NEW YORK CITY — Bridgewater, N.J.-based Kushner Real Estate Group (KRE) and Hoboken, N.J.-based Ironstate Development Company have completed the disposition of a development site at 241 Fifth Avenue in Manhattan’s Madison Square neighborhood. Victor Homes acquired the 132,000-buildable-square-foot site for $99 million. KRE purchased three adjacent buildings and spent the last few years acquiring air rights to develop a luxury condo building. KRE and Ironstate engaged Hollwich Kushner (HWKN) to design the property, but ultimately decided to sell the site at the corner of Fifth Avenue and 30th Street. Yoav Oelsner and Glenn Tolchin of JLL brokered the transaction.
Property Type
NEW YORK CITY — RKF has arranged the sale of a 27,164-square-foot mixed-use property located at 257 Water Street in Lower Manhattan. 257 Water Street LLC bought the property from 810-257 Water Street LLC for $23 million. Located at the northwest corner of Water Street and Peck Slip, the property consists of two commercial and residential buildings, including 20 market-rate apartments. Mark Joseph Steakhouse and Acqua Restaurant & Wine Bar occupy the property’s ground-floor retail spaces. The transaction also included additional air rights that allow for future residential expansion. Jeff Fishman, Patricia Garcia and Jonathan Butwin of RKF represented both the seller and buyer in the transaction.
NEW YORK CITY — ABJ Properties has closed on the acquisition of Manhattan Avenue Portfolio, a 12-building multifamily portfolio totaling 101 units. ABJ Properties, run by Ben Soleimani and Joe Soleimani, purchased the portfolio for $14.5 million. The properties are located at 492, 496, 498, 500, 506, 508, 510 and 514 Manhattan Avenue; 317 West 120th Street; and 301, 309 and 312 West 121st Street. Ira Zlotowitz and Meir Kessner of Eastern Union Funding arranged $9.5 million in financing for the acquisition. The loan, which was provided by Customers Bank, covers 80 percent of the buildings’ value and features a 3.75 percent rate without recourse.
JENNERSVILLE, PA. — White Plains, N.Y.-based Seavest Healthcare Properties in partnership with Anchor Health Properties has broken ground for the construction of Jennersville Medical Office Building at the Penn Medicine Southern Chester County healthcare complex. Situated on the northeast corner of Route 1 and Route 769 in Jennersville, the two-story, 72,000-square-foot building will feature primary and specialty care physician offices, diagnostic imaging, physical therapy and laboratory services. Penn Medicine Chester Country Hospital and affiliated physicians will occupy the new building. Construction is scheduled for 12 months.
WANTAGE, N.J. — Gebroe-Hammer Associates has arranged the sale of The Regency at Sussex, a garden-style multifamily complex located at 10 Layton Road in Wantage. The seller, a limited partnership that included private investor Michael Halpern, sold the property to an undisclosed buyer for $6.75 million. Built in 1975, the 100-unit multifamily property features a mix of one- and two-bedroom residences ranging in size from 850 to 950 square feet. The residential units feature spacious closets, eat-in kitchens and separate living and dining areas. Community amenitites include a playground and laundry facilities. Stephen Tragash of Gebroe-Hammer represented both parties in the transaction.
DALLAS — Locally based hotel investment, management and advisory company Prism Hotels & Resorts has assumed management of the 303-room Sheraton Dallas Fort Worth Airport Hotel. Concurrently, Prism — along with Los Angeles-based property owner Stratford Hospitality — has committed $7 million to renovate the property, including improvements to the hotel’s three-story atrium, lobby, dining facilities, pool area and guest rooms. This investment is in addition to the recent $1 million in upgrades to the property’s Wi-Fi system and guest room bedding. Prism currently manages more than 30 hotels in urban, suburban and resort locations for multiple institutional and private owners.
GRAND PRAIRIE, TEXAS — Lee & Associates has arranged a 76,913-square-foot industrial lease in Grand Prairie for NAWF Co. Inc., a producer of distribution solutions for the food industry. The tenant will occupy space within the facility located at 1213 W.N. Carrier Parkway, which is part of Oakridge Business Park. Mark Graybill and Scott Giordano of Lee & Associates represented the landlord, IndCor Properties Inc., in the negotiations. Tim Vogds of CBRE represented NAWF Co. Inc.
HOUSTON — Henry S. Miller Brokerage has arranged the sale of approximately five acres in Houston for the construction of Ditch Witch’s new 20,000-square-foot earth-moving equipment dealership. Craig/Houston Properties LLC purchased the lot, which is located along I-45, on behalf of Ditch Witch, a 40-year-old, family-owned company serving southeast Texas. Construction of the new facility will begin this summer, and Ditch Witch will relocate from a current location on West Little York Road upon completion. Doug Bates and Joel Hill of Henry S. Miller represented the buyer in the transaction. Reda Martin of Claridge Properties and George Jones of CBRE represented the seller, DNH LLC.
LAS VEGAS — LBG Real Estate Cos. LLC, in partnership with Blue Vista Capital Management LLC, has sold the Southwest Marketplace retail property in Las Vegas for $30.4 million. Philips Edison acquired the property. Developed in 2007, the 115,720-square-foot shopping center is located at the intersection of Rainbow Boulevard and Windmill Lane. Smith’s Food and Drug, a wholly owned subsidiary of The Kroger Co., anchors the facility. The site also includes Smith’s Gas, as well as two pad sites for future development. LBG acquired the asset in July 2011, at which time the space was approximately 50 percent leased.
PALO ALTO, CALIF. — Cohen Financial has arranged a $29.8 million loan for the refinancing of a 50,000-square-foot office building in Palo Alto. Located at 130 Lytton Ave., in proximity to Palo Alto Caltrain station, the four-story structure is fully leased to Amazon subsidiary A9. Paul Schroeder of Cohen Financial originated the fixed-rate, seven-year loan through Sun Life of Canada. According to the Silicon Valley Business Journal, Rockwood Capital purchased the asset in November 2013.