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MultifamilyNortheast

PRUDENTIAL PROVIDES $160.4M FOR NYC APARTMENT BUILDINGS

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NEW YORK CITY — Prudential Mortgage Capital Co. has provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan’s Upper West Side. The Aldyn and The Ashley are adjoining properties on Riverside Boulevard between 62nd and 63rd streets, where they share a common courtyard and indoor recreational facilities. The borrower, an affiliate of Boston-based GID Cos., used the loan proceeds to purchase the buildings. The Aldyn is a 38-story tower with 286 units, including 136 rental apartments and 150 condominiums. This transaction only includes the rentals. The Ashley is a 23-story tower with 209 units, all of which are rental apartments. Riaz Cassum, Jay Marshall, Robyn King and Jennifer Keller of HFF led the brokerage team in the transaction.

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NortheastRetail

SHOPRITE TO ANCHOR SPRINGFIELD AVENUE MARKETPLACE

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NEWARK, N.J. — Wakefern Food Corp., the merchandising and distribution arm for ShopRite grocery stores, has signed a 67,000-square-foot lease to open a new supermarket at Springfield Avenue Marketplace in Newark. . As anchor tenant, ShopRite will service approximately 280,000 Newark residents, 180,000 members of the city’s workforce and 60,000 college students and faculty. Springfield Avenue Marketplace, a project of Tucker Development Corp., will include 125,000 square feet of retail space and approximately 150 residential apartments. The development is located on an 11-acre site at the northeast corner of Springfield Avenue and Jones Street. Groundbreaking on the development is slated to take place this fall.

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MultifamilyNortheast

ARIEL ARRANGES SALE OF MULTIFAMILY PROPERTY FOR $3M

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NEW YORK CITY — Ariel Property Advisors has arranged the sale of a four-story, 20-unit multifamily property at 35-48 Steinway St. in Queens for $3 million. The sales price represents $234 per square foot, or $150,000 per unit. Michael A. Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Randy Modell of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer, a local investor.

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Mixed-UseTexas

WHEELOCK STREET BREAKS GROUND ON CANYON FALLS

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DENTON COUNTY, TEXAS — Wheelock Street Capital has broken ground on Canyon Falls, a 1,200-acre master-planned community located between U.S. Highway 377 and Interstate 35 West in Denton County. The community will be served by the Argyle and Northwest Independent School districts. City and county officials, along with Wheelock, celebrated the groundbreaking, which included the announcing of the first group of home builders: Ashton Woods Homes, K. Hovnanian Homes, Highland Homes, Plantation Homes and Toll Brothers. Manna Land is the local development partner for Canyon Falls. The construction of initial roads and home sites will be complete late this year, and home sales are expected to begin in early 2014.

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MultifamilyTexas

BSR TRUST ACQUIRES HERITAGE AT HILLCREST IN AUSTIN

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AUSTIN, TEXAS — BSR Trust LLC, an owner and operator of 115 properties in the Southern U.S., has acquired Heritage at Hillcrest Apartment Homes, located at 1200 and 1201 Broadmoor Drive in Austin. The 286-unit property underwent a $5 million renovation in 2009. Community amenities include private balconies/patios, three swimming pools, four active laundry facilities, a clubhouse and business center. Oak Grove Capital arranged acquisition financing through Freddie Mac on behalf of BSR. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the seller in the transaction.

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MultifamilyTexas

PARKBRIDGE CAPITAL ARRANGES $6.5M PURCHASE OF RV RESORT

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MCALLEN, TEXAS — Florida-based Parkbridge Capital Group LLC has coordinated a $6.5 million acquisition and related financing for Palm Shadows Resort, a luxury RV resort in the McAllen area. The 450-unit gated community features an 8,000-square-foot clubhouse with a stage and dance floor, a billiards room, pool and lounge. The related financing is a $4.5 million loan with a 4.5 percent interest rate. Lee Meekcoms of Parkbridge represented the buyer, a South Florida-based investment partnership, in the transaction. The seller is a private investor that owns several other RV/mobile home parks in Texas and Florida.

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Seniors HousingTexas

SQN, THRIVE TO DEVELOP MEMORY CARE FACILITY

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CORPUS CHRISTI, TEXAS — Dallas/Fort Worth-based SQN Realty Finance LLC and Atlanta-based Thrive Senior Living LLC have formed a joint venture to acquire 3.4 acres in Corpus Christi for the construction of a 64-bed memory care facility. Thrive will develop and manage the property; SQN will provide equity for the project; and Corpus Christi-based Ewing Construction Co. will be the general contractor. Construction is slated to begin in June and wrap up in April 2014.

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HealthcareTexas

MEDISTAR RETAINS MOODY RAMBIN TO MANAGE, LEASE MEDICAL TOWER

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HOUSTON — Medistar has retained Moody Rambin as the exclusive property management and leasing agent for the 17-story River Oaks Medical Tower, a 139,827-square-foot medical office tower located in Houston. The property is located at 4126 S.W. Freeway in Houston's Greenway Plaza submarket. The property offers medical suites ranging from 1,500 to 8,000 square feet, with approximately 70,799 square feet available for lease. The property recently underwent a multi-million dollar exterior and interior renovation. Walter Cameron of Moody Rambin will oversee property management, and Kurt Kistler and Bob Cromwell of Moody Rambin will handle the leasing assignment.

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OfficeWestern

STATE FARM TEMPE OPERATIONS CENTER SELLS FOR $73M

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TEMPE, ARIZ. — The State Farm Tempe Operations Center, a 372,408-square-foot corporate campus in Tempe, has sold to JDM II TOC, LLC for $73 million. The five-building campus is located at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive within the master-planned Fountainhead Corporate Park. It is fully occupied by State Farm Insurance. The seller, State Farm Mutual Automobile Insurance Company, was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office.

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OfficeWestern

PASADENA OFFICE CAMPUS RECEIVES $24.3M FOR ACQUISITION, REPOSITIONING, LEAS

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PASADENA, CALIF. — A 103,169-square-foot, Class A office campus in Pasadena has received $24.3 million in financing. The funds will allow a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, reposition and lease the property, known as 150 Orange Grove. The joint venture will deploy a significant amount of capital into the property’s renovations and building systems in order to attract new tenants. The campus is fully occupied by the seller, Avery Dennison. The labeling and packaging company will lease the space back through early 2014 as it finalizes its relocation. Renovations will begin in late 2013 and are scheduled for completion in mid-2014. The loan was provided by PCCP, LLC.

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