NEW YORK CITY — TerraCRG has brokered the sale of an apartment building located at 4103 Seventh Ave. in Brooklyn’s Sunset Park neighborhood. The four-story, 14,456-square-foot property sold for $4.2 million, which equates to 13 times rent roll and $207,000 per unit. The 20-unit multifamily property is located on the corner of Seventh Avenue between 41st and 42nd streets. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG arranged the transaction.
BURLINGTON, MASS. — Sophos, a developer and vendor of computer security software and hardware, has leased 42,000 square feet of office space at 3 Van de Graaff Drive in Burlington. The company will use the space for its regional headquarters. Built in 1999 and fully renovated in 2007, the four-story property offers 295,000 square feet of office space. On-site amenities include a cafeteria, fitness center, an open courtyard and conference center. John Boyle, Ryan Romano and Kevin McNamara of Cassidy Turley represented Sophos in the 10-year deal. Steven Murphy of CBRE represented the landlord.
SAN ANTONIO — NorthMarq Capital’s San Antonio office has arranged the $18.3 million refinancing of Concord Park II, a 121,698-square-foot office property located at 401 E. Sonterra Blvd. in San Antonio. The seven-year loan included a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with AIG, a life insurance company. Tenants at the property include Baker Hughes, Microsoft Corp., Weatherford International, Liberty Mutual and Raymond James Financial, Inc.
CARROLLTON, TEXAS — Bill Bledsoe and Muhammed Patel of the Henry S. Miller Investments/Land Division recently brokered a land transaction in Carrollton. Pack Properties X LLC purchased the property, which sits on 4.3 acres at 1735 S. I-35 E., from Dalcom Corp. The property formerly was the site of the Royal Inn. Sam Pack will build a new Chevrolet dealership at the location.
ODESSA, TEXAS — Marcus & Millichap has arranged the sale of Jack in the Box, a 3,189-square-foot, net-leased restaurant property located in Odessa. Jason Vitorino, Jared Aubrey and Adam Gottschalk of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, an out-of-state limited liability company. The agents negotiated a new lease between the buyer, seller and new franchisee. Jack in the Box is located at 2672 N. County Road, just south of Kermit Highway. The property was built in 2009 and sits on half an acre.
ATLANTA — Paces Properties has opened its Krog Street Market (KSM), a 30,000-square-foot mixed-use development in Atlanta’s Inman Park neighborhood. KSM is located at 99 Krog St. at the southeast corner of the intersection between Krog and Irwin streets. The property is structured as a food hall and urban market with 16 food and retail market stalls, five chef-driven restaurants and two freestanding retail buildings. Retailers currently open for business include The Collective, a co-op local artist establishment; French Market Flowers; Krog Street Pet Works; Mama Bath + Body; The Spotted Trotter Charcuterie, a butcher and cheese shop; and Small Batch Chocolate. The food stalls include Grand Champion BBQ; Jeni’s Splendid Ice Creams; Little Tart Bakeshop, which serves coffee from Octane; Fred’s Meat & Bread; and Yalla. Craft Izakaya and The Luminary, two chef-driven restaurants, have been open since August. Additional restaurants and food stalls are slated to open in the coming months. KSM also features bike racks, electric car charging stations, water stations for dogs and a communal dining area. Lily Heimburger of SRS Real Estate Partners handles KSM’s leasing responsibilities on behalf of Paces Properties.
CELEBRATION, FLA. — Big Rock Partners has purchased a nine-acre land parcel from The Celebration Co. in Celebration. The land will be the site of a $60 million, Class A seniors housing development, which is slated to break ground in the first quarter of 2015. Sabra Health Care REIT provided $4.5 million in financing for Big Rock’s purchase and plans to provide additional construction financing for the project, according to Big Rock. The 255-unit rental residence will feature independent living, assisted living and memory care components. The project team includes architect Perkins Eastman, management company Life Care Services and financial advisor Walker & Dunlop. The community of Celebration, located near Orlando, was established by The Walt Disney Co. in the mid-1990s.
ATLANTA — Brasfield & Gorrie has completed vertical construction on Cyan on Peachtree, a luxury multifamily development in Atlanta’s Buckhead district. The 23-story high-rise will offer 329 rental units with high-end finishes and amenities. Located on Peachtree Road, the community will also feature a seven-level parking structure with controlled access. Brasfield & Gorrie plans to deliver the property in 2015. The project team includes owner Monogram Residential Trust, developer Atlantic Realty Partners and architect Rafael A. Garcia and Associates.
DELANO, CALIF. – The 128-unit Jasmine Heights Apartments in the San Francisco submarket of Delano has received a $7.8-million loan. The community is located at 851 22nd Ave. The non-recourse, fixed-rate loan will finance the affordable housing community’s rehabilitation. It was funded through HUD’s Section 223(f) Low Income Housing Tax Credit (LIHTC) Pilot Program. The fully amortizing loan features a 35-year term. It was arranged by CBRE Group through its FHA lending platform. The sponsor was Golden Empire Affordable Housing.
SAN JOSE, CALIF. – The 20-unit Kerley Drive Apartments in San Jose has sold to Kerley SKAND LLC for $4.6 million. The community is located at 1445-1455 Kerley Drive. It was built in 1959. Kerley Drive has undergone a complete exterior renovation, in addition to interior renovations to 17 of its units. The buyer was represented by Matthew Clark of Kidder Mathews. The seller was REMI Co.
