TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $3.1 million sale of Sandanay and Stonehenge Apartments, two adjacent multifamily communities located at 13132 N. 19th St. and 13136 N. 20th St. in north Tampa. The sales price equates to approximately $30,500 per unit. The buyer is a South Florida-based investor that plans to implement capital improvements to both apartment communities, which were built between 1967 and 1970. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames of Franklin Street represented the seller, a local investor, in the transaction. Danny York of Franklin Street Capital Advisors structured acquisition debt for the buyer, and Franklin Street’s insurance division provided the insurance policy.
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STAMFORD, CONN. — GHP Office Realty LLC has brokered the sale of a 65,000-square-foot office building located at 30 Buxton Farms Road in Stamford. MSIH LLC, a Connecticut-based home building company, purchased the Class A property for $13.5 million from GHP Buxton LLC. Located at Exit 35 of the Merritt Parkway/CT-15 and High Ridge Road, the building is 90 percent occupied by 14 tenants, ranging from medical offices to financial services. New Canaan, Conn.-based Hobbs Inc. plans to relocate its headquarters to the remaining vacant space at the building. Andrew Greenspan and James Houlihan of GHP Office Realty represented the seller, while Corey Gubner, Ted Grogan and Greg Romano of RHYS LLC represented the buyer in the transaction. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel for the seller, and Kenneth Gammill Jr. of Gilbride, Tusa, Last and Spellane LLC served as legal counsel for the buyer in the transaction. GHP Office Realty is the office building division of Houlihan-Partners Realtors LLC.
CORPUS CHRISTI, TEXAS — MCR Development LLC has completed the renovation of the 105-room Courtyard Corpus Christi located at 5133 Flynn Parkway in Corpus Christi. The renovation included a redesign of the hotel’s guest rooms, lobby, bistro and public areas. The renovations are part of MCR’s strategy to drive RevPAR growth. The hotel is located near the Texas Route 358 traffic corridor and the Corpus Christi International Airport.
DENVER – The 312-unit LongsView Apartments development in the Denver submarket of Westminster has received a total of $64 million in debt and equity. The Class A development will be located on the southeast corner of Federal Parkway and Zuni Street. Cohen Financial secured a combination of $42 million in debt financing and about $22 million in equity investment for the development. The floating rate construction loan was secured by the firm’s Robert Lindner, John Carrick and Mark Strauss. The loan was placed with Fifth Third Bank. The team also secured the $22-million equity investment from a leading life insurance company. The borrower is a national multifamily owner/operator and developer.
INDIANAPOLIS — Mainstreet and Heritage Enterprises will open a 65,602-square-foot, 100-bed assisted living facility in Indianapolis. Evergreen Crossing & The Lofts is set to open Oct. 1. The $13.2 million facility, located at 5404 Georgetown Road, will provide transitional care (short-stay rehabilitation and therapy) services. The facility will feature a movie theatre, game room, walking trails, as well as restaurants and an on-site chef. Construction on the project began in September 2013. Indiana-based Mainstreet developed and owns the property. Illinois-based Heritage Enterprises will operate the facility. The development is the first project between Mainstreet and Heritage Enterprises.
DORAL, FLA. — Miller Construction Co. is building a $10.9 million, 218,000-square-foot complex at 8301-8303 N.W. 27th St. in Doral, a suburb of Miami. The industrial property, known as the Transal Logistic Center, will feature 30-foot clear heights, T5 lighting and a central 180-foot truck court. The property will be comprised of a 110,600-square-foot building A and a 107,400-square-foot building B, which will both wrap around the central truck court. The developer, KVRG Developers, is expected to deliver the property in the fourth quarter of this year. The project team includes architect RLC Architects and leasing agent Fairchild Partners.
NEW YORK CITY — Silvershore Properties has acquired two mixed-use buildings in Brooklyn totaling $3.07 million. In Boerum Hill, the company purchased the 3,500-square-foot 208 Hoyt Street building for $1.72 million. Additionally, Silvershore acquired 590 Bushwick Avenue, a 5,500-square-foot mixed-use building, for $1.35 million. Year to date, Silvershore has invested $60 million on more than 20 purchases throughout New York City.
IRVINE, CALIF. – An unnamed buyer has purchased a 118,086-square-foot Irvine Business Complex (IBC) office propertyfor $26.5 million. The property is located at 17000-17040 Red Hill Ave. This space serves as the corporate offices of Pacific Dental Services. The group has occupied the space since it was renovated 18 months ago. The renovation added many creative office elements, such as an indoor/outdoor patio, indoor plants and trees, high ceilings, and natural lighting from skylights and solar tubes. The seller, Red Hill Covenant Group LLC, was represented by Scott Read and Michael Kane of NGKF.
COLLEGE STATION, TEXAS — Walker & Dunlop has provided an acquisition loan for The Cottages of College Station, a student housing community near Texas A&M University. Columbus Pacific Properties, a California-based real estate investment company, purchased the property. Will Baker of Walker & Dunlop worked with Tim Bradley of TSB Capital to originate and structure the loan. The loan has a 10-year term with two years of interest-only payments. The property is an off-campus community featuring houses ranging in size from one to five bedrooms. Amenities include free Wi-Fi, study rooms, a business center and the largest pool in College Station.
COLUMBUS — CASTO has completed redevelopment of an hhgregg store in northwest Columbus. Located on Sawmill Road just north of I-161/Dublin-Granville Road, the 36,851-square-foot store is adjacent to a new REI store projected to open this November. The redesigned hhgregg store opened to the public on Thursday, Sept. 18. Indianapolis-based hhgregg is an appliance retailer with 228 stores in 20 states. CASTO is a fully integrated real estate firm that specializes in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks.