NEW YORK — Formation Capital and Safanad Limited have acquired a portfolio of 14 skilled nursing facilities in the mid-Atlantic region for approximately $150 million. The 1,658-bed portfolio includes 11 facilities in Virginia, two in Maryland and one in Pennsylvania. Consulate Health Care, the sixth-largest skilled nursing care provider in the United States, operates the 14 properties.
Property Type
WASHINGTON, D.C. — Carr Properties has sold Georgetown Plaza, a five-story, 150,097-square-foot office building located at 2233 Wisconsin Ave. N.W. in Washington, D.C. An affiliate of JOSS Realty Partners purchased the asset for roughly $26.9 million. Eric Berkman and Steve Gichner of Cushman & Wakefield represented Carr Properties in the transaction. Carr Properties also purchased an 11-story, Class A office building located at 2001 Pennsylvania Ave. N.W. in Washington’s central business district. Carr Properties acquired the fully leased property, also known as the James Monroe Building, for $107.8 million. The acquisition was financed with a $65 million, 10-year loan from MetLife, as well as cash on hand.
RESTON, VA. — HFF has arranged $95 million in financing for the development of BLVD at Reston Station, a 21-story, 448-unit apartment building in Reston. The property will sit atop the entrance of the Wiehle-Reston East Metro Station. The upscale apartment community is the initial phase of the Reston Station mixed-use development that will include 550,000 square feet of office space, a 200-room hotel and an additional multifamily project. BLVD at Reston Station will feature one- to three-bedroom floor plans averaging 868 square feet. The property will also feature a resort-style rooftop swimming pool, fitness center, yoga room and private entertainment area with a glass fireplace, wet bar, media screen and billiard room. Walter Coker and Brian Crivella of HFF arranged the four-year construction loan through Citizens Bank on behalf of the borrower, Comstock Partners.
MIAMI — Miami-based Fifteen Group has acquired an 85,000-square-foot distribution and logistics facility located at 200 S. Miami Ave. in Miami for $19 million. The six-story property is fully leased to FedEx Corp. The property is situated in downtown Miami adjacent to the Third Street Metromover Station. The property was constructed in 1999 as a central distribution hub for FedEx.
COVINGTON, LA. — Movie Tavern, an in-theater dining concept, plans to open its first Louisiana in Covington on July 31. The new theater, located at 201 N. Highway 190, will feature eight screens with one auditorium featuring MT-X (Movie Tavern Xtreme), an enhanced theater that has a three-story screen, 3D projector and Dolby Atmos sound. With the new location, Movie Tavern has 18 properties in eight states.
NEW YORK CITY — A joint venture between Siras Development and Kuafu Properties has completed the acquisition of a development site in Midtown Manhattan’s Hudson Yards for approximately $62 million. The site comprises five adjacent parcels located at the southeast corner of 38th Street and 11th Avenue. The joint venture plans to develop a 380,000-square-foot mixed-use project on the site, which is directly across from the Jacob Javits Center. The property will include 50 condominium units in the top 15 floors of the tower; a 400-room high-end hotel on 20 floors; and the Shanghai Club, a members-only club, on three floors, as well as office, ground-floor retail and lifestyle space. Archilier Architecture designed the 47-story tower, which will have a sleek, modern appeal with a distinctive Asian influence.
MORRIS TOWNSHIP, N.J. — HFF has arranged $47.5 million in financing for a three-building office complex located at 412 Mt. Kemble Ave. in Morris Township. Built in 1985, the complex offers 477,848 square feet of office space in three interconnected buildings. HFF placed the three-year, floating-rate loan with Colony Mortgage Capital and CorAmerica for the borrower, Keystone Property Group. The borrower plans to use the loan to make capital improvements to the office complex. Jon Mikula, Jim Cadranell and Andrew Roland of HFF led the debt placement team that arranged the financing.
NEW YORK CITY — Madison Realty Capital (MRC) has sold an uptown Manhattan real estate portfolio to an undisclosed foreign investor for $23.4 million. The portfolio consists of 125 apartment units and two retail stores located at 528-538 West 59th Street, 220 West 149th Street and 2546-2548 Seventh Ave. MRC initially purchased the properties from a regional savings bank for $10.5 million in December 2012. The company implemented a renovation and upgrade program after acquisition to enhance rent roll and lease the retail portion. Yosef Katz and Roni Abudi of GFI Realty Services and Peter Von Der Ahe from Marcus & Millichap brokered the transaction.
SOUTH BRUNSWICK, N.J. — Primal Glass has leased 209,000 square feet of industrial space at 393-333 Herrod Blvd. in South Brunswick from Liberty Property Trust. This lease brings the warehouse to 100 percent occupancy. The asset was part of an acquisition that added six warehousing buildings totaling 1.4 million square feet of space to Liberty Property’s portfolio. The company’s New Jersey portfolio now totals nearly five million square feet of industrial space. Colliers International represented Primal Glass, while Cushman & Wakefield represented Liberty Property Trust in the transaction.
NEW YORK CITY — MediaMath, a global technology company, has signed a 15-year lease for 106,000 square feet of office space at Four World Trade Center. The company plans to consolidate its more than 300 New York-based employees from three Midtown locations into the 44th, 45th and 46th floors of the 72-story tower. MediaMath plans to take occupancy in early 2015. With this lease, 70 percent of the 7.4 million square feet of newly built space at One, Four and Seven World Trade Center is now leased. Harly Stevens and Mike Rizzo of CBRE represented the tenant, while Mary Ann Tighe, Steven Siegel, Ken Meyerson and Even Haskell, also of CBRE, represented the landlord, Silverstein Properties, in the transaction.