NEW YORK CITY — Greystone has acquired four adjacent land parcels on 125th and 126th streets in Harlem for $11.5 million. The New York-based real estate development and financial services company plans to develop the sites, located at 69, 71 and 75 East 125th St. and 58 East 126th, into a single mixed-use property. The 12-story building will feature a mix of market-rate residential units and affordable housing units. The land parcels were purchased at an auction in the U.S. Bankruptcy Court in the Southern District of New York.
SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $55.6 million sale of The Vue at Park Towers, a 300-unit high-rise apartment community located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. Built in 1999, the property features a swimming pool, renovated clubhouse and leasing office, fitness center, tennis court and convenience mart. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast represented the seller, Crescent Heights, in the transaction. The buyer was Austin, Texas-based CWS.
SPRINGFIELD, VA. — CBRE Global Investors has acquired the Residences at Springfield Station, a Class A, 631-unit garden and mid-rise apartment community in Springfield, a suburb of Washington, D.C. The property is located at 6802 Junction Blvd. adjacent to the Franconia-Springfield Metro Station. Springfield Station was 94 percent occupied at the time of sale. CBRE Global Investors plans to rehab the property’s interiors with updating lighting and plumbing fixtures, two-inch window blinds, stainless steel appliance packages, two-tone paint, new carpets, upgraded cabinets and hardware and new countertops. Common area improvements will include a modernized clubhouse and fitness center, enhancements to the resort-style pool deck, the addition of a dog park and improvements to the accessibility of mass transit.
AVENTURA, FLA. — Marcus & Millichap has brokered the $17.5 million sale of a 215,921-square-foot industrial warehouse park in Aventura, roughly 18 miles north of Miami. The nine-building park is located at 1600 N.E. 205th Terrace on the south side of Ives Dairy Road near I-95. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, The Adler Group, and the buyer, an Aventura-based firm led by Mario Grosfeld and Jorge Linkewer.
FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received a $28.5-million refinance. The community is located at 200 S. Lexington Drive. The loan features a 10-year interest-only term. It was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles regional office through a Fannie Mae DUS lender. The borrower was CWS Capital Partners.
CARLSBAD, CALIF. – A 156,132-square-foot building in Carlsbad that is leased to Macy’s West Stores Inc. has sold to an international commercial real estate investor for $13.7 million. The building is located at 2559 El Camino Real, within the Westfield Plaza Camino Real shopping mall. Macy’s has operated at this location since 1979. The space was renovated in 2000. The seller, a San Diego-based private investor, was represented by John Rodiles and Kirk Garabedian of Marcus & Millichap’s Los Angeles office.
DENVER – A 23-unit apartment building in Denver has sold to an unnamed buyer for $3.4 million. The community is located at 2701 Federal Blvd. It was built in 1971. The buyer was represented by Saratoga Property Advisors. The seller, Cedarbridge Apartments LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.
CARMEL VALLEY, CALIF. – The 15-room Blue Sky Lodge in Carmel Valley has sold to a team of veteran hoteliers for $2.2 million. The hotel is located at 10 Flight Road. The sale also included two vacant parcels adjacent to the hotel. The buyers plan to redevelop both the existing hotel and the vacant parcels. They were represented by Rick Lahkar of Marcus & Millichap’s Oakland office. The seller was not named.
The Phoenix office market ended the third quarter in a very strong position. Increasing momentum in the sector should continue into 2015. Healthier economic conditions, including a growing GDP and higher employment, are translating into increased market activity and confidence. The biggest take-away from Phoenix’s rebounding office sector is new office development, with several high-profile construction projects underway in the East Valley. Tower cranes dot the horizon along Tempe Town Lake in downtown Tempe. The largest project, State Farm’s Marina Heights, is under construction on its first phase, which includes two mid-rises totaling more than 1 million square feet. Additional phases will bring the project to more than 2 million square feet, making it the largest office project in Arizona. Hayden Ferry Lakeside III is under construction with a 10-story, 250,000-square-foot building on the lake. This is the third and final phase of this office project. Arizona State University has also jumped into the mix by announcing a huge 330-acre development on the south side of Tempe Town Lake. It is expected to incorporate athletic, commercial and residential projects at full build-out that will be utilized as a funding source for ASU Athletics. USA Place, a $400-million-plus development in downtown, …
PLYMOUTH, MINN. — CPA:17 – Global, a managed non-traded REIT of W. P. Carey Inc., has acquired a 182,000 square-foot, Class A office building for $34 million. The facility is located in Plymouth and will be leased on a long-term basis to Smiths Medical beginning in February 2015. Smiths Medical is a supplier of specialist medical devices, consumables and equipment for global markets and is one of the five divisions that form Smiths Group plc, a multinational diversified engineering company. The property will serve as Smiths Medical’s headquarters as part of a broader initiative to improve productivity and collaboration and reduce costs. The facility was constructed in 1999 as part of a mixed-use development that included retail, residential and restaurant space. The building includes modern infrastructure and features large lobbies and common areas.