Property Type

160-UNIT APARTMENT BUILDING SELLS FOR $13M IN PHILADELPHIA

by admin October 16, 2013

PHILADELPHIA — Marcus & Millichap has arranged the $13 million sale of Beechwood Gardens, a 160-unit apartment property in northeast Philadelphia. The sale equates to $81,250 per unit. Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a New York-based limited liability company, and the buyer, a local limited liability company. Beechwood Gardens is located at 9805 Haldeman Ave. and is in close proximity to U.S. Route 1 and Interstate 95. Built in 1967 on 5.7 acres, Beechwood Gardens includes 80 one-bedroom units and 80 two-bedroom apartments. More than two-thirds of the units have been renovated.

October 16, 2013

AVANT CAPITAL ORIGINATES $1.4M BRIDGE LOAN IN BROOKLYN

by admin October 16, 2013

NEW YORK CITY — AVANT Capital Partners has originated a $1.4 million bridge loan secured by a condominium portfolio in Brooklyn. The developer of the portfolio used the two-year loan, which carries an interest rate of 10.75 percent, to pay off a discounted construction loan. The 13-story building includes a vacant ground-floor retail space and 38 residential condominiums that were completed and brought to market in 2009. The property is located at 55 Flatbush Ave. in the the Fort Green neighborhood of Brooklyn. Adam Luysterborghs, founding principal at AVANT, originated the loan.

October 16, 2013

Office Texas

HISTORIC DOWNTOWN HOUSTON SKYSCRAPER TRADES HANDS

by admin October 16, 2013

HOUSTON — HFF has brokered the sale of 712 Main Street, a 794,186-square-foot office property in Houston’s CBD. Real estate investment firm Lionstone Group has acquired the 37-story Art Deco skyscraper, which was originally constructed in 1929 and today houses the Texas headquarters of JPMorgan Chase’s southwest banking operations, along with 42 other tenants. Brookfield Asset Management Inc. sold the building, which has been designated both a City of Houston landmark and a National Civil Engineering landmark and is listed in the National Register of Historic Places. Dan Miller and Trent Agnew of HFF marketed the property on behalf of Brookfield.

October 16, 2013

Multifamily Texas

NORTHMARQ SECURES $24.1M LOAN FOR HOUSTON MULTIFAMILY PURCHASE

by admin October 16, 2013

HOUSTON — NorthMarq Capital has arranged $24.1 million in acquisition financing for The Palms on Westheimer, a 798-unit multifamily complex in the Galleria submarket of Houston. Terms of the loan include a five-year, fixed interest rate term with 18 months of interest-only payments and a 30-year amortization schedule. The property, located at 6425 Westheimer Road, offers efficiency, one- and two-bedroom floor plans, as well as amenities including a fitness center, movie cinema, outdoor spa and four resort-style pools. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing through a CMBS lender on behalf of borrower WOP Palms LLC.

October 16, 2013

Retail Texas

ARCH-CON COMPLETES 123,698 SF KROGER MARKETPLACE IN KINGWOOD

by admin October 16, 2013

KINGWOOD, TEXAS — Arch-Con Construction has completed a new 123,698-square-foot Kroger Marketplace in Kingwood, a master-planned community approximately 25 miles northeast of Houston. The grocer, set to open Oct. 26, will anchor the Northpark Retail Center III, a 24-acre development at the interchange of Northpark Drive and Highway 59. Arch-Con served as general contractor on the entire complex, for which Gulf Coast Commercial Group is serving as leasing agent. CDA Architects acted as site development architect, LJA Engineering worked as site development engineer, and Robertson Loia Roof was Kroger’s architect.

October 16, 2013

Office Western

AEW BUYS CORPORATE HEADQUARTERS BUILDING IN ALISO VIEJO

by admin October 16, 2013

ALISO VIEJO, CALIF. — AEW Capital Management has purchased a 109,948-square-foot, institutional-quality building in Aliso Viejo for an undisclosed sum. The corporate headquarters building is located at 1 Enterprise Drive. The building serves as the corporate headquarters for Microsemi Corporation. It is one of the only single-tenant, Class A buildings to be constructed in the Orange County submarket after 1999. The building is leased to Microsemi through January 2021. The seller, Global Investment Advisor, was represented by CBRE’s Bob Smith, Paul Jones, Kevin Shannon and Ken White.

October 16, 2013

Hospitality Western

PLAZA LA REINA IN WESTWOOD SCHEDULED FOR COMPLETION

by admin October 16, 2013

LOS ANGELES — Plaza La Reina, an extended-stay, hotel/retail project in the Los Angeles submarket of Westwood, will soon be completed. It will be located at 10488-52 Lindbrook Drive. Plaza La Reina, LP has tapped Bernards to finish the partially built project. It will be designed by Moule & Polyzoides.

October 16, 2013

Multifamily Western

WINDSOR GARDENS IN TUSTIN SELLS FOR $15M

by admin October 16, 2013

TUSTIN, CALIF. – LTK Venture 1 has purchased the 70-unit Windsor Gardens in Tustin for $14.9 million. The community is located at 1651 Mitchell Ave. It was originally built in 1968, before it was converted into condominiums in 1985. The seller was the Laughlin Family Partnership. The transaction was executed by Pat Swanson and Brett Bayless of Colliers International’s Irvine office.

October 16, 2013

Industrial Western

FORMER CHRONICLE PRINTING PLANT IN UNION CITY CHANGES HANDS

by admin October 15, 2013

UNION CITY, CALIF. — The former Chronicle Printing Plant in Union City has sold to Westcore Properties for an undisclosed sum. The plant is located at 1550 Pacific Street. The building will be demolished to make way for a 300,000-square-foot manufacturing and distribution redevelopment that will cater to food production and distribution. Westcore was represented by Kevin Hatcher, Mark Maguire and Greig Lagomarsino of Colliers International in Oakland. The seller, Hearst Communications, was represented by John McManus and Andrew Briner of Cushman and Wakefield.

October 15, 2013

Multifamily Western

BROCKTON REGENCY IN LOS ANGELES SELLS FOR $3.3M

by admin October 15, 2013

LOS ANGELES – The eight-unit Brockton Regency in Los Angeles has sold to the Gleitman Family Trust for $3.3 million. The community is located at 1251 Brockton Ave. It was built in 1986. Paul Kenworthy of Charles Dunn represented both the trust and the seller, Dr. Patrick Shoon Shiong, in this all-cash transaction.

October 15, 2013

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