Property Type

Marcus & Millichap Brokers $32.3M Sale of Two Port Orange Retail Centers

by John Nelson October 10, 2014

PORT ORANGE, FLA. — Marcus & Millichap has brokered the sale of two retail centers in Port Orange totaling $32.3 million. The properties include an 86,464-square-foot BJ’s Wholesale Club and fuel center and the 63,257-square-foot Altamira Village shopping center. Altamira Village’s tenant roster includes LA Fitness, CVS/pharmacy and Golden Corral. John Nuzman of Marcus & Millichap’s Detroit office represented the seller, Collett, a developer based in North Carolina, in both transactions. Robert Horvath and Todd Tremblay of Marcus & Millichap represented the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida. The BJ’s is under a 20-year lease that began in September 2013, and LA Fitness has a 15-year lease that started this year.

October 10, 2014

Multifamily South Carolina Southeast

Passco Cos. Acquires Greenville Apartment Community for $30.9M

by John Nelson October 10, 2014

GREENVILLE, S.C. — Passco Cos. LLC has purchased Vinings at Laurel Creek, a 244-unit, Class A apartment community, for $30.9 million. The multifamily community is located at 3434 Laurens Road near downtown Greenville. Delivered in 2013, the apartment property features a beach-entry pool, indoor/outdoor clubhouse, cyber café, dog park and fitness center. Passco plans to hold the asset for seven to 10 years or until the market dictates, according to Gary Goodman, senior vice president of acquisitions for Passco Cos.

October 10, 2014

Florida Retail Southeast

The Goodman Co. Acquires 165,000 SF Bass Pro Shops in Dania Beach

by John Nelson October 10, 2014

DANIA BEACH, FLA. — The Goodman Co. has acquired the 165,000-square-foot Bass Pro Shops Outdoor World in Dania Beach. The property is located near the Fort Lauderdale International Airport and adjacent to the IGFA Fishing Hall of Fame & Museum.

October 10, 2014

Loans Massachusetts Multifamily Northeast

Colliers International Arranges $175M Loan for Granada Highlands in Malden

by Amy Works October 10, 2014

MALDEN, MASS. — Colliers International has arranged $175 million in financing for Granada Highlands, a multifamily community in Malden. The loan will be used to pay off existing debt and the completion of unit renovations and upgrades, plus the construction of an additional 236 units. Situated on 41 acres, Granada Highland currently includes 919 units in 13 buildings. Once the expansion is complete, the property will feature 1,155 units in 15 buildings and upgraded amenities, including a fitness center, business center, media room, outdoor resort-style pool with cabana, basketball courts, tennis courts and professionally landscaped grounds. John Broderick and Kevin Phelan of Colliers secured the financing for the borrower, Metropolitan Properties of America, through JP Morgan Chase.

October 10, 2014

New York Northeast Retail

JV Purchases 522 Fifth Avenue for $170M from Morgan Stanley

by Amy Works October 10, 2014

NEW YORK CITY — Deka Immobilien GmbH, in a joint venture with New York-based Ashkenazy Acquisition Corp., has acquired 522 Fifth Avenue in New York. Morgan Stanley sold the property for $170 million. The two-level asset offers 8,411 square feet of corner retail space with approximately 25 feet of frontage along Fifth Avenue. There is an opportunity to reposition and enhance the property, potentially adding approximately 16,000 square feet of retail space and expanding the property’s storefront by 44 feet. Robert Stamm of Savills Studley’s U.S. cross-border group represented Germany-based Deka in the acquisition. Deka has real estate assets under management globally on behalf of private and institutional clients. The total value of those assets is €25 billion (US$31.7 billion). This transaction is the firm’s first joint venture acquisition in the United States.

October 10, 2014

Healthcare New Jersey Northeast

Rendina Acquires New Jersey Medical Office Portfolio for $14.75M

by Amy Works October 10, 2014

BELLEVILLE, N.J. — Rendina has acquired a three-building medical office portfolio, located in Belleville, for $14.75 million. The 128,006-square-foot portfolio is situated on the campus of Clara Maass Medical Center (CMMC), a Barnabas Health facility. The purchase allows Rendina to bring management and leasing expertise to the properties, and also provides Barnadas Health an additional source of capital for the development of an 87,000-square-foot expansion at CMMC. Rendina will serve as the developer for the project, which includes a state-of-the-art intensive care unit, new hospital lobby and custom-designed physician office space. Site work, including a parking garage expansion, began in late September. In addition to handling management and leasing responsibilities, Rendina will invest more than $2 million in capital improvements and upgrades for the newly acquired properties.

October 10, 2014

Loans Multifamily New York Northeast

Meridian Capital Arranges $10.7M Loan for Three-Property Multifamily Portfolio

by Amy Works October 10, 2014

NEW YORK CITY — Meridian Capital Group has negotiated $10.7 million in refinancing for a three-property multifamily portfolio located in Brooklyn. Totaling 33 units, the properties are located on Roebling Street, South Second Street and Bedford Avenue in the Williamsburg neighborhood of Brooklyn. The five-year loan, which was provided by a national balance sheet lender, features a 3 percent fixed interest rate and a 30-year amortization schedule. Judah Hammer of Meridian’s New York City headquarters secured the financing.

October 10, 2014

Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 92-Unit Multifamily Property in Pottstown

by Amy Works October 10, 2014

POTTSTOWN, PA. — Marcus & Millichap has brokered the sale of Hanover Courts, a 92-unit multifamily property located in Pottstown. An undisclosed partnership sold the property for $3.95 million to a regional limited liability corporation. Located at 371 N. Hanover St. and built in 1965, the property features 16 studio units, 52 one-bedroom units and 24 two-bedroom units. Clarke Talone, Ridge MacLauren and Andrew Townsend of Marcus & Millichap’s Philadelphia office represented the seller and buyer in the transaction.

October 10, 2014

Hospitality Indiana Midwest

Huff, Niehaus & Associates Arranges Sale of Five-Hotel Portfolio for $37M

by Danielle Everson October 9, 2014

INDIANAPOLIS — Huff, Niehaus & Associates has arranged the sale of an extended-stay hotel portfolio with properties in Indiana and Kentucky for $37 million. The portfolio of five hotels includes 583 rooms consisting of three Candlewood Suites and two Suburban Extended Stay hotels. A Chicago-based investment firm purchased the portfolio from C&L Hospitality LLC. Funding was secured through Arbor Commercial Mortgage LLC. The properties include: Candlewood Suites Indianapolis N.E., located at 8111 Bash St.; Candlewood Suites Indianapolis Airport, located at 5250 W. Bradbury Ave.; Suburban Extended Stay Indianapolis N.E., located at 8055 Bash St.; Suburban Extended Stay in Clarksville, Ind., located at 1620 Leisure Way; and Candlewood Suites Louisville Airport, located at 1367 Gardiner Lane. H. Brandt Niehaus of Huff, Niehaus & Associates represented the seller.

October 9, 2014

Loans Midwest Missouri Office

National Asset Services Arranges $45M Refinancing for St. Louis Office Property

by Danielle Everson October 9, 2014

ST. LOUIS — National Asset Services (NAS) has arranged a $45 million loan to refinance a 315,000-square-foot office property in St. Louis. NAS led a group of tenant-in-common co-owners in a multi-tiered process, which resulted in a new property ownership structure and favorable refinancing terms. The process involved reorganizing and consolidating the group of 31 tenant-in-common co-owners and an additional 77 investors into a new limited liability company. The newly created company then became the borrower under a new loan provided by an undisclosed lender. The Class A property is located at 8555 University Place. The three-story, single-tenant office building serves as the company headquarters for Express Scripts, a manager of pharmacy benefit plans.

October 9, 2014

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