FORT LAUDERDALE, FLA. — Steelbridge Capital has purchased Cypress Financial Center, an 11-story, Class A office tower in Fort Lauderdale, for $32.6 million. The 198,528-square-foot property is situated on I-95 at Cypress Creek Road. Steelbridge Capital’s principals were part of the prior ownership from 1998-2006 and were able to now buy the asset back from the owner it had sold the property to in 2006. Steelbridge is planning a multi-million dollar capital improvement program for the property and has tapped Kravit Architectural Associates to design the upgrades to the lobby, common area, exterior, landscaping and elevator systems. The property is currently 76 percent leased to tenants such as MetLife, TD Bank, BDO, Altadis and Marcus & Millichap. Steelbridge Real Estate Services will provide property management services for Cypress Financial Center. Hermen Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Tricony CFC LLC, in the transaction.
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ABERDEEN, MD. — CBRE has brokered the $31 million sale of Advantage Business Park, a 528,780-square-foot industrial bulk warehouse at 504 Advantage Way in Aberdeen, part of Baltimore’s I-95 North industrial submarket. SK Realty Management purchased the property from 504 Advantage Way LLC. The property is fully leased to three tenants and anchored by Gordon Food Service. Jonathan Beard, Bo Cashman and Bill Pellington of CBRE’s Baltimore office brokered the sale.
ATLANTA — Coral Gables, Fla.-based America’s Capital Partners (ACP) has acquired the Towers at Wildwood Plaza, a 700,000-square-foot office development in Atlanta’s Cumberland/Galleria submarket. The asset is leased to tenants such as General Electric, Allstate Insurance, Vonage Communications, Alere, Tenet Healthcare and IBM Credit Union. The property, designed by I.M. Pei, is considered the top-quality office building in the Cumberland/Galleria area, according to ACP.
CLERMONT, FLA. — An entity controlled by Continental Properties Acquisition Corp. (CPAC) has sold Hancock Village Shopping Center for $4.3 million. The 25,000-square-foot retail center is located at the intersection of North Hancock Road and State Road 50 in Clermont. The property is nearly 90 percent leased to tenants such as Tijuana Flats, Anytime Fitness, Little Caesars Pizza, Ritter’s Frozen Custard and Direct Auto Insurance. The seller originally purchased the asset in May 2011 for $2.1 million. CPAC selected its affiliate CREC to lease and manage the asset, and CREC brought the property from 50 percent occupancy to nearly 90 percent occupancy. Peter Mekras of CREC represented CPAC in the transaction.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-building portfolio in northern Manhattan. Adam Mermelstein/Tree Top Development purchased the portfolio, which features 147 apartments and four retail stores, from a local real estate fund for $24.5 million. The portfolio includes 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street and 507 West 170th Street. Located in Hamilton Heights, 565 West 139th Street is a six-story, 75-foot-wide elevator building. The remaining buildings are located in Washington Heights across the street from Columbia Medical Center. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented both the buyer and seller in the transaction.
NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged an $18 million short-term bridge loan on behalf of East 47th Street LLC (City Centre Properties). The loan will be used to facilitate the sale of a multi-lot development site assemblage in the Rockefeller Center area of Manhattan. HID Acquisition Group LLC, affiliated with Hidrock Realty Inc., is acquiring two 25-foot-wide lots — 12 East 48th and 13 East 47th streets — from City Centre Properties. Additionally, Hidrock acquired 14 East 48th Street from the First Church of Religious Science through an assignment of a contract between the church and City Centre. The sale price for the entire assemblage was $47 million. HID Acquisition plans to raze the existing structures and develop a 31-story residential condo tower on the site. The project will include a mix of studio, one- and two-bedroom apartments, as well as amenities targeting the international pied-a-terre market. Jonathan Aghravi and Matthew Hirsch of Eastern Consolidated’s Capital Advisory Division arranged the new financing. City Centre Properties was represented in the assemblage sale transaction by R. Stuart Gross and Chris Matousek of Eastern Consolidated. Additionally, Eastern Consolidated acted as the sole intermediary in both the assemblage site …
BOSTON — New York City-based Ashkenazy Acquisition Corp. (ACC) has filed a master plan with the City of Boston for Faneuil Hall Marketplace. Designed by Elkus Manfredi Architects, Faneuil Hall Marketplace will include an enhanced public realm, glass retail pavilions, a new colonnade, rotunda space and a new boutique hotel, as well a redesigned exterior streetscape. Tenants that have already signed on for Faneuil Hall Marketplace include Uniqlo’s Boston flagship location, Ghirardelli Café and the children’s book-themed Make Way for Ducklings store. The project team includes Biederman Redevelopment Ventures and Watertown, Mass.-based Sasaki Associates.
KING OF PRUSSIA, PA. — Cronheim Mortgage has arranged a $12 million loan for an office building located in King of Prussia. The 102,204-square-foot building was converted into a multi-tenant office building in 2007. The property features high ceilings, large open floor plates, low loss factor and easy access from an oversized parking field. At the time of closing, the property was 85 percent leased to four tenants. David Turley and Janet Proscia of Cronheim Mortgage arranged the three-year, fixed-rate loan. The debt was sourced from a regional bank, which funded a 65 percent LTV loan on a non-recourse basis.
BRAINTREE, MASS. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has secured two lease extensions at Granite Woods Corporate Center in Braintree. Law firm Smith & Brink has leased 15,861 square feet and VHA Inc. signed for 7,500 square feet. New Boston Fund acquired the office center, which comprises two office buildings totaling 168,000 square feet, in June 2008. Since the acquisition, New Boston Fund has spent $3.2 million in building upgrades. David Goodhue and Caleb Hudak of Colliers International represented New Boston Fund in both transactions. Stephen Woelfel, also of Colliers, and J.R. McDonald of Cushman & Wakefield represented Smith & Brink in the transaction.
MERRIAM, KAN. — Pillar has originated a $16.3 million Fannie Mae DUS loan for the refinancing of Georgetown Apartments. The 395-unit garden-style multifamily property is located in Merriam, 11 miles southwest of downtown Kansas City. The property features both two- and three-story apartment buildings as well as a two-story clubhouse. The property is more than 95 percent leased. Adam Klingher and Brooke Jackson of Pillar’s Chicago origination team originated the low, fixed-rate loan. The sponsor is Malkin Properties, an owner/operator of multifamily properties across the country, which intends to utilize the refinancing to conduct capital improvements across the property.