Property Type

ARIEL ARRANGES $30.5M SALE OF NINE MULTIFAMILY PROPERTIES

by admin September 19, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the $30.5 million sale of nine multifamily buildings on the Upper West Side, Central Harlem and East Harlem in New York City. Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch and Marko Agbaba of Ariel Property Advisors marketed the properties on behalf of the sellers, real estate investment firms. Five attached walk-ups at 265-273 W. 146th St. in Central Harlem totaling 100 unis sold for $11.1 million. A five-story, mixed-use walk-up at 950 Columbus Ave. on the Upper West Side sold for $5.1 million. Jeffrey Tanenbaum of Halstead Property represented the buyer, a local owner, in the transaction. A six-story, mixed-use building at 88 E. 111th St. in East Harlem sold for $5 million. The 19,884-square-foot walk-up includes 28 residential units and two commercial units. A six-story, mixed-use building at 1661 Park Ave. in East Harlem sold for $4.8 million. The 22,436-square-foot building features 34 residential units and one retail unit. A six-story walk-up at 524 E. 119th St. East Harlem sold for $4.5 million. The 21,100-square-foot building includes 35 residential units.

September 19, 2013

NEW BOSTON FUND WELCOMES BANKNEWPORT TO THE SHOPS AT QUONSET

by admin September 19, 2013

NORTH KINGSTOWN, R.I. — New Boston Fund Inc. has celebrated the groundbreaking of BankNewport’s newest branch in North Kingstown, about 21 miles south of Providence. The 2,000-square-foot bank will be located at the front of The Shops at Quonset Point development. BankNewport signed a 15-year lease in April on a pad site to construct the new bank branch. The new building will feature two drive-thru lanes, one of which will have a drive-thru ATM. Inside, the branch offers an ATM for after-hours banking; a coin counting machine in the lobby; and a conference room available to small businesses that require a meeting space during banking hours. Construction of BankNewport’s new branch is slated for an early 2014 completion.

September 19, 2013

Healthcare Northeast

SIMONE HEALTHCARE TO DEVELOP MEDICAL OFFICE PROPERTY

by admin September 19, 2013

HEWLETT, N.Y. — Simone Healthcare Development Group has acquired 1436 Broadway in Hewlett and announced plans for the construction of a new medical office at the property. The developer says it has arranged a long-term lease of the property to a major hospital in the area. The medical office property, which will offer primary, specialty and urgent care services, is slated to open in spring 2014. In addition to the new facility on Long Island, Simone Healthcare Development is also working with Montefiore Medical Center, Mount Sinai Hospital and other major healthcare providers on new outpatient care centers in New York.

September 19, 2013

Healthcare Northeast

MEDICAL CENTER RENEWS FIVE-YEAR LEASE IN FRANKLIN LAKES

by admin September 19, 2013

FRANKLIN LAKES, N.J. — NAI James E. Hanson has completed a five-year lease renewal at 795 Franklin Ave. in Franklin Lakes, located about 25 miles north of Newark. Hackensack University Medical Center will occupy 3,425 square feet at the Class B office building. Michael Walters, executive managing director, and Steven Leitner, vice president at NAI Hanson, arranged the transaction. Sabra Realty owns the property. Also known as Campgaw Plaza, the two-story, 14,500-square-foot building was constructed in 1984 and includes 50 parking spaces.

September 19, 2013

Multifamily Texas

M&M BROKERS 40-UNIT MULTIFAMILY SALE IN FORT WORTH

by admin September 19, 2013

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Lowden Terrace, a 40-unit apartment complex in Fort Worth. Located at 2200 W. Lowden St., the four-building property is in close proximity to Texas Christian University. Lowden Terrace offers one- and two-bedroom floorplans as well as a communal laundry facility. Boyan Radic, Mason Green and Doug Banerjee of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, Clarus Investment 4 LLC, and also secured the buyer, a Fort Worth-based limited liability company.

September 19, 2013

Office Texas

BOKA POWELL TO DESIGN 157,000 SF SPECULATIVE OFFICE BUILDING IN FORT WORTH

by admin September 19, 2013

FORT WORTH, TEXAS — Hillwood Development company has selected architectural firm BOKA Powell to design the first Class A office building at Alliance Town Center, part of the larger AllianceTexas development. The speculative property, which will total 157,000 square feet over three stories, is slated for completion in mid 2014. Green design elements to be implemented include low-emissivity coated glass, exterior passive sun-shading devices and high-albedo roofing and paving to reflect light. Rogers-O’Brien Construction will serve as general contractor on the project.

September 19, 2013

Seniors Housing Texas

PINPOINT COMMERCIAL, THRIVE SENIOR LIVING COMPLETE TWO PROPERTIES

by admin September 19, 2013

GEORGETOWN AND KELLER, TEXAS — PinPoint Commercial LP and Thrive Senior Living have completed construction of two assisted living and memory care facilities in Texas. The Legacy at Georgetown is a 158-bed, 63,000-square-foot property in Georgetown, located about 28 miles north of Austin. The Legacy at Bear Creek is a 116-bed, 55,000-square-foot property in Keller, located about 20 miles north of Fort Worth. The former is situated adjacent to Scott and White Georgetown Clinic, allowing for convenient medical care, while the latter is near Keller Town Center, a master-planned, mixed-use development. PinPoint acted as developer on the projects, and Thrive will manage the properties.

September 19, 2013

Office Western

UCSF TO ESTABLISH NEW ENDOCRINOLOGY RESEARCH UNIT IN MISSION BAY

by admin September 19, 2013

SAN FRANCISCO – The University of California, San Francisco (UCSF) has announced its plans to establish a state-of-the-art clinical and translational research unit focused on endocrinology in Mission Bay. The 30,000-square-foot space will be located at 499 Illinois Street in the San Francisco submarket. The facility is in close proximity to UCSF'S research campus and three new hospitals. The university has signed a 15-year lease at the property. Illumina also recently nabbed office and laboratory space at this 222,780-square-foot waterfront project. About 82 percent of the building is now leased or under negotiation. The building is owned by Alexandria Real Estate Equities.

September 19, 2013

Multifamily Western

GLENBROOKE APARTMENTS IN PUYALLUP RECEIVES $13.6M REFINANCE

by admin September 19, 2013

PUYALLUP, WASH. – The 225-unit Glenbrooke Apartments in Puyallup has received a $13.6-million refinance. The affordable housing complex is located at 701 43rd Ave. The property had a complex ownership structure with multiple partners. The transaction facilitated a refinance for a limited partner buy-out. Financing was based on a 10-year term and a 30-year amortization period with three years interest-only. It was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.

September 19, 2013

Hospitality Western

HYATT REGENCY DENVER TECH CENTER CHANGES HANDS

by admin September 19, 2013

DENVER — JMIR Acquisitions, LLC has purchased the 451-room Hyatt Regency Denver Tech Center for an undisclosed sum. The hotel is located at 7800 E. Tufts Ave. in Denver. The property also features a newly renovated lobby, the new Root 25 Taphouse & Kitchen, and 30,000 square feet of function space, including an 11,000-square-foot ballroom. The seller was Hyatt Equities, (Den) LLC. HREC Investment Advisors served as the exclusive investment banking agent for Hyatt Hotel Corporation. The property will be managed by Davidson Hotels & Resorts.

September 19, 2013

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