WARREN, MICH.– Signature Associates has negotiated the lease of 55,000 square feet of industrial space to WR America Logistics. The building is located at 26155 Groesbeck Highway in Warren. Peter Walocko, Joe Hamway and Ben Wilkiemeyer of Signature Associates represented the landlord, Fairlane Tool Co., in the transaction.
NEW YORK CITY — Lehman Brothers Holding Inc. has secured an $80 million mortgage loan for the On The Ave Hotel near New York's Central Park. The 282-room boutique property is located on the corner of Broadway and 77th St. Lehman plans to begin a multi-million renovation project at the property, which will include upgrades to the guestrooms, corridors and the lobby. Jeffrey Davis, Mathew Comfort and Mike Huth of Jones Lang LaSalle arranged the loan.
NEW YORK CITY — A partnership between L3 Capital and ASB Capital Management has acquired 72-76 Greene St., a 38,000-square-foot mixed-use building in SoHo, for $41.5 million. The building is known as “The King of Greene Street” because of its French renaissance architectural styling. The property contains two retail spaces, three commercial units and three residential lofts. Adelaide Polsinelli of Eastern Consolidated represented the seller, BSJ SoHo, in the transaction. She also represented the buyer.
ABERDEEN, N.J. — AvalonBay Communities has sold Avalon at Aberdeen Station, a 290-unit apartment property in Aberdeen, for $66.2 million. MFREVF Aberdeen Urban Renewal was the buyer. Constructed in 2002, the four-story property is 96 percent leased and units average 1,021 square feet. Amenities include a clubhouse, fitness center, media room and heated outdoor pool. Jose Cruz, Andrew Scandalios, KEvin O'Hearn and Jeffrey Julien led the HFF team that represented the seller.
CAMBRIDGE, MASS. — Alliara LLC has acquired a 27,796-square-foot retail and apartment building in Cambridge for $31.6 million. Located at 18-28 John F. Kennedy St., the fully leased property contains 16 apartments and 12,150 square feet of retail. Tenants include Papyrus, Uno Chicago Grill and Vitamin Shoppe. Boston Realty Advisors represented the seller.
PORTLAND, MAINE — Fantini & Gorga has arranged $9 million in permanent financing for Danforth Heights Apartments, a 166-unit affordable apartment property in Portland. The eight-building property, located at 48 Salem St., was constructed by its current owner in 1972. Fantini & Gorga secured the 35-year, fixed-rate loan through Eastern Mortgage Capital.
DALLAS — The City of Dallas Regional Center (CDRC), a public-private partnership between the City of Dallas and Civitas Capital Group, has closed on acquisition financing for Forest City West Village, a 21-story residential tower located in uptown Dallas. The project is anticipated to create more than 1,000 direct and indirect jobs. West Village will include 381 luxury apartment units and 37,000 square feet of retail and restaurant space. Construction is under way on the project. According to Mike Rawlings, the mayor of Dallas, the project attracted foreign investment through the EB-5 program, an immigrant investor initiative.
DALLAS — Colliers International North has brokered the sale of 501 Elm Place, an approximately 190,000-square-foot landmark building located in the West End District of Dallas. The property was built in 1903 and includes office, retail and residential space. The building, which spans an entire city block, also houses the Dallas Holocaust Museum. Creighton Stark and Ben Lurie of Colliers International represented the seller, a German investor group advised by International Capital, in the transaction.
FRISCO — Bell Partners has acquired the 208-unit Broadstone Stonebriar Apartments, a Class A, garden-style apartment community located in Frisco. The community will be rebranded as Bell Stonebriar. The apartment complex features a resort-style swimming pool with a fountain, a fitness center, business center and media center. Bell Partners will manage Bell Stonebriar. In 2012, Bell Partners acquired approximately $550 million in apartment communities.
HOUSTON — Transwestern's Houston office has arranged the sale of two Houston apartments, the 182-unit Oaks of Westchase and the 149-unit Clarke Springs. Mosaic Residential purchased Oaks of Westchase, located at 2851 Wallingford, in an off-market transaction with Pacifica L 49 LLC, the seller. A private investment group purchased Clarke Springs, located at 15706 Clarke Springs Drive, from SCG Multi Apts. Holdings LLC, the seller. Transwestern represented the sellers in both transactions.
