NEW YORK CITY — Beech Street has arranged a $14.2 million Fannie Mae loan to refinance a four-property apartment portfolio, totaling 226 units, in Brooklyn. The properties were constructed in the 1930s and consist of mid-rise, brick veneer buildings. Rent stabilized units account for more than 94 percent of the portfolio. Chaim Tessler of Meridian Capital Group originated the 10-year loan.
WESTMINSTER, MASS. — The Montachusset Regional Transit Authority (MART) has purchased an 18.6-acre site in Westminster Business Park to construct a new commuter rail layover station for a reported $1 million. The new facility will support the planned extension of the Fitchburg commuter rail line. The project includes construction of a new passenger station and facilities, as well as upgrades to one of two existing mainline tracks from the present terminals of the Fitchburg Line to the MBTA layover facility approximately 1.2 miles west of the proposed station.
BOSTON — Linear Retail Properties has purchased two retail units on the ground floor of The Bryant Back Bay condominiums for $1.7 million. The acquisitions are located at 303 Columbus Ave. in Boston's South End neighborhood. The retail condos total 2,970 square feet. One retail space has been leased to The Urban Grape, a neighborhood wine store, which will open in September. Lease negotiations are under way with a specialty food market for the other unit. Michael d'Hemecourt of Boston Realty Advisors represented the seller, Vornado Realty Trust, in the transaction. He also procured the buyer.
SAN ANTONIO — Regal Entertainment Group will open Huebner Oaks Stadium 14, a movie theater located in San Antonio. The new theater will feature 3D movies; stadium seating; high-back headrests; capabilities for the deaf, hard of hearing, blind and low-vision patrons; concession stand and Regal Premium Experience (RPX) technology. Additionally, the theater can hold 2,700 moviegoers. The theater brings Regal's total portfolio of theaters to 519 operating in 37 states and Washington, D.C.
WACO — Wells Asset Management has brokered the sale of the 224-unit Lakeshore North Apartments, located at 1600 Lakeshore Drive in Waco. The property is currently 94 percent occupied and features a clubhouse, resort-style pool and tennis courts. Mike Wells and Bobby Lankford of Wells Asset Management represented the seller in the transaction.
HOUSTON — Moody Rambin has arranged the sale of three industrial properties totaling 51,462 square feet, located at 15403, 15413 and 15423 Vantage Parkway in the Vantage Parkway Business Park in Houston. Rob Chandler of Moody Rambin represented the seller, LSREF2 Nova Investments, in the transaction. East Vantage Parkway was the buyer.
DALLAS — Marcus & Millichap has arranged the sale of Lemmon Avenue Retail, a 7,158-square-foot retail center located at 5006, 5014 and 5016-18 Lemmon Ave. in Dallas. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction, and procured the buyer, a Texas-based partnership. Cash America had less than one year remaining on its lease term at the time of the sale.
SAN ANTONIO — San Antonio Head & Neck Surgical Associates has purchased a 2.5-acre site at Brooks City-Base in San Antonio and plans to develop a 20,000-square-foot medical office on the property. Russell Noll and Scott Wolff of Transwestern represented the seller, Brooks City-Base, in the transaction. Jeffrey Miller of Travis Commercial Real Estate represented the buyer.
GLENDALE, ARIZ. – The 69-unit Village Diamante in Glendale has sold to JHL Real Estate, LLC for $6.7 million. The apartment community is located at 8050 North 61st Ave. It was built in 2009 by Lucchesi Construction. JHL Real Estate was represented by Barbara Lloyd, Lane Neville, Brad Ranly, and Gabe Ortega of NAI Horizon in Phoenix. The seller, First International Bank & Trust, was represented by Cliff David, Steve Gebing and Brian Tranetzki of Marcus & Millichap’s Phoenix office.
PITTSBURG, CALIF. – A 30-unit apartment building located at 4116-4196 Loveridge Road in Pittsburg has sold to a limited liability company for $1.81 million. The property was built in 1973. The buyer was represented by Brandon Geraldo of Marcus & Millichap’s San Francisco office. The seller, a bank/financial institution, was represented by Jon Holmquist and Aaron Bove of the firm’s San Diego office.
