NEW YORK CITY — A joint venture between the Kaufman Organization and Lubert-Adler has acquired an office building at 27-35 W. 24th St. in Manhattan for $55.5 million. The 114,880-square-foot building is fully leased by 51 office tenants and one retail tenant. The office tenants pay approximately $40 per square foot. Thomas Gammino, John Ciraulo and Craig Waggner of Massey Knakal represented both parties in the transaction. Signature Bank was the lender for the deal.
NEW YORK CITY — Bleecker Square Realty Corp. has sold 228 Bleecker St., a 28-unit mixed-use building in Manhattan's West Village for $18.7 million. The 16,205-square-foot building includes 25 apartment units, and three retail units, currently occupied by a restaurant, a cupcake shop and a wireless phone store. John Stewart of Marcus & Millichap represented the seller in the transaction. Marcus & Millichap also represented the buyer, a New York-based real estate investor.
NEEDHAM, MASS. — Tryko Partners has purchased Briarwood Healthcare & Rehabilitation Center, a 120-bed skilled nursing facility at 150 Lincoln St. in Needham for $12.5 million. The property includes long-term care and Alzheimer's units, with an onsite dining room, kitchen, laundry room, beauty salon, offices and a conference room. The seller was Walter Collins, a long-time owner and administrator. Jack Shea and John Davison of Rockland Trust arranged the financing for the sale.
NEW YORK CITY — Ira Lifshutz, an active investor in New York real estate, has acquired a six-story commercial building in the Madison Park Historic District for $5.6 million. The new owner plans to reposition the 11,094-square-foot property into an office building. Ari Schwartz of Eastern Consolidated represented the seller, JYN LLC, in the transaction. Marcia Yawitz and Gabriel Saffioti of Eastern Consolidated represented the seller.
AUSTIN, TEXAS — Summit Hotel Properties, a REIT, has closed on the acquisition of three hotels in Utah, New York and Florida for a combined total of $71.8 million. The hotels include: the 178-room Residence Inn by Marriott in Salt Lake City, Utah, for $20 million; the 122-room Hyatt Place in Long Island, N.Y., for $31 million; the 138-room Hampton Inn & Suites in Tampa, Fla. for $20.8 million. Summit expects to spend a total of $8.8 million on renovations of these hotels. Summit acquired the Hyatt Place hotel and Hampton Inn & Suites from OTO Development, which is based in Spartanburg, S.C. Additionally, Summit has consolidated its executive office to Austin.
MARIETTA, OKLA. — Dollar Tree, Inc. has plans to expand its 603,000-square-foot distribution center in Marietta by an additional 400,000 square feet. The $25 million expansion is anticipated to bring more than 100 full-time positions to the firm. Dollar Tree will finance the expansion using available cash. The Marietta facility currently supplies products to stores in 11 states. Construction on the expansion is scheduled to begin in February and will wrap up in the fall of 2013.
HOUSTON — A co-investment partnership between Crimson Real Estate Fund (CREF) and USAA Real Estate Co. has acquired eight acres of land in west Houston to build a new three-story office building and an adjoining parking lot. The 97,500-square-foot building will serve as the new headquarters for TGS-Nopec Geophysical Co. Patrinely Group will develop the building and Crimson Services will provide on-site property management. Both Patrinely and Crimson Services are affiliates of CREF. The project will be leased entirely to TGS-Nopec. Jon Silberman of NAI Houston represented TGS-Nopec in its lease transaction. Dennis Tarro of Crimson Services represented the landlord.
HOUSTON AND ARLINGTON, TEXAS — Hunington Properties has arranged the sale of two 13,905-square-foot Walgreens stores, located at the intersection of Highway 6 and Bissonnet in Houston and the intersection of New York Avenue and Green Oaks Boulevard in Arlington. Todd Carlson and Sandy Aron of Hunington Properties represented the seller, a private investor, in the transaction. The seller purchased the properties from Hunington more than 10 years ago.
PALO ALTO, CALIF. — KBS Realty Advisors has purchased Palo Alto Technology Center, a 259,157-square-foot office campus, for an undisclosed sum. The 10-building complex is located on Embarcadero Road at Highway 101 in Palo Alto. It was 97 percent leased at the time of sale. Stanford Hospital and Clinics recently leased about 66 percent of the campus.
SAN CLEMENTE, CALIF. — Oceanview Medical Center in San Clemente has sold to Accretive Realty Advisors for an undisclosed sum. The campus contains a 30,913-square-foot medical office building that is situated across from the San Clemente campus of Saddleback Memorial Medical Center. The center is anchored by MemorialCare Health, which houses several affiliated practice groups. Accretive Realty represented itself in this transaction, while the unnamed seller was represented by Evan Kovac, Garth Hogan, Chris Stai and Kyle Kovac of Newmark Grubb Knight Frank's Global Healthcare Services Group. Hogan, along with John Scruggs, will serve as Accretive’s exclusive leasing agents.
