more_sales_and_leases

Gator Fabrication Leases 81,000 SF on 18 Acres in Metro Houston

by Haisten Willis August 6, 2015

CONROE, TEXAS — Gator Fabrication LLC, a heavy steel fabrication company, has moved into the former JM Eagle Plant in Conroe. The property, located at 101 E. Ave. M, consists of two heavy manufacturing buildings totaling 80,878 square feet and is situated on approximately 18 acres of stabilized land. Rob Banzhaf and Krissie Vanyo of Newcor Commercial Real Estate represented Gator Fabrication in the lease negotiations. Prior to occupancy, the landlord completed a makeover of the buildings, including all new electrical, building shell and crane upgrades. Jasper Tramonte of Tramonte Brokerage LLC represented the landlord, David F. Bolger Revocable Trust.

August 6, 2015

NAI Partners Negotiates Sale of Industrial Property in Houston

by Haisten Willis August 6, 2015

HOUSTON — NAI Partners has negotiated the sale of a 79,444-square-foot, multi-tenant industrial property located at 16745 N. Freeway in Houston. The property is anchored by a Guitar Center retail store. Doug Pack and Josh Lass-Sughrue of NAI Partners negotiated on behalf of the seller. The buyer is a local investor.

August 6, 2015

Loans Multifamily Texas

Churchill Capital Arranges $4.7M Acquisition Loan for Dallas Apartment Complex

by Haisten Willis August 6, 2015

DALLAS — Churchill Capital Co. of Dallas has arranged a $4.7 million loan for the acquisition and improvement of a 173-unit Class C multifamily community located at 1810 John West Road in northeast Dallas. The Buckner Village Apartments are garden-style, one- and two-story units with one-, two- and three-bedroom floor plans. The 7.6-acre complex was fully renovated in 2009 and features gated access, a pool and a playground. Duke Stone and Steve Forson of Churchill Capital arranged the three-year, floating-rate loan through a local bank on behalf of the borrower, JAG Re-Development.

August 6, 2015

Georgia Hospitality Southeast

MIG Real Estate Acquires Two Hilton-Branded Hotels in Savannah

by John Nelson August 6, 2015

SAVANNAH, GA. — MIG Real Estate has purchased two Hilton-branded hotels in Savannah’s midtown neighborhood for an undisclosed price. The two hotels, Hilton Garden Inn Savannah Midtown and Hampton Inn & Suites Savannah Midtown, are located on Abercorn Street roughly 3.5 miles from Savannah’s Historic District. Opened in 2007, the Hilton Garden Inn has nearly 3,500 square feet of meeting space and a heated outdoor pool and whirlpool, fitness center, restaurant and bar. The Hampton Inn & Suites opened in 2009 and offers 2,000 square feet of meeting space, as well as a fitness center and an indoor pool and spa. MIG has tapped Raleigh, N.C.-based Concord Hospitality Enterprises to operate the two hotels. Hodges Ward Elliott represented the seller, Atlanta-based North Point Hospitality, in the transaction.

August 6, 2015

Multifamily Northeast Pennsylvania

Castle Rock Equity Acquires Philadelphia’s ICON Building for $112M

by Amy Works August 6, 2015

PHILADELPHIA — Castle Rock Equity has acquired the ICON Building at 1616 Walnut St. in Philadelphia’s City Center district. The company purchased the 25-story art deco tower for $112 million. The previous owners, a partnership between Federal Capital Partners, Cross Properties and Alterra Property Group, completed a $60 million transformation to the building in 2014, converting it from office to residential use. Constructed in 1929, the 206-unit apartment building features a rooftop terrace, wellness center, club level, electric car charging stations, car and bike share programs, and a pet grooming station, among other on-site amenities. Castle Rock Equity Group worked with Divvone Equity Group to close the transaction.

August 6, 2015

Multifamily Seniors Housing Southeast Virginia

SLIB Arranges $28.5M Sale of Skilled Nursing Facility in Virginia

by John Nelson August 6, 2015

MARTINSVILLE, VA. — Senior Living Investment Brokerage (SLIB) has arranged the $28.5 million sale of Blue Ridge Nursing & Rehabilitation Center, a 300-bed skilled nursing facility in Martinsville. The adjacent assisted living community is also included in the transaction, but is awaiting approval for the assumption of the existing HUD-insured debt. The affiliated operator of the seller, Sovran Management, will continue to manage the communities through a long-term lease with the new owner, which was not identified. Bradley Clousing and Patrick Burke of SLIB handled the transaction.

August 6, 2015

Northeast Pennsylvania Retail

PREIT Sells 700,000 SF Uniontown Mall for $23M

by Amy Works August 6, 2015

UNIONTOWN, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the disposition of Uniontown Mall located at 1368 Mall Run Road in Uniontown. The 700,000-square-foot property sold for $23 million to an undisclosed buyer. The property is anchored by JC Penney, Sears, Bon-Ton, Burlington Coat Factory and Teletech Customer Care. The buyer also separately acquired the fee interest in the ground underlying the mall from an unaffiliated party.

August 6, 2015

North Carolina Retail Southeast

CBRE|Raleigh Arranges 45,500 SF Lease for H Mart

by John Nelson August 6, 2015

CARY, N.C. — On behalf of landlord Centrex Properties Inc., CBRE|Raleigh has arranged a 45,500-square-foot lease with H Mart, an Asian-inspired supermarket chain based in Queens, N.Y. The grocer will anchor the 79,000-square-foot Cornerstone Village, a shopping center located at the intersection of David Drive and High House Road in Cary, a suburb of Raleigh. Other tenants at Cornerstone Village include Sun Tan City, Doherty’s Irish Pub, Fantastic Sams and Eye Care Associates. H Mart plans to open its new store in the second quarter of 2016. Charlie Coyne and Reagan Crabtree of CBRE|Raleigh worked with Pam Hochmuth and Lynda Lange of Centrex Properties in the lease transaction.

August 6, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $15.8M Sale of Mixed-Use Building in Manhattan

by Amy Works August 6, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 5008 Broadway in Manhattan’s Inwood neighborhood. The six-story property sold for $15.8 million, or approximately $325 per square foot, in an all-cash transaction. The 48,576-square-foot property features five retail units and 47 residential units in a mix of one-, two- and three-bedroom layouts. Robert Shapiro of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 6, 2015

California Multifamily Western

The Commodore Apartments in Beverly Hills Sells for $4.7M

by Nellie Day August 6, 2015

BEVERLY HILLS, CALIF. — The Commodore, a 14-unit apartment complex in Beverly Hills, has sold to Paul Ling for $4.7 million. The community is located at 1830 N. Cherokee Ave. It is situated just three blocks from the Golden Triangle on South Rexford Drive. Kevin Kawaoka of NAI Capital represented both the buyer, which was not identified, and seller, Tower Ventures LLC, in this transaction.

August 6, 2015

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