Property Type

CAPRI CAPITAL BUYS APARTMENT BUILDING IN STAMFORD FOR $135M

by admin January 8, 2014

STAMFORD, CONN. — Capri Capital Partners LLC, on behalf of an institutional investor, has acquired 101 Park Place at Harbor Point, a Class A multifamily property in Stamford, for $135 million. Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre, transit-oriented community under development. The 15-story, 336-unit apartment building has an occupancy rate of 94 percent. Amenities include a roof-top terrace and large pool deck. Building Land & Technology and its partner, Lupert-Adler Real Estate Funds, developed the property.

January 8, 2014

MADISON CLOSES $38M LOAN FOR ST. JOHN'S QUEENS HOSPITAL BUILDING

by admin January 8, 2014

NEW YORK CITY — Madison Realty Capital has closed a $38 million first-mortgage bridge loan for the acquisition of the former St. John's Queens Hospital building at 90-02 Queens Boulevard in the Elmhurst neighborhood of Queens. The borrower plans to use the funds to redevelop the 266,322-square-foot medical facility, which has been closed since its operator went bankrupt in 2009. The new ownership, a group of mostly foreign investors led by developer Steve Wu, will repurpose the building, creating a mixed-use project that will include 144 residential units and 118,213 square feet of commercial and community space. The buyer also acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which features 290 parking spaces.

January 8, 2014

Mixed-Use Northeast

EASTERN CONSOLIDATED ARRANGES $9.5M SALE OF 1128 THIRD AVENUE

by admin January 8, 2014

NEW YORK CITY — Eastern Consolidated has arranged the sale of 1128 Third Avenue in Manhattan for $9.5 million. Starbucks Coffee occupies the ground floor and anchors the 5,309-square-foot Upper East Side property. The four-story, mixed-use building includes one retail store, one commercial floor and two residential units. Adelaide Polsinelli, senior director and head of Eastern’s retail sales group, arranged the transaction on behalf of the seller, Chicago-based real estate investment firm L3 Capital LLC. Attorneys Joel Rubin and Joshua Kurtz of Seyfarth Shaw LLP also represented the seller. Ronda Rogovin, principal and senior director with Eastern Consolidated, represented the buyer, a local investor. Attorneys Anthony Cornicello of Cornicello, Tendler & Baumel-Cornicello LLP also represented the buyer.

January 8, 2014

Multifamily Northeast

FANTINI & GORGA ARRANGES $4.4M LOAN FOR NEEDHAM CONDOS PROJECT

by admin January 8, 2014

NEEDHAM, MASS. — Fantini & Gorga has arranged $4.6 million in equity and debt financing for the construction of Webster Street Green, a 10-unit townhouse condominium project in Needham, a western suburb of Boston. Webster Street Green will include 10 two- and three-bedroom units with garages. The equity portion of the financing was placed with a private investment fund, and the debt with a regional bank. Tim O’Donnell, a principal at Fantini & Gorga, arranged the financing.

January 8, 2014

Office Texas

BOXER BUYS 810,000 SF OFFICE COMPLEX IN FARMERS BRANCH

by admin January 8, 2014

FARMERS BRANCH, TEXAS — Boxer Property has acquired The Centre, an 817,000-square-foot office complex in the northern Dallas suburb of Farmers Branch. Comprised of 11 buildings, the property is located at the corner of Alpha and Midway roads, in close proximity to the Lyndon B. Johnson Freeway. The campus includes a lake and fitness center and is within walking distance of an upscale hotel. Houston-based Boxer plans to redevelop portions of the complex by incorporating its open Workstyle office designs.

January 8, 2014

Multifamily Texas

LMI CAPITAL ARRANGES $86.1M IN LOANS FOR HOUSTON MULTIFAMILY PROPERTIES

by admin January 8, 2014

HOUSTON — LMI Capital has arranged $86.1 million in financing across eight multifamily properties in Houston on behalf of AM Houston, a joint venture between Ascension Commercial Real Estate and Moriah Partners. The loans will provide for the refinancing of seven previously owned properties and the acquisition of one property, together totaling more than 2,300 units. Originally purchased by AM Houston in 2011, the newly refinanced properties have an average occupancy of 93 percent, up from 70 percent at the time of purchase. The acquisition loan, which accounts for $18.5 million of the financing, includes five years of interest-only payments.

January 8, 2014

Seniors Housing Texas

HFF BROKERS KATY SENIORS HOUSING SALE FOR $71.3M

by admin January 8, 2014

KATY, TEXAS — HFF has brokered the sale of The Solana at Cinco Ranch seniors housing property in the Houston suburb of Katy for $71.3 million. American Realty Capital purchased the 184-unit facility, which offers independent living, assisted living and memory care options and is located at 24001 Cinco Village Center Blvd. Completed in 2009 and expanded in 2013, the property was 98 percent occupied at the time of the sale and features amenities such as a restaurant, sports bar, salon, theater, fitness center, saltwater pool and bocce ball court. Ryan Maconachy and Chad Lavender of HFF represented the seller, Formation Development Group LLC and affiliates of The Carlyle Group Inc. The Arbor Company will continue to operate the facility.

January 8, 2014

Hospitality Texas

M&M BROKERS 100-ROOM HOTEL SALE IN BRYAN

by admin January 8, 2014

BRYAN, TEXAS — Marcus & Millichap has brokered the sale of a 100-room Best Western Premier hotel in Bryan. Located at 1920 Austin’s Colony Parkway in the heart of the Brazos Valley, the property offers proximity to State Highway 6, FM 158 and Texas A&M University. Marty Cohan and Douglas Cole of Marcus & Millichap represented the buyer, an Hermosa Beach, Calif.-based private investment firm completing a 1031 tax-deferred exchange. David Greenberg, Alan Miller and Chris Gomes of Marcus & Millichap represented the seller, a Texas-based private investment company. Anita Paryani Rice and Jake Roberts of Marcus & Millichap Capital Corp. arranged the acquisition financing.

January 8, 2014

Office Western

PATRIOT EQUITIES BUYS 1.2M SF OFFICE PORTFOLIO IN COLORADO SPRINGS

by admin January 8, 2014

COLORADO SPRINGS, COLO. — Patriot Equities has acquired a 1.2-million-square-foot office portfolio in Colorado Springs for a reported $160 million. The portfolio contains a total of 15 Class A office buildings, including eight multi-tenant and seven single-tenant structures. The properties are more than 90 percent leased. The seller, Corporate Office Properties Trust, was represented by Cushman & Wakefield.

January 8, 2014

Office Western

USAA BUYS AMERICA CENTER, ADJACENT DEVELOPMENT SITE IN SAN JOSE

by admin January 8, 2014

SAN JOSE, CALIF. — USAA Real Estate Company has purchased America Center, a 430,852-square-foot office campus in San Jose, and its adjacent development site, for an undisclosed sum. The campus is located at 6001 America Center Drive. Phase I of the development was completed in 2009. It contains two office buildings that are 83 percent leased. Notable tenants include Polycom and Flextronics, which are both headquartered there. Phase II calls for a pair of 213,800-square-foot office buildings. USAA will team up with Legacy Partners, America Center’s original developer, on this second phase of development. The site is entitled and shovel-ready.

January 8, 2014

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