AUSTIN, TEXAS — Trulan Property Advisors has arranged the sale of a three-tenant, 5,780-square-foot strip center in Austin. The property is located at 7709 E. Ben White Blvd. at the entrance of the MetCenter mixed-use business park. A Starbucks anchors the fully occupied center, which was sold to an out-of-state investor. Jason Middlebrook of Trulan represented the unnamed seller in the transaction. Ryan Hoff with Retail Solutions represented the buyer.
WICHITA FALLS, TEXAS — Marcus & Millichap has arranged the sale of The Timbers and Heritage House, a 228-unit apartment portfolio located in Wichita Falls. Michael Ware and William Jarnagin of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Ware and Jarnagin also procured the buyer, another private investor. The Timbers is located at 504 Kemp Blvd. and Heritage House is located at 500 Fillmore St. Both properties are just south of Seymour Highway near Midwestern State University and Sheppard Air Force Base. The Timbers was built in 1963 and sits on 2.7 acres. The property consists of one- and two-bedroom units. Heritage House was built in 1972 and sits on four acres. The property consists of efficiency, one- and two-bedroom units. The properties had a combined occupancy rate of 92 percent at the time of sale.
CAMBRIDGE, MASS. — Jamestown, a national real estate and investment firm, has acquired the Davenport building in Cambridge from DivcoWest for an undisclosed price. The property was originally constructed in 1860 as the Davenport Furniture Factory. In 1987 the seven adjoining buildings were renovated to function as a single four-story, 220,000-square-foot office building. Recently the building underwent an $18 million capital improvements program to bring the property to modern standards. The property is currently fully leased to seven tenants: HubSpot, Sonos, PowerSteering Software, npg, Nimbus, Atlas Venture and Manta. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield of Massachusetts brokered the transaction.
NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 306 Fifth Ave. in Brooklyn’s Park Slope neighborhood. The asset, which features 10 residential units and one commercial unit, sold for $8.3 million. Additionally, the six-story, 16,525-square-foot building has a 421(a) tax abatement in effect until 2025. The sellers were the original developers of the building, and the buyer was a private Manhattan-based investor. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.6 percent. Lev Mavashev of Alpha Realty represented both parties in the deal.
HATFIELD, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $7.65 million in bridge financing for a mixed-use development in Hatfield. The loan was structured with an 18-month initial term, an 18-month extension and 4.25 percent interest rate. The financing has a loan-to-value of 65 percent. Matthew Rosenberg of MMCC’s Philadelphia office arranged the financing.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a multifamily building in Central Harlem and a development site in East Harlem for a combined total of $5.8 million. In the first transaction, a real estate investment firm purchased 227 West 150th St. in Central Harlem for $3.6 million. The five-story, 14,554-square-foot building features 21 residential units. In the second transaction, a developer acquired a development site at 318 East 117th St. in East Harlem for $2.2 million. The property includes a three-story, vacant warehouse and features approximately 7,569 buildable square feet. Victor Sozio, Michael Tortorici, Josh Berkowitz and Marko Agbaba of Ariel Property represented the sellers and procured the buyers in both deals.
HAMDEN, CONN. — Hamden-based Press/Cuozzo Commercial Services has arranged a long-term lease for Cross Sector Consulting LLP. The company will relocate from its downtown New Haven, Conn., location to occupy 1,750 square feet of office space at 2558 Whitney Ave. in Hamden. Joel Nesson of Press/Cuozzo represented the landlord, Cucinelli Whitney LLC, while Kevin Walker, also of Press/Cuozzo, represented the tenant in the deal.
MERIDIANVILLE, ALA. AND MARIETTA, GA. — The Shopping Center Group (TSCG) has brokered the sale of two shopping centers in the suburbs of Huntsville, Ala., and Atlanta for nearly $10 million. Flint Crossing in Meridianville sold for $6.5 million and The Shoppes at Due West Pavilion in Marietta sold for $3.3 million. The 65,000-square-foot Flint Crossing is fully leased to tenants such as Publix, Rite Aid, Mattress King, Regis Salons, Subway, Domino’s Pizza, China One and Madison County Commission. TSGC represented the seller, Flint Crossing Market Center LLC, in the transaction. The buyer was Real SUB LLC. The 18,200-square-foot Shoppes at Due West Pavilion is 92 percent leased to tenants such as Nature’s Corner Market, Blimpie, Peace Love Pizza and Daily Grind. TSCG represented the seller, The Shoppes at Due West Pavilion LLC, in the transaction. The buyer was SCGV-Due West LLC, a private fund based in the Southeast.
LAWRENCEBURG, IND. — Hilton Worldwide and DoubleTree by Hilton have opened DoubleTree by Hilton Lawrenceburg, a new $50 million hotel development at the city’s multi-purpose Lawrenceburg Event Center. Situated on the Ohio River in downtown Lawrenceburg, the nine-story, 168-room property is located at 51 Walnut St. The hotel includes a two-story lobby, which connects to an outdoor patio providing views of the city. Guestrooms overlooking the Ohio River feature a variety of amenities, including complimentary WiFi and 42-inch LCD TVs. The hotel also includes a 24-hour fitness center, business center and Wi-Fi access throughout public spaces and guest rooms. Indiana Gaming Co. LLC owns and will manage the hotel.
FARMVILLE, VA. — S.L. Nusbaum Realty Co. has brokered the $8.8 million sale of The Shoppes at College Park, a 106,000-square-foot shopping center located on South Main Street in Farmville. The shopping center’s tenant roster includes Rite Aid, Dollar General, Goodwill, Advance Auto Parts and Buffalo Wild Wings. Nathan Shor of S.L. Nusbaum Realty represented the seller, Farmville Partners LLC, in the transaction. The buyer purchased the asset in a 1031 tax-deferred exchange. S.L. Nusbaum Realty is a Norfolk, Va.-based partner of X Team International, an international alliance of retail real estate advisors.