NEW YORK CITY — Marcus & Millichap has arranged the $1 million sale of 1222 Rogers Avenue, a 7,400-square-foot mixed-use property in Brooklyn. Derek Bestreich and Erik Rodriguez from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor, and represented the buyer, a limited liability company.
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BRIDGEWATER, N.J. – Global consulting, technology and business process outsourcing company iGATE Technologies has signed a long-term lease to occupy 13,000 square feet at Somerset Corporate Center I. The center is one of five buildings within SJP Properties’ 1.5 million-square-foot, Class A office complex in Bridgewater, located about 28 miles southwest of Newark. The company will use the space as its first New Jersey headquarters, which is slated to open in the second quarter. Ron Volk of CBRE represented iGATE in the transaction. SJP Properties was represented in-house.
HOUSTON — HFF has brokered the sale of Interwood Business Center I and II, two industrial facilities totaling 200,086 square feet in Houston. Constructed in 1999, the properties are located at 14430-14440 John F. Kennedy Blvd. and 14469 Heathrow Forest Parkway within the Interwood Business Park, which is immediately south of the George Bush Intercontinental Airport between I-45 and U.S. Highway 59. Tenants include International Seal, Nippon Express, Goodman Distribution and Top Notch Solutions. Rusty Tamlyn and Trent Agnew of HFF represented the seller, KTR Capital Partners LLC, in the transaction. Stockbridge Real Estate Funds acquired the assets free and clear of existing debt.
SAN ANTONIO — Investment and management firm Presidium Group LLC has acquired Towne Oaks, a 123-unit apartment property in San Antonio. The community, which is located at 8623 Starcrest Drive, includes one- and two-bedroom residences, plus amenities such as a swimming pool and clubhouse. The complex is in close proximity to the San Antonio International Airport, North East Baptist Hospital, North Star Mall and MacArthur Park, as well as the major thoroughfares of I-35, Loop 410 and U.S. Highway 281. Presidium Group plans both interior and exterior upgrades, as well as enhancements to the property’s signage. With the purchase of Towne Oaks, Presidium has now acquired three assets in San Antonio in the past six months.
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Built in 1972, the garden-style community offers one-, two- and three-bedroom apartments, a swimming pool and a dog park. The complex, which was 96 percent occupied at the time of the sale, is in close proximity to retail outlets such as the Arboretum and the Domain, as well as major area employers such as IBM, Visa and Dell. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
AUSTIN, TEXAS — Commercial real estate firm Muskin Commercial LLC has brokered the sale of South Cliff Apartments, a 60-unit multifamily complex in Austin. Located at 2001 I-35 South, the community offers one- and two-bedroom apartments, as well as a swimming pool and laundry facility. Ellen Muskin of Muskin Commercial represented the seller, an individual investor based in Santa Rosa, Calif. The buyer, a Columbus, Ohio-based entity, plans to rebrand the property as 35 Flats and renovate both building exteriors and apartment interiors. Pearsall, Texas-based Security State Bank provided acquisition financing.
SAN FRANCISCO – A five-property multifamily portfolio based in the San Francisco Bay Area has received a $37-million refinancing. The portfolio contains a total of 297 units. Four of the five transactions are long-term refinances, while the other is a bridge loan. Financing was originated by Kenneth M. Fox of Cohen Financial’s San Francisco office. Four loans were secured with JP Morgan Chase Bank, and one was secured with Boston Private Bank & Trust Company. The borrower was a local commercial/multifamily real estate investor and operator.
MESA, ARIZ. — Mesa Corporate Center, a 106,077-square-foot office building, has sold to Buchanan Street Partners for $13.2 million. The center is located at 1001 W. Southern Ave. in Mesa. It was 89 percent leased at the time of sale. Notable tenants at the center include Allstate Insurance Company, DeVry University and Allied Barton Security. The seller, Parkway Properties, was represented by Chris Toci, Chad Littell, Jerry Noble and Ryan Bartos of Cushman & Wakefield.
LOS ANGELES — Village Walk at Tarzana, a two-parcel development site, has sold to Sinanian Development Inc. for an undisclosed sum. The fully entitled site contains the West Parcel, which is located at 18709 W. Redwing Street, and the East Parcel, located at 5420-5432 N. Yolanda Ave. They are attached to the 146,363-square-foot Village Walk retail center on Ventura Boulevard. The West Parcel will receive 15 two-story luxury townhomes, while the East Parcel project will contain 19 townhomes and 37 luxury apartments. The seller, Pearlmark Real Estate Partners LLC, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.
LA QUINTA, CALIF. – A 4,562-square-foot retail building in La Quinta that is occupied by Union Bank of California has sold to Don & Marily Lynch c/o Dunn Property Group for $4.5 million. The building is located at 79670 Highway 111. The buyer was represented by Michael Dunn of Dunn Property Group. The seller, Hull LQ Properties, LLC c/o Sage Retail Group, was represented by Kevin Held and Chuck Klein of Cassidy Turley.