Property Type

TerraCRG Brokers Sale of Brooklyn Development Site for $2M

by Amy Works December 10, 2014

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.

December 10, 2014

Retail Texas

M&M Arranges Sale of Retail Property in Houston

by Haisten Willis December 10, 2014

HOUSTON — Marcus & Millichap has arranged the sale of Market Square, a 9,567-square-foot retail property located in Houston. Justin Miller, Jerry Goldstein and Derek Hargrove of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Market Square is located at 56 FM 1960 Road West in Houston.

December 10, 2014

Loans New York Northeast Retail

Houlihan-Parnes Realtors Arranges $1.6 M in Refinancing for Retail Building

by Amy Works December 10, 2014

MAMARONECK, N.Y. — Houlihan-Parnes Realtors LLC has arranged $1.6 million in refinancing for a retail property located at 426-438 Mamaroneck Ave. in Mamaroneck. The one-story building offers 10,250 square feet of retail space. The five-year, non-recourse loan features a 3.75 percent fixed rate with a 30-year amortization schedule. Additionally, the loan, which was closed with a local bank, features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower.

December 10, 2014

Midwest Office Retail Wisconsin

The Morgan Partners Arranges Sale of 8,000 SF Bank Property in Neenah, Wis.

by Danielle Everson December 10, 2014

NEENAH, WIS. — The Morgan Partners LLC has arranged the $760,000 sale of an 8,000-square-foot bank property in Neenah. CitizensFirst Credit Union of Oshkosh purchased the property located at 640 S. Green Bay Road. The buyer intends on renovating the building and opening to the public in spring 2015. Ed Bowen and Nicholas Lang of The Morgan Partners represented the buyer. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate-Wisconsin represented the seller, a regional bank.

December 10, 2014

Georgia Multifamily Southeast

RADCO Acquires Three Metro Atlanta Apartment Communities Totaling $70M

by John Nelson December 10, 2014

ATLANTA — The RADCO Cos. has acquired three Atlanta-area multifamily properties totaling 1,091 units in three separate transactions totaling $70 million. The apartment communities include Mission Galleria in Smyrna, Gwinnett Place in Lawrenceville and Parkside at East Atlanta. RADCO financed the acquisitions using a mixture of bridge debt and private equity. RADCO will rebrand Mission Galleria as Ashford 75, Gwinnett Place as Ashford 3400 and Parkside at East Atlanta as Ashford East Village. In addition to these three deals, RADCO has another 1,630 units under contract across six properties that are slated to close before the end of the year, which will bring its total acquisitions for the year to 5,307 units.

December 10, 2014

Office Southeast Virginia

Federal Capital Partners Sells Arlington Office Building for $56.2M

by John Nelson December 10, 2014

ARLINGTON, VA. — Federal Capital Partners (FCP) has sold a 10-story, 182,832-square-foot office building located at 4040 N. Fairfax Drive in Arlington’s Ballston submarket for $56.2 million. The buyer, a joint venture between Lionstone Investments and Penzance, also holds an option to acquire the adjacent office building located at 4000 N. Fairfax Drive. The McMullin Revocable Family Trust, FCP’s partner and prior owner of 4040 N. Fairfax, has retained control of the property’s density rights, which will be sold separately to the Lionstone-Penzance venture. FCP entered into a partnership with the McMullin Family on the office building in July 2012 with a preferred equity investment. Since then, the partnership has fully renovated the office building and inked lease agreements with Marymount University and Virginia Heritage Bank, which is now known as Eagle Bank. Law firm McGuire Woods negotiated the transaction via a trust structure that separated the building from its additional density rights. Bill Collins and Jud Ryan of Cassidy Turley represented the buyer in the transaction.

December 10, 2014

Georgia Multifamily Southeast

Batson-Cook Breaks Ground on $4.8M Multifamily Project in West Point, Ga.

by John Nelson December 10, 2014

WEST POINT, GA. — Batson-Cook Construction has broken ground on Phase I of Abbey Glen, a $4.8 million, 72-unit apartment complex in West Point. Scheduled for a late 2015 completion, Abbey Glen will feature a swimming pool, clubhouse and exercise facilities. The project team includes owner Abbey Glen LLC, engineer Harris Gray LLC and lender Auburn Bank. Construction on the remaining phases will follow annually, increasing the number of units in Abbey Glen as well as adding retail space.

December 10, 2014

Georgia Hospitality Southeast

NGKF Hotels Brokers Sale of Hotel in Savannah’s Historic District

by John Nelson December 10, 2014

SAVANNAH, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the 101-room Country Inn & Suites located at 320 Montgomery St. in Savannah’s Historic District. The sales price was undisclosed. The buyer, an affiliate of InSite Group, plans to renovate and rebrand the hotel into a boutique property known as B Historic Savannah. The hotel will be affiliated with B Hotels & Resorts. The property will be open during renovations and will add a spa suite with customizable treatments, upscale bedding and linens and a small-plate and tapas lounge/bar in the lobby. The hotel currently features a fitness center, heated indoor swimming pool and 1,000 square feet of meeting space. NGKF Hotels represented the seller, Tara of Savannah LLC, in the privately marketed transaction.

December 10, 2014

Hawaii Loans Multifamily Western

Honolulu Apartment Project Receives $100.6M in Financing

by Nellie Day December 10, 2014

HONOLULU — A 269-unit apartment project in Honolulu has received $100.6 million in construction financing. The development will be located at 7000 Hawaii Kai, at the intersection of Keahole Street and Hawaii Kai Drive in East Honolulu. The two, 10-story buildings will be situated on one of the last remaining residential development sites in the submarket, according to HFF, which secured the financing. Community amenities will include a swimming pool, fitness center with cardio machines and yoga studio, club room with full kitchen, library, meeting room, media/performance room and business center. The community will overlook the Hawaii Kai Marina once it’s completed in 2016. The project is being developed by a subsidiary of Hanwha America Development LLC and Avalon Development. Hanwha is the U.S. real estate arm of Korea-based Hanwha Engineering Construction Corp. HFF’s Aldon Cole and Zack Holderman secured the financing, which is composed of a $67.2-million, first-lien loan and $33.4 million in mezzanine financing. The first-lien loan was placed with Bank of the Ozarks, while the mezzanine financing was provided by iStar Financial.

December 10, 2014

Industrial Nevada Western

Cambridge, Diamond Rock to Build Massive Las Vegas Industrial Development

by Nellie Day December 10, 2014

LAS VEGAS — A partnership between Cambridge Companies and Diamond Rock Partners has announced plans to build a 1-million-square-foot industrial project in Las Vegas. The project will be constructed on about 50 acres of land in North Las Vegas. It will target end-users seeking larger facilities. Cambridge Companies has developed projects and invested in land in Las Vegas for more than 20 years. Diamond Rock Partners LLC is a privately held real estate owner and investment company that advises and invests alongside high-net-worth and institutional clients in a broad range of commercial and residential real estate, including property acquisitions, development, construction and repositioning.

December 10, 2014

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