Property Type

216-UNIT APARTMENT COMPLEX IN FALL RIVER SELLS FOR $20.5M

by admin November 6, 2013

FALL RIVER, MASS. — Institutional Property Advisors (IPA) has arranged the $20.5 million sale of Royal Crest Estates, a 216-unit apartment complex in Fall River, about 50 miles south of Boston. The sales price equates to $94,900 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, represented the seller, Aimco Fall River LLC. The buyer was Highlands North Realty Trust. Constructed in 1974, Royal Crest Estates includes 10 detached apartment buildings and a clubhouse. The unit mix features eight studios, 90 one-bedroom flats and 118 two-bedroom apartments, each featuring a private deck or patio. Community amenities include tennis courts, an Olympic-size pool with sundeck, a self-service car wash, a barbecue area, a fitness center with lockers and showers and a clubhouse with fireplace, billiards lounge and library. Todd Tremblay of IPA was the Massachusetts broker of record.

November 6, 2013

NORTHMARQ ARRANGES $11M LOAN FOR HOTEL IN ROCHESTER

by admin November 6, 2013

ROCHESTER, N.Y. — NorthMarq Capital has arranged $11 million in financing for the Hilton Garden Inn, located 155 East Main St. in Rochester. Financing was based on a seven-year term and a 25-year amortization schedule. Sam Berns, managing director at NorthMarq, arranged the financing for the borrower through a life insurance company.

November 6, 2013

Civic Northeast

PARSONS ARRANGES $4.9M SALE OF THREE BUILDINGS IN FRAMINGHAM

by admin November 6, 2013

FRAMINGHAM, MASS. — Parsons Commercial Group Inc. has arranged the $4.9 million sale of 135-139 Newbury St. in Framingham, a western suburb of Boston. Victor Galvani, vice president, and Jake Parsons, vice president at Parsons Commercial Group, represented the seller, Calare Properties. The buyer, McAuliffe Charter School, purchased the four-acre site and will be relocating from its current facility at 25 Clinton St. in downtown Framingham. The new location includes three buildings, totaling more than 45,000 square feet.

November 6, 2013

Industrial Northeast

NYPRO SIGNS 205,095 SF LEASE AT INDUSTRIAL BUILDING IN DEVENS

by admin November 6, 2013

DEVENS, MASS. — Healthcare supplies manufacturer Nypro is moving into part of a 448,000-square-foot factory in Devens that was previously occupied by solar panel manufacturer Evergreen Solar. Nypro has signed a lease for 205,095 square feet at the industrial building, located at 112 Barnum Road, about 45 miles west of Boston. Two private equity firms, Los-Angeles-based Hackman Capital and Hudson, Mass.-based Calare Properties, bought the plant out of Evergreen's bankruptcy in April of last year for $8.5 million. Nypro will occupy approximately half of the building, while Saint-Gobain, a worldwide manufacturer of industrial crystals and ceramics systems, will continue to occupy the other half. Headquartered in Clinton, Mass., worker-owned Nypro was acquired in February by Jabil Circuit for $665 million, according to the Boston Business Journal.

November 6, 2013

Multifamily Texas

NORTHMARQ ARRANGES $11M IN REFINANCING FOR DALLAS APARTMENTS

by admin November 6, 2013

DALLAS — NorthMarq Capital has arranged an $11 million refinancing loan for Windsor Station Apartments, a 399-unit multifamily property in Dallas. Located at 3501 N. Buckner Blvd., the complex offers one- and two-bedroom floor plans plus amenities including two swimming pools, two laundry facilities and complimentary video rental. Greg Duvall of NorthMarq’s Kansas City regional office originated the Freddie Mac loan on behalf of the undisclosed borrower.

November 6, 2013

Industrial Texas

KDC BEGINS CONSTRUCTION OF 260,000 SF ADVOCARE FACILITY IN RICHARDSON

by admin November 6, 2013

RICHARDSON, TEXAS — Dallas-based developer KDC has broken ground on a new, 260,000-square-foot office and warehouse facility in Richardson for AdvoCare International. The health and wellness company celebrates two decades in business this year and will occupy the space, located at 2800 Telecom Parkway, once it is completed in July 2014. More than 100 AdvoCare employees will work at the new facility, which will be used for light manufacturing and product assembly, while 150 employees will remain at the company’s corporate headquarters in Plano. Azimuth: Architecture is serving as project designer, and McFadden & Miller is working as general contractor. Kacy Jones of CBRE represented AdvoCare in the negotiations.

November 6, 2013

Retail Texas

RETAIL CONNECTION AND OAKRIDGE PROPOSE FIRST PHASE OF CROSSROADS AT TERRELL

by admin November 6, 2013

TERRELL, TEXAS — The Retail Connection LP and Oakridge Investments plan the 225,000-square-foot first phase of the Crossroads at Terrell, a major regional shopping center planned for the interchange of Interstate 20 and U.S. Highway 80. TJ Maxx, Ross, Bed Bath & Beyond and Sam’s Club are among the proposed anchors for the power center component of the project, which will break ground in fall 2014 and open in late 2015. The development has been designed to expand to more than 1 million square feet, including office and multifamily uses in addition to retail. Separately, the City of Terrell has approved zoning for a 60,000-square-foot Buc-ee’s travel center adjacent to the Crossroads at Terrell site.

November 6, 2013

Industrial Texas

CBRE ARRANGES 126,000 SF INDUSTRIAL LEASE IN EL PASO

by admin November 6, 2013

EL PASO, TEXAS — CBRE has arranged a lease of 126,000 square feet of industrial space in El Paso for Handgards Inc., a supplier of foodservice disposables such as gloves, bags and pan liners. The facility, located at 32 Celerity Wagon St., features 24-foot clear height ceilings, 30 dock-high doors and close proximity to the El Paso International Airport. Anthony Mash of CBRE El Paso represented the landlord, 1901 Bragaw LLC, while the tenant represented itself in the negotiations.

November 6, 2013

Healthcare Western

PAIR OF SOCAL MEDICAL OFFICE PORTFOLIOS RECEIVES $240M IN REFINANCING

by admin November 6, 2013

LOS ANGELES – A pair of Southern California medical office portfolios has received $240 million in refinancing. A five-building portfolio in the Golden Triangle district of Beverly Hills received a seven-year, $176.5 million loan. Itcontains medical office and retail properties. A three-building portfolio spread throughout Southern California received a five-year, $63.5 million loan. The Golden Triangle Collection contains a total of 233,980 square feet near Cedars-Sinai Medical Center and UCLA Medical Center. The latter portfolio contains a total of 194,253 square feet. The assets are located in Sherman Oaks, Santa Clarita and La Jolla. Financing was secured by Reid McGlamery and Michael Zietsman of Jones Lang LaSalle, who worked on behalf of G&L Realty. Both loans were supplied by U.S. Bank.

November 6, 2013

Multifamily Western

ORANGE COUNTY MULTIFAMILY PORTFOLIO RECEIVES $90.4M IN REFINANCING

by admin November 6, 2013

NEWPORT BEACH, CALIF. – A five-property multifamily portfolio based in Orange County has received $90.4 million in refinancing. The assets were located in La Habra, Fullerton, Anaheim, Costa Mesa and Buena Park. The local owner/operator built four of the five properties in the 1970s. Each boasts about a 95 percent occupancy rate. The properties received fully amortizing loans with fixed rates in the mid-4 percent range. The transaction was negotiated by Seth K. Grossman of Meridian Capital Group in partnership with Greg Reed and Kristen Croxton of Beech Street Capital. The loans were placed with a life insurance company lender.

November 6, 2013

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