more_sales_and_leases

CBRE Hotels Brokers Sale of 11-Property Portfolio in the Southeast

by John Nelson January 6, 2015

NORFOLK, VA. — CBRE Hotels has brokered the sale of 11 upscale select-service and extended-stay hotels in the Southeast. Noble Investment Group purchased the portfolio from McKibbon Hotel Group Inc. for an undisclosed amount. The portfolio spans 1,308 rooms in five states and includes brand affiliations with Marriott and Hilton. McKibbon Hotel Management Inc. will continue to manage the portfolio. Doug Henkel, Lew Miller, Andy Wimsatt, Lisa Zaranek, Ron Danko and Kym Halsted of CBRE Hotels represented McKibbon Hotel Group in the transaction. CBRE Capital Markets provided acquisition financing on behalf of Noble Investment Group.

January 6, 2015

Multifamily North Carolina Southeast

ARA Brokers Sale of Raleigh Apartment Property

by John Nelson January 6, 2015

RALEIGH, N.C. — ARA has brokered the sale of Lexington Farms, a 188-unit garden-style apartment community in northwest Raleigh. The property is situated between Rex Healthcare and Crabtree Valley Mall near I-440. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented the seller, Church Street Partners LLC, a private real estate investment firm based in Raleigh. The buyer, Chicago-based Redwood Capital Group LLC, purchased Lexington Farms for an undisclosed price. The apartment community was 96 percent occupied at the time of sale and 70 percent of the unit interiors were recently renovated. Redwood Capital plans to invest $800,000 to continue the renovations.

January 6, 2015

Florida Office Southeast

Law Firm Renews, Expands Office Lease in Downtown Miami

by John Nelson January 6, 2015

MIAMI — Stearns Weaver Miller Weissler Alhadeff & Sitterson PA has renewed and expanded its office footprint in Museum Tower, a Class A office building located at 150 W. Flagler St. in downtown Miami. The law firm has increased its office space to 110,000 square feet, a 7,000-square-foot expansion. Carol Brooks and Steven Hurwitz of CREC represented Stearns Weaver Miller in the lease transaction. Kirk Fetter of Gaedeke Group represented Museum Tower’s owner, Gaedeke Holdings Limited.

January 6, 2015

Multifamily New York Northeast

GFI Realty Services Brokers $25.7M Sale of Brooklyn Multifamily Building

by Amy Works January 6, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a multifamily building located at 115 Ocean Ave. in Brooklyn’s Prospect Lefferts Gardens section. The 89-unit building sold for $25.7 million, or $290,000 per unit or $295 per square foot. Erik Yankelovich of GFI represented the seller, a local investor, and the buyer, a local family, in the transaction.

January 6, 2015

Multifamily New Jersey Northeast

PRP Sells Park Crest Village Apartments for $23M

by Amy Works January 6, 2015

GLASSBORO, N.J. — PRP Real Estate Investment Management has completed the sale of the Park Crest Village Apartments, a garden apartment community located in Glassboro. Chelsea Management purchased the 385-unit property for $23 million. At the time of sale, Park Crest Village was 94 percent occupied, up from 88 percent when PRP originally acquired the property in 2007.

January 6, 2015

Industrial New York Northeast

Kalmon Dolgin Affiliates Brokers $14M Sale of Two Warehouses in Queens

by Amy Works January 6, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of two interconnecting warehouses at 33-33 and 33-35 11th St. on the border of Astoria and Long Island City in Queens. JPRG Holdings purchased the properties, which total 57,400 square feet, for $14 million. The property features 19-foot ceilings, frontage along three streets, multiple loading docks and heavy power. Additionally, there is 1,700 square feet of parking on the lot. Prior to the sale, the building was used as the main warehouse for Operative Cake, a baked goods wholesale business. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates represented the seller in the transaction, 33-11 Associates Partnership and Jacobson Realty Corp. Hentze Dor Realty represented the buyer in the deal.

January 6, 2015

Arizona Industrial Western

Garlock Printing Leases Distribution Space in Sparks

by Nellie Day January 6, 2015

SPARKS, NEV. – Garlock Printing and Converting West has leased 65,088 square feet of distribution space at the Greg Street Industrial Park in Sparks. The space is located at 1450 E. Greg Street. The retail packaging service provider first opened a facility out West in Reno this past March. The company was represented by J. Michael Hoeck, Michael Nevis, Dave Simonsen and Steve Kucera of the NAI Alliance Industrial Properties Group. The landlord was not named.

January 6, 2015

Multifamily Texas

ARA Arranges Sale of 284-Unit Apartment Complex in Austin

by Haisten Willis January 5, 2015

AUSTIN — ARA has arranged the sale of the Reserve at Walnut Creek, a 284-unit apartment complex built in 2002 in Austin. Pat Jones of ARA represented the seller, a Delaware Statutory Trust, in the transaction. Houston-based Tradewind Properties was the buyer. Premium Property USA Inc. of Switzerland provided equity for the transaction.

January 5, 2015

Multifamily Texas

BMC Provides $2.7M Loan for Multifamily Property in Dallas

by Haisten Willis January 5, 2015

DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.7 million purchase loan for an apartment property in Dallas. The five-year loan includes a 3.5 percent interest rate and 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.

January 5, 2015

Multifamily Texas

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis January 5, 2015

ARLINGTON, TEXAS — The Greysteel Co., has arranged the sale of Pioneer Creek, a 213-unit property located at 600 W. Pioneer Parkway in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Washington, D.C.-based Greysteel represented the seller, BJS 600 W. Pioneer Parkway LLC, in the transaction. Korca Realty Investments was the buyer.

January 5, 2015

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