Property Type

North Shore-LIJ Buys 252,000 SF Office Building for $65M in Long Island

by Amy Works December 10, 2014

NEW YORK CITY — North Shore-LIJ has acquired 600 Community Drive in Long Island’s Manhasset for $65 million, or $260 per square foot. A partnership led by The Carlton Group’s Chairman Howard Michaels sold the property. Prior to the sale, the building’s ownership group made significant renovations to the property: achieved zoning approval to lease 80,000 square feet of the building for medical office use; approved and implemented a new renovation plans, including interior and improvements and a new façade entrance; and developed a solid pipeline of tenant activity, which allowed the property to become a multi-tenanted building. North Shore-LIJ has been a sub-tenant at the office building for the past eight years.

December 10, 2014

Loans Multifamily Texas

Old Capital Provides $2.3M Loan for Apartment Complex in San Antonio

by Haisten Willis December 10, 2014

SAN ANTONIO — Old Capital has arranged a $2.3 million purchase loan for the 74-unit Darby Square Apartments in San Antonio. The 10-year, non-recourse Fannie Mae loan included a 4.6 percent interest rate and 30 year amortization schedule. David Walls of Old Capital’s Dallas office arranged the loan for a local investor group in San Antonio. The buyer plans to make interior and exterior improvements to the properties.

December 10, 2014

New Jersey Northeast Office

JV Begin $20M Redevelopment of 30 Montgomery St. in Jersey City

by Amy Works December 10, 2014

JERSEY CITY, N.J. — Onyx Equities and Rubenstein Properties has begun the redevelopment project at 30 Montgomery St., a 15-story, 320,000-square-foot office building in Jersey City. The $20 million redevelopment will bring the building, which was built in the early 1970s, up to modern standards and position it has a premiere office and retail property in Jersey City. The project includes a $5 million exterior window replacement program, enhanced streetscape, ground-floor retail expansion, refurbishment of the façade, modernization of the HVAC system, a new conference center, elevator landing and restroom renovations, and a new, expanded two-story entry lobby. Onyx and Rubenstein purchased the building earlier this year. Completion of the renovation is slated for mid-2015.

December 10, 2014

Loans Office Texas

NAI Robert Lynn Arranges Office Lease in Metro Dallas

by Haisten Willis December 10, 2014

ADDISON, TEXAS — NAI Robert Lynn’s office division has arranged a 7,017-square-foot office lease for Solutions by Text, an Addison-based company that identifies and streamlines communication efficiency for a number of businesses. Nick Lee of NAI Robert Lynn represented the tenant and secured the fifth-floor space with exterior building signage located at 15110 N. Dallas Pkwy.

December 10, 2014

New Jersey Northeast Office Retail

CBRE Group Arranges $8.4M Sale of New Jersey Office/Retail Property

by Amy Works December 10, 2014

PASSAIC, N.J. — CBRE Group Inc. has arranged the sale of an office and retail property located at 615-625 Main Ave. in Passaic. The 65,000-square-foot building sold for $8.4 million. The building, which includes a two-story parking garage, underwent a $5 million capital improvements program in 2007. Current tenants include Valley National Bank, which has been in the location for more than 40 years. Charles Berger and Elli Klapper of CBRE Tri-State Investments Properties represented the seller and procured the buyer, a long-time CBRE client, in the deal.

December 10, 2014

Mixed-Use New York Northeast

TerraCRG Brokers Sale of Brooklyn Development Site for $2M

by Amy Works December 10, 2014

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.

December 10, 2014

Retail Texas

M&M Arranges Sale of Retail Property in Houston

by Haisten Willis December 10, 2014

HOUSTON — Marcus & Millichap has arranged the sale of Market Square, a 9,567-square-foot retail property located in Houston. Justin Miller, Jerry Goldstein and Derek Hargrove of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Market Square is located at 56 FM 1960 Road West in Houston.

December 10, 2014

Loans New York Northeast Retail

Houlihan-Parnes Realtors Arranges $1.6 M in Refinancing for Retail Building

by Amy Works December 10, 2014

MAMARONECK, N.Y. — Houlihan-Parnes Realtors LLC has arranged $1.6 million in refinancing for a retail property located at 426-438 Mamaroneck Ave. in Mamaroneck. The one-story building offers 10,250 square feet of retail space. The five-year, non-recourse loan features a 3.75 percent fixed rate with a 30-year amortization schedule. Additionally, the loan, which was closed with a local bank, features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower.

December 10, 2014

Midwest Office Retail Wisconsin

The Morgan Partners Arranges Sale of 8,000 SF Bank Property in Neenah, Wis.

by Danielle Everson December 10, 2014

NEENAH, WIS. — The Morgan Partners LLC has arranged the $760,000 sale of an 8,000-square-foot bank property in Neenah. CitizensFirst Credit Union of Oshkosh purchased the property located at 640 S. Green Bay Road. The buyer intends on renovating the building and opening to the public in spring 2015. Ed Bowen and Nicholas Lang of The Morgan Partners represented the buyer. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate-Wisconsin represented the seller, a regional bank.

December 10, 2014

Georgia Multifamily Southeast

RADCO Acquires Three Metro Atlanta Apartment Communities Totaling $70M

by John Nelson December 10, 2014

ATLANTA — The RADCO Cos. has acquired three Atlanta-area multifamily properties totaling 1,091 units in three separate transactions totaling $70 million. The apartment communities include Mission Galleria in Smyrna, Gwinnett Place in Lawrenceville and Parkside at East Atlanta. RADCO financed the acquisitions using a mixture of bridge debt and private equity. RADCO will rebrand Mission Galleria as Ashford 75, Gwinnett Place as Ashford 3400 and Parkside at East Atlanta as Ashford East Village. In addition to these three deals, RADCO has another 1,630 units under contract across six properties that are slated to close before the end of the year, which will bring its total acquisitions for the year to 5,307 units.

December 10, 2014

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