LACONIA, N.H. — NAI Norwood Group has arranged the $4.9 million sale of Lakeshore Estates in Laconia, a city located 44 miles south of Manchester. The garden-style apartment complex includes four buildings, totaling 120 units and spanning 118,032 square feet. Andy Fleisher represented the seller, a long-time owner, and assisted the buyer in the sale. The property was 93 percent leased at the time of the sale. Andre Tremblay of Franklin Savings Bank in Bedford, N.H., handled the lead financing. Sugar River Bank provided secondary financing. Andrew Prolman, an attorney with Prunier & Prolman P.A., assisted the buyer in the transaction.
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BLOOMFIELD, N.J. —Bechtel and Financial Computer Inc. have joined the tenant base at Prism Capital Partners’ BroadAcres Office Park in Bloomfield. Prism, which owns and manages the four-building, 380,000-square-foot campus, was self-represented by Edwin Cohen. Bechtel, a global engineering, project management and construction company, leased 23,000 square feet on the first and second floors at 300 Broadacres Drive. Christopher Olsen from Newmark Grubb Knight Frank served as tenant broker in the transaction. Financial Computer Inc. leased 4,200 square feet on the second floor of 400 Broadacres Drive. The information technology advisor, specializing in financial services offices, will relocate its headquarters to the property from Fairfield, N.J., in an expansion move. Curtis Foster of Cushman & Wakefield represented the tenant in the long-term transaction.
HOUSTON — HFF has arranged the sale of Westchase Creek, a 456-unit multifamily property in Houston’s Westchase District. HFF also secured a fixed-rate, Freddie Mac acquisition loan that includes a term of five years. Located at 3000 Woodland Park Drive, the community offers studio, one- and two-bedroom apartments, as well as amenities including a swimming pool, hot tub, fitness center and clubhouse. The property, which was 93.4 percent leased at the time of the sale, underwent renovations just over two years ago. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of HFF marketed the asset on behalf of the seller, Allen Harrison Co. Cortney Cole and Will Crawley, also of HFF, represented the buyer, an affiliate of Harbor Group International LLC, in securing the acquisition debt.
NACOGDOCHES, TEXAS — PRIME Multifamily Investors LLC has partnered with Presidium Group LLC to acquire a 132-bed student housing complex serving Stephen F. Austin University in Nacogdoches. The community, which will be rebranded as Social House, features amenities including a swimming pool, clubhouse, volleyball court and picnic area. Texas-based PRIME Multifamily Investors plans $700,000 in capital improvements to the property, including upgrades to flooring, plumbing, lighting and appliances, as well as building exteriors and common areas. Presidium Group sourced the equity for the acquisition.
AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Hillside Place, an 81-unit multifamily property in Austin. Constructed in 1973, the garden-style community offers studio, one- and two-bedroom apartments, as well as a swimming pool and picnic area with charcoal barbecue pits. Located at 4821 and 4823 E. Riverside Drive, the complex is in proximity to the central business district, the University of Texas and Lady Bird Lake. Forrest Bass and George Deuillet III of Hendricks-Berkadia marketed the asset on behalf of the seller, locally based 4823 E Riverside Drive LLC. San Francisco-based 4821 East Riverside Drive LLC bought the property.
McKINNEY, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 59,416-square-foot building in the Dallas/Fort Worth suburb of McKinney. Children’s Lighthouse Learning Centers acquired the facility, and franchisee Emily Fernando will operate the facility under the Children’s Lighthouse brand. Fernando now operates four Children’s Lighthouse educational child care centers in North Texas. The property is located at the intersection of Stacy and Alma roads, in proximity to a new Megatel Homes single-family home development. Grant Brodeur of Henry S. Miller Brokerage represented the buyer in the transaction. Marty Neilon of CBRE represented the seller, McKinney 18 LP.
SAN FRANCISCO – A 26-story high-rise tower at 140 New Montgomery in San Francisco’s South Financial district has received a $185-million recapitalization. The Class A tower was built in 1925 as the headquarters for Pacific Telephone and Telegraph. The telephone company owned the building until it was acquired by Stockbridge Capital Group in 2007. The building is undergoing a $100-million renovation that will include new building systems, a seismic upgrade and more than 1,300 new operable windows in the tenant spaces. It is currently 90 percent leased. Notable tenants include Software AG, Lumosity, Knoll Inc. and Yelp! , which anchors the building. The five-year term financing includes mezzanine debt that was sold to an institutional investor. It was provided to Stockbridge by Ronnie Gul of Mesa West Capital.
TEMPE, ARIZ. — MIG Real Estate has acquired Quadrangles Village, a 510-unit apartment community next to Arizona State University (ASU) in Tempe, for a reported $41.8 million. The community is located at 1255 E. University Drive. Other nearby attractions include the Wells Fargo Arena, Sun Devil Stadium and Tempe Town Lake. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, FSC Quadrangles Associates LLC, in this transaction. The complex will be managed by Greystar Student Living. This is MIG’s second Arizona investment. The firm acquired Acacia Creek in Scottsdale last year.
LAS VEGAS — Capital Square Realty Advisors LLC has acquired a 14,378-square-foot retail location on the Las Vegas Strip that is net leased to CVS for a reported $30 million. The store is located at 2700 S. Las Vegas Blvd. on the ground floor of Sky Las Vegas, a luxury condominium. Sky Las Vegas is located near SLS Las Vegas and Resorts World Las Vegas, two new resorts that are currently under development on the north end of the Strip. CBRE’s Charles Moore and Marlene Fujita Winkel represented the seller, Sky Las Vegas Condominiums Inc., in this transaction.The senior debt for Capital Square was procured by Adam Levinson of BGC Capital Partners.
EVERETT, WASH. – Lowe Enterprises Investors has acquired the 352-unit Covington Farms in Everett for an undisclosed sum. The community is located at 10115 Holly Drive in the Paine Field submarket, which is also home to Boeing, Aviation Technologies and Naval Station Everett. The community was built in 1989. It was 95 percent occupied at the time of sale. The unnamed seller was represented by Gail Neuburg of ARA