PLAINSBORO, N.J. — Ivy Realty has completed the disposition of 100 College Road West in Plainsboro. An affiliate of American Realty Capital purchased the 154,101-square-foot office building for $63.5 million. The three-story building is fully occupied by pharmaceutical giant Sandoz, which recently signed a 12-year lease at the property for its U.S. headquarters. The property is currently undergoing significant upgrades, including a renovated lobby and cafeteria, new meeting rooms, office space fit-outs and improvements to achieve LEED Silver certification. Andrew Merin, David Bernhaut, Gary Gabriel and Grace Braverman of Cushman & Wakefield’s East Rutherford, N.J. office represented the seller in the transaction.
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NEW YORK CITY — Eastern Consolidated has arranged the sale of a three-lot land assemblage in the Rockefeller Center area of Midtown Manhattan. HID Acquisition Group, affiliated with Hidrock Realty, acquired the property, which is targeted for residential condo development, for $47 million or $522 per buildable square foot. The assemblage consists of three 25-foot-wide lots: 12 East 48th Street, 14 East 48th Street and 13 East 47th Street. The assemblage allows for 75,300 residential buildable square feet as of right and a total buildable residential envelope of approximately 90,000 square feet if the development is in compliance with the recreation facility bonus in the zoning district. HID Acquisition plans to raze the three existing vacant office buildings and develop a 31-story residential tower on the East 48th Street entrance. The project will include a mix of studio units, one- and two-bedroom apartments and amenities, specifically targeting the international pied-a-terre market. R. Stuart Gross of Eastern Consolidated represented both the buyer and the seller, East 47th Street LLC (City Centre Properties), in the transaction. Morris Missry of Wachtel Missry LLP was the attorney for the buyer, and Peter Koffler of Venable LLP was the attorney for the seller.
NEW YORK CITY — Eastern Union has arranged a $24 million HUD loan for the refinancing of Union Care Plaza Center. The 289-unit nursing home is located at 33-21 Union St. in the Flushing neighborhood of Queens. The 12-year loan features a fixed annual interest rate of 3.25 percent. Shaya Ackerman of Eastern Union secured the financing on behalf of the borrower, David Marx.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 146 Fenimore Street, an apartment building located in Brooklyn. The 17-unit property sold for $3.4 million or $200,000 per unit. Derek Bestreich and Shaun Riney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Embassy Apartments, a 111-unit multi-family property in Irving, Texas. John Barker, vice president of investments, and Alexander Skotarek, associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, an unnamed limited liability company. Barker and Skotarek also represented the buyer, an unnamed private investor. Embassy Apartments is located at 1415 W. Airport Freeway in Irvin and is more than 95 percent occupied. It includes nine, two-story buildings with 83,340 square feet of rentable space. Average unit size is 750 square feet. Amenities include a swimming pool and on-site laundry.
DALLAS — Dougherty Mortgage LLC has arranged a $2 million Fannie Mae loan for the acquisition of Hyacinth Apartments, a 40-unit apartment complex in Dallas. The 10-year loan, amortized over 30 years includes one-year of interest-only payments and was arranged by Dougherty’s Dallas office.
HOUSTON — ARA has arranged the sale of 2411 Washington Ave., a 222-unit apartment complex on the eastern end of Houston’s Washington Corridor. ARA principals David Mitchell, Matt Rotan, David Oelfke and David Wylie arranged the transaction on behalf of the seller, M-M Properties. Adam Allen, managing director of capital markets, arranged financing on behalf of the buyer, AIMS Real Estate, a business unit of Goldman Sachs Asset Management. The complex is located near downtown Houston and Memorial Park. It was 92 percent occupied at the time of sale.
HOUSTON — HFF has closed on Promenade Jersey Village, a 596-unit housing complex in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Co., bought the complex for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony Drive near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included director Tre Banks, senior managing directors Todd Marix and Todd Stewart and director Chris Curry.
SAN ANTONIO — Marcus & Millichap has arranged the sale of Iron Gate Self Storage, a 44,100-square-foot self storage facility in San Antonio. Brandon Karr, senior associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, an unnamed partnership. The buyer, an unnamed private investor, was also secured by Karr. Iron Gate Self Storage is located at 2410 Southwest Loop 410 in San Antonio. It was built in 1965 and consists of 372 non-climate-controlled units. The property includes an on-site manager’s residence, video surveillance, personalized keypad gated entry, roll-up doors, perimeter fencing, concrete foundations and asphalt driveways.
RENO, NEV. – The 245-unit Club Ambassador Apartments in Reno has received a $15-million refinance. The community is located at 6402 Mae Anne Ave. Financing includes a 10-year term and 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.