TUCSON, ARIZ. – An 11,036-square-foot medical building in Tucson that is leased to Arizona Oncology has sold to Redyns Development for $2.9 million. The building is located at 1620 W. St. Mary’s Road. Redyns was represented by Stephen Cohen and Russ Hall of Cushman & Wakefield | PICOR. The seller, St. Mary’s Silverbell Building LLC, was represented by CBRE’s Mike Sandahl, Wyatt Campbell and Buzz Isaacson.
NEW YORK CITY — Madison Realty Capital (MRC) in partnership with USAA Real Estate Co. are developing a 170,918-square-foot multifamily building on the corner of Waverly and Atlantic avenues in the Clinton Hill neighborhood of Brooklyn. The partnership has acquired four properties, plus additional development rights from neighboring properties, through two off-market transactions to assemble a 27,466-square-foot site with 170,918 square feet of development potential. Initially MCR purchased 551 Waverly Ave. for $23.5 million and has now closed on three adjacent properties for $7.5 million to complete the site assemblage with frontage along Atlantic Ave. The partnership expects a total investment of $88.5 million to complete the project. The eight-story residential building will feature 191 apartments, including studio, one- and two-bedroom units, retail storefronts along Atlantic Avenue. Additionally 27,515 square feet of the building will be below grade and used for amenity space, storage space and 96 parking spaces.
NEW YORK CITY — The Moinian Group, along with Tishman Construction, have topped off 605 West 42nd Street, a 1,174-unit residential tower at the northwest corner of West 42nd Street and 11th Avenue in Manhattan. Upon completion, the property will offer studios, one- and two-bedroom units with 939 as market-rate apartments and 235 as permanently affordable apartments. Additionally, there will be penthouses on the top floors. On-site amenities include a 70,000-square-foot clubhouse, complete with indoor and outdoor pools and spa services. The building, which is designed by Goldstein Hill & West Architects, is slated to begin pre-leasing in spring 2015.
MORRISTOWN, N.J. — Mill Creek Residential has opened Modera 44, a luxury apartment community located in Morristown. The 268-unit community offers a mix of studio, one- and two-bedroom residential units. Apartments feature 9-foot ceilings, upscale finishes, custom cabinetry, wood plank-style flooring and spa-like bathrooms with soaking tubs. The units also feature gourmet kitchens with moveable chef islands, quartz countertops and Energy Star stainless steel appliances. On-site community amenities include a 24-hour fitness center that features a yoga studio, spin room and towel service, and two landscaped courtyards with gas grills and a fire pit.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 1322 Cortelyou Road in Brooklyn’s Ditmas Park section. The 8,000-square-foot asset sold for $2.1 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’ Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
CANONSBURG, PA. — HLC Equity has purchased a retail property located at 601 West Pike St. in Canonsburg. Rite Aide occupies the 13,825-square-foot property under a triple-net lease. Constructed in 2006, the freestanding building has been occupied by Rite Aid since 2006. Dean Zang of Marcus & Millichap brokered the transaction.
LOS ANGELES – Griffin-American Healthcare REIT II has completed its $4-billion merger with NorthStar Realty Finance. Griffin-American Healthcare REIT II is co-sponsored by American Healthcare Investors and Griffin Capital Corporation. Per the merger agreement, NorthStar Realty has acquired all of the outstanding shares of Griffin-American in this stock and cash transaction. Griffin-American stockholders will receive an allocation of two-thirds cash and one-third common stock of NorthStar Realty from the merger’s proceeds. The Griffin-American Healthcare REIT II portfolio contains 289 buildings throughout 32 states and the United Kingdom. The properties are a mix of medical office buildings, hospitals, and senior housing and skilled nursing facilities. The portfolio was about 95 percent leased at the end of September, according to Griffin Capital. The tenants carried a weighted average remaining lease term of 9.2 years. New York-based NorthStar Realty Finance Corp. is a diversified commercial real estate company organized as a REIT. It is managed by an affiliate of NorthStar Asset Management Group Inc. Los Angeles-based Griffin Capital Corporation is a privately owned real estate company. Griffin Capital and its affiliates have acquired or constructed about 32 million square feet since 1995. American Healthcare Investors is an investment management firm that specializes in …
WACO, TEXAS — Construction has begun on the 70,000-square-foot, 81-unit Heartis Waco Assistant Living & Memory Care Community. The development is scheduled for completion in late 2015. Caddis, a national healthcare real estate firm, owns and is developing the project. Frontier Management will manage the property. Heartis Waco is the second of three Heartis communities under development that will be managed by Frontier. The development will be located on five acres at Speegleville Road north of U.S. Highway 84. Katus LLC is the project’s architect and General Contractor Ltd. is the contractor. American National Bank of Texas provided debt financing for the project.
FORT WORTH, TEXAS — Simon and Cassco Development Co. will develop the first phase of retail on the Edwards Ranch into a 500,000-square-foot shopping center. The Shops at Clearfork will include 100 specialty stores, a movie theater and restaurants. Neiman Marcus will anchor the shopping center, which will span 90,000 square feet across two stories. Construction will start in the spring of 2015 and be completed in February 2017. The Shops at Clearfork is part of a larger 270-acre master plan for Clearfork.
CEDAR HILL, TEXAS — HFF has arranged the $38.3 million refinancing of Uptown Village at Cedar Hill, a 615,000-square-foot lifestyle center in Cedar Hill. HFF worked on behalf of Trademark Property Co. to place a three-year, floating-rate loan with Aareal Capital Corp. Uptown Village at Cedar Hill is located at 305 W. Farm to Market Road 1382 at the J. Elmer Weaver Freeway. The shopping, dining and entertainment center features a water fountain, electric vehicle charging station, children’s play area and an oversized chess and checker board. Live acts play at the center’s Village Green Stage. The center was completed in 2008 and includes more than 70 retail stores including Dillard’s, Dick’s Sporting Goods, Barnes & Noble, Ulta, Chico’s, Victoria’s Secret, Charming Charlie and Foot Locker. Jim Curtin, Trey Morsbach, Judy Boyd and Brad Greenway led HFF’s team representing the borrower.