Property Type

Rubenstein Properties Fund II Buys 84-Acre Business Park for $13M

by Amy Works October 8, 2014

TEWKSBURY, MASS. — Rubenstein Properties Fund II has acquired 495 Business Center, a commercial office park located in Tewksbury, for $13 million. The property consists of four conjoined buildings totaling approximately 722,422 rentable square feet at 200, 300, 400 and 500 Network Center Dr. The property, which is the birthplace of Wang Computers, is currently occupied by a mix of tenants, including office, R&D, laboratory, manufacturing and flex. Rubenstein Partners and its partner, Genesis Management Group, plan to renovate and reposition the property.

October 8, 2014

New Jersey Northeast Retail

Katz Properties Acquires New Jersey Shopping Center for $10.3M

by Amy Works October 8, 2014

SICKLERVILLE, N.J. — Katz Properties of New York has purchased Gloucester Town Center, a shopping center in Sicklerville, for $10.3 million. Located at 509-543 Berlin Cross Key Road and built in 2003, the 107,220-square-foot center is anchored by a 57,560-square-foot Acme supermarket. Additional tenants include Dollar Tree, Columbia Bank, STS Tire, Hallmark, Slim Chicks Fitness, Marco’s Pizza, Brite Cleaners, Nail Tech and Post Net. Brad Nathanson of CBRE Philadelphia represented both the buyer and seller in the transaction. Tim Breda of Goedecke & Co. arranged mortgage financing for the shopping center.

October 8, 2014

Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of 234-Unit New York Apartment Community

by Amy Works October 8, 2014

MALTA, N.Y. — Cushman & Wakefield has brokered the sale of Steeplechase at Malta, a garden-style apartment community in Malta. A privately held real estate firm purchased the 234-unit residential property for an undisclosed price. Constructed in 2006, the property offers a mix of one-, two- and three-bedroom units in 24 buildings. At the time of sale, the community was 98 percent occupied. On-site amenities include a fitness center, pool, clubhouse and jogging and walking trails. The buyer plans to upgrade unit interiors and add amenities. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd, Michael Byrne, Karen Iman of Cushman & Wakefield, along with Michael DelVecchio and Julie Todd of Cushman & Wakefield’s affiliate Pyramid Brokerage, represented both the seller and the buyer in the transaction.

October 8, 2014

New Jersey Northeast Office

CBRE Group Brokers Sale of Four-Building Office Portfolio in Parsippany

by Amy Works October 8, 2014

PARSIPPANY, N.J. — CBRE Group Inc. has brokered the sale of a four-property office portfolio in Parsippany. Cornerstone Real Estate Advisers, acting on behalf of a firm-managed fund, sold the properties to a joint venture between Lincoln Property Co. and Red River Asset Management for an undisclosed price. The 210,888-square-foot portfolio includes 10, 20 and 30 Lanidex Plaza and 299 Cherry Hill Road. Currently the portfolio is 67 percent leased to 15 tenants with stability provided by 30 Lanidex, which is 100 percent leased on a long-term basis. Jeffrey Dunne, Kevin Welsh, Brian Schula and Frank Maresca of CBRE Institutional Properties along with Jeremy Neuer of CBRE’s East Brunswick, N.J., office represented the seller and procured the buyer in the transaction.

October 8, 2014

Massachusetts Multifamily Northeast Seniors Housing

Congress Building Corp., LCB Senior Living Break Ground on Assisted Living Facility in Easton

by Amy Works October 8, 2014

EASTON, MASS. — Peabody, Mass.-based Congress Building Corp., serving as construction manager, has broken ground for the construction of The Residence at Five Corners, a senior housing community being developed in Easton. The 84-unit assisted care facility will be owned and operated by Norwood, Mass.-based LCB Senior Living. Located at 678 Depot St., the facility will offer a mix of assisted living, independent living and memory care residences for seniors. The property is slated to open in late 2015.

October 8, 2014

Colorado Office Western

Charles Schwab Opens New 650,000 SF Campus in Lone Tree

by Nellie Day October 8, 2014

LONE TREE, COLO. – Charles Schwab has opened its 650,000-square-foot office campus in Lone Tree. The property will serve as the brokerage and banking company’s corporate campus. The campus is located at 9800 Schwab Way within the RidgeGate community. The new property will also house Schwab’s retail building that’s on the corner of Lincoln Avenue and Park Meadows Boulevard. It is one of four branches in the Denver area. The campus contains three five-story office buildings, a two-story retail branch, two parking garages and an amenities building that features a 15,000-square-foot employee dining facility. So far, about 70 percent of the campus has been completed. Two of the three office buildings are ready for occupancy. The third is scheduled for completion next summer. Schwab plans to move about 2,000 employees to its campus over the next year and a half. Construction on the campus began in March 2013. It was built by Mortenson Construction and designed by Fentress Architects. Schwab is pursuing LEED-Platinum certification on the campus. Sustainability features include a two-acre green roof, green materials, daylighting, water-saving devices and an optimized HVAC system.

October 8, 2014

Loans Multifamily Nevada Western

Las Vegas Multifamily Portfolio Receives $103M in Financing

by Nellie Day October 8, 2014

LAS VEGAS – Angelo, Gordon & Co. and Interwest have received $103 million in financing for a seven-property multifamily portfolio in Las Vegas. The portfolio contains 2,149 age-restricted units, including Destinations at Valley View and Destinations at Pebble. The properties are all at least 90 percent occupied. The floating-rate financing was arranged by Jackson Cloak of Berkadia Commercial Mortgage’s Orange County office. The funds were secured through Berkadia’s Freddie Mac and Proprietary Bridge Lending Programs, as well as BBVA Compass.

October 8, 2014

California Healthcare Western

CNL Buys Lee Hughes Medical Building in Glendale for $30M

by Nellie Day October 8, 2014

GLENDALE, CALIF. – CNL Healthcare Properties has acquired the Lee Hughes Medical Building, a 76,758-square-foot medical office building in Glendale, for $29.9 million. The Class A building is located on the campus of the 500-bed Glendale Adventist Medical Center. Lee Hughes is connected to the main hospital through a sky bridge. The building is currently 97 percent occupied by a range of tenants, including an ambulatory surgery center leased by Adventist Health. Lee Hughes Medical Building is the only on-campus medical office building not owned by the hospital. Cypress West Realty Management Inc. will provide on-site leasing and asset management services.

October 8, 2014

Multifamily Utah Western

Gelt Buys Murray Ridge Apartments in Salt Lake City for $25.5M

by Nellie Day October 8, 2014

SALT LAKE CITY – Gelt Inc. has purchased the 247-unit Murray Ridge Apartments in Salt Lake City for $25.5 million. The 22-building community is located at 4120 South 500 East. Murray Ridge was developed in two phases in 1973 and 1977. On-site amenities include a fitness center, clubhouse, barbeque areas, business center and swimming pool. The community is situated near Interstate 15. It is within five miles of all major Salt Lake City interstates. Murray Ridge sits just one mile from the Meadowbrook UTA Trax Station and the Murray North Trax Station.

October 8, 2014

Nevada Restaurant Retail Western

Krispy Kreme in Las Vegas Sells for $3M

by Nellie Day October 8, 2014

LAS VEGAS – A 4,320-square-foot building in Las Vegas that is leased to Krispy Kreme donuts has sold to Richmond-Southpoint 10 LLC for $3 million. The building is located at 9791 S. Eastern Ave. The LLC was represented by Jeff Berg and Mica Berg of Sun Commercial Real Estate. The seller, BSWC Properties LLC, was represented by Cathy Jones, Paul Miachika, Jessica Cegavske, Roy Fritz and Cash Jordan of the same firm.

October 8, 2014

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