MANHATTAN — American Realty Capital Recovery REIT Inc. has acquired a fee-simple interest in a portfolio of four retail condominiums, located at 416-424 Washington St. in Manhattan for about $9.8 million. The portfolio contains 24,000 square feet, including a 15,000 square feet in a parking garage. The portfolio is fully leased.
BOSTON — NAI Hunneman has brokered a 17,901-square-foot industrial lease at 45 Sixth Rd. in Woburn, Mass. David Gilkie of NAI Hunneman's Boston office represented the landlord, Woburn Group LLC. James Stubblebine of The Stubblebine Co. represented the tenant, Barbour Stockwell Inc.
WASHINGTON, D.C. — Marcus & Millichap Real Estate Investment Services has arranged the sale of La Reine Apartments, a 95-unit apartment building, located at 5425 Connecticut Ave. NW in Washington, D.C. The building sold for approximately $17 million. Ari Firoozabadi of Marcus & Millichap's Washington, D.C. office represented the seller, B Kline Family LLC, and the buyer, Kossow Management Corp.
FLORHAM PARK, N.J. —Bergman Real Estate Group has arranged two lease expansion deals at Florham Park Corporate Center in Florham Park, N.J. Managed Health Care Associates Inc. signed a lease for 39,060 square feet, which includes an additional 17,550 square feet of space. Eric Ladden of Cornerstone Real Estate Group represented Managed Health Care in the transaction. Veritext Corp. signed a 33,000 square foot lease, expanding by 16,560 square feet. Greg Barkan and Remy deVarenne, Jr. of CB Richard Ellis represented Veritext in the transaction.
HOUSTON — MetLife has completed the sale of a 50 percent interest in the 1.7 million-square-foot Wells Fargo Plaza, a 71-story office building located at 1000 Louisiana St. in Houston's CBD, to New York State Common Retirement Fund. MetLife will retain asset management responsibilities and the remaining 50 percent interest. The property is 96 percent leased to 37 tenants. Robert Williamson and Scott Galloway HFF's Houston office and Mark Gibson of the firm's Dallas office represented MetLife in the transaction, and Clarion Partners represented New York State Common Retirement Fund.
SAN ANTONIO — Embrey Construction has broken ground on Pearl Brewery's 300-unit Can Plant Apartments, a multifamily community located at 503 Avenue A in San Antonio. The development will include a resort-style swimming pool, parking garage, health club and social lounge. An affiliate of San Antonio-based Silver Ventures is developing the property, which is designed to achieve the 2008 National Green Building standard. The property is slated for a third quarter 2012 delivery.
EL PASO — Cypress Equities has arranged $57.3 million loan for the 591,000-square-foot Bassett Place, an enclosed mall located at 6101 Gateway W. in El Paso. The mall is 93 percent leased to tenants such as Kohl's, Target and Premiere Cinema 18. Cypress arranged a $49.3 million senior loan through CIBC on behalf of the borrower, Bassett Place Real Estate Co. Cypress also arranged $8 million in mezzanine financing through RCG Longview. Part of the funding will go toward capital improvements associated with two new leases with Dollar Tree and Shoe Carnival in one of the mall's outparcel buildings.
FORT WORTH — HFF has arranged a $4 million loan for the refinancing of the 83,402-square-foot Hulen Square, a shopping center located at 6201-6299 Granbury Rd. in Fort Worth. Travis Anderson of HFF's Dallas office arranged the 5 year loan through ViewPoint Bank on behalf of the owner, Cencor Realty Services.
DALLAS — A new restaurant developed by Stephan Pyles is coming to 17Seventeen McKinney, an office tower located at 1717 McKinney Ave. in Dallas. Pyles has signed a 7,493-square-foot lease with Granite Properties for ground floor space. The 120-seat restaurant will open in the spring of 2012. Mitch Traub, Wyatt Russo and Jim Weir of the Retail Connection represented the landlord in the leasing transaction. Jack Gosnell of United Commercial Realty's Dallas office represented Pyles.
SANTA MARIA, CALIF. — NorthMarq Capital has provided $10 million in first-mortgage refinancing for the Santa Maria Shopping Center in Santa Maria. The loan for the 291,638-square-foot retail center was based on a seven-year term and a 15-year amortization schedule. It was arranged by Robert Hervey of NorthMarq’s Los Angeles office through the firm’s correspondent relationship with PPM Finance.