Property Type

Trinity Capital to Develop 300,000 SF Class A Office Building in Charlotte

by John Nelson October 7, 2014

CHARLOTTE, N.C. — Trinity Capital Advisors plans to develop 1000 S. Tryon St., a new 300,000-square-foot, Class A office building in Charlotte’s South End submarket. The 14-story building will be located on the gateway corner of Tryon and Morehead streets. The office building will feature retail space on the ground floor and a multifamily façade is planned for the side of the parking deck fronting Morehead Street. The project is a joint venture between Trinity Capital Advisors and Honey Properties, the long-time owner of the site. Once the asset has a committed anchor, Trinity Capital Advisors will break ground on the property with a 15-month construction schedule, according to Gary Chesson, founding partner of Trinity Capital Advisors.

October 7, 2014

Florida Hospitality Southeast

Home2 Suites by Hilton Opens First Hotel in Florida

by John Nelson October 7, 2014

FLORIDA CITY, FLA. — Hilton Worldwide has opened its first Home2 Suites by Hilton hotel in the state of Florida: the Home2 Suites by Hilton Florida City. R.A. & R.E. Inc. owns the five-story, 96-suite hotel located at 77 N.E. 3rd St., situated off Exit 1 of the Florida Turnpike. The hotel represents the Home2 Suites by Hilton brand’s expansion into its 16th state since its first hotel opened in 2011. Amenities at the pet-friendly hotel include an indoor saline pool, gas barbecue grills, a combined laundry and fitness area called Spin2 Cycle, an Oasis lobby area and a complimentary continental breakfast for guests.

October 7, 2014

Industrial Maryland Southeast

CBRE Closes $27M Sale of Three Maryland Industrial Properties

by John Nelson October 7, 2014

JESSUP AND SAVAGE, MD. — CBRE has brokered the $27 million sale of three industrial facilities totaling 429,100 square feet in the Baltimore-Washington Corridor. The portfolio of properties is located at 8263-8265 Patuxent Range Road in Jessup and 8700 Larkin Road in Savage. An affiliate of Industrial Property Trust Inc. purchased the three assets from Colony Realty Partners. Bo Cashman, Jonathan Beard and Mike Roden of CBRE’s Baltimore office brokered the transaction.

October 7, 2014

Maryland Retail Southeast

Greysteel Arranges $12.3M Sale of Shopping Center in Baltimore City

by John Nelson October 7, 2014

BALTIMORE CITY, MD. — The Greysteel Co.’s Mid-Atlantic retail investment sales team has brokered the $12.3 million sale of Belair Edison Crossing, a grocery-anchored shopping center located at 2401 Belair Road in Baltimore City. The 204,000-square-foot asset was fully leased at the time of the sale to tenants such as Food Depot, Dollar General, Forman Mills, Maxway, B. Green Cash and Carry and the Social Security Administration. Gil Neuman of Greysteel led the team that represented the seller, 2401 Belair LLC, and procured the buyer, Belair Edison Investors LLC.

October 7, 2014

Loans Multifamily Northeast Pennsylvania

Meridian Capital Arranges $31.5M Acquisition Loan for Multifamily Purchase

by Amy Works October 7, 2014

PHILADELPHIA — Meridian Capital Group, on behalf of Pantzer Properties, has arranged a $31.5 million loan for the acquisition of The Sansom, a multifamily property located in Philadelphia. Located at 1605 Sansom St., the eight-story property features 104 multifamily units and 10,900 square feet of retail space occupied by Adolf Biecker Spa and Salon, Abe Fisher and Dizengoff. On-site amenities include a 24/7 doorman, private lobby, residents’ lounge, fitness center, bicycle parking and an outdoor terrace. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate and two years of interest-only payments followed by a 30-year amortization schedule. Drew Anderman and Alan Blank of Meridian Capital Group’s New York City headquarters negotiated the transaction.

October 7, 2014

CBRE-NE-38-Chauncy-Summer-Street-Portfolio

Loans Massachusetts Northeast Office

CBRE/NE Arranges Acquisition Financing for Summer Street Portfolio

by Amy Works October 7, 2014

BOSTON — CBRE/New England’s Debt & Structured Finance team has secured two separate acquisition loans for a three-building portfolio and an office building in Boston. The team secured $21.4 million from Brookline Bank for the Summer Street Portfolio, which comprises 71, 77 and 87 Summer Street in Boston and $27.8 million from Rockland Trust for 38 Chauncy Street in Boston. CBRE/NE’s Carlos Febres-Mazzei, Kyle Juszczyszyn, Chris Coutts, Alex Bradley and Taylor Shepard arranged the financing on behalf of Synergy Investments and DivcoWest. The Summer Street Portfolio totals 90,070 square feet and is 97 percent occupied. 38 Chauncy Street recently underwent significant capital improvements with several million invested in base building enhancements to the heating and cooling systems, elevators and lobby.

October 7, 2014

Multifamily New York Northeast

Forest City Enterprises Completes Interest Acquisition in B2 BKLYN

by Amy Works October 7, 2014

NEW YORK CITY — Forest City Enterprises Inc. has completed the acquisition of the interest of its equity partner, Arizona State Retirement System (ASRS), in B2 BKLYN. Located in Pacific Park Brooklyn, the modular apartment building features 363 residential units. The buyout of ASRS’s equity interest to date, for which Forest City paid $40.5 million, removes B2 BKYLN from the $400 million residential development fund between ASRS and Forest City. Additionally, the company assumed ASRS share of the debt on B2. Work recently ceased on the project when the construction contractor, Skanska USA, shut down construction at the property and closed the factory being used to build the modular units. The project is now the subject of litigation between the company and Skanska.

October 7, 2014

Mixed-Use New York Northeast Office

GHP Office Realty Buys Two Buildings in Yorktown

by Amy Works October 7, 2014

YORKTOWN, N.Y. — GHP Office Realty has acquired two properties totaling 351,811 square feet of mixed-use space in Yorktown. The 209,000-square-foot property at 2649 Strang Blvd. is occupied by ENT & Allergy Associates, Hudson Valley Hematology, North Shore-Long Island JHS, Northern Westchester County Dental, Hudson Valley Oral Surgery and Dialysis Clinic Inc. The one-story, 142,811-square-foot building at 2651 Strang Blvd. is home to Mercy College’s Yorktown campus. In total the buildings are 40 percent occupied. Andrew Greenspan, Jamie Schwartz, Mike Cinicolo, Andrea Lofaro and Harrison Lyss provided in-house representation for GHP Office Realty in the transaction. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel and Jim Maloney of The Great American Title Company provided title services for GHP. Additional details of the transaction were not released.

October 7, 2014

Connecticut Northeast Retail

O,R&L Commercial Arranges Sale of 15,641 SF Building In Meriden

by Amy Works October 7, 2014

MERIDEN, CONN. — O,R&L Commercial has brokered the sale of 75 South Colony Street in Meriden. Efrain Valentin of Valentin Karate School purchased the 15,641-square-foot property for an undisclosed price. The buyer plans to fully renovate the property and use it as the headquarters for Valentin Karate. Frank Hird and Tim McMahon of O,R&L Commercial represented the seller, The Record-Journal Company, in the transaction. John Murphy of John J. Murphy Law Offices also represented the seller and Neil Ivers represented the buyer. The financing was provided by Ion Bank of Naugatuck and Community Investment Corp. was the SBA lender.

October 7, 2014

California Retail Western

Shoe Palace Opens Four New Stores in LA

by Nellie Day October 6, 2014

LOS ANGELES — Shoe Palace has opened four new stores within the Los Angeles area. The new stores include a 4,460-square-foot store at 7721-7725 Melrose Ave., which was leased from 499 Canon LLC; a 4,945-square-foot space at 214 Santa Monica Blvd. in Santa Monica, leased from Schrober Investments; a 14,800-square-foot store at 6351-6353 Pacific Blvd. in Huntington Park that was purchased from Fine Discounts; and a new store on Van Nuys Boulevard in Panorama City that is currently in escrow. It is scheduled to open by the end of the year. The combined sales and lease transactions for all four properties total more than $8 million. Shoe Palace is owned and operated by the Mersho family. The retailer was represented by Irwin Hyman and Jesse Paster of NAI Capital’s Encino office.

October 6, 2014

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