CONSHOHOCKEN, PA. — Keystone Property Group and the borough of Conshohocken have formed a public-private partnership to redevelop the former Verizon building at 400 Fayette in Conshohocken. The partnership plans to redevelop the approximately 44,000-square-foot property into a modern office, retail and community facility, which will house the new borough hall, administrative offices and police headquarters. Under its agreement with Keystone, the borough will maintain ownership of the property and occupy approximately 22,000 square feet of the facility. The remaining portion of the building — 16,500 square feet of office space and 5,500 square feet of retail space — will be marketed by Keystone to prospective office and retail tenants.
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FREEHOLD AND ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered two multifamily transactions totaling $8.95 million in New Jersey. In the first transaction, Steven Follman, Joseph Brecher and Elimelech Herskowitz of Gebroe-Hammer arranged the sale of Monmouth Pines, which is located at Eight Monmouth Ave. in Freehold. The four-building, 40-unit apartment property sold for $4.7 million. In the second transaction, Follman negotiated the $4.25 million sale of Grand Regency Condominiums in Asbury Park. Located at 315-410 Eighth Ave., the two-building property features nine studio, 31 one-bedroom and 10 two-bedroom units.
NEW YORK CITY — GFI Realty Services has brokered the sale of a package of residential condo units at 2781 Ocean Ave. in Brooklyn’s Sheepshead Bay neighborhood. The condo package sold for $6.5 million or $155,000 per unit. The package includes 42 unsold residential condo units, three community facilities, a laundry room, an antenna and 11 parking spaces. The units consist of 20 free market and 22 rent-stabilized apartments. Constructed in 1957, the 69,586-square-foot building is located near the Neck Road and Sheepshead Bay subway stations. Erik Yankelovich of GFI represented both the seller and buyer, both of which are local investors, in the transaction.
SAN ANTONIO — Transwestern’s Austin-based Multifamily Capital Markets Group has brokered the sale of the Springwood Apartments in San Antonio. Springwood, developed in 1984, is a 176-unit residential community that went through foreclosure in March 2012. The property is located at 1400 Gardina St. in the Northeast submarket. Jeff Rogers and Chris Stutzman of Transwestern represented the seller, Florida-based Ocwen. Calton Investments, a Texas-based multifamily investment firm, acquired the property for an undisclosed price. Approximately 80 percent of Springwood’s units recently received interior upgrades ranging between $3,000 and $5,000 per unit.
HOUSTON — NAI Houston has arranged the sale of a 22,000-square-foot industrial building located at 10531 Fisher Road in Houston’s Northwest submarket. The building is situated on 3.3 acres of land. Chris Caudill of NAI Houston represented the buyer, Greystone Alloys. Jim Copper of Cypressbrook Co. represented the seller, JKM Fisher Properties Ltd., in the sale of the property.
HOUSTON —Marcus & Millichap has arranged the sale of White Oak Apartments, a 77-unit apartment building located at 2222 White Oak Drive in Houston. Juan Cuevas, an associate in Marcus & Millichap’s Houston office, marketed the property on behalf of the seller, a subsidiary of Brightside Properties. Greystar, the buyer, plans to demolish the existing building and build a new mid-rise apartment building.
SEATTLE — Cornerstone Real Estate Advisers has acquired the 319-room Motiff Seattle hotel for a reported $130.7 million. The hotel is located at 1415 5th Ave., between Pike and Union streets in Downtown Seattle. It was formerly known as The Red Lion. The property went through a $20-million, multi-phase renovation in 2011 that added 22 guest rooms and increased meeting space by 50 percent. It was only recently rebranded as Motiff Seattle, making it the largest independent hotel in the Downtown area. The seller was a joint venture between Lowe Enterprises Investors (LEI), the Guardian Life Insurance Company of America and a subsidiary of Allstate Insurance Company. LEI affiliate Destination Hotels & Resorts will continue to manage the property. The joint venture targets well-located, full-service hotels that maintain three-star quality and above that can be repositioned to capitalize on the market’s recovery.
LAKEWOOD, COLO. — The Radco Companies has acquired the 512-unit Parc Belmar apartment community in Lakewood for $95.3 million. The community is located at 7301 W. Ohio Ave. in the southwestern suburb of Denver. It sits adjacent to the Downtown Belmar district, a 22-block retail and entertainment destination. This is the largest multifamily transaction in Colorado so far this year, according to Radco. It is also the real estate opportunistic investment firm’s first acquisition in Colorado. Radco plans to reposition the property. The efforts would include renovating the 27,000-square-foot clubhouse and leasing center, as well as upgrading the unit interiors with high-end finishes. The company also plans to rebrand the property as Ashford Belmar. Radco’s portfolio now includes more than 6,500 multifamily units in five cities across the Southeast and the Midwest. This latest acquisition was financed through a mixture of Freddie Mac debt, preferred equity from the Related Companies and Radco’s own privately funded equity.
SALT LAKE CITY – A joint venture between Grey Oak LLC and Wasatch Advantage has acquired six parcels totaling 1.5 acres in Downtown Salt Lake City. The purchase price was not disclosed. The JV will use the land to develop Encore, a 189-unit apartment community. The new Class A community will be located on the north side of 400 South between Denver Street and 500 East. The transaction was executed by Mark Jensen and Greg Ratliff of Newmark Grubb ACRES. The seller was not named.
MESA, ARIZ. — Buchanan Street Partners has acquired Stapley Corporate Center, a 180,000-square-foot office property in the Phoenix suburb of Mesa, for $32.5 million. The two-building, Class A center is located at 1840 and 1910 South Stapley Drive, near the border of Mesa and Gilbert. Stapley is 90 percent occupied. Tenants with long-term leases include Cigna Healthcare and Wells Fargo. Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller and original developer, the DESCO Group, in this transaction. Buchanan was self-represented. JLL’s Mark Gustin will handle the center’s leasing. Buchanan is targeting value-add investment properties within the Phoenix market. It currently owns 1.4 million square feet of properties in this market, including Mesa Corporate Center and the 260-unit Vue Park West in Peoria, which closed earlier this year.