BENSALEM, PA. — Paradise Property LLC has purchased Village Square Apartments, a 694-unit complex in Bensalem for $71 million. The property is situated on 40 acres in Pennsylvania's Buck County and is 90 percent occupied. Amenities include a clubhouse, Olympic-sized swimming pool and tennis courts. Karen Iman, Brian Whitmer, Andrew Merin, Maybeth Farris and Nick Karali of Cushman & Wakefield represented the seller, Korman Residential. They also procured the buyer.
BOSTON — Synergy Investments has purchased a four-building office portfolio in Boston's Downtown Crossing and the Financial District for $30.8 million. The 138,851-square-foot portfolio includes 184 High St.; 71 Summer St.; 77 Summer St.; and 87 Summer St. David Ross and Gina Barroso of NAI Hunneman represented the seller, Centurion Realty LLC, in the transaction. They also procured the buyer.
NEW YORK CITY — CWCapital has arranged a $46 million loan for a mixed-use building on Manhattan's Upper West Side. Todd Trehubenko of CWCapital arranged the loan through Principal Real Estate Investors. The company did not provide details about the property, but stated that it is “a top-quality asset in a terrific location, with dedicated, long-term ownership.”
STROUDSBURG, PA. — Construction has started on The Crossings at Marshalls Creek, a 103,000-square-foot shopping center development in Stroudsburg. The plaza will be anchored by Price Chopper Grocery, Rite Aid, STS Tire and Auto Centers and Family Dollar. The center will also feature about 22,000 square feet of stores and restaurants. A grand opening is scheduled for June 2013. CBL Associates Properties Inc. announced plans to acquire the property in June. The project is located 10 miles from CBL's 420,000-square-foot Stroud Mall.
FAIR LAWN, N.J. — Fair Lawn Promenade, a mixed-use property with 150 apartment units and 63,000 square feet of retail and office space, is under construction in Fair Lawn. Garden Homes and Development and Garden Commercial Properties are developing the project, which is located near NJ Transit's Radburn train station. The development will consist of two rental buildings, one with 104 units and another with 46 units, that are constructed above a ground-level parking garage. Appel Design Group and Rotwein + Blake Architects have designed the property. The apartments are expected to be open for occupancy in the fall of 2013.
DENTON — Dallas-based PMFG has begun construction on its new 80,000-square-foot manufacturing facility, located in Denton. CBRE Group represented PMFG in its acquisition of the 33-acre site. The facility is slated to employ approximately 150 people upon completion.
IRVING — Panther Transaction Group, in a partnership with a Dallas-based multifamily investor, has purchased the 256-unit Westgate Apartments, located at 3829 William DeHaes Drive in Irving. The partnership has plans to make interior renovations exceeding $500,000. The community is 94 percent occupied. Transwestern represented both the buyer and seller in the transaction.
FORT WORTH — Marcus & Millichap has arranged the sale of the 316-unit Havenwood, a multifamily community located at 6500 Melwood St. in Fort Worth. The community features two swimming pools, a fitness center, tennis and racquetball courts, security systems and washer/dryer connections. The property is 94 percent occupied. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Dallas-based investor, in the transaction and represented the buyer, an out-of-state partnership. Marcus & Millichap Capital Corp. arranged a 10-year loan through Fannie Mae for the acquisition on behalf of the buyer.
DALLAS — Houston-based AmREIT Inc. has taken a $14 million loan for its Uptown Plaza Dallas property, a 34,250-square-foot retail center located at 222 McKinney Ave. in Dallas. The property is fully leased to tenants including Morton's Steakhouse, Salon 2222, Aqua Medical Spa, The CupCakery, Wells Fargo, The Texas Rangers, Pei-Wei, Potbelly, Smashburger and Verizon Wireless. AmREIT's existing $10.4 million loan was refinanced with a 10-year loan with a 30-year amortization schedule. HFF arranged the loan through the Life Insurance Co. of the Southwest, an affiliate of Sentinel Investments.
REDONDO BEACH, CALIF. – A 103,000-square-foot industrial property in Redondo Beach has sold to Terreno Realty Corporation for $14.2 million. The property is located at 2475-2477 Manhattan Beach Blvd. It is fully leased to one tenant.
