FORT MYERS AND ORLANDO, FLA. — Blue Rock Partners LLC and Konover South LLC have purchased two apartment communities in Florida for $27.5 million combined. The partnership purchased the 288-unit Montego Bay Apartment Homes in Fort Myers for $16.1 million and the 200-unit Palm Harbor Apartment Homes in Orlando for $11.4 million. The new owners plan to invest $4.5 million in capital improvements to both properties and rename them as The Park at Positano and The Park at Salerno, respectively.
Property Type
NEW SMYRNA BEACH AND TALLAHASSEE, FLA. — HFF has arranged the $23 million sale of two Publix-anchored shopping centers in Florida. The properties include the 118,451-square-foot New Smyrna Beach Regional in New Smyrna Beach and the 71,526-square-foot Forest Village in Tallahassee. Publix Super Markets Inc. purchased New Smyrna Beach Regional (90 percent leased) for $16 million and Forest Village (79 percent leased) for $7 million. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Equity One Inc., in the transaction.
ISLIP, N.Y. — Rechler Equity Partners plans to develop three build-to-suit properties totaling 119,000 square feet of industrial/flex space within the Islip Foreign Trade Zone (FTZ). The project will include a 54,000-square-foot property at 100 Trade Zone Dr., a 24,000-square-foot building at 101 Roebling Court, and a 41,000-square-foot structure at Two Roebling Court. The new buildings join a fourth, fully constructed Rechler-owned asset at 200 Trade Zone Dr. within the FTZ. Situated on 52 acres, Islip FTZ currently offers 435,000 square feet of prime warehouse and office space.
PRINCETON TOWNSHIP, BRIDGEWATER AND CLIFTON, N.J. — Cronheim Mortgage has arranged $13.8 million in financing for six office properties in New Jersey. The firm secured a $3 million loan for two medical/professional buildings totaling 27,919 square feet in Princeton Township. The 15-year loan was financed by a New Jersey bank. In Bridgewater, the firm arranged $5.2 million for two sister office buildings totaling 79,688 square feet on Route 22. Cronheim secured the 20-year, self-liquidating mortgage with Southern Farm Bureau Life Insurance Company. The firm also secured a $5.6 million loan for a 64,511-square-foot medical office building in Clifton. The 10-year, non-recourse loan was funded by Members Capital Advisors. Janet Proscia and David Turley of Cronheim Mortgage arranged the financing for all three transactions.
BASKING RIDGE, N.J. — HFF, on behalf of Lincoln Property Company, has secured $10.5 million in refinancing for a two-building office property in Basking Ridge. Situated on 14.4 acres at 180-188 Mt. Airy Road, the office complex features two two-story multi-tenant buildings totaling 104,202 square feet of rentable space. 180 Mt. Airy Road was renovated in 2004, and 188 Mt. Airy Road was renovated in 2007. The properties are currently 95 percent leased to a variety of tenants, including Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates. The five-year, floating-rate loan was placed with OceanFirst Bank. Michael Klein and Andrew Roland of HFF represented the borrower in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 536 East 96th Street, a 31-unit apartment building located in Brooklyn. The asset sold to a private investor for $3.8 million. Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer in the transaction.
MORRIS PLAINS, N.J. — A joint venture between Baltimore-based MCB Real Estate and ARC Property Trust has acquired a freestanding retail building in Morris Plains, which is approximately 30 miles east of New York City. The 32,450-square-foot asset was purchased for $2.6 million and is currently leased to ACME Supermarkets. Lawrence Anderson of Anderson Realty Services represented the seller in the transaction.
CANTON, MICH. — Greystone has provided a $24.1 million loan to refinance Meadowood Townhomes in Canton, approximately 35 miles west of Detroit. The multifamily community features 452 rental units comprising of two- and three-bedroom townhomes and one-bedroom ranch style units. John Marr of Greystone originated the Fannie Mae loan under its Delegated Underwriting and Servicing (DUS) program. The 10-year fixed-rate loan terms includes a 30-year amortization schedule.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $6.6 million loan for Central Business Park in Southfield. The property is an existing single-story office property consisting of four buildings in close proximity to each other, containing a total of 180,307 square feet of rentable area. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, CBP RES LLC, through a CMBS lender.
FREEHOLD, N.J. — New Jersey-based UMH Properties Inc. (NYSE : UMH) has acquired two Ohio manufactured home communities for $5.4 million. The two communities include a total of 258 developed home sites situated on approximately 40 total acres. The average occupancy for the communities is approximately 91 percent. UMH Properties is a REIT that owns and operates 88 manufactured home communities. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, and Michigan.