NEW YORK CITY — Bestreich Realty Group has arranged the sale of a five-building multifamily assemblage located at 255-265 Linden St. in Brooklyn. An undisclosed buyer acquired the property for $9.2 million. Totaling 34,900 square feet, the assets feature 39 apartment units. Derek Bestreich, Luke Sproviero and Steve Reynolds of Bestreick Realty Group represented the undisclosed seller and buyer in the deal.
NEW YORK CITY — Madison Realty Capital has signed a lease with Urban Soccer, an operator of indoor and outdoor competitive and recreation leagues in Europe, at Whale Square in Brooklyn’s Sunset Park. Urban Soccer will occupy 63,000 square feet of space on the third floor of the 500,000-square-foot mixed-use property. Madison Realty Capital acquired the property last summer and is currently redesigning and repositioning the property into commercial space designed for innovative and creative tenants. David Falk, Eric Cagner, Whitten Morris and Joseph Sipala of Newmark Grubb Knight Frank represented Madison Realty in the deal.
ALLENTOWN, PA. — Equus Investment Partnership X, an affiliate of Equus Capital Partners, has acquired The Lakes Apartments, a multifamily property located in the West End neighborhood of Allentown, for an undisclosed price. The 235-unit property was 95 percent occupied at the time of closing. The property features a mix of one-, two-, three-bedroom flat and townhome units, an outdoor swimming pool, tennis court and walking trail. Equus plans to invest $2.5 million to improve the common areas and amenities, as well as to complete unit upgrades that were begun under prior ownership. Madison Apartment Group will manage the community.
HOLMDEL, N.J. — iCIMS Inc. has signed a lease for 350,000 square feet of space at Somerset Development’s Bell Works, a mixed-use development in Holmdel. The provider of human resources software is relocating its headquarters to Holmdel from Matawan, N.J. The lease brings the 2-million-square-foot Bell Works to more than 50 percent occupied. Jeff Garibaldi, Tara Keating Freeman and Kyle Mahoney of The Garibaldi Group/CORFAC International represented Somerset Development, while Joseph Sarno Jr., Jeremy Neuer and Matthew Wassel of CBRE represented iCIMS in the lease transaction.
SCOTTSDALE, ARIZ. — Hyatt Hotels Corp. has purchased the 119-room Royal Palms Resort and Spa in Scottsdale for $88.2 million. The hotel is located at 5200 E. Camelback Road. The hotel will continue to operate as the Royal Palms, though it will become affiliated with the Unbound Collection by Hyatt. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. Hodges Ward Elliott represented the seller, Lowe Enterprises Investors, in this transaction.
LOS ANGELES — US OCG Inc., a subsidiary of China-based Esong Group, has purchased the 405-room Holiday Inn near Los Angeles International Airport (LAX) for $52 million. The hotel is located at 9901 S. La Cienega Blvd. The Holiday Inn was built in 1973 and renovated in 2008. It has maintained an occupancy rate of more than 90 percent in 2016, according to Infinity Realty Advisors, which represented the buyer. LAX is currently undergoing an $8 billion modernization. This is the subsidiary’s first U.S.-based hotel acquisition. The seller was the CIM Group. Eddy Chao, Karin Chao and Richard Alter represented the buyer.
KILLEEN, TEXAS — Muskin Commercial has negotiated the sale of The Willows Apartments in Killeen. A California-based investor purchased the asset for an undisclosed price. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Rich Heine of Southwest Investment Properties represented the buyer. First State Bank of Killeen provided financing for the 232-unit asset, which will be managed by Houston-based Asset Plus Management. Built in 1983 by the current owners on an 8.2-acre site, the property features brick construction with pitched composition shingle roofs. The apartments include one-, two- and three-bedroom units in 15 buildings. The property has an average unit size of 715 square feet and includes two swimming pools.
DALLAS — Marcus & Millichap has arranged the sale of Candlewick, an 11-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership, and procured the buyer, a limited liability company. Nick Fluellen and Bard Hoover, also of the firm’s Dallas office, assisted with the transaction. Candlewick is located at 5444 Gaston Ave. and consists of eight one-bed/one-bath units, one two-bed/one-bath unit and two two-bed/1.5-bath units. The asset was 91 percent occupied upon execution of the contract. Candlewick, built in 1961, is situated in the historic district of Old East Dallas.
DALLAS — Lee & Associates has negotiated the sale of a 10,500-square-foot office/retail building located at 1528 Slocum St. in Dallas. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Tatum Brown Custom Homes. Doug Molny with Jim Lake Cos. represented the seller, Mark Modares.
OCOEE, FLA. — ARA Newmark has brokered the $42.8 million sale of Oak Forest, a 408-unit, garden-style apartment community in Ocoee, a suburb of Orlando. Miami-based Advenir Real Estate Management purchased the asset from New York-based Palatine Capital Partners. Built in two phases from 1989 to 1991, the property features two swimming pools, a newly remodeled clubhouse, fitness center, basketball and tennis courts and a playground. Kevin Judd, Scott Ramey, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented Palatine Capital Partners in the transaction.
