Property Type

Avison Young Negotiates $8.2M Sale of Ascent on Main Hotel in Parker, Colorado

by Amy Works January 9, 2024

PARKER, COLO. — Avison Young has arranged the sale of Ascent on Main, a boutique hotel at 18595 Mainstreet in Parker, a southeast suburb of Denver. Independent Bank, which oversaw the property in receivership, sold the asset to Eagle Point Hotel Partners for $8.2 million. Opened in 2019, the four-story Ascent on Main features 51 guest rooms, meeting rooms, an open-air promenade and three food-and-beverage outlets. Chris Kilcullen of Avison Young, along with Keen-Summit Capital Partners, represented the seller. Eagle Point Hotel Partners was self-represented in the deal.

January 9, 2024

Acquisitions Multifamily Texas

Momentum Multifamily Acquires 296-Unit Apartment Community in Metro Houston

by Taylor Williams January 9, 2024

HUMBLE, TEXAS — Texas-based investment firm Momentum Multifamily has acquired The Henry at Lake Houston, a 296-unit apartment community in the northeastern suburb of Humble. The property, formerly known as The Cobalt at Lake Houston, consists of 14 three-story buildings that house a mix of one-, two- and three-bedroom units. Residences feature granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a pool, business center, game room, clubhouse, fitness center, putting green and storage lockers. Timbercreek Capital provided the senior acquisition loan for the deal that was arranged by Taylor Coy of JLL, with Chicago-based Pearlmark supplying mezzanine financing. The loan amounts and the name of the seller were not disclosed.

January 9, 2024

California Loans Retail Western

PSRS Arranges $3.7M Bridge Financing for Pointe West Plaza in San Ramon, California

by Amy Works January 9, 2024

SAN RAMON, CALIF. — PSRS has arranged $3.7 million in bridge financing of Pointe West Plaza, a retail property located in San Ramon, east of the Bay Area. Jonny Soleimani and Matthew Farzinpour of PSRS secured the financing for the undisclosed borrower. Built in 1990, the property is a 16,921-square-foot, multi-tenant retail center. Current tenants include a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. A debt fund provided the 12-month loan, which features no prepayment penalty.

January 9, 2024

Leasing Activity Office Texas

Bradford Commercial Negotiates Office Lease Renewal, Expansion in Allen, Texas

by Taylor Williams January 9, 2024

ALLEN, TEXAS — Bradford Commercial Real Estate Services has negotiated a 10-year office lease renewal and expansion in the northeastern Dallas suburb of Allen. The tenant, Visitech Americas, a Norwegian provider of 3D printing and digital imaging solutions, will now occupy 19,431 square feet across the entire first floor of Building 2 of The Office Campus at Allen. Jared Laake of Bradford represented the landlord, an entity doing business as 1301 SCE LLC, in the lease negotiations. Dene Allred of CMI Brokerage represented the tenant, which plans to invest $1 million in the build-out of the expanded space.

January 9, 2024

Acquisitions New York Northeast Office

KSR Capital Buys 49 Percent Stake in Manhattan Office Building

by Taylor Williams January 9, 2024

NEW YORK CITY — KSR Capital, the investment arm of locally based firm KSR, has purchased a 49 percent stake in 1410 Broadway, a 34-story office building in Manhattan. The 395,000-square-foot building recently underwent a capital improvement program and was 90 percent leased when the deal closed, with an undisclosed design and marketing firm recently signing a 62,500-square-foot lease. KSR Capital purchased the stake from L.H. Charney Associates, with internal agents Albert Sultan and Marc Sitt negotiating the deal.

January 9, 2024

Acquisitions Retail Texas

JLL Arranges Sale of 13,877 SF Retail Strip Center in Northwest Houston

by Taylor Williams January 9, 2024

HOUSTON — JLL has arranged the sale of Garden Oaks Shopping Center, a 13,877-square-foot retail strip center in northwest Houston. The center was built in 1950 and was fully leased at the time of sale to tenants such as Upside Pub, Pinks Pizza, Village Liquor, Community Vet and Molly’s Mutt House. Ryan West, John Indelli and Clay Andersen of JLL represented the seller, Fifth Corner, in the transaction. Meredith Cullen and David Cook with Cushman & Wakefield represented the undisclosed buyer.

January 9, 2024

Leasing Activity Office Texas

Family Care Center Signs 6,052 SF Office Lease in New Braunfels, Texas

by Taylor Williams January 9, 2024

NEW BRAUNFELS, TEXAS — Family Care Center has signed a 6,052-square-foot office lease in New Braunfels, a northeastern suburb of San Antonio. According to LoopNet Inc., the property at 640 N. Walnut Ave. was built in 2021 and totals 19,623 square feet. Chad Wallace of Partners Real Estate represented the undisclosed landlord in the lease negotiations. Ken Brown and Carl Salvato with Cushman & Wakefield represented the tenant.

January 9, 2024

Acquisitions Industrial New York Northeast

Houlihan Lawrence Arranges $18.5M Sale of Two Warehouses in Brewster, New York

by Taylor Williams January 9, 2024

BREWSTER, N.Y. — New York-based brokerage firm Houlihan Lawrence Commercial has arranged the $18.5 million sale of two warehouses in Brewster, about 55 miles north of Manhattan. The steel-frame buildings span a combined 99,900 square feet across 15 acres near Exit 8 of I-684. John Ravetto of Houlihan Lawrence represented the seller, locally based contractor Alfredo Site Development Co., in the transaction. Stan Putko of Orenda Estates LLC represented the undisclosed buyer.

January 9, 2024

Development Multifamily New Hampshire Northeast

North & South Construction Completes 35-Unit Multifamily Project in Manchester, New Hampshire

by Taylor Williams January 9, 2024

MANCHESTER, N.H. — Developer and general contractor North & South Construction Services has completed Signature on Elm, a 35-unit multifamily project in Manchester, located near the Massachusetts-New Hampshire border. Signature on Elm houses studio, one- and two-bedroom units, with 15 residences being earmarked as workforce housing, as well as 8,000 square feet of retail space. Rents for market-rate units start at $1,500 per month for a studio apartment. North & South developed the project in partnership with the Strafford Economic Development Corp.

January 9, 2024

Acquisitions Multifamily New York Northeast

Wexcor Capital Buys Two Manhattan Apartment Buildings for $5.8M

by Taylor Williams January 9, 2024

NEW YORK CITY — Long Island-based investment firm Wexcor Capital has purchased two contiguous apartment buildings in Manhattan’s Washington Heights area for $5.8 million. The six-story buildings were constructed in 1914 and house 61 rent-stabilized units. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented both Wexcor Capital and the seller, Barberry Rose Management, in the transaction. The deal traded at a cap rate of 9 percent.

January 9, 2024

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