NEW YORK CITY — TerraCRG has brokered the sale of four multifamily properties in Park Slope and Carroll Gardens for a total of $12.5 million. New York-based Slate Property Group purchased 310 12th Street, a four-story, 20-unit apartment building in Park Slope, for $6 million or $410 per square foot. Also in Park Slope, an Israel-based investor acquired 14 Lincoln Place, a four-story, eight-unit building, for $3.5 million, which equates to $391 per square foot and a 3.53 percent cap rate. Additionally, a local investor purchased 96-98 Baltic Street, two four-story, eight-unit buildings in Brooklyn’s Columbia Waterfront district, for $3.1 million or $254 per square foot. Adam Hess, Sam Shalumov and Chris Pechlivanides of TerraCRG handled the transactions.
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MONROE TOWNSHIP, N.J. — Walker & Dunlop has provided $14.5 million in bridge financing through the company’s interim loan program to AFC Forsgate Owner LLC. The borrower, which is a joint venture between Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living, plans use the loan to refinance Chelsea at Forsgate. Located in Monroe Township, the 120-unit assisted living facility was originally constructed in 1996 and purchased by the borrower in February 2013. Since acquisition, the borrower has made capital improvements to the property and plans additional improvements. John Pantone and Jim Cope led the Walker & Dunlop team that structured the three-year, interest-only, cash-out transaction.
NEW BRUNSWICK, N.J. — CBRE Group has brokered a 173,746-square-foot industrial renewal and expansion lease in New Brunswick. Prime Source Building Products will continue to occupy space at 14 and 20 Van Dyke Avenue as its Northeast distribution hub. The company renewed its lease for 84,824 square feet at 20 Van Dyke Ave. and expanded into 88,922 square feet at 14 Van Dyke Ave. Scott Belfer and Lou Belfer of CBRE represented the landlord, Van Dyke Associates, in the transaction.
DALLAS — Port Logistics Realty will develop Southport Logistics Park, a 531-acre distribution center complex in south Dallas designed to accommodate up to 9 million square feet of warehouse facilities. The first phase of construction, which will include two buildings totaling 1.5 million square feet, as well as infrastructure for the entire park, will begin in the third quarter. The project is located near the intersection of Fulghum Road and I-45, in proximity to the Union Pacific Intermodal Terminal. Kacy Jones, John Hendricks and Wilson Brown of CBRE will handle leasing at the property.
McALLEN, TEXAS — Marcus & Millichap has brokered the sale of Paradise Village, an 82-unit multifamily property in the south Texas city of McAllen. Located at 4210 N. Main St., the community offers 30 one-bedroom and 52 two-bedroom apartments, as well as a swimming pool. Zar Haro and Mike Moffitt of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Haro and Moffitt also secured the buyer, another limited liability company.
HOUSTON — Hicks Ventures has acquired 16900 Park Row, a 76,054-square-foot office building in Houston. Constructed in 1980, the two-story structure was fully occupied at the time of the sale by Wood Group Mustang Inc., a provider of engineering, project management and construction services for the oil and gas, energy and manufacturing industries. Hicks Ventures plans more than $1 million in renovations to the property, including improvements to exteriors, interiors, restrooms, elevators and common areas. Wood Group Mustang will be vacating the building in the third quarter. Trent Agnew of HFF represented the seller in the transaction, West Coast-based Romel Mustang LP.
HOUSTON — Real estate investment trust Hartman Short Term Income Properties XIX has signed Fitness Connection to a 46,133-square-foot lease at Fondren Road Plaza in Houston. The health club will join current tenants at the shopping center including Pizza Hut and H&R Block. The property is located at the intersection of Fondren Road and Bissonnett Street, in proximity to U.S. Route 59. Sherman Hinkleman of The Retail Connection represented the tenant in the negotiations for the 10-year lease. Locally based Hartman was represented internally by Jennifer Rabon. Fitness Connection operates more than 25 locations in Texas, Nevada and North Carolina.
EL SEGUNDO, CALIF. — The Los Angeles Lakers have agreed to purchase an undeveloped five-acre parcel within the Elevon at Campus El Segundo development. The purchase price was not disclosed. The site is located at the northwest corner of Mariposa Avenue and Douglas Street in the Los Angeles submarket of El Segundo. The site will be the future training center for the Lakers and its Development League team, the Los Angeles D-Fenders. The facility will also house the teams’ business operations. Elevon will be a 15-building office campus with about 210,000 square feet of for-sale creative office buildings. It will also feature 13,500 square feet of leasable dining and retail space. Elevon is located within Campus El Segundo, a 46.5-acre, mixed-use property. It is situated less than a block from the 405 and 105 freeways. The new project began construction this past November. It is slated for completion in the fourth quarter of this year. The project will reportedly cost $97 million. Elevon is being developed by Continental Development Corporation and its partner, Mar Ventures Inc. CBRE’s Bill Bloodgood and Bob Healey will handle the office sales, while JLL’s Steve Solomon and Carl Muhlstein will oversee build-to-suit opportunities.
GREENWOOD VILLAGE, COLO. — Harlequin Plaza, a 324,833-square-foot suburban office building in Greenwood Village, has received a $28-million refinancing. The building is located at 7600 E. Orchard Road, near the Interstate 225 and 25 interchange, just southeast of Downtown Denver. The two-building plaza was renovated in 2013. It is 90 percent leased. Harlequin’s notable tenants include Dex Media, Cherry Creek Mortgage and BELLCO Credit Union, as well as a mix of other finance, banking, media, engineering and medical firms. The loan was arranged for Unico by HFF’s Tom Wilson, Eric Tupler, Erica Christensen and Kristian Lichtenfels.
LOS ANGELES – A five-property retail portfolio that is based in Downtown Los Angeles’ Fashion District has received a $22-million recapitalization. The borrower was a locally based real estate investment consortium. Financing was composed of individual loans ranging in size from $1.1 million to $8.35 million. The loans were funded by three different off-shore lenders. The second-trust deed mortgage loan had a three-year term at 4.5 percent. The remaining permanent loans each featured seven-year terms, with fixed interest rates of 4 percent for five years. The loans were secured by Quantum Capital Partners. The team was led by Jonathan Hakakha. Quantum was tasked with finding and structuring the appropriate debt on each asset that would best meet the individual partnerships’ specific requirements.