Center, sustainable roof with a hydroponic garden and exhibition galleries. The architect, Grimshaw Architects, is designing the museum to achieve LEED Platinum certification. Skanska USA plans to complete the museum in the summer of 2016.
NASHVILLE, TENN. — HFF has brokered the $54.3 million sale of Velocity in the Gulch, a 238-unit multifamily community in Nashville’s Gulch neighborhood. Nicol Investment Co. purchased the apartment property from a joint venture between a Chicago-based fund manager and a predecessor company run by David Levin. Velocity in the Gulch is located at the corner of 320 11th Ave. South and Pine Street. The property features a sky lounge with an outdoor fireplace, fitness center, courtyard with a fountain and fire pit, clubroom, coffee bar and bicycle racks. Jason Nettles and Megan Thompson of HFF led the investment sales team that represented the seller in the transaction.
ATLANTA — TPA Group has broken ground on two industrial facilities in metro Atlanta totaling roughly 1.7 million square feet. The properties include the 1.1 million-square-foot Fairburn Logistics Center in South Fulton County and the 614,000-square-foot Broadway Distribution Center in Braselton. Fairburn Logistics Center is a cross-dock building that will be located on Bohannon Road adjacent to the CSX Intermodal facility. The property features 36-foot clear heights and heavy trailer and car parking. Broadway Distribution Center will be located on Broadway Avenue with direct access to I-85. Both facilities will be built on a speculative basis. Mark Hawks and Todd Barton of CBRE will spearhead leasing efforts at the two properties.
HOLLYWOOD, FLA. — CBRE has brokered the $31.5 million sale of Emerald Place, a 300-unit apartment community located at 3910 N. 56th Ave. in Hollywood. The property includes a swimming pool, clubhouse, two tennis courts, children’s playground and night-time security. Emerald Place Apartments LLC purchased the asset from Emerald Place LLC. Calum Weaver and Robert Given led the CBRE South Florida Multifamily team in representing the seller.
ADAMSVILLE, ALA. — Marcus & Millichap has brokered the $2.7 million sale of Adamsville Town Center, a 26,026-square-foot strip retail center in Adamsville. Built in 2006, the property’s tenant roster includes Dollar General, Advance America, 1st Franklin, Papa John’s Pizza, Alfa Insurance and Alabama Power. Andrew Chason of Marcus & Millichap’s Mobile office represented the seller, a limited liability company based in Birmingham, in the transaction. The buyer was a private investment firm based in Birmingham.
TUKWILA, WASH. – The 80-unit Newport Heights Apartments in Tukwila has sold to Woodspear Newport Heights LLC for $10.5 million. The community is located at 5600 S. 152nd Street. The buyer represented itself in this transaction, while the seller, HRA SPVEF II LLC, was represented by Joe Levin, Tim McKay and Dan Chhan of Colliers International.
