NEW YORK CITY — Marcus & Millichap has arranged the $2.5 million sale of 1402-14087 Putnam Ave., four apartment buildings in Brooklyn. Each of the buildings contains six units. Erik Lundberg of Marcus & Millichap represented the seller, a private investor. Lundberg and Shaun Riney, also of Marcus & Millichap, represented the buyer, a private investor.
TOMS RIVER, N.J. — Gebroe-Hammer Associates has arranged the $16.1 million sale of Dover Chase Apartments, a 110-unit property in Toms River. Built in 2008, Dover Chase is 95 percent occupied. The building features one-, two- and three-bedroom layouts, and most units also include attached garages. Joseph Brecher and Steve Follman of Gebroe-Hammer Associates represented both the buyer and seller in the transaction.
DEVON, PA. — Kimco Realty Corp. has purchased Devon Village, an 89,000-square-foot shopping center in Devon, in Philadelphia's western suburbs. The seller was WP Realty. The center is anchored by a newly expanded and renovated Whole Foods. WP Realty purchased Devon Village in 2009 and expanded the center by 20,000 square feet.
AUSTIN — Seattle-based The Dow Hotel Company, in a joint venture with The Carlyle Group's Carlyle Realty Partners VI, has acquired the 174-room Lakeway Resort and Spa, a AAA Four Diamond resort located at 101 Lakeway Drive in Austin. The resort is situated on 12 acres with 1,000 feet of waterfront on Lake Travis. The facility features villas, 24,000 square feet of meeting and function space, the San Saba Spa, a full range of aquatic activities, 24 outdoor tennis courts and two indoor tennis courts that are climate-controlled. Palm Beach, Fla.-based Hospitality Funding advised the buyers on the transaction. The buyers plan to complete a $5 million renovation that was started by the previous ownership group. The renovation includes updating the guest rooms, ballroom, bathrooms, lobby and corridors.
CYPRESS — Arch-Con Construction has finished the construction of a Michaels, Charming Charlie and James Avery at Cypress Towne Center, located at Spring Cypress Road and Highway 290 in Cypress. The 22,000-square-foot Michaels is slated to open on Friday, the 8,000-square-foot Charming Charlie is scheduled to open in August and the 2,500-square-foot James Avery is slated to open later this month. Kimco Realty Corp. is the developer of the retail tract and The Thompson Nelson Group designed the properties.
IRVING — Houston-based Boxer Property has acquired the 208,450-square-foot One Panorama, an eight-story office property located at 7701 Las Colinas Ridge in Irving. The property is currently 91 percent leased. Mike Hardage and Steve Simon of Transwestern represented the seller, Prudential Real Estate Investors, in the transaction. Boxer Property was self-represented.
HOUSTON — Marcus & Millichap has arranged the $4.2 million sale of the 54,557-square-foot Bellaire Village Shopping Center, located at 13602 Bellaire Blvd. in Houston's New Chinatown submarket. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a financial institution, in the sale of the foreclosed property.
IRVING — HFF has arranged $47.75 million in refinancing for The Shores at Las Colinas, a 908-unit, Class A multifamily property located at 385 E. Las Colinas Blvd. in Irving. The multifamily community is currently 88 percent leased and offers frontage on Lake Carolyn, European-style courtyards, five swimming pools, parking garages, a fitness center and club room. Steve Heldenfels, Bob Herron and Mona Carlton of HFF arranged the three-year loan through Capital One on behalf of the borrower, Boston-based Metropolitan Properties of America.
DENVER – The 107-unit Wellshire Arms Apartments in Denver has received $15.2 million in debt and equity. Its owners, Bruckal Properties Inc., received $10.9 million in debt and $4.3 million in equity. The property is located at 2499 South Colorado Blvd. The senior, non-recourse loan was arranged by Malcolm Davies and Michelle Lee of George Smith Partners. Bruckal plans to use part of this funding to modernize the building.
SAN DIEGO — CapRock Partners has purchased two industrial buildings in San Diego that total 36,826 square feet. The properties were acquired through an all-cash transaction via an auction process at a courthouse in San Diego County. The purchase price was not disclosed. The adjacent buildings are located at 9225 and 9245 Brown Deer Road in the Sorrento Mesa/Miramar submarket. They were constructed in 1989. The firm plans to renovate the space before selling to individual owner-users. Mickey Morera and James Duncan of Cushman & Wakefield will market the properties.
