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Tulfra Real Estate, Hampshire Companies Complete Sale of 91,000 SF Self-Storage Facility in New Jersey for $19.5M

by David Cohen March 28, 2018

TOTOWA, N.J. — Tulfra Real Estate and The Hampshire Companies have completed the disposition of a 91,000-square-foot self-storage facility in Totowa. The property, located at 930 Riverside Drive, was acquired by an undisclosed public company for $230 per square foot. Tulfra and Hampshire acquired the property in 2016 and redeveloped it into a self-storage facility with 1,500 units. Located 17 miles from Manhattan, the facility is part of the 225,000-square-foot Totowa Business Center office park.

March 28, 2018

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $25.3M Sale of Industrial Park in Jacksonville

by Camren Skelton March 28, 2018

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $25.3 million sale of Interstate South Commerce Center, a 260,272-square-foot industrial park located at 9440-9456 Phillips Highway in Jacksonville. Karl Johnson, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GCP-Interstate South LLC, an affiliate of Birmingham-based Graham Commercial Properties (GCP). Kissimmee Land Co. LLC, a Fort Family Investments partnership based in Jacksonville, acquired the asset. Interstate South Commerce Center includes six small-bay, rear-load, dock-high buildings that were developed between 1986 and 1989. At the time of sale, the property was 88.5 percent leased to 31 tenants, including Lennar, Honeywell, Dal-Tile and Lincare.

March 28, 2018

Acquisitions Multifamily Oregon Western

Madison Park Financial Acquires 149-Unit Apartment Community in Portland for $55M

by Amy Works March 28, 2018

PORTLAND, ORE. — Madison Park Financial Corp. has purchased Bridgetown Lofts, a mid-rise apartment community located along the Williamette River in Portland’s Pearl District. Portland Guild Loft Partners sold the property for $55 million. The waterfront community features 149 units with modern finishes, including stainless steel appliances, Euro-style cabinetry, quartz countertops and oversized windows with waterfront views. On-site community amenities include a fitness center, community lounge and courtyard with fire pit, gas grills and a putting green. Joe Nydahl, Phil Oester and Josh McDonald of CBRE represented the seller in the transaction. Additionally, Brian Eisendrath with CBRE Capital Markets’ Debt & Structured Finance arranged a seven-year, fixed-rate loan with three years of interest-only payments through Freddie Mac for the buyer.

March 28, 2018

Acquisitions Hospitality Northeast Pennsylvania Top Stories

RLJ Lodging Sells 364-Room Hotel in Philadelphia for $95.5M

by David Cohen March 28, 2018

PHILADELPHIA — RLJ Lodging Trust (NYSE: RLJ) has sold Sheraton Society Hill, a 364-room hotel located in Philadelphia, for $95.5 million. The price represents a capitalization rate of 5.6 percent on the hotel’s net operating income (NOI) for 2017, as well as a price per room of approximately $262,000. Maryland-based RLJ has now generated $300 million from asset sales since merging with Texas-based FelCor Lodging Trust Inc. in September 2017. The company is planning to generate an additional $200 million to $400 million in proceeds this year, according to Ross H. Bierkan, president and CEO of RLJ. “The sale of another non-core asset at a highly accretive valuation highlights the meaningful progress we have achieved in realizing the embedded value from the FelCor merger,” says Bierkan. The Buccini/Pollin Group purchased the property and plans a multi-million dollar renovation and rebranding. PM Hotel Group, a national hotel management company, will manage the hotel. Located in the Old City district of Philadelphia at One Dock St., the hotel offers a close proximity to a number of historic attractions, including the National Constitution Center and Penn’s Landing. Amenities at the hotel include an indoor swimming pool, fitness center and onsite restaurant, as well …

March 28, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $50M Sale of 452-Unit Apartment Complex in Newark

by David Cohen March 27, 2018

NEWARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Forrest Hill Terrace Apartments, a 452-unit apartment complex in Newark, for $50 million. The 1940s-era property is located at 325 Grafton Ave. in the Forest Hill neighborhood of Newark’s North Ward. The complex includes 94 studios, 297 one-bedroom and 60 two-bedroom units. Also included in the sale is a four-bedroom home that is on the property. Gebroe-Hammer represented the seller in the transaction, Kamson Corp., and procured the buyer, a private family-office entity. Allen Popowitz of Brach Eichler served as legal counsel for the seller.

March 27, 2018

Acquisitions Multifamily Texas

Transwestern, S2 Capital Acquire 464-Unit Apartment Community in Metro Fort Worth

by Taylor Williams March 27, 2018

BEDFORD, TEXAS — A partnership between Transwestern Investment Group and S2 Capital LLC has acquired Oak Creek Apartments, a 464-unit multifamily community in Bedford, a northeastern suburb of Fort Worth. The Class B property was acquired on behalf of one of the funds managed by the partnership. The community consists of 61 buildings and was 92 percent occupied at the time of sale. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the undisclosed seller in the transaction.

March 27, 2018

Acquisitions Florida Multifamily Southeast

Michaelson Acquires Apartment Community in Tampa for $20.7M

by Camren Skelton March 27, 2018

TAMPA, FLA. — Michaelson Real Estate Group LLC has acquired St. Moritz Apartments, a 168-unit multifamily community in Tampa, for $20.7 million. The name of the seller was not disclosed. The property is located at 13835 Heritage Club Drive, less than two miles from the University of South Florida. St. Moritz Apartments offers two-bedroom/two-bath townhomes and features a swimming pool, lakefront picnic and barbecue areas, fitness center and a clubhouse. The community was built in 1984 and has undergone renovations over the last two years.

March 27, 2018

Acquisitions California Industrial Western

Black Creek Group Acquires Three-Building Industrial Portfolio in Colton, California

by Amy Works March 27, 2018

COLTON, CALIF. — Black Creek Group has purchased a three-building industrial portfolio totaling 743,381 square feet in Colton for an undisclosed price. The portfolio includes a 121,196-square-foot property located at 2036 Miguel Bustamante Parkway, a 174,995-square-foot building located at 2053 Miguel Bustamante Parkway and a 447,190-square-foot property located at 2163 S. Riverside Ave. The adjacent properties feature dock-high loading, ESFR sprinkler systems, minimum clear heights ranging from 32 feet to 36 feet, and state-of-the-art office space. Ken Anderson and Rick John of DAUM Commercial Real Estate Services, along with Barbara Emmons Perrier and Darla Longo of CBRE, represented the buyer and seller in the deal. The seller was an undisclosed REIT.

March 27, 2018

Acquisitions Midwest Office Ohio

Marcus & Millichap Arranges $9M Sale of Office Building in Miamisburg, Ohio

by Kristin Harlow March 27, 2018

MIAMISBURG, OHIO — Marcus & Millichap has arranged the $9 million sale of PNC Bank Office Building in Miamisburg, about 45 miles north of Cincinnati. The 68,000-square-foot office building, located at 3385 Newmark Drive, serves as offices for PNC’s mortgage division. PNC has occupied the property since 2004. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A New York-based private investor was the buyer.

March 27, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Facilitates Sale of $44.1M Apartment Building in Manhattan

by David Cohen March 26, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a 56,700-square-foot apartment building in Manhattan for $44.1 million. Located at 1274-1275 Fifth Ave., the six-story, 54-unit building sold at a capitalization rate of 2.71 percent. Former New York City Mayor Fiorello LaGuardia, who held office from 1934-1945, lived in the penthouse of the building shortly before Gracie Mansion became the official mayoral residence in 1942. Billy Billitzer of Rosewood Realty represented the buyer, Akelius Real Estate Management. Aaron Jungreis, also of Rosewood, represented the seller, Ofer Yardeni’s Stonehenge Partners. The property is located just east of Central Park on Fifth Avenue’s Museum Mile.

March 26, 2018

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