more_sales_and_leases

GFI Realty Brokers $15.8M Sale of Multifamily/Retail Property in Brooklyn

by Amy Works January 20, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily and retail property located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. A group led by Cheskie Weisz of CW Realty and Joel Wertzberger of Joyland Group acquired the asset from Anthony Fernicola for $15.8 million. The property consists of 18 residential units, one retail shop and 5,700 square feet of air space. At the time of sale, 16 residential units and the retail unit were vacant. The new ownership plans to complete interior and exterior renovations at the property and will use the additional air rights to expand the size of the retail facility. Joseph Landau and Max Koshkerman of GFI Realty represented the buyer, while Koshkerman and James Tenaglia of M & J Realty Group represented the seller in the transaction.

January 20, 2016

Healthcare Northeast Office Pennsylvania

Sands Investment Group Negotiates Sales of Two Medical Office Properties in Pennsylvania

by Amy Works January 20, 2016

BETHLEHEM AND WHITEHALL, PA. — Sands Investment Group has brokered the sales of two medical office buildings in Pennsylvania. An East Coast institutional investment firm has acquired a 22,742-square-foot medical office building located at 2014 County Line Road in Bethlehem for $4.4 million and a 10,170-square-foot medical office building at 1320 Mickley Road in Whitehall for $3.1 million. The Bethlehem property is occupied by Fresenius, RMS, a DaVita subsidiary, and Valley Kidney Specialists; and the Whitehall property is occupied by Fresenius Medical Care. Bryant Hoover of Sands Investment Group’s Santa Monica, Calif., office represented the seller, a doctor/owner, in both transactions.

January 20, 2016

Multifamily New York Northeast

Cignature Realty Associates Arranges $4.5M Sale of Manhattan Apartment Building

by Amy Works January 20, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 541 W. 144th St. in Manhattan’s Hamilton Heights neighborhood. A local real estate investor acquired the five-story walk-up for $4.5 million, or 18.5 times the rent roll. The 14,190-square-foot property features 20 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the seller, 144 Street Properties LLC, and the buyer in the transaction.

January 20, 2016

Multifamily Student Housing Texas

Casey Development Secures Sale of Student Housing Property in San Marcos

by Haisten Willis January 20, 2016

SAN MARCOS, TEXAS — Casey Development has completed the sale of Uptown Square Apartments, a 512-bed student housing apartment community located in San Marcos. The buyer, Inland Real Estate Group, is a commercial real estate and finance firm specializing in commercial real estate acquisitions, brokerage, development and management. Developed and constructed in 2015 by Casey Development, Uptown Square is located near Texas State University, the fourth largest public university in Texas. Unit interiors at Uptown include nine-foot ceilings, granite countertops, oversized closets, stainless steel appliances, crown molding and private patios/balconies. Community amenities include a fitness center, clubhouse, study rooms, computer lab, tanning bed, pool, volleyball court and an outdoor kitchen. Occupancy was above 97 percent at the time of the sale.

January 20, 2016

Loans Multifamily Texas

LMI Secures Multifamily Acquisition Loans in Metro Houston

by Haisten Willis January 20, 2016

GALVESTON AND HOUSTON, TEXAS — Jamie Safier of LMI Capital has procured financing for a two-phase complex in Galveston that includes a historic building component. The loan represented 84 percent of the purchase price and featured a five-year fixed term with one year of interest-only payments and no pre-payment restrictions. The borrower was a first-time buyer of commercial properties and plans to use a portion of the proceeds to enhance the property’s interior and exterior appeal. Brandon Brown of LMI originated a second transaction to close a $7 million loan for a garden-style community in west Houston containing nearly 300 units. An agency loan was assumed and closed simultaneously with a supplemental loan that reduced the borrower’s required equity needed for the acquisition.

January 20, 2016

Retail South Carolina Southeast

DNA Partners Purchases Shopping Center in Greenville

by John Nelson January 20, 2016

GREENVILLE, S.C. — DNA Partners has purchased The Gallery, a 142,000-square-foot retail center located on Haywood Road in Greenville. The Gallery is leased to Gabe’s and Conn’s and features a Chick-fil-A at its entrance. DNA Partners plans to add outdoor seating and update the landscaping of the center’s courtyard. The firm is also planning to redesign the center’s side building to accommodate active outdoor lifestyle tenants.

January 20, 2016

Illinois Midwest Multifamily

High Street Residential, The Carlyle Group Sell 115-Unit Apartment Community in Chicago Suburb

by Christina Cannon January 20, 2016

PARK RIDGE, ILL. — A joint venture consisting of High Street Residential and The Carlyle Group has sold a 115-unit apartment community to L&B Realty Advisors LLC for an undisclosed price. Park 205 is a three-story, Class A apartment community located in Park Ridge, a northwestern suburb of Chicago. ESG Architects designed Park 205, which was completed in the last quarter of 2015. The project offers one-, two- and three-bedroom units. Amenities include a pool and sun deck, outdoor fire pits and cabanas, a clubroom, Wi-Fi coffee lounge, fitness center, business center, dog spa, bicycle storage and covered and heated parking. The community also has the LEED Silver designation. John Jaeger of CBRE represented the joint venture in the transaction.

January 20, 2016

Kansas Midwest Retail

Viking Partners Acquires Shopping Center in Kansas City Suburb for $8.5M

by Christina Cannon January 20, 2016

OVERLAND PARK, KAN. — Viking Partners Fund III LLC has acquired an 80,047-square-foot shopping center for $8.5 million. Overland Pointe Marketplace is located in Overland Park, an affluent southwestern suburb of Kansas City. The shopping center is anchored by Babies “R” Us and Golf Galaxy. Shadow anchor tenants include Sam’s Club, Home Depot and ALDI. The shopping center was 94 percent occupied at the time of sale. The seller in the transaction was undisclosed.

January 20, 2016

California Multifamily Western

Ivanhoé , Veritas Buy 16 Multifamily Properties in San Francisco for $200M

by Nellie Day January 20, 2016

SAN FRANCISCO — A joint venture between Ivanhoé Cambridge and Veritas Investments has purchased 16 apartment communities in San Francisco for about $200 million. The communities were not named. The properties are located in some of San Francisco’s most prominent communities, including Russian Hill, NOPA, Noe Valley, Duboce Triangle, Alamo Square, Mission Dolores and North Panhandle, and Lower and Upper Nob Hill. The JV now owns 45 multifamily properties, with an average of 30 residential units per building. Many communities also feature ground-floor retail space.

January 20, 2016

California Retail Western

Pacific Retail, Silverpeak Acquire Eastridge Mall in San Jose for Over $200M

by Nellie Day January 19, 2016

SAN JOSE, CALIF. — A partnership between Pacific Retail Capital Partners and Silverpeak Real Estate Partners has acquired Eastridge, a 1.4 million-square-foot super-regional mall located in San Jose, for over $200 million. The two-story enclosed regional mall was purchased in an off-market transaction with General Growth Properties. In 2007, General Growth Properties completed a $140 million expansion and renovation of the mall. Tenants at the center include Round 1 Bowling and Amusement, Barnes & Noble, JC Penney, Macy’s, Sears, Forever 21, Tilly’s, Bath & Body Works, Victoria’s Secret, Chili’s, Red Robin and Olive Garden. H&M is anticipated to open in the fall of 2016. The new owners plan to invest approximately $15 million in renovations to the mall.

January 19, 2016

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