ALABASTER, ALA. — Beech Street Capital has arranged a $6.5 million Fannie Mae loan for the acquisition of the Montevallo Apartments, a 200-unit community in Alabaster. The property includes a clubhouse, two pools and two tennis courts. The borrower has recently acquired four other garden apartment complexes in Birmingham from long-term owners. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group originated the seven-year loan, which features a 30-year amortization schedule.
CUTLER BAY, FLA. — Marcus & Millichap has arranged the $4 million sale of Best Plaza, a 21,881-square-foot shopping strip at 197000 S. Dixie Highway in Cutler Bay. Major tenants include Sherwin Williams, Subway and FastSigns. Kirk Olson and Drew Kristol of Marcus & Millichap represented the seller, a Miami-based private investor, in the transaction. Olson and Kristol, along with Marcus & Millichap's Still Hunter and Evan Olson, also represented the buyer, a Brooklyn, N.Y.-based limited liability company.
CHARLEVOIX, MICH. — Bernard Financial Group has arranged a $3.6 million loan for Captain’s Corners, an 88,780-square-foot retail strip center in Charlevoix. The borrower is Captain’s Corner LLC. Dennis Bernard and David Dismondy of Bernard Financial originated the loan. The lender was StanCorp Mortgage Investors LLC.
CHICAGO — A 13-unit multifamily property in downtown Chicago has sold to a local investor for $1.5 million. The building, located at 945-947 W. Cullom Ave., includes one- and two-bedroom units and a laundry facility. The property also had capital improvements made to it 11 years ago, which include a new roof, boiler, windows, vertical plumbing and new wiring to units. Kyle Stengle of Marcus & Millichap represented the buyer and the seller, a personal trust, in the deal.
CHICAGO — The Boulder Group has arranged the sale of a ground-leased Walgreens property in Chicago for $1.1 million. The 10,890-square-foot property is located at 3136 W. 55th St. and is less than three miles from Midway International Airport. Walgreens has approximately 13 years remaining on its lease.
ROCHELLE, ILL. — Del Monte has signed a lease for 312,750 square feet of industrial property in Rochelle, located about 80 miles west of Chicago.Del Monte has expanded their current lease by 104,008 square feet. Jim Planey and Jeff Janda of Lee & Associates represented Del Monte and the landlord, PAR Industrial, in the deal. Del Monte is a manufacturer and marketer of processed foods sold to a variety of food retailers.
NEWTON, MASS. — Hospitality Properties Trust (HPT) has signed a letter of intent and entered into an exclusive negotiating period for hotel investments with Madrid-based NH Hoteles (NHH) on properties in Latin America, Europe and the United States totaling approximately $375 million. Under the agreement, HPT will purchase five hotels in Latin America from NHH for $70 million. HPT will also provide a €170 million (U.S. $223.4 million) loan to NHH on four hotels in Europe. NHH and a European partner currently own a 242-unit hotel in New York City. HPT and NHH will form a joint venture to acquire this hotel. HPT expects to provide up to $80 million to retire the ownership of NHH's current partner and fund a major refurbishment of this hotel.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of a mixed-use building for $11.3 million. The six-story, 58,400-square-foot building, located on 103 Thayer St., includes 68 residential units and six retail units. Fort Tryon Park, home of the Cloisters Museum, is located across the street and provides tenants with outdoor amenities such as playgrounds, tennis courts, ball fields, hiking trails and a waterfront promenade. Robert Shapiro of Massey Knakal handed the transaction.
NEW YORK CITY — eMarketer, a global information resource on digital marketing, media and commerce, has signed a 53,000-square-foot lease at 11 Times Square. The building is a 1.1 million-square-foot, LEED-Gold certified office and retail tower and is owned by a joint venture of SJP Properties and investors advised by Prudential Real Estate Investors. eMarketer will occupy floors 12 and 14 at the tower. Timothy Dempsey, Roger Griswold and Greg Maurer-Hollaender of CBRE represented eMarketer in the transaction, while Mitchell Konsker and Paul Glickman and Diana Biasotti of Jones Lang LaSalle represented SJP Properties.
NEW YORK CITY — Hines along with partners Pacolet Milliken Enterprises Inc. and institutional investors advised by J.P. Morgan Asset Management have broken ground on 7 Bryant Park, a new trophy-class office tower in Manhattan. The building, which is located between West 39th and 40th streets on the site of the former 1045 Avenue of the Americas, will include 10-foot finished ceilings, full-height clear vision glass and two spacious outdoor tenth-floor terraces. Designed by architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, the 28-story, 470,000-square-foot steel and glass tower will offer direct and expansive views of Bryant Park as well as the historic New York Public Library. Turner Construction Co., the general contractor, began construction at the end of 2012, and first occupancy is planned for the first quarter of 2015. The project price was undisclosed.
