SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.
AUSTIN, TEXAS — ARA has brokered the sale of Platinum Southside, a 195-unit apartment community located in Austin. Patton Jones of ARA represented the seller, New York-based Clarion Partners, in the transaction. FrontRange Capital Partners, a Denver-based private equity firm, was the buyer. Built in 2009, Platinum Southside is located in the South Central submarket. Units average 934 square feet and include nine-foot ceilings. Amenities include a clubhouse with leasing center, cyber cafe with WiFi, billiards, business center, beverage bar and a pool with grilling stations and picnic areas. Platinum Southside is located in south Austin. The property is located near U.S. Highway 290, U.S. Highway 71 and MoPac Expressway. The property was 95 percent occupied at the time of sale.
EDISON, N.J. — HFF has brokered the sale of an industrial facility located at One Truman Drive South in Edison. IC/L-A One Truman Drive LLC, wholly owned by affiliates of Lubert-Adler Partners, sold the 369,313-square-foot property to Cohen Asset Management Inc. and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets. In addition to marketing the property on behalf of the seller, HFF arranged a fixed-rate acquisition loan through Principal Real Estate Investors for the buyers. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction. Jon Mikula and Michael Klein, also of HFF, secured the financing for the purchaser.
MORRIS COUNTY, N.J. — Woodmont Properties has broken ground for the construction of Woodmont West at Mount Arlington, an apartment community in Morris County. Situated on 55 acres, the community will feature 300 one- and two-bedroom residences, a clubhouse, a fitness center, a game room, a swimming pool and whirlpool, a barbeque area, walking paths, a sports court, a library, a business center, a party room, a theater, a pet grooming center, private garages and an indoor golf center with a driving range and putting green. The community is slated to open in January 2016.
NEW YORK CITY — Savanna has completed the disposition of 576 Fifth Avenue, a boutique office and retail building in Manhattan. Real Estate Equities Corp. acquired the 72,000-square-foot asset for an undisclosed price. Situated on the corner of Fifth Avenue and 47th Street, the property features a jewelry exchange on the ground floor and offices on the upper floors. Yoron Cohen, Richard Baxter, John Caplan, Scott Latham and Jason Gold of Jones Lang LaSallle represented Savanna in the transaction.
MOOSIC, PA. — CBRE Group has brokered the sale of Shoppes at Montage, a 281,193-square-foot retail center located in Moosic. USPG Holdings Inc. purchased the property for an undisclosed price from Duke Realty. Situated on 52 acres, the center is occupied by more than 50 retail stores. Kevin McClernon, Bob Mahoney and Rich Frolick of CBRE represented the seller in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of an office building located at 2118 Coney Island Ave. in the Sheepshead Bay area of Brooklyn. Constructed in the 1990s, the three-story, 4,800-square-foot medical office building sold for $2.2 million. Erik Yankelovich of GFI Realty Services represented the seller and buyer, both of which are local investors, in the transaction.
WASHINGTON, D.C. — AFIAA, the investment foundation of 35 Swiss pension funds, has purchased Arch Square, a mixed-use building in Washington, D.C.’s Chinatown neighborhood, for roughly $104.3 million. The 54,896-square-foot property was built before World War II and refurbished in 2012. The property features retail space on the first two floors and office space on the top two floors. The office space is leased to the Alliance of Automobile Manufacturers, and the property’s retail tenant roster includes Walgreens, Sports Zone Elite and Panera Bread. Arch Square is located less than one mile from the White House at the corner of 7th and H streets in Washington, D.C.’s East End submarket.
CORAL SPRINGS AND MARGATE, FLA. — HFF has brokered the $33.7 million sale of Coral Landings III, a 176,575-square-foot grocery-anchored retail center in South Florida. The shopping center is divided between the two towns of Coral Springs and Margate near Fort Lauderdale. The shopping center is 85 percent leased to HomeGoods, Best Buy, Jo-Ann Fabric & Craft and Aldi. Danny Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores of HFF represented the seller, Stiles Corp., in the transaction. Additionally, Mark Remington, Jose Carrazana and Neil Campbell of HFF arranged the seven-year acquisition loan with five years of interest-only payments and a 30-year amortization schedule through Citizens Bank on behalf of the buyer, Madison Marquette Realty Services. The $22.8 million acquisition loan features an interest rate fixed at 3 percent.
NEW ORLEANS — Corporate Realty has begun marketing the redeveloped Factor’s Row, a retail development located at the corner of Perdido and Carondelet streets in New Orleans. The ground-floor retail space has 14- to 17-foot ceilings and large storefront windows. The redevelopment project of Factor’s Row, which was built in 1858, will feature 9,484 square feet of ground-floor retail space and 50 upper floor luxury apartments. The redevelopment will also include upgrades to the adjacent Thiberge Building.