Property Type

JOINT VENTURE SECURES $31.4M CONSTRUCTION LOAN FOR CHARLESTOWN APARTMENTS

by admin February 11, 2013

NORTH EAST, MD. — A joint venture between The Dolben Co. Inc and Klein Enterprises has secured $31.4 million in construction financing for The Apartments at Charlestown. The 332-unit multifamily property is set within the larger Charlestown Crossing Planned Unit Development, a community of townhomes, single-family homes and future retail stores. The total project cost is $42.2 million with the construction loan from Cleveland-based KeyBank and $10.8 million of equity. Construction is under way with the first units expected to be complete by the end of the first quarter.

February 11, 2013

MARCUS & MILLICHAP ARRANGES SALE OF 29,025 SF SHOPPING CENTER FOR $4.1M

by admin February 11, 2013

BOOTHWYN, PA. — Marcus & Millichap has arranged the acquisition of Chichester Square, a 29,025-square-foot retail property, for $4.1 million. The shopping center, which is located along Chichester Avenue in Boothwyn, was 83 percent occupied. Dean Zang and Mark Taylor of Marcus & Millichap represented the seller, a partnership of RPC Real Estate, and the buyer, an affiliate of Westport, Conn.-based Paragon Realty Group LLC.

February 11, 2013

Northeast Retail

COVINGTON REALTY ACQUIRES ADVANCE AUTO PARTS BUILDING FOR $2.9M

by admin February 11, 2013

Scotch Plains, N.J. — Covington Realty Partners has acquired an Advance Auto Parts building for $2.9 million. The 6,240-square-foot retail building is located at 445 Terrill Road in Scotch Plains, about 25 miles west of Staten Island, N.Y. Lew Finkelstein and CJ Huter of The Goldstein Group represented the seller, RGK Development Inc., in this deal.

February 11, 2013

Northeast Office

BINSWANGER NAMED AS EXCLUSIVE AGENT FOR 73,000 SF OFFICE BUILDING

by admin February 11, 2013

CAMDEN, N.J. —Philadelphia-based Binswanger has been named as the exclusive listing agent by Beneficial Mutual Savings Bank for the sale of The Wilson Building, a 12-story office building. The 73,000-square-foot property was constructed in 1926 and was once the home of Camden’s leading law firms. The Wilson Building is located at 130 N. Broadway in Camden.

February 11, 2013

Healthcare Texas

NORVIN HEALTHCARE ACQUIRES AUSTIN REHAB HOSPITAL FOR $32.9M

by admin February 11, 2013

AUSTIN, TEXAS — An affiliate of New York-based Norvin Healthcare Properties has purchased the 60,000-square-foot Central Texas Rehabilitation Hospital, a three-story rehabilitation hospital located at 700 W. 45th St. in Austin, for $32.9 million. The hospital is fully leased by a joint venture of Louisville, Ky.-based Kindred Healthcare Inc. and Austin-based Seton Healthcare Network. The 50-bed hospital provides highly specialized rehabilitation services and includes a therapy pool. The seller was Dallas-based Prevarian Hospital. Cain Brothers & Co. arranged the transaction.

February 11, 2013

Office Texas

JONES DAY LAW FIRM RENEWS LEASE IN DALLAS

by admin February 11, 2013

DALLAS — Dallas-based Harwood International has inked a lease renewal with Jones Day, a global law firm, for 133,200 square feet of office space in the Jones Day Building in the HARWOOD district in Dallas. Harwood International was self-represented by Jihane Boury and David Roehm in the lease transaction. Russell Cosby, Brad Selner, Jon McNeil and Rachel Brown of Jones Lang LaSalle represented the tenant. Additionally, Jones Day was self-represented by Patricia Villareal, David Lowery and Mike Davitt. The office building is set to undergo renovations by Gensler, an architectural firm.

February 11, 2013

Multifamily Texas

CBRE BROKERS SALE OF STONE PARK APTS.

by admin February 11, 2013

HOUSTON — CBRE has arranged the sale of the 480-unit Stone Park Apartments, a 414,564-square-foot multifamily community located along Sam Houston Parkway in northeast Houston. The community was completed in two phases in 2004 and 2007. Ryan Epstein of CBRE represented the seller in the transaction.

February 11, 2013

Multifamily Texas

IPA SECURES SALE OF SAN ANTONIO MULTIFAMILY COMMUNITY

by admin February 11, 2013

SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale The Manor at Castle Hills, a 306-unit apartment community located at 1835 Lockhill-Selma Road in the Castle Hills enclave of San Antonio. Will Balthrope, Scott Lamontagne and Drew Kile advised both the buyer and seller in the transaction.

February 11, 2013

Multifamily Texas

LMI CAPITAL ARRANGES $8M IN MULTIFAMILY DEBT

by admin February 11, 2013

IRVING AND ENNIS, TEXAS — Chris Pollard of LMI Capital has arranged $8 million in debt for borrowers on two multifamily properties in Texas. The loans include $5 million for the 188-unit Knollwood, an apartment community in Irving. Pollard arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae. The loan includes funds for capital upgrades on the property. The other transaction was a $3 million acquisition loan for the 112-unit Townhouse Apartments in Ennis. Pollard arranged the 10-year loan with a 30-year amortization schedule.

February 11, 2013

Office Western

MULTI-USE BUILDING IN YORBA LINDA SELLS FOR $3.8M

by admin February 11, 2013

YORBA LINDA, CALIF. – A 34,972-square-foot, multi-use building in Yorba Linda has sold to BSKO, LLC for $3.8 million. The property is located at 22895 Eastpark Drive within the master-planned community of Savi Ranch. The space will serve as BSKO’s new headquarters. The company was represented by Seth Davenport of Voit Real Estate Services. The seller, Eastpark Drive LLC, was represented by Zach Niles, Garrett McClellandand Steve Wagnerof Jones Lang LaSalle Orange County.

February 11, 2013

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