Property Type

JLL SECURES $186M ACQUISITION LOAN FOR EAST COAST HOTEL PORTFOLIO

by admin January 6, 2014

NEW YORK CITY — Blackstone Real Estate Advisors LP has secured $186 million in acquisition financing for a 15-property, select-service hotel portfolio on the East Coast. Deutsche Bank provided the five-year, floating-rate loan. The portfolio includes 1,642 rooms that are located in Pennsylvania, New York, North Carolina, New Jersey, Rhode Island, Connecticut and Delaware. Peter Nicoletti, executive managing director, and Mathew Comfort, managing director, along with Dustin Stolly and Bill Grice, executive vice presidents, led the Jones Lang LaSalle team, which arranged the financing. “The portfolio benefits from superior sponsorship that provided a significant equity investment of nearly $50 million, as well as their global brand recognition,” says Comfort. “In addition to the strong in-place cash flow, there is limited new supply in each market, which will bolster the portfolio’s performance going forward.”

January 6, 2014

BCRE SELLS 362-UNIT LUXURY APARTMENT BUILDING IN NYC FOR $139M

by admin January 6, 2014

NEW YORK CITY — Brack Capital Real Estate (BCRE) has sold The Greystone, a 362-unit luxury apartment building at 212 W. 91st St., for approximately $139 million. Acuity Capital Partners purchased the property. BCRE converted The Greystone, which was built as a hotel in 1923, into a luxury residential property in 2009. The Greystone includes apartments ranging from studios to three-bedroom units with modern design elements and premium finishes. Amenities at the property include a resident’s lounge, fitness center, bicycle storage, valet service, landscaped roof lounge and sun deck. Aaron Jungreis of Rosewood Realty Group represented the seller and buyer in the transaction. Eastdil Secured acted as an advisor to the seller. Acuity has taken out a $113.7 million loan facility on the property from Ares Commercial Real Estate, which was arranged by Michael Edery of Paradigm Funding.

January 6, 2014

Industrial Northeast

TERRENO REALTY BUYS INDUSTRIAL BUILDINGS IN QUEENS FOR $53.1M

by admin January 6, 2014

NEW YORK CITY —Terreno Realty Corp. has acquired JFK Airgate, a four-building property totaling 229,000 square feet, and an adjacent parcel in Queens for $53.1 million. JFK Airgate, located approximately one-half mile north of John F. Kennedy International Airport, is approximately 98.6 percent leased to 18 tenants, including some of the largest international air cargo and logistics firms. The 65,000-square-foot Airgate I is a warehouse with 14 dock-high and three grade-level loading positions and parking for 56 cars at 151-02 132nd Ave. Airgate II is also a warehouse that spans 66,000 square feet with 12 dock-high and three grade-level loading positions and parking for 76 cars at 150-10 132nd Ave. The 73,000-square-foot Airgate III is a distribution building with 18 dock-high and one grade-level loading positions and parking for 138 cars at 152-02 Baisley Blvd. Airgate IV is an office building spanning 25,000 square feet and includes parking for 58 cars at 152-01 133rd Ave. The 0.2-acre paved parcel includes parking for 27 cars at Baisley Boulevard and 132nd Avenue. The estimated stabilized cap rate of the property is 5.3 percent, according to San Francisco-based Terreno Realty Corp.

January 6, 2014

Mixed-Use Northeast

RELATED BEAL BUYS THE BLOCK ON CONGRESS FROM FIDELITY

by admin January 6, 2014

BOSTON — Related Beal Real Estate Recovery Fund has acquired The Block on Congress, a five-building, 343,000-square-foot portfolio in Boston, from Fidelity Investments. The company did not disclose terms of the deal, however the Boston Herald reported that Related Beal paid $59.2 million for the property. The office and retail portfolio sits on more than one acre and is located at 82 Devonshire St., 35 Congress St., 68 Devonshire St., 19 Congress St., 15 Congress St., and 54 Devonshire St. Related Beal will lead the repositioning efforts and serve as property manager of The Block. CBRE/New England was tapped last spring to sell the complex on behalf of Fidelity. The CBRE capital markets sales team was led by Chris Angelone, Andy Hoar and Carlos Febres-Mazzei. Jeremy Grossman of CBRE is spearheading the retail leasing efforts for Related Beal.

January 6, 2014

Multifamily Texas

MARCUS & MILLICHAP BROKERS SALE OF 62-UNIT APARTMENT COMPLEX IN FORT WORTH

by admin January 6, 2014

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Ambassador, a 62-unit multifamily building in Fort Worth. Originally constructed in 1962 and recently renovated, the property is located at 511 Tierney Road, in proximity to Highway 180. Apartment options include one- and two-bedroom layouts ranging from 640 to 960 square feet. Stephen Crittenden of the Ware Jarnagin team of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Crittenden also secured the buyer, another private investor.

January 6, 2014

Industrial Texas

HENRY S. MILLER BROKERS 24,275 SF FLEX SPACE SALE IN LEWISVILLE

by admin January 6, 2014

LEWISVILLE, TEXAS — The firm of Henry S. Miller has brokered the sale of a 24,275-square-foot flex property in the Dallas/Fort Worth suburb of Lewisville. Located on 1.5 acres at 1210 Metro Park Blvd., the facility offers both warehouse and office space, as well as easy access to Highway 121 and Interstate 35. Dan Spika of Henry S. Miller represented the seller, Britestar Group, in the transaction. Mark Graybill of Lee & Associates represented the buyer, Team Taylor Investments LLC.

January 6, 2014

Industrial Texas

CBCUR BROKERS SALE OF 10,200 SF INDUSTRIAL PROPERTY IN METRO HOUSTON

by admin January 6, 2014

TOMBALL, TEXAS — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of a two-building, 10,200-square-foot industrial property in Tomball, a northwest suburb of Houston. Built in 1985, the structures feature 14-foot clear heights, three bay doors each and a showroom space. Located at 14695 Brown Road, the complex offers close proximity to State Highway 249. Patrick Buckhoff of CBCUR represented the seller, Action Window Covering Inc., while Tom Carter of greater Houston Commercial Properties represented the buyer, Joe Laughlin.

January 6, 2014

Multifamily Texas

SUSTAINABLE 302-UNIT APARTMENT COMPLEX OPENS IN AUSTIN

by admin January 6, 2014

AUSTIN, TEXAS — Architect BOKA Powell LLC and contractor Southern Cross Construction have completed RiverView, a 302-unit sustainable apartment complex in Austin. The four-building property sits on a four-acre waterfront site on Lady Bird Lake, in close proximity to Interstate 35, and offers amenities such as a fitness center, swimming pool, resident lounge and business center. Sustainable features of the LEED Silver-certified development include water-saving plumbing fixtures, local and recycled materials and a roof system that collects, filters and stores rainwater in a cistern for irrigation. Studio, one- and two-bedroom options are available with rents starting at $1,158 per month. Dallas-based CDK Realty Advisors LP provided equity for the project, The Whitworth Company acted as project manager, and Molly Nelson of Prestonwood Design Group served as interior designer.

January 6, 2014

Office Western

NORTH SCOTTSDALE CORPORATE OFFICE COMPLEX SELLS FOR $5.2M

by admin January 6, 2014

SCOTTSDALE, ARIZ. – The North Scottsdale Corporate Office Complex has sold to Talia Jevan Properties for $5.2 million. The 22,080-square-foot facility is located at 6970 E. Chauncey Lane in Scottsdale. The seller was Alliance Real Estate Holdings. The transaction was brokered by Cashen Realty Advisors.

January 6, 2014

Seniors Housing Western

SUMMIT HEALTHCARE REIT BUYS ASSISTED LIVING FACILITY IN REDDING

by admin January 6, 2014

REDDING, CALIF. — Summit Healthcare REIT has acquired a 40-unit assisted living facility in Redding for $3.5 million. The 26,000-square-foot facility has been triple-net leased to an affiliate of Compass Senior Living. This is Summit’s first acquisition since changing its name from Cornerstone Core Properties REIT this past October.

January 6, 2014

Newer Posts

Older Posts