ATLANTA — Lowe Enterprises Investors (LEI) has formed a joint venture with TriBridge Residential to own and operate City View Apartments, a 202-unit mid-rise apartment building in Atlanta. The multifamily community, built in 2003, is located at 433 Highland Ave. N.E. in Atlanta’s Old Fourth Ward neighborhood near the Beltline. LEI and TriBridge will implement new upgrades to the community, including granite countertops, new appliances and washer and dryer units in each apartment. The property features a 10,000-square-foot CVS/pharmacy on the ground floor and a newly renovated swimming pool and fitness center. Derrick Bloom of JLL represented TriBridge Residential, along with TriBridge’s Andy Green and Steve Broome. John Gaghan and Andy Sands led LEI’s acquisition team.
Property Type
MEDLEY, FLA. — Gramercy Property Trust Inc., a publicly traded REIT, has purchased three auto salvage properties in Medley, part of the Miami MSA, for $17.3 million. The properties, totaling approximately 30 acres, are fully leased through July 2022 to a subsidiary of a large publicly traded global provider of replacement auto and truck parts.
GADSDEN, ALA. — Jason Stinson of Commercial Realty Services of Alabama LLC has brokered the purchase of two retail buildings once occupied by Food World in Gadsden for an undisclosed price. The two assets are approximately 45,000 square feet each and are located in Eastside Plaza Shopping Center and Canterberry Station Shopping Center. Anniston, Ala.-based GB & MH Properties LLC purchased the Eastside Plaza asset, and Birmingham-based Beltline Canterberry LLC purchased the Canterberry Station asset. Beltline Canterberry is the majority owner of the remainder of Canterberry Station Shopping Center.
HILLSIDE, N.J. — Bussel Realty Corp. has arranged the lease of a 54,720-square-foot industrial building in Hillside. The property is located at 470 Mundet Place. Some of the building features include 5,295 square feet of office space and nine loading doors. The property is located near I-78 with access to the New Jersey Turnpike. The tenant, Superior Plus Inc., will utilize the space for warehouse and distribution purposes. David Posner of Bussel Realty represented the owner Nathan Barry Co.
NEW YORK — RKF has arranged two new leases at the 50-story Grace Building in Midtown New York for renowned chef Gabriel Kreuther’s first solo restaurant and Bluestone Lane Coffee. Kreuther’s yet-to-be-named restaurant will be located at 1114 Avenue of the Americas, directly across from Bryant Park. The property will consists of 8,000 square feet on the ground floor and 7,000 square feet on the second floor. Glen Coben of architectural and interior design firm Glen & Co. will design the restaurant. Spencer Levy and Michael Yohai of RKF represented Gabriel Kreuther and the Teton Restaurant Group in the lease. Edward Hogan and Mark Kostic represented Brookfield internally. Bluestone Lane Coffee has taken a 600-square-foot café space on the plaza at the Grace Building. Jon Krieger of RKF represented Bluestone in the transaction. Edward Hogan represented Brookfield internally. The Grace Building is co-owned by Brookfield and The Swig Co.
FARMINGDALE, N.Y. — Rechler Equity Partners has arranged the lease for 20,092 square feet of office space at the firm’s 146,705-square-foot 110 Bi County Blvd. in Farmingdale. BeWild.com in association with Utopia.com, an e-commerce retailer, committed to the long-term lease. Alberto Fiorini of Alliance Real Estate Corp. represented BeWild.com.
NEW YORK — Colliers International has arranged a long-term lease renewal at 469 Seventh Ave. for the Metropolitan Transit Authority (MTA) in New York. The MTA will continue to lease the entire 11th and 14th floors, totaling 34,000 square feet. The 267,000-square-foot 469 Seventh Ave. building is located at the southeast corner of West 36th Street and includes access to Penn Station and the Port Authority Bus Terminal. Eric Meyer, Marty Meyer and Dan Shavolian of Foremost Real Estate own the building. Jodi Roberts and Josh Kuriloff of Cushman & Wakefield represented the MTA in the renewal.
ST. LOUIS — ElmTree Net Lease Fund II has acquired five single-tenant net lease investment properties for $90.3 million. The acquisitions include a 34.4-acre industrial property in Fort Wayne, Ind., and four office properties in Ohio, South Carolina, Minnesota and Alabama. The build-to-suit project acquired for $52.6 million in Fort Wayne will consist of the development and construction of an approximately 333,750-square-foot manufacturing building. The office properties include a 100,800-square-foot single-tenant facility in Columbus, Ohio, purchased for $11.8 million; a 39,794-square-foot, single-tenant facility in Lexington, S.C., purchased for $5.5 million; a 75,601-square-foot, single-tenant facility in Arden Hills, Minn., purchased for $7.5 million; and a 66,500 square-foot office and call center located on an 8.8-acre land parcel in Birmingham, Ala., bought for $12.8 million. ElmTree Net Lease Fund II LLC is a real estate private equity fund sponsored by St. Louis-based ElmTree Funds LLC.
NEW HAVEN, IND. — Cronheim Mortgage has arranged two permanent loans totaling $4.5 million for Big Lots-anchored centers in New Haven, Ind., and Bristol, Tenn. The 75 percent LTV cash-out refinances feature a 10-year term and a 30-year amortization schedule. Both centers are located in tertiary submarkets of fewer than 15,000 inhabitants. David Turley and Anna Westhoff of Cronheim Mortgage arranged the loans for the undisclosed borrower.
DEARBORN, MICH. — Ford Land, a subsidiary of Ford Motor Co., has opened The Executive Offices at Fairlane Plaza, a Class A executive office building in Dearborn. The executive offices feature 21 private, furnished offices in a suite with a lobby, conference rooms and kitchen. The property is located at 290 Town Center Drive. Building amenities include a full-service café, salon, courtyard, parking garage, 24/7 security and on-site property management. The executive offices are an extension of Ford Land’s small business offerings. Several years ago, Ford Land began offering suites ranging from approximately 200 to 3,000 square feet in several of its multi-tenant buildings. Ford Land hosted a ribbon cutting for the Executive Offices at Fairlane Plaza in August.