Property Type

CONSTRUCTION BEGINS ON WATERMARK AT JORDAN CREEK IN DES MOINES

by admin October 24, 2013

WEST DES MOINES, IOWA — Watermark Residential has begun construction of Watermark at Jordan Creek, a 176-unit, Class A multifamily community in West Des Moines. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. The community will include four four-story, wood-frame buildings and feature some parking in detached garages. Other amenities include a resort-style pool and a large clubroom. Watermark at Jordan Creek is located on a 9.2-acre site at the northeast corner of Stagecoach Drive and South 68th Street. The project is slated for completion in 2015. Dallas-based Humphreys & Partners Architects is the architect for the project.

October 24, 2013

BMC ARRANGES $3.9M LOAN FOR QUIKTRIP LOCATION IN ST. LOUIS

by admin October 24, 2013

ST. LOUIS, MO. — BMC Capital has arranged $3.9 million in acquisition financing for a single-tenant property in St. Louis. Patrick Short of BMC Capital’s Austin, Texas office arranged the financing for an out-of-state buyer. The 10-year loan includes a 5 percent fixed interest rate with a 25-year amortization schedule. QuikTrip fully occupies the building located at 8583 St. Charles Rock Road.

October 24, 2013

Hospitality Midwest

HREC ARRANGES SALE OF HOLIDAY INN CLEVELAND AIRPORT HOTEL

by admin October 24, 2013

STRONGSVILLE, OHIO — HREC Investment Advisors has arranged the sale of a 306-guestroom Holiday Inn Cleveland Airport Hotel in Strongsville, a southern suburb of Cleveland. Sayre, Pa.-based Twin Tier Hospitality was the buyer. Ted Anka, vice president, and Geoff Davis, president and senior principal of HREC, represented the seller during the transaction. The Holiday Inn Cleveland Airport is located within one-half mile from Westfield SouthPark Mall, the Cleveland Metropark and the Hoover Arena by Ice Land USA.

October 24, 2013

Northeast Office

HFF CLOSES $50 MILLION SALE OF LONG ISLAND OFFICE PORTFOLIO

by admin October 24, 2013

NEW YORK CITY — HFF has arranged the $50 million sale of a three-property office portfolio totaling 372,544 square feet in various Long Island locations. A joint venture between Investcorp International Inc. and Lincoln Equities Group LLC purchased the portfolio, which includes 666 Old Country Road in Garden City (120,238 square feet); 114 Old Country Road (114,356 square feet); and 100 Merrick Road in Rockville Centre (137,950 square feet). The portfolio has undergone more than $5 million in capital improvements since 2003 and is 93 percent leased. HFF also arranged acquisition financing for the buyers. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeff Julien and Jackie Ferrer led the HFF team representing the seller. Mike Tepedino and Michael Gigliotti led HFF’s debt placement team in the transaction.

October 24, 2013

Multifamily Northeast

71-UNIT APARTMENT COMMUNITY IN BOSTON SELLS FOR $21.5M

by admin October 24, 2013

BOSTON — CBRE/New England’s capital markets team has arranged the $21.5 million sale of Harrison Court Apartments, a 71-unit apartment building in Boston. Alumni Capital Partners LLC sold the property to an undisclosed buyer. Simon Butler, executive vice president and partner, and Biria St. John, executive vice president and partner, represented the seller, a venture between RF Walsh Co. and Kenney Development, and procured the buyer. Harrison Court is a Class B apartment building that was previously master-leased to Boston University. The buyer plans to upgrade 60 apartments and convert approximately 10,000 square feet of office space to 11 additional apartments and community space. Fulton Properties, a subsidiary of Kenney Development Inc., will oversee the redevelopment and repositioning of the property.

October 24, 2013

Multifamily Northeast

M&M ARRANGES $2.4M SALE OF 16-UNIT APARTMENT BUILDING

by admin October 24, 2013

NEW YORK CITY — Marcus & Millichap has arranged the sale of 24-26 Covert St., a 16-unit apartment property in Brooklyn, for $2.4 million. The sales price equates to $154 per square foot or $150,000 per unit. Shaun Riney, Derek Bestreich and Lucien Sproviero, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller and represented the buyer, both private investors.

October 24, 2013

Northeast Office

SIRIUS XM RADIO RENEWS 27,500 SF OFFICE LEASE IN LAWRENCEVILLE

by admin October 24, 2013

LAWRENCEVILLE, N.J. — Sirius XM Radio Inc. has renewed its 27,500-square-foot lease at Princeton Pike Corporate Center in Lawrenceville. Prism Capital Partners LLC, in a joint venture partnership owns the eight-building, 800,000-square-foot, Class A office park. Sirius XM Radio has operated at 989 Lenox Drive since 2008. Bob Morford from Morford & Dodds Realty Co. represented the firm in its long-term renewal transaction. The Prism Partners joint venture partnership acquired Princeton Pike Corporate Center earlier this year. Constructed on 100 acres between 1984 and the early 1990s, the complex features buildings with central atriums, cafés and fitness centers. The office complex was 90 percent leased at the time of the transaction.

October 24, 2013

Multifamily Texas

M&M BROKERS SALE OF 306-UNIT SAVANNAH APARTMENTS IN HOUSTON

by admin October 24, 2013

HOUSTON — Marcus & Millichap has brokered the sale of Savannah Apartments, a 306-unit multifamily property in Houston that commanded a list price of $10.5 million. Located at 8800 Broadway St., the complex is in close proximity to Hobby Airport, which is currently undergoing an extensive expansion. The buyer, a limited liability company, plans to operate the existing property until this expansion is complete, at which time it will review plans for a future mixed-use development on the site. Jeffrey Fript of Marcus & Millichap’s Houston office marketed the asset on behalf of the seller, also a limited liability company, and secured the buyer, as well.

October 24, 2013

Seniors Housing Texas

LOVE FUNDING ARRANGES $4.9M LOAN FOR SAN ANTONIO SENIORS HOUSING PURCHASE

by admin October 24, 2013

GARDEN RIDGE, TEXAS — Love Funding has arranged an acquisition financing loan of $4.9 million for Graceland at Garden Ridge, a 46-bed assisted living and memory care center located approximately 25 miles northeast of downtown San Antonio. The facility, located at 19095 FM 2252, was originally constructed in 2007. Leonard Lucas of Love Funding’s Boston office secured the loan for the buyer, Cara Graceland LLC, through the HUD 232/223(f) LEAN program.

October 24, 2013

Industrial Texas

MONMOUTH PURCHASES TULSA DISTRIBUTION CENTER FOR $3.7M

by admin October 24, 2013

TULSA, OKLA. — Monmouth Real Estate Investment Corp. has acquired a 46,260-square-foot industrial building in Tulsa for $3.7 million. The property, located at 2800 N. Garnett Road, is net-leased by The American Bottling Company. Parent company Dr Pepper Snapple Group Inc. guarantees the lease, which has 10.5 years remaining on its original 15-year term. The build-to-suit structure serves as a distribution center for various beverage brands.

October 24, 2013

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