Property Type

CBRE Brokers Sale of Broadstone Colonnade in San Antonio

by Haisten Willis January 15, 2015

SAN ANTONIO — CBRE Capital Markets’ multifamily team has brokered the sale of Broadstone Colonnade on behalf of Kansas City-based Price Development Group. An unnamed buyer purchased the 282-unit, Class A multifamily asset for an undisclosed price. Broadstone Colonnade is located at 4330 Spectrum One in San Antonio. The property is made up of 282 one-, two- and three-bedroom units in eight floor plans. It is located within an infill area off of I-10, between Loops 410 and 1604. Residents have direct access to many employment centers, restaurants, retail and healthcare. Community amenities include a swimming pool with fountains, upscale fitness center, cyber lounge with computer stations, cabana area with grills and an indoor basketball court. In the last two years, capital improvements have been completed to the exterior, including new roofs, exterior paint, gutters and window screens. Charles Cirar, Ryan Epstein and Michael Wardlaw of CBRE represented the seller.

January 15, 2015

The Pebbles Corp. Selected to Develop $330M Mixed-Use Project in Boston

by Amy Works January 15, 2015

BOSTON — The Pebbles Corp. has been selected to develop its first project in Boston. The firm was selected by MassDot and Massachusetts Bay Transportation Authority (MBTA) to develop a mixed-use project at Turnpike Air Rights Parcel 13, located at the intersection of Boylston Street and Massachusetts Avenue in Boston’s Back Bay neighborhood. Along with Handel Architects and Utile Inc., a Boston-based think tank, Pebbles has proposed The Viola Back Bay, a $330 million, 390,000-square-foot mixed-use development for the site. The proposed plans include a 156-key boutique hotel, 88 condominiums with unobstructed views of the Charles River, 85 residential apartments, 20,000 square feet of retail and 138 on-site parking spaces. The transit-oriented property will be accessible by Hynes Station and offer ground-floor access via a new entrance on Boylston Avenue. HDR Inc., an architecture and engineering firm specializing in transit projects, will serve as station designer for the project. Parcel 13 encompasses approximately 54,500 square feet of air rights over the Massachusetts Turnpike and portions of the MBTA Green Line tunnel across the street the from Hynes Convention Center. Construction is expected to commence in 24 to 36 months pending the approval process.

January 15, 2015

Loans Multifamily New York Northeast Seniors Housing

HHC Finance Secures $47M in Acquisition Financing for Brooklyn Seniors Housing Facility

by Amy Works January 15, 2015

NEW YORK CITY — Housing & Healthcare Finance (HHC Finance) has closed and funded a $47 million loan for the acquisition of The Phoenix Center for Rehabilitation and Nursing, formerly Atlantis Rehab Center, in Brooklyn’s Fort Greene section. CareRite Centers purchased the 11-story, 400-bed skilled nursing facility, which overlooks Fort Greene Park and is adjacent to Brooklyn Hospital. The facility provides short-term rehab, respiratory care, IV therapy, wound care, long-term healthcare and hospice care services. The acquisition financing comprised a $41.6 million first mortgage and a $5.2 million mezzanine loan provided by HHC Finance. Additionally, the overall financing package included a $4 million accounts receivable line of credit.

January 15, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers $17.89M Sale of Staten Island Multifamily Portfolio

by Amy Works January 15, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a 16-building multifamily portfolio in the northern section of Staten Island. A private investor purchased the 177-unit portfolio from a real estate investment firm for $17.89 million. Located at 150, 165 and 220 Trantor Place, the portfolio features 106 one-bedroom units and 71 two-bedroom units. Victor Sozio, Shimon Shkury, Michael Tortorici, Mark Spinelli and Josh Berkowitz of Ariel Property Advisors represented the seller and buyer in the transaction.

January 15, 2015

Multifamily New York Northeast

HAP Investments Opens Eight-Unit Apartment Building in East Harlem

by Amy Works January 15, 2015

NEW YORK CITY — HAP Investments LLC has opened HAP 1, a residential building located at 419 East 117th St. in East Harlem. The six-story property features eight apartments, including a duplex penthouse and full-floor garden apartment. The original building was renovated and two floors and an elevator were added. All units offer Porcelanosa bath and kitchen features, as well as in-unit washer/dyers. The building features a rooftop terrace and a backyard garden, which is available for the lower level full-floor apartment.

January 15, 2015

Connecticut Northeast Office

Deloitte Takes 117,700 SF at BLT Financial Centre in Connecticut

by Amy Works January 15, 2015

STAMFORD, CONN. — Deloitte has taken occupancy of its new offices at BLT Financial Centre at 200 Elm St. in downtown Stamford. The 117,700-square-foot space was tailored to accommodate Deloitte’s Next Generation Workplace, a collaborative environment with flexible workstations. BLT Financial Centre recently underwent a comprehensive renovation and repositioning program. The property comprises two six-story interconnected buildings and features a four-story glass atrium main lobby and 1,400 covered parking spaces. Building and Land Technology owns the 594,000-square-foot property, which it acquired in 2011.

January 15, 2015

Florida Loans Retail Southeast

Integra Real Estate Capital Arranges $49M Loan for Miami Shopping Center

by John Nelson January 15, 2015

MIAMI — New York City-based Integra Real Estate Capital has arranged a $49 million, non-recourse loan for Fontainbleau Park Plaza, a 235,000-square-foot shopping center in Miami. The shopping center’s anchor tenants include Walmart Supercenter and LA Fitness. Russell Kimyagarov of Integra arranged the 10-year, interest-only loan on behalf of the borrower, a Miami-based ownership group.

January 15, 2015

Georgia Hospitality Southeast

Noble Investment Group, Simon Break Ground on AC Hotel Buckhead

by John Nelson January 15, 2015

ATLANTA — Noble Investment Group, in a joint venture with Simon Property Group, has broken ground on the AC Hotel Buckhead. The 166-room hotel will be located at the intersection of Peachtree and Wieuca roads in Atlanta’s Buckhead neighborhood across from the Nordstrom at Phipps Plaza. This will be AC Hotels by Marriott’s first hotel in the Atlanta area. Upon completion in early 2016, the hotel will feature an AC Lounge, 2,500 square feet of meeting space, the AC Library, a fitness center and an indoor pool.

January 15, 2015

Florida Retail Southeast

Branch Properties Breaks Ground on $40.8M Island Walk Project in Palm Coast

by John Nelson January 15, 2015

PALM COAST, FLA. — Atlanta-based Branch Properties LLC has begun construction on Phase I of Island Walk, a $40.8 million retail and restaurant redevelopment of the Palm Harbor shopping center in Palm Coast. Phase I includes the demolition of the buildings to the west of the existing Publix. The redevelopment will add 50,000 square feet of retail space to Palm Harbor. Phase I, which includes the majority of Island Walk’s small shop tenants, is expected to be complete in the spring. Phase II, which will include the redevelopment/expansion of the Publix and the addition of more small shop space, is slated to finish in the fall. Publix has signed a lease for the new 53,785-square-foot store, which is roughly 20 percent larger than the existing store. Phase III, which will include additional retail space to the east of the Publix, is slated to open in mid-2016. Palm Harbor’s tenant roster, including Publix, Starbucks Coffee, The UPS Store, Eyeglass Express, Coast Dental & Orthodontics and Salsa’s Mexican Restaurant, will remain open during the redevelopment. Branch Properties, along with Michael Collard Properties, purchased the 28.7-acre site for the future Island Walk in May 2014 from The Inland Real Estate Group.

January 15, 2015

Florida Multifamily Southeast

Northland Investment Corp. Buys Two Apartment Communities in Florida

by John Nelson January 15, 2015

COCONUT CREEK AND WEST PALM BEACH, FLA. — Northland Investment Corp. has acquired two apartment communities in Coconut Creek and West Palm Beach. The two properties include the 300-unit Cypress Shores in Coconut Creek and the 202-unit Village Place in West Palm Beach. Cypress Shores’ amenities include a pool and poolside Wi-Fi, picnic areas, a fitness center, tennis and sand volleyball courts, car wash bay and three lakes with fountains. At Village Place, the amenities include a computer lounge, area for barbeques and picnics, multipurpose court for sports and recreation, swimming pool, dog park and a fitness center. With these two transactions, Northland now owns and operates 20 properties spanning 5,600 apartment units in Florida.

January 15, 2015

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