BIRMINGHAM, ALA. — Cypress Equities has acquired Brookwood Village, an 816,000-square-foot mixed-use center in Birmingham’s affluent Mountain Brook neighborhood. A fund managed by Cypress Equities’ real estate investment management group secured the transaction. Brookwood Village consists of a 604,000-square-foot, two-level enclosed mall; a 41,900-square-foot grocery-anchored retail property; and a nine-story, 170,000-square-foot Class A office building. Tenants of the mall include anchors Macy’s, Belk and Books-A-Million, as well as Banana Republic, Brookstone, Jos. A. Bank, LOFT, Victoria’s Secret and Z Gallerie. Additionally, an 18,000-square-foot DSW Designer Shoe Warehouse recently opened a store adjacent to The Fresh Market. The office building is currently 98 percent leased to tenants including Kinder Morgan, Merrill Lynch and PWC. Martin Smith, Scott Tiernan, Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction. Smith will direct project leasing alongside Cypress Equities’ in-house team.
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MORROW, GA. — Los Angeles-based Vintage Real Estate has acquired the 1 million-square-foot Southlake Mall, located at 1000 Southlake Circle in Morrow, about 14 miles south from downtown Atlanta. Macy’s and Sears anchor the mall, which is currently 90 percent leased to tenants including Victoria’s Secret, American Eagle Outfitters, Footlocker, Helzberg Diamonds, Aeropostale, Bath & Body Works, Finish Line, New York & Co., Children’s Place, City Gear, DTLR, Kay Jewelers, rue21 and Express. The former owner, General Growth Properties, placed $100 million of debt on the property in 2007. In February 2013, the undisclosed lender foreclosed on the property. Vintage plans to bring in new tenants and upgrade the common areas of the mall. Additionally, Vintage will redevelop an adjacent 160,000-square-foot building that JC Penney vacated in 2011. That property is currently under contract for purchase.
FORT LAUDERDALE, FLA. — CNL Commercial Real Estate Inc. has acquired Sawgrass Lakes Center, a 239,373-square-foot, Class A office building in Fort Lauderdale. CNL purchased the asset through a $300 million joint venture investment with Long Wharf Real Estate Partners LLC. Long Wharf made the investment on behalf of a value-added real estate fund it manages. The property is currently 78 percent leased to tenants including AT&T and JP Morgan Chase.
CHESTERTON, IND. — HSA Commercial Real Estate has arranged a 13,800-square-foot office lease for Lakeside Wealth Management, a financial services company based in Chesterton, Ind. The company will occupy space on the second level of the Village Point Professional Office Building, located at 3100 Village Point Road in Chesterton, approximately 17 miles east of Gary. Lakeside Wealth Management currently leases space at 407 W. Indiana Ave. The company plans to relocate to the Village Point Professional Office Building in September. Robert Titzer of HSA Commercial and Jay Pouzer of CBRE represented the owner in the transaction.The new lease with Lakeside Wealth Management will bring the 31,210-square-foot Village Point Professional Office Building, which was developed by HSA Commercial in 2007, to full occupancy.
INDIANAPOLIS — Cassidy Turley has arranged the sale of a nine-building, multi-tenant industrial portfolio in Indianapolis to Chicago-based CrossLake Partners.The buildings are located in the Park 100 Business Park in the Northwest industrial submarket of Indianapolis. The portfolio totals 439,194 square feet and was 97 percent occupied at the time of the sale. Jeff Castell of Cassidy Turley represented the seller, Duke Realty Corp., in the transaction.Cassidy Turley will lease and manage the portfolio.
TRENTON, MICH. — NAI Farbman has arranged a 6,831-square-foot lease for Lakeshore Surgical Consultants PLC in the Oakwood Southshore Medical Office Building in Southeast Michigan. The facility is located at 5400 Fort St. in Trenton, approximately 25 miles southeast of Detroit. Jeff Cavazos, Laney Cavazos and Mark Yagerlener of NAI Farbman represented the landlord, Oakwood Enterprises Inc., in the transaction. John Harwood of NAI Farbman represented Lakeshore Surgical Consultants. Oakwood Southshore is a 25,000-square-foot, Class B medical building attached to Southshore Hospital. The property, built in 1992, underwent renovations in 2008.
NEW YORK CITY — Eastern Consolidated has arranged for the $126 million sale of The Nash, a 25-story, 191-unit luxury apartment building located at 222 E. 39th St. Following a renovation and repositioning of the property from a hotel to an apartment building, a partnership, led by Atlas Capital, Rockpoint Group and The Procaccianti Group sold the property to Lloyd Goldman of BLDG Management. Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller in the transaction, and Ezratty also procured the buyer. Renovations began in early 2013 with leasing starting in August. The building was 70 percent leased at the time of sale.
BOSTON — The Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York have closed on the acquisition of 28 State Street in Boston from The Blackstone Group. The 40-story skyscraper features more than 570,000 square feet of office space and 7,000 square feet of retail at the northeast corner of State and Congress streets. The purchase price was not disclosed, but the Boston Business Journal reported the tower was last assessed at $177 million. Designed by Emery Roth & Sons and built in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. Blackstone acquired the property in 2007.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased a portfolio of three defaulted loans from a local New York lender totaling $17 million. The loans are secured by three different multifamily and mixed-use properties in Brooklyn. The properties include a partially complete mixed-use residential development in Midwood, a 23-unit residential rental property in Red Hook, and a seven-story condominium building in Vinegar Hill.
NEW YORK CITY — Ariel Property Advisors has arranged the $10.2 million sale of a development site featuring approximately 78,000 buildable square feet. The property is located at 14-01, 14-07, and 14-19 Broadway on the border of Long Island City and Astoria. Shimon Shkury, Howard Raber, Victor Sozio, and Michael Tortorici of Ariel Property Advisors represented the seller, a private investor, and procured the buyer, a real estate investment group. The site is zoned for residential or mixed-use development and includes three contiguous lots with 182 feet of frontage on the north side of Broadway between 14th and 21st streets.