NEW YORK CITY — Meridian Capital Group LLC has arranged $25 million in acquisition financing for a multifamily property in Brooklyn on behalf of Benjamin Werber of Werber Management. A regional commercial lender provided the 10-year loan, which features a fixed interest rate of 3.5 percent. Josh Rhine, vice president at Meridian Capital Group, negotiated this transaction. Originally built as condominiums, the property includes 54 luxury units. The building is located at 202 Eighth St.
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NEW YORK CITY — A private Korean-American investor, through his representative in the United States, Tony Park of PD Properties, has purchased a 16,000-square-foot office/retail building in Manhattan for $16.4 million. The six-story property is located at 4 E. 46th St. in the Diamond District and includes 30,000 square feet of unused air rights. The seller was DJM Post Production, a longtime owner that occupied the building for 47 years. David Schechtman, Steven Zimmerman and Paul Nigido of Eastern Consolidated represented DJM and procured the buyer with assistance from Tony Park and Elad Dror of PD Properties. The buyer plans to utilize the property for personal use. Vitae Restaurant recently signed a 10-year lease for the ground-floor retail space, while the upper floors are vacant. Attorneys in the transaction include William Weisner of Tarter Krinsky for the seller and Samuel Ahne of Ahne Law PC for the buyer.
REVERE, MASS. — Marcus & Millichap has arranged the $16.4 million sale of the ground lease on a 120,224-square foot BJ’s Wholesale Club retail store in suburban Boston. The sales prices equates to $136 per square foot. Robert Horvath and Todd Tremblay, both vice presidents of investments in Marcus & Millichap’s Boston office, represented the seller, William Thibeault, owner of Rumney Marshview LLC. The buyer is a local private investor. BJ’s Wholesale Club signed its original 15-year ground lease in March 2008. Built in 2009 on a 13.8-acre parcel, the property is located approximately six miles from downtown Boston at 5 Ward St. in Revere.
NORWOOD, MASS. — CMI Property Inc. has purchased two retail buildings totaling 80,208 square feet, located on an 8.5-acre-site in Norwood, about 20 miles south of Boston. Elliot & Co. LLC represented the buyer, as well as the seller, the Zoppo family, in the transaction. The details of the transactions were not disclosed. The properties are located at 560 – 570 Boston Providence Highway.
HOUSTON — HFF has brokered the sale of two office buildings totaling 165,146 square feet in Houston’s Energy Corridor. The 102,880-square-foot property located at 1250 Wood Branch Drive was 88.9 percent leased at the time of the transaction, and the 62,002-square-foot property located at 11931 Wickchester Lane was 76.6 percent leased. Both offer convenient access to Interstate 10. Martin Hogan and Dan Miller led the HFF team representing the seller, Peloton Capital Partners. Dornin Investment Group purchased the assets.
SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Meridian, a 146-unit apartment complex in San Antonio. The asset, located at 680 E. Basse Road, is in close proximity to Quarry Golf Club, Alamo Quarry Market and two of the city’s most prestigious office properties, The Concord and One International Center. Features of the community include private alarms, garden tubs, double ovens, a clubhouse and multiple fitness rooms. Will Balthrope and Scott Lamontagne of IPA represented the seller, a private investor based in San Antonio. The buyer is a national acquisitions and management firm also based in San Antonio.
HOUSTON — Hoar Construction has completed Granite Briarpark Green, a 300,000-square-foot spec office property in Houston’s Westchase district. Developed by Granite Properties, the 12-story, Class A tower features a two-story entry lobby, fitness center and 361,000-square-foot parking facility exclusively for Granite Briarpark Green tenants. PGAL served as architect on the project, which is designed to achieve LEED Gold certification and boasts energy performance 21 percent above current construction sustainability standards.
DALLAS — Lee & Associates has arranged the lease of 81,255 square feet of industrial space at 2677 Northaven Road in Dallas. The property offers 28-foot ceiling clear heights, 18 dock-high loading doors and close proximity to the interchange of Interstates 635 and 35 East. Nathan Denton of Lee & Associates represented the landlord, GTI Management Co., in the negotiations. Tim Vogds with CBRE represented the tenant, Logistics Plus.
BELLEVUE, WASH. — Madison Marquette’s newest investment vehicle has purchased Bellevue Galleria, a 202,000-square-foot, mixed-use property, for a reported $88 million. It is located at 550 106th Ave. NE in Bellevue. Bellevue Galleria contains a mix of retail and creative office space. It is currently 97 percent leased. The investment vehicle is composed of a joint venture with two foreign institutional investors. Its goal is to build a national portfolio of infill retail and mixed-use assets in key markets throughout the nation.
SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard. Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.