SALEM, N.H. — ARA has arranged the sale of Brook Village West, a 169-unit apartment community in Salem. The buyer, Forest Acquisition Fund, is a Massachusetts-based property management and asset-repositioning firm with a portfolio of 4,000 units. The new owner plans upgrade Brook Village West's units and common areas. The property was 98 percent occupied at the time of sale. Terence Scott of ARA represented the seller in the transaction. The transaction represents the largest multifamily sale in New Hampshire so far this year.
NEW YORK CITY — Cohen Partners has signed a 10-year lease for 3,858 square feet of office space at 104 W. 40th St. in New York City. Cohen Partners is an independent insurance brokerage. Mike Movshovich, Neil King and Paul Amrich of CBRE represented the landlord, an affiliate of Savanna, in the transaction. Robin Fisher and Taylor Scheinman of Newmark & Co. Real Estate represented the tenant.
BOSTON — Meritage Properties and Ivy Realty have acquired 711 Atlantic Ave. in downtown Boston for a reported $26 million. The six-story, 85,551-square-foot office building was constructed in the late 1800s and underwent a full renovation in 2003. More recent updates include the replacement of most of the building's windows and lobby upgrades. Meritage and Ivy will co-manage the investment. CBRE — N.E. Partners LP represented the seller and procured the buyer in the transaction.
BEAUMONT — McCarthy Building Cos. has been selected to build the Maritime Administration Beaumont Layberth Facility, a $34.6 million design/build marine project located on the Neches River in Beaumont. The project is McCarthy's first contract with the U.S. Department of Transportation. The project will provide long-term safe lay-berthing facilities for eight large vessels and will include fixed concrete berths, dredging, electrical service, shore side lighting, communication, parking lots, road construction, a perimeter fence and a controlled access gate. Construction is scheduled to begin in October and completion is slated for July 2013. HDR Engineering is the lead design engineer for the project.
SAN ANTONIO — BC LYND Hospitality, a joint venture between San Antonio-based LYND and BC Commercial Partners, has purchased the historic St. Anthony Hotel, a 103-year-old, 352-room hotel located at 300 E. Travis St. in downtown San Antonio. The hotel is listed as a National Historic Landmark. BC LYND is planning a $24 million renovation of the hotel that will include a new brand affiliation (Starwood Luxury Collection), new decor, updated meeting and function spaces, a new restaurant and a rooftop bar. IBC Bank provided debt financing for the acquisition and renovation of the hotel. Bill Stadler and John Bourret of HFF represented the seller, Berkadia , in the transaction.
RICHLAND HILLS — Centennial Real Estate Co. has purchased The Crossing, a 247,720-square-foot shopping center located at the northwest corner of Grapevine Highway and Precinct Line Road in Richland Hills. Kohl's anchors the center and Kroger Signature is a shadow anchor. Centennial will manage the center, and Greg Pierce and Rob Solls of UCR will handle the property's leasing.
HOUSTON — Marcus & Millichap has arranged the sale of a 1,504-square-foot retail property, located at 17500 NW Freeway in Houston, which is ground leased to Pizza Hut. Vincent Knipp of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, in the transaction. Glen Kunofsky and Judson Kauffman of Marcus & Millichap's Manhattan office represented the buyer, an individual trust. Pizza Hut has operated the location since 1991 and recently extended its lease on the property by 10 years.
DALLAS — NorthMarq Capital has secured $3 million in first mortgage refinancing for the 301,378-square-foot One Graystone Center, an office building located at 3010 LBJ Freeway in Dallas. Paul Brighton of NorthMarq's Dallas office arranged the loan through a bridge lender.
HILLSBORO, ORE. — Bank of America Northwest Lending Center, a 57,000-square-foot office building in Hillsboro, has sold to Watumull Properties Corp. for $5.2 million. The building is located at 21000 Northwest Evergreen Parkway. It was built in 1985 and gained an addition in 1993. The property is fully occupied by Bank of America. Keith Young and Cliff Finnell of Kidder Mathews represented both the buyer and the seller, Oregon Pacific Investment & Development Company, in this transaction.
FLAGSTAFF, ARIZ. — Timberline Place, a fractured luxury condominium project in Flagstaff, has sold to SWRE Deal IV, LLC for $8.5 million. The LLC purchased 102 luxury condominium units in the complex, which is located at 4343 E. Soliere Ave. The project contains 204 total units – 102 of which were available for bulk purchase – and was built in 2000. The complex resides within the Continental Country Club community. The seller, Aspen Timberline II, LLC, was represented by David Fogler and Steven Nicoluzakis, with Cassidy Turley’s Multi-Family Service Group.