NEW YORK CITY — A 58,500-square-foot former warehouse, located at 71 Laight St. in Manhattan's Tribeca neighborhood, has sold to Taconic Investment Partners for $65 million. The building will be repositioned into a 34-unit, loft-style condominium building. Inbal Himelblau and Alan Miller of Eastern Consolidated represented the seller, a Spanish partnership former by developer Grupo Arranz Acinas, industrial company Grupo Antolin and savings bank Caja de Burgos. Peter Hauspurg, also of Eastern Consolidated, represented the buyer.
Property Type
CAMBRIDGE, MASS. — New Boston Fund has sold the 89,875-square-foot One Alewife Center, a Class A office building located in Cambridge, to Brookwood Financial Partners. Tenants include Basis Technology, Genstruct and Beacon Interactive System, ROI Solutions and CO3 Systems. Chris McMahon and Doug Adamian of Newmark Grubb Knight Frank's Boston office represented the buyer in the transaction. The seller was self-represented.
EL RENO, OKLA. — Northbrook, Ill.-based The Boulder Group has brokered the $4.89 million sale of a 13,650-square-foot Walgreens property, located at 1550 SW 27th St. in El Reno. The property is fully leased to Walgreens with 22 years remaining on the lease term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Oklahoma-based developer, in the transaction. The buyer was an individual investor from South Dakota.
HOUSTON — Satterfield & Pontikes Construction has been awarded a $1.2 million expansion project for a testing laboratory in Houston. The 9,200-square-foot project includes a 4,600-square-foot addition along with renovations to the existing 4,600-square-foot laboratory, which belongs to Goodman Manufacturing Co. The construction will include upgrading HVAC systems, improving electrical systems, plumbing upgrades, thermal protection, fire suppression and window/door glazing.
DALLAS — The Weitzman Group has arranged the sale of an 8,300-square-foot grocery store, located at 4405 Ross Ave. at Ashby Street in Dallas. Daniel Rivas of The Weitzman Group represented the buyer, Dallas-based Scarsdale One, in the transaction. The Weitzman Group will handle the property's leasing.
HOUSTON — LMI Capital has secured $9.2 million in refinancing for three Houston-area multifamily properties. Brandon Brown of LMI Capital arranged all three loans through LMI Capital's Fannie Mae sources. The three properties include the 190-unit Pelican Pointe Apartments in southwest Houston, the 101-unit Park Place Apartments in Pearland and the 113-unit Stoneybrook Apartments in west Houston. Brown arranged a seven-year loan for Pelican Pointe, a 10-year loan for Park Place and a 10-year loan for Stoneybrook.
SUNRAY — Marcus & Millichap has arranged the sale of a 8,000-square-foot Family Dollar, located at the southwest corner of Main and Fifth streets in Sunray. Edward Benton of Marcus & Millichap's Houston office represented the seller, a developer, in the transaction. The Family Dollar sold for $950,000.
LOS ANGELES — A21-unit apartment building in the Los Angeles submarket of Toluca Lake has received a $7.4-million refinancing. The community was originally developed as high-end condos in 2007. When the market crashed, the developer converted the units to rentals. The apartment loan is underwritten to $352,380 per unit. The loan features a fixed rate for five years and a minor prepayment penalty for three years. The borrower hopes to sell the units as condos if and when the market recovers. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office.
POINT RICHMOND, CALIF. – Nutiva is relocating its corporate headquarters from Oxnard to 213 West Cutting Blvd. in Point Richmond. The company has subleased about 100,000 square feet inside a 237,000-square-foot warehouse/distribution building. Nutiva was represented by Adam Peterson and Justin Grilli with Cassidy Turley BT Commercial in Pleasanton. The landlord was represented by Todd Severson, Greig Lagomarsinoand Sean Sabarese of Colliers International in Oakland.
ENCINO, CALIF. — Barrister Executive Suites has signed a lease renewal for the seventh floor of the Encino Financial Center. The center, which is also known as the City National Bank Building, is located at 16133 Ventura Blvd. in Encino. Barrister has occupied this 18,497-square-foot space since 1977. Barrister was represented by David DeFore from CBRE’s Universal City office. The landlord is Lowe Enterprises.