Property Type

Cove at Parrot's Landing North Lauderdale Florida

IPA Brokers Sale of Multifamily Community in Broward County

by John Nelson January 19, 2015

NORTH LAUDERDALE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Cove at Parrot’s Landing, a 152-unit multifamily community located at 7575 Hampton Blvd. in North Lauderdale, a city in Broward County. CFH Group purchased the asset from Brass Enterprises for an undisclosed amount. Constructed in 1997, units at The Cove at Parrot’s Landing include separate laundry rooms with full-size washer and dryer, walk-in closets, track lighting and balconies with storage closets. Still Hunter III of IPA represented the seller in the transaction.

January 19, 2015

Georgia Loans Retail Southeast

Medalist Capital Arranges Acquisition Loan for Atlanta Shopping Center

by John Nelson January 19, 2015

ATLANTA — Medalist Capital has arranged acquisition financing for the purchase of Abernathy Square, a 128,000-square-foot, Publix-anchored shopping center in Atlanta. Bryan Brooks of Medalist Capital’s Charlotte office arranged the non-recourse, fixed-rate loan through an unnamed life company lender on behalf of the borrower, Charlotte-based Ferncroft Capital.

January 19, 2015

Georgia Market Reports Retail Southeast Southeast Market Reports

New Year Promises Expanding Retailers, Improving Fundamentals in Atlanta

by John Nelson January 19, 2015

The overall snapshot is that Atlanta’s economy is on a growth tract in terms of employment and corporate growth, and has definitely rebounded from the recession and its previous overbuilding. Economic growth and the current lack of speculative development are driving the improvement in the retail market. Rental rates, occupancy levels, absorption, leasing momentum and pricing are increasing. In addition, new retailers are entering or looking to enter the market. However, the retail market’s improvement varies across the metro region. Vacancy and Rental Rates Due to positive absorption and leasing momentum in both vacant and sublease space, the overall occupancy rate and average rental rate for Atlanta’s retail inventory have been increasing. According to CoStar’s third quarter retail market update, the overall vacancy rate is now down to 8.8 percent and the average rental rate is $12.78 per square foot. However, when you break it down by submarket and property types, rental rate and occupancy gains vary significantly. Quality shopping centers in strong submarkets and locations have experienced very strong gains, yet Class B and C centers and those located in certain submarkets are still lagging the overall market. The Buckhead, Central Atlanta, Central Perimeter and Georgia 400 submarkets are …

January 19, 2015

Massachusetts Northeast Office

Columbia Property Trust Buys 274,218 SF Boston Office Building for $152M

by Amy Works January 19, 2015

BOSTON — Columbia Property Trust has purchased an office building located at 116 Huntington Ave. in Boston’s Back Bay submarket. Broadway Partners, advised by Soundport Capital LLC, sold the 274,218-square-foot property for $152 million. Constructed in 1991, the 15-story building offers views of the Back Bay, Seaport and South End submarkets, as well as the Charles River. Coleman Benedict, Ben Sayles and Patrick McAneny of HFF marketed the property for the seller and procured the buyer in the transaction.

January 19, 2015

Industrial New Jersey Northeast Office

Sitex Group Acquires New Jersey Sharp Plaza for $40M

by Amy Works January 19, 2015

MAHWAH, N.J. — Sitex Group has acquired Sharp Plaza, a mixed-use campus located in Mahwah, for $40 million. Situated on the New York state border at the intersection of Routes 17 and 287, the campus includes a three-story, 147,000-square-foot Class A office building, a 350,000-square-foot warehouse building and 23 acres of undeveloped land. The office building is currently leased to Sharp as its North American headquarters on a long-term basis. The warehouse, which is expandable by 200,000 square feet, currently has an 80,000-square-foot vacancy. The remainder of the warehouse is long-term leased to Sharp and Amazing Savings. Sitex Group plans to reposition the warehouse vacancy and market the vacant land for office or warehouse build-to-suit opportunities. McBride Real Estate represented Sitex Group in the acquisition.

January 19, 2015

New York Northeast Retail

Savanna Purchases 24,682 SF Retail Property in NYC’s Meatpacking District

by Amy Works January 19, 2015

NEW YORK CITY — Savanna has acquired a newly built retail property located at 461 West 14th St. in New York City’s Meatpacking District. Brandon Miller and Michael Miller of Real Estate Equities Corp. and Alfieri Development sold the 24,682-square-foot property, which is located under the High Line, for an undisclosed price. The property features 15-foot ceilings, all-glass storefronts and LED paneling atop the glass. Additionally, the floor plates can be configured into one or two large retail spaces or several smaller spaces, with 10,000 square feet on the corner of Tenth Avenue and 14th Street, and 6,000 square feet on the corner of Tenth Avenue and 15th Street. Savanna has engaged JLL to market the property. Neil Helman, Vincent Carrega, Jon Epstein and Charles Kingsley of Avison Young represented the seller, a single-purpose entity controlled by investor/developer Real Estate Equities Corp.

January 19, 2015

Hospitality New York Northeast

YOTEL, Synapse Development Group Bring First YOTEL-Branded Hotel to Brooklyn

by Amy Works January 19, 2015

NEW YORK CITY — Synapse Development Group and YOTEL are developing the first YOTEL-branded project in Brooklyn. Situated near the Brooklyn-Queens Expressway, the 100,000-square-foot mixed-use project will feature street-level retail space, a 110-key YOTEL Williamsburg hotel, residential condominiums and a rooftop garden. Designed by HWKN, the hotel is scheduled to open in 2017.

January 19, 2015

Multifamily New York Northeast

Alpha Realty Brokers Three Multifamily Sales Totaling $3.24M

by Amy Works January 19, 2015

NEW YORK CITY — Alpha Realty has brokered the sales of three multifamily properties located in Brooklyn and East New York totaling $3.24 million. In the first transaction, a multifamily investor purchased a three-story, nine-unit apartment building located at 200 28th St. in Brooklyn’s Greenwood Heights section. The 6,000-square-foot building sold for $1.4 million. In the second deal, an investor acquired a 642 Vermont St. in Brooklyn’s East New York area for $995,000. The three-story property features six apartments and one commercial unit. Additionally, 2162 Fulton St., located in Brooklyn, sold for $850,000. The property consists of four apartment units and one store. Lev Mavashev, Jacob Aronov and Adam Traub of Alpha Realty represented all parties in the off-market transactions.

January 19, 2015

California Multifamily Western

Sares Regis Buys Pine@Sixth Apartments in Long Beach

by Nellie Day January 16, 2015

LONG BEACH, CALIF. — Sares Regis has acquired the 158-unit Pine@Sixth apartment community in Long Beach for an undisclosed sum. The community is located at 595 Pine Ave. As its name suggests, Pine@Sixth is situated at the corner of Sixth Street and Pine Avenue in the North Pine district. It was built in 1986. The community also includes 8,661 square feet of ground-floor retail space. The property’s previous owner, UDR, originally acquired the asset with the intention of converting it into condos before the recession hit. Pine@Sixth will undergo a significant capital improvement program to improve its mechanical systems, as well as update the exterior and façades. The courtyard space will also be converted into an “entertainment and social space [that] will include a fire pit, water feature, landscaping improvements and expanded outdoor kitchen space,” according to Sares Regis. The leasing center will also be relocated, the fitness facility will be refurbished and one of the community’s laundry facilities will be converted into a dog-wash station. This is the ninth apartment community purchased by Sares Regis Multifamily Fund I. The fund deployed $114 million for a total capitalization of more than $329 million. The fund acquired properties in Seattle, Denver, …

January 16, 2015

California Retail Western

McFadden Center in Santa Ana Sells for $30.7M

by Nellie Day January 16, 2015

SANTA ANA, CALIF. — Newport Asset Management Group has purchased McFadden Center, a 184,737-square-foot retail and office complex in Santa Ana, for $30.7 million. The center is located at 1714 East McFadden Ave. The center features 11 buildings occupied by 57 tenants. The buildings include two retail pads, one retail-in-line building with 18 suites and eight business park buildings with a total of 79 suites. McFadden Center is currently 98 percent occupied. Newport plans to renovate the center as part of its long-term hold strategy. The firm was represented by Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine. “McFadden Center was an attractive purchase because it offers excellent cash flow and diversified income stream from industrial, office and retail tenants alike in a central OC location,” Swanson says. The seller, Olen Properties, was represented by HFF’s Mike McCann, Ryan Gallagher and Dan Curtis.

January 16, 2015

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