NEW HYDE PARK, N.Y. — A subsidiary of Kimco Realty Corp. (NYSE: KIM) has executed a contract to acquire the remaining 66.7 percent interest in the 39-property “Kimstone” portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP). The deal is valued at $925 million, which includes the assumption of approximately $426.7 million in mortgage debt. Kimco will pay approximately $512.3 million to acquire BREP’s interest using a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America, as well as availability under its existing $1.75 billion revolving credit facility. Upon closing, which is expected in the first quarter of 2015, Kimco will own 100 percent of the portfolio. The 5.6 million-square-foot portfolio is approximately 97 percent occupied and comprises grocery-anchored shopping centers and power centers. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland. The portfolio includes four signature assets: • 280 Metro Center, a 228,000-square-foot property located in the San Francisco Bay Area of Colma, Calif. The 95-percent-occupied center is supported by a well-known list of anchors that includes Nordstrom Rack, Marshalls, Bed Bath & Beyond …
NEW YORK CITY — HFF has arranged $61.75 million in financing for the development of Exhibit, a residential tower located at 60 Fulton St. in Lower Manhattan. HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group to secure the 33-year construction-perm loan through Pacific Life Insurance Co. Being developed by Socius Development Group, the 23-story tower will feature 120 residential units and 6,800 square feet of retail space. The apartments, of which 96 are market rate and 24 are affordable, are a mix of studio, one- and two-bedroom plans. On-site amenities will include two rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. The building, which is the second collaboration between Socius Development and The Parkland Group, is slated for completion in 2016. Rob Rizzi, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the deal.
NEW YORK CITY — Meridian Capital Group has arranged a $49 million CMBS loan for the refinance of a medical office property located at 6002 Bay Parkway in Brooklyn. The 10-year CMBS loan features a fixed rate and interest-only payments for the first three years. Abe Hirsch and Zev Karpel of Meridian’s New York City headquarters negotiated the transaction. The newly constructed Calko Medical Center features 125,000 square feet of office and retail space. Additionally, the property is an Article 28 ambulatory surgery center, which provides patients with same-day surgical care, including diagnostic and preventive procedures.
WESTPORT, CONN. — Cushman & Wakefield has brokered the sale of Westport View Corporate Center in downtown Westport. Marcus Partners, on behalf of Marcus Capital Partners Fund II, acquired the two-building office campus from Invesco Real Estate for an undisclosed price. Situated on 4.5 acres at 8-10 Wright St., the 84,000-square-foot property is currently 58 percent leased. The buyer plans to invest approximately $4 million to upgrade the property. Renovations will include new enlarged windows; redesigned and upgraded landscaping, parking decks, lighting, paving, entrances and signage, as well as upgrades to the lobbies, elevators, restrooms and mechanical systems. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield handled the transaction.
NEW YORK CITY — Greystone has acquired four adjacent land parcels on 125th and 126th streets in Harlem for $11.5 million. The New York-based real estate development and financial services company plans to develop the sites, located at 69, 71 and 75 East 125th St. and 58 East 126th, into a single mixed-use property. The 12-story building will feature a mix of market-rate residential units and affordable housing units. The land parcels were purchased at an auction in the U.S. Bankruptcy Court in the Southern District of New York.
SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $55.6 million sale of The Vue at Park Towers, a 300-unit high-rise apartment community located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. Built in 1999, the property features a swimming pool, renovated clubhouse and leasing office, fitness center, tennis court and convenience mart. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast represented the seller, Crescent Heights, in the transaction. The buyer was Austin, Texas-based CWS.
SPRINGFIELD, VA. — CBRE Global Investors has acquired the Residences at Springfield Station, a Class A, 631-unit garden and mid-rise apartment community in Springfield, a suburb of Washington, D.C. The property is located at 6802 Junction Blvd. adjacent to the Franconia-Springfield Metro Station. Springfield Station was 94 percent occupied at the time of sale. CBRE Global Investors plans to rehab the property’s interiors with updating lighting and plumbing fixtures, two-inch window blinds, stainless steel appliance packages, two-tone paint, new carpets, upgraded cabinets and hardware and new countertops. Common area improvements will include a modernized clubhouse and fitness center, enhancements to the resort-style pool deck, the addition of a dog park and improvements to the accessibility of mass transit.
AVENTURA, FLA. — Marcus & Millichap has brokered the $17.5 million sale of a 215,921-square-foot industrial warehouse park in Aventura, roughly 18 miles north of Miami. The nine-building park is located at 1600 N.E. 205th Terrace on the south side of Ives Dairy Road near I-95. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, The Adler Group, and the buyer, an Aventura-based firm led by Mario Grosfeld and Jorge Linkewer.
FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received a $28.5-million refinance. The community is located at 200 S. Lexington Drive. The loan features a 10-year interest-only term. It was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles regional office through a Fannie Mae DUS lender. The borrower was CWS Capital Partners.
CARLSBAD, CALIF. – A 156,132-square-foot building in Carlsbad that is leased to Macy’s West Stores Inc. has sold to an international commercial real estate investor for $13.7 million. The building is located at 2559 El Camino Real, within the Westfield Plaza Camino Real shopping mall. Macy’s has operated at this location since 1979. The space was renovated in 2000. The seller, a San Diego-based private investor, was represented by John Rodiles and Kirk Garabedian of Marcus & Millichap’s Los Angeles office.