more_sales_and_leases

Gebroe-Hammer Facilitates $6.3M Sale of Two Apartment Buildings in Weehawken, New Jersey

by Amy Works June 21, 2017

WEEHAWKEN, N.J. — Gebroe-Hammer Associates has arranged the sale of two apartment properties, located at 10-12 48th St. and 4614-16 Park Ave. in Weehawken. A local private investor acquired the properties, which total 38 units, for $6.3 million. The properties were owned by a single seller under the entity names of 10-12 48th St LLC and 4614-4616 Park Avenue LLC. The four-story building on 48th Street features 13 two-bedroom units and four three-bedroom units, while the five-story Park Avenue building features 21 units in a mix of studio, one-, two- and three-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer in the deal.

June 21, 2017

Georgia Mixed-Use Southeast

Colliers International Brokers Sale of City Block in Historic Downtown Savannah

by John Nelson June 20, 2017

SAVANNAH, GA. — Colliers International has brokered the sale of a full city block in downtown Savannah, comprising two historic buildings and one shared parking lot located at 114 Barnard St., 104 W. State St. and 109-119 Whitaker St., for an undisclosed price. Ashley Smith, Rhett Mouchet and Tyler Mouchet of Colliers International’s Savannah office represented the undisclosed seller in the transaction. The U.S. Post Office, Roly Poly, Alligator Soul and various office spaces are among the tenants at the 24,139-square-foot Barnard Street building. The LEED Silver-certified Whitaker Street building spans approximately 10,500 square feet and is home to Tequila Town Restaurant, Rocko Lounge and office spaces. Colliers International will handle the leasing and management of the properties.

June 20, 2017

Northeast Office Pennsylvania

Brookwood Sells Three Office Properties in Pennsylvania Totaling $22.7M

by Amy Works June 20, 2017

ALLENTOWN, BENSALEM AND HORSHAM, PA. — Brookwood Financial Partners has completed the disposition of three office properties totaling $22.7 million. In the first transaction, Infinera Corp., the sole tenant, acquired a 59,910-square-foot office building at 7360 Windsor Drive in Allentown for $12.4 million, or $207 per square foot. In the second deal, Police and Fire Federal Credit Union purchased One Greenwood Square, a 60,700-square-foot office property located in Bensalem, for $6.8 million, or $112 per square foot. In the third transaction, Pliner Properties acquired a 28,894-square-foot property located at 630 Dresher Road in Horsham for $3.5 million, or $122 per square foot. The buildings are part of a 29-building portfolio that Brookwood acquired in 2015 through its affiliates, Brookwood Philadelphia I and Brookwood Philadelphia II.

June 20, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Care Investment Trust, Inspirit Buy Two Seniors Housing Communities in Pennsylvania for $13M

by Amy Works June 20, 2017

MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community.” Both communities were built between 2002 and 2003 and were approximately 90 percent occupied at closing. The properties offer a combined 111 units of assisted living and memory care. Care and Inspirit plan to spend approximately $850,000 to refurbish the communities. Affiliates of Inspirit will operate and manage the communities. Care Investment Trust is a seniors housing real estate investor and wholly owned subsidiary of Tiptree Inc. (NASDAQ: TIPT). Inspirit is a seniors housing owner-operator that, following this acquisition, now operates four communities in Tennessee, Virginia and Pennsylvania. The company was founded in 2015.

June 20, 2017

Multifamily New York Northeast

Fairstead Affordable Acquires 403 Multifamily Units in Brooklyn

by Amy Works June 20, 2017

NEW YORK CITY — Fairstead Affordable, an affiliate of Fairstead Capital, has purchased four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with New York Housing Partnership. The portfolio comprises 42 buildings with a total of 403 units. As part of the transaction, Fairstead entered into new regulatory agreements with New York City Department of Housing Preservation and Development to ensure all 403 units will remain affordable for the next 30 years. Fairstead plans to implement a capital improvement program to modernize and enhance all of the properties, including common area improvements, in-unit repairs, energy system upgrades and other capital renovations. The price and name of the seller were not released.

June 20, 2017

Retail Texas

Hunington Brokers Sale of 26,721 SF Retail Center in Houston

by Taylor Williams June 20, 2017

HOUSTON — Hunington Properties Inc. has brokered the sale of Shops at Cinco Rancho West, a 26,721-square-foot retail center located on the SEC Cinco Ranch Boulevard at FM 1463 in Houston. Rafael Melara of Hunington represented the seller, a local investor and procured the buyer, a Massachusetts-based family trust. Both parties requested confidentiality.

June 20, 2017

Multifamily South Carolina Southeast Student Housing

Broadstreet Partners Sells Student Housing Community Near Clemson University for $8M

by Camren Skelton June 19, 2017

CLEMSON, S.C. — Broadstreet Partners has sold The Farm at Clemson, a newly built, 105-bed student housing property located near the Clemson University campus in South Carolina, for $8 million. The property features 35 cottage-style homes, a clubhouse, basketball and turf volleyball courts and bicycle parking. The community was developed and completed in July 2016. The property was acquired by Palm Beach-based Calidus Holdings and will continue to be managed by CollegeTown Properties.

June 19, 2017

Kentucky Multifamily Southeast

NorthMarq Capital Arranges $5.3M Loan for Multifamily Community in Louisville

by Camren Skelton June 19, 2017

LOUISVILLE, KY. — NorthMarq Capital has arranged $5.3 million in acquisition financing for Holly Hills Apartments, a 94-unit multifamily property in Louisville. Noah Juran of NorthMarq Capital’s Cincinnati office structured the three-year loan with a 25-year amortization schedule and two years of interest-only payments through Ready Capital Structured Finance on behalf of the undisclosed buyer.

June 19, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Healthcare Transactions Group Arranges Sale of Operations of 1,906-Bed Skilled Nursing Portfolio in Pennsylvania

by Amy Works June 19, 2017

PHILADELPHIA — Healthcare Transactions Group Inc. has arranged the sale of the operations of an eight-location, 1,906-bed skilled nursing portfolio in Pennsylvania. Mid-Atlantic Health Care LLC of Maryland sold the operations to Mima Healthcare, which is based in New Jersey. Of the properties, six are in the greater Philadelphia area and two are in Central Pennsylvania. The portfolio produces annual revenue in excess of $205 million. The sales price and names of facilities were not disclosed. A national REIT will continue to retain ownership of the real estate involved in the transaction. Mark Davis of Healthcare Transactions Group initiated the transaction for the seller.

June 19, 2017

Multifamily New Jersey Northeast Seniors Housing

IPA Brokers $18.3M Sale of 131-Unit Assisted Living Community in New Jersey

by Amy Works June 19, 2017

OCEAN GROVE, N.J. — Institutional Property Advisors (IPA) has arranged the sale of Francis Asbury Manor, a 131-unit assisted living facility in Ocean Grove, a coastal community adjacent to Asbury Park. Sage Healthcare Partners acquired the community from United Methodist Communities for $18.3 million, or $139,000 per unit. Built in 1949 on a 1.9-acre lot, Francis Asbury Manor comprises 103 assisted living units and 28 memory care units. The facility is within walking distance to downtown Ocean Grove and the boardwalk. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller in the deal.

June 19, 2017

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