Property Type

MERIDIAN ARRANGES $85M LOAN FOR MATRIX CORPORATE CENTER IN DANBURY

by admin October 23, 2013

DANBURY, CONN. — Meridian Capital Group has arranged an $85 million loan for the refinancing of Matrix Corporate Center, a 1.1 million-square-foot office property in Danbury. Tal Bar-Or and Michael Ottomanelli of Meridian Capital Group arranged the CMBS loan on behalf of Matrix Realty Group. The five-year loan features a fixed interest rate of 4.6 percent. The Matrix Corporate Center is the largest office building in Danbury, accounting for 30 percent of total Class A office space in that market, according to New York City-based Meridian. Constructed in 1981, the property underwent a more than $10 million renovation in 2012 resulting in upgraded common areas and new façade. Tenants at the building, which is located at 39 Old Ridgebury Road, include General Motors, Boehringer Ingelheim and Praxair Inc.

October 23, 2013

GRADUATE STUDENT HOUSING COMMUNITY OPENS IN TROY, N.Y.

by admin October 23, 2013

TROY, N.Y. — United Group of Cos. has opened College Suites at City Station East, which offers 157 beds to graduate students at Rensselaer Polytechnic Institute (RPI). The opening of the East building — the West and South buildings opened in earlier phases — puts the project, College Suites at City Station, at full capacity with a total of 151 apartment suites to accommodate up to 396 students. The three residential buildings are within walking distance of campus. Like West, the new East building's ground floor includes multiple retail spaces. Plum Dandy frozen yogurt and Birkmayer Travel will move into two of the spaces later this fall. An enclosed underground parking garage with 88 spaces dedicated to retail customers opened in August. There are an additional 98 resident parking spaces now available in a parking lot at the rear of the East building. So far, $60 million has been invested in the approximately 247,000 square feet of the City Station neighborhood. BBL Campus Facilities was the general contractor, and QPK Design was the architect.

October 23, 2013

Hospitality Northeast

NEHR ARRANGES SALE OF 112-ROOM PLEASANT VIEW INN IN WESTERLY

by admin October 23, 2013

WESTERLY, R.I. — New England Hotel Realty (NEHR) has arranged the sale of the 112-room, full-service Pleasant View Inn in Westerly. NEHR represented the seller, a family that has owned and operated the hotel since 1965, in the transaction. The buyer was an affiliate of Linchris Hotel Corp., which plans to renovate the property. The Pleasant View Inn is an oceanfront hotel located on Misquamicut Beach and is within close proximity to nearby shopping, multiple golf courses and the Mystic Seaport and Aquarium in nearby Connecticut. Linchris is one of the largest hotel owners, operators and management companies in the Northeast, according to NEHR.

October 23, 2013

Northeast Office

RIVER DRIVE COMPLETES TENANT FIT-OUTS AT 125 BROAD STREET IN NYC

by admin October 23, 2013

NEW YORK CITY — River Drive Construction has completed two tenant fit-outs, totaling 63,594 square feet, at 125 Broad St., a Class A office tower in downtown Manhattan. New Jersey-based River Drive completed the projects on behalf of Mack-Cali Realty Corp., which owns nearly half of the 1.3-million-square-foot building. The fit-out of 41,594-square-foot space on the second and third floors will be occupied by the Institute for Community Living Inc., a nonprofit corporation that assists individuals with disabilities. Designed by Gener Kronick + Valcarel, Architects and engineered by Syska Hennessy Group, the fit-out included the construction of drywall, ceilings, lighting, HVAC, millwork, sprinklers, plumbing, ceramic tile and flooring. River Drive also completed the fit-out of a 22,000-square-foot space, which will be occupied by security brokerage firm Loeb Holding Corp. Designed by Spector Group and engineered by MGE Engineering, the fit-out included the demolition of existing offices and the construction of new offices with features including glass office fronts, wood flooring in the reception, gallery areas and new window treatments. Gary Suber, project manager, led the River Drive team that served as general contractor for both projects.

October 23, 2013

Office Texas

CHURCHILL CAPITAL ARRANGES $41M IN REFINANCING FOR LAS COLINAS OFFICE TOWER

by admin October 23, 2013

IRVING, TEXAS — Churchill Capital has arranged $41 million in refinancing for a 510,173-square-foot office asset in the Las Colinas Urban District of Irving, approximately 10 miles northwest of downtown Dallas. Located at 600 E. Las Colinas Blvd., the property includes a 22-story tower and a five-story parking garage overlooking Lake Carylon. Among the major tenants of the building are Fleet Pride, Horizon Lines, Berkley Specialty Underwriting, Young President’s Organization and JP Energy Partners. Duke Stone and Katie Newman of Churchill arranged the non-recourse, fixed-rate loan through J.P. Morgan Chase Bank NA on behalf of the borrower and property owner, TCI.

October 23, 2013

Retail Texas

JOINT VENTURE OF USAA, CENCOR BUYS STAKE IN SAN ANTONIO RETAIL CENTER

by admin October 23, 2013

SAN ANTONIO — A joint venture between an affiliate of the USAA Real Estate Co. and Cencor Realty Services has acquired an investment stake in Culebra Market, a 232,126-square-foot grocery-anchored retail center in San Antonio. The property is currently 100 percent occupied by 29 tenants, including the 81,027-square-foot HEB, as well as Hobby Lobby, Chase Bank and Whataburger. Located at the corner of Culebra Road and Loop 1604, the center is approximately 15 miles northwest of the city’s downtown area. Cencor, which is the property management and development affiliate of The Weitzman Group, developed the property and will continue to operate it under the new agreement.

October 23, 2013

Office Texas

BOXER PROPERTY PURCHASES 153,387 SF OFFICE ASSET IN DALLAS

by admin October 23, 2013

FARMERS BRANCH, TEXAS — Boxer Property has acquired the 153,387-square-foot office property located at 4100 Spring Valley Rd. in Farmers Branch, a northern suburb of Dallas. The 10-story tower is anchored by Panda Energy, Comerica Bank and Joint Venture Business Center and features a recent common area renovation. The Energy Star-rated facility is also in close proximity to both Interstate 635 (Lyndon B. Johnson Freeway) and the Dallas North Tollway. Jack Crews and Evan Stone of Jones Lang LaSalle represented the undisclosed seller in the transaction, while Boxer Property represented itself.

October 23, 2013

Multifamily Texas

FIRST MARKET PROPERTIES ACQUIRES BAYTOWN APARTMENT COMPLEX

by admin October 23, 2013

BAYTOWN, TEXAS — An affiliate of First Market Properties LLC has purchased Forest View Apartments, a 158-unit, Class B multifamily complex in Baytown, approximately 25 miles east of Houston. The property, which is located at 301 Tri City Beach Road, was 93 percent occupied at the time of the sale. First Market Properties, a fully integrated real estate investment firm with offices in Miami and New York, plans to upgrade the asset.

October 23, 2013

Office Western

PRAEDIUM GROUP BUYS IRVINE OFFICE BUILDING FOR $114M

by admin October 23, 2013

IRVINE, CALIF. – The Praedium Group has purchased a 355,360-square-foot office tower in Irvine for $114 million. The building is located at 2030 Main Street in the Irvine Concourse Corporate Center. The 16-story, Class A tower is one of the tallest office buildings in Irvine’s Greater Airport Area. It is 92 percent leased. This transaction is the largest office sale so far this year in Orange County, according to CBRE, which represented the seller. The unnamed institutional advisor was represented by the firm’s Kevin Shannon, Ken White, Bob Smith, Paul Jones and Sean Sullivan.

October 23, 2013

Multifamily Western

ORANGE COUNTY APARTMENT PORTFOLIO RECEIVES $32.7M REFINANCE

by admin October 23, 2013

FULLERTON, CALIF. – A two-property apartment portfolio in Orange County has received a $32.7-million refinance. The portfolio includes the Streams Apartments, as well as La Villita and La Costa Apartments, which operate as one complex. The properties are all located in Fullerton. The portfolio totals 493 units and boasts about a 95 percent occupancy rate. The fixed-rate, Freddie Mac CME loans feature 10-year terms and a 30-year amortizing schedules. Financing was originated by Kristen Croxton and Greg Reed of Beech Street’s Newport Beach office on behalf of SC Development.

October 23, 2013

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