EDISON, MONTCLAIR AND HIGHLAND PARK, N.J. — Beech Street Capital has arranged a $13.6 million Fannie Mae loan to refinance a four-property portfolio in Edison, Montclair and Highland Park. The portfolio totals 181 apartment units. The 7-year loan has a 30-year amortization schedule.
NEW YORK CITY — A local real estate developer has purchased three properties on adjoining lots for $2.8 million. The properties are located at 284, 286 and 288 Atlantic Ave. in Brooklyn. The first site includes a 3,600-square-foot mixed-use building, the second is a vacant lot and the last site is a mixed-use property with six apartments and one retail tenant. The new owner plans to renovate the existing buildings and develop the vacant land. Brian Leary, Scott Burk, Andre Sigourney, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek of CPEX Real Estate represented the seller in the transaction. They also procured the buyer.
HOLDEN, MASS. — Margulies Peruzzi Architects and Cutler Associates have been selected to design and construct and new medical office building in Holden. The companies will develop a 36,000-square-foot building at the entry to the Boyden Road Campus for Oriol Health Care. The facility will house a family medical practice and other healthcare providers. The project is expected to be complete by the end of this year or early 2013.
HOUSTON — Crowne Plaza Houston Downtown Hotel, located in Houston, has finished its 259-unit renovations. The updates include new carpeting, wall vinyl, window treatments, lighting fixtures, seating, upgraded cable and wireless Internet access. Chesapeake Hospitality manages the hotel, which features a 24-hour fitness center, an outdoor swimming pool, 12,000 square feet of event space and the Brazos Restaurant & Lounge.
SAN ANTONIO — Seldin Co. and World Group Commercial Real Estate, both based in Omaha, Neb., have facilitated the purchase of the 280-unit Villas of Oak Creste and the 262-unit Songbird, two Class B multifamily properties located in San Antonio. Villas of Oak Creste is located at 5315 Fredericksburg Rd. and Songbird is located at 7667 Callaghan Rd. Seldin Co. has assumed managing and leasing responsibilities.
SPRING — The Woodlands-based The J. Beard Real Estate Company has brokered the sale of Phase II and III of the 40,372-square-foot Spring Hill Executive Office Suites, located at 500 and 504 Spring Hill Dr. in Spring. The property is fully leased. Josh Feinberg of J. Beard represented the buyers, The Woodlands-based Mercan and a private family partnership, in the transaction. Jeff Beard of J. Beard represented the seller.
DALLAS — Fullerton, Calif.-based Eleganza Tiles has leased 60,092 square feet of showroom and office space at Tile Mile Park, located in the Dallas Corporate Center Building 1 at 2230 LBJ Freeway in Dallas. The company relocated from 11639 Emerald St. in Dallas, less than a half mile away from its new headquarters. The new lease expands the company's footprint by 20,000 square feet. Kevin Santaularia and Joe Santaularia of Dallas-based Bradford Commercial Real Estate Services represented the tenant in the transaction. The landlord, ProLogis, was self-represented by Mitch Pruitt.
SAN JOSE, CALIF. — PCCP, LLC and Hunter Storm Properties have formed a joint venture to acquire a 30-acre infill land parcel in San Jose. The JV immediately sold five of the acres at closing. It plans to use the balance for Village Oaks, a 320,000-square-foot retail development. Construction should commence on this project in the fourth quarter of 2012. It should be completed a year later. The parcel is located at Cottle Road and Highway 85.
ANAHEIM, CALIF. — Gateway One Lending & Finance, LLC has signed an eight-year lease expansion for 41,148 square feet of office space in Anaheim. The office is located at 175 N. Riverview Drive. The property’s landlord is a joint venture of Greenlaw Partners and Walton Street Capital. The transaction was brokered by Chris Migliori of DAUM’s Orange County, Calif., office.
ALEXANDRIA, VA. — AREA Property Partners has purchased the 1,180-unit EOS-21, an apartment complex located at 140 S. Van Dorn St. in Alexandria. Amenities include an on-site daycare center, a convenience store, two swimming pools, four tennis courts, sand volleyball court, fitness center, clubhouse with billiards, business center, library, theater room and barbeque area with grilling stations. AREA has selected Bethesda, Md.-based ROSS Management Services to manage the property.