Property Type

ESSEX BROKERS $1.1M SALE OF MIXED-USE BUILDING IN CHICAGO

by admin September 17, 2013

CHICAGO — Essex Realty Group Inc. has arranged the $1.1 million sale of 1270 N. Milwaukee Ave., a two-unit, mixed-use building in Chicago’s Wicker Park neighborhood. The yellow brick building includes two renovated rental units that feature spacious floor plans with two bedrooms and a den, a large living room with exposed brick, newer island kitchens, central air, private iron balconies and enclosed parking. The property also features 1,600 square feet of retail space. Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction.

September 17, 2013

RFR SECURES $100M IN REFINANCING FOR 160 FIFTH AVE.

by admin September 17, 2013

NEW YORK CITY — RFR Holding LLC has secured $100 million in refinancing for 160 Fifth Ave., a 107,000-square-foot office property in the Midtown South submarket of Manhattan. RFR says the refinancing through Citibank will enable it to retire $65 million of existing debt on the Class A boutique property, while taking advantage of lower interest rates. The company purchased the property in 2005 and completed a multi-million dollar renovation program. Its largest tenant at 160 Fifth is the Simons Foundation, a private charitable foundation formed by hedge fund manager James H. Simons, at 76,000 square feet. Also on the tenant roster are office and showroom space for Grohe America, the luxury faucet designer; Forrester Research; and Prophet Brand Strategy. Fashion retailer Club Monaco occupies the retail component of 160 Fifth.

September 17, 2013

Mixed-Use Northeast

PARTNERSHIP GETS $218M FOR REDEVELOPMENT PROJECT

by admin September 17, 2013

FORT LEE, N.J. — A partnership led by Tucker Development Corp. has secured $218 million in financing for the first phase of Hudson Lights, a 1 million-square-foot, mixed-use redevelopment in Fort Lee. Savills US arranged the debt and equity financing, including a $117 million construction loan from Sovereign Santander Bank. Tucker will soon begin construction on the first 517,000-square-foot phase, including 143,000 square feet of retail, 864 parking stalls and 276 luxury apartments. Tucker Development is building Hudson Lights with its development partner, KRE Group, and Ares Management. Tishman Construction Corp. is serving as the development’s general contractor. KRE Group will also assist with property management for the development’s residential portion upon completion. Robert K. Futterman & Associates is serving as the development’s exclusive retail leasing agent. Hudson Lights, designed by architecture and planning firm Arquitectonica, is the western portion of a 16-acre site in Fort Lee undergoing comprehensive redevelopment. The second phase of Hudson Lights will include an additional 201 residential units, about 50,000 square feet of retail space and parking and a 175-room hotel.

September 17, 2013

Northeast Office

FANTINI & GORGA ARRANGES $35M LOAN FOR BOSTON AREA PORTFOLIO

by admin September 17, 2013

WALTHAM, MASS. — Fantini & Gorga has arranged a $35 million permanent mortgage for a 335,000-square-foot office and industrial portfolio in Waltham, a suburb of Boston. The portfolio includes two Class A office buildings and one industrial building, which were close to 90 percent occupancy at the time of closing.

September 17, 2013

Multifamily Northeast

MRC ORIGINATES $5M LOAN FOR CONDO BUILDING IN NYC

by admin September 17, 2013

NEW YORK CITY — Madison Realty Capital (MRC) has originated a $5 million loan, secured by a 243,230-square-foot, newly constructed condominium building in Brooklyn. The five-story property includes 25 residential units and 13 parking spots and is located at 345 Ovington Ave. in the Bay Ridge neighborhood. The loan will be used to retire the existing mortgage, fund closing costs and a future project. The property is roughly 95 percent complete and features one-, two-, and three-bedroom units. The developer has already executed 24 sale agreements and units are expected to begin closing soon.

September 17, 2013

Multifamily Texas

CARROLL ORGANIZATION ACQUIRES LAKEVIEW LOFTS IN METRO HOUSTON

by admin September 17, 2013

CYPRESS, TEXAS — Carroll Organization, an Atlanta-based real estate firm specializing in multifamily properties, has purchased Lakeview Lofts in Cypress, approximately 25 miles northwest of Houston. The 366-unit apartment community, located at 17807 Lakecrest View Drive, was 93 percent occupied at the time of the sale. Apartment Realty Advisors marketed Lakeview Lofts on behalf of the seller, TLMF 1 LP, the firm which also built the apartments. Carroll, which expands its Houston-area portfolio to more than 3,000 units with this acquisition, plans to rebrand the property as ARIUM Towne Lake.

September 17, 2013

Multifamily Texas

M&M BROKERS SALE OF 33-UNIT MULTIFAMILY PROPERTY IN IRVING

by admin September 17, 2013

IRVING, TEXAS — Marcus & Millichap has brokered the sale of Falcon Apartments, a 33-unit, garden-style multifamily community in Irving, situated approximately 10 miles west of downtown Dallas. The property, which was originally constructed in 1961, was 95 percent occupied at the time of the sale. Clint Roberts of Marcus & Millichap’s Fort Worth office represented the seller, Delicias Investments Inc., and also secured the buyer, a local private investor.

September 17, 2013

Industrial Texas

NEWMARK ARRANGES 24,000 SF INDUSTRIAL BUILD-TO-SUIT IN HOUSTON AREA

by admin September 17, 2013

PASADENA, TEXAS — Newmark Grubb Knight Frank has arranged a 24,000-square-foot build-to-suit lease for Holman Boiler Works Inc. at Bayport North Industrial Park II in Pasadena, a southeastern suburb of Houston. Rob Stillwell of NGKF’s Houston office represented the tenant, a boiler solutions provider headquartered in Dallas and in business for 65 years. Holman’s new facility will be located at Underwood Road and New Decade Road within the complex, which is near the intersection of Highway 146 and Fairmont Pkwy. B. Kelley Parker III of Cushman & Wakefield represented the property owner and landlord, a Texas limited partnership.

September 17, 2013

Industrial Texas

MOODY RAMBIN NEGOTIATES 10,500 SF INDUSTRIAL LEASE IN PASADENA

by admin September 17, 2013

PASADENA, TEXAS — Moody Rambin has arranged an industrial lease of 10,500 square feet at the Jasmine Warehouse Project in Pasadena, about 15 miles southeast of Houston. FlexiPlus LLC, a packaging and container company, signed on to be the newest tenant at the 1905 Jasmine Drive facility. Dan Nguyen and Doyle Toups of Moody Rambin represented the landlord, V & W Leasing, in the negotiations.

September 17, 2013

Retail Western

IT’SUGAR LEASES SPACE FOR $312 PSF ON THIRD STREET IN SANTA MONICA

by admin September 17, 2013

SANTA MONICA, CALIF. — It’Sugar has signed an eight-year lease for 2,250 square feet of space on Third Street in Downtown Santa Monica. The space is located at 1427 Third Street. The lease is valued at $6.2 million, or $312 per square foot, a record-breaking high in this shopping district. The global candy and gift retailer will occupy the space in March 2014. It’Sugar was represented by Jeremy Ezra of RKF. The landlord, Promenade Enterprises LP, was represented by Randy Starr of Avison Young.

September 17, 2013

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