NEW YORK CITY — TerraCRG has arranged the sale of a multifamily loft building located at 65 Bogart St. on the East Williamsburg/Bushwick border of Brooklyn. Acuity Capital Partners sold the property to Sugar Hill Capital Partners for $39.5 million, or $742 per square foot. The converted multifamily loft building totals more than 50,000 square feet and features 51 apartment units. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the deal.
CEDAR FALLS, IOWA, AND BIG RAPIDS, MICH. — Triad Real Estate Partners has arranged the sale of two student housing properties located in Iowa and Michigan. Dispositions included Venlo Place, a 264-bed student housing community located near Ferris State University in Big Rapids; and University Mills, a 481-bed student housing property located near the University of Northern Iowa in Cedar Falls. A Grand Rapids-based development company sold Venlo Place to Vision Real Estate Investment for $9.7 million. An undisclosed owner of student housing properties sold University Mills to a Minnesota-based private investment group for $16.4 million.
FINNEYTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $3.2 million sale of Winton & Galbraith, a 26,488-square-foot retail center in Finneytown, approximately 15 miles north of Cincinnati. Dollar Tree anchors the center, which is 100 percent occupied by other tenants including Graeter’s Ice Cream, LaRosa’s Pizza, Subway and J. Gumbo’s. An Ohio-based private investment group sold the property to a California buyer. Dan Cooper of Cooper Commercial represented the seller in the transaction.
MILPITAS, CALIF. — Interstate Equities Corp. (IEC) has acquired the 137-unit Meritage Apartments in the Silicon Valley submarket of Milpitas for $46 million. The community is located at 555 S. Park Victoria Drive. The asset will be rebranded as 555 Apartments. The community will undergo a series of improvements. It was built in 1973. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors, as well as Carlos Azucena of Marcus and Millichap, executed the transaction. IEC is currently targeting unrenovated or partially renovated apartment communities with 20 to 400 units located in coastal infill markets.
TEMPE, ARIZ. — A partnership formed by Angelo, Gordon & Co, Douglas Allred Company and David Warren has purchased a two-building office complex in Tempe for $29.3 million. The complex is located at 1330 W. Southern Ave. and 3001 S. Priest Drive and contains a total of 250,000 square feet. The buildings are located near Interstate 10 and U.S. 60 freeways, a short drive from Phoenix Sky Harbor International Airport. The latter building is fully leased and was built in 1995. The seller was Cordia Capital Management.
MIAMI — Colliers International has brokered the $24.5 million sale of the 91-year-old Biscayne Building, a 14-story office building located at 19 W. Flagler St. in downtown Miami. Spanning 153,864 square feet, the asset was originally home to the Bank of Bay Biscayne and later the FBI. Moishe Mana purchased the property, his 39th acquisition in downtown Miami along Flagler Street and surrounding streets. Altogether Mana has invested more than $300 million in the area north of Miami’s Brickell district. Mika Mattingly of Colliers International represented Mana in the transaction. Boris Kozolchyk of the firm’s South Florida office represented the seller, Biscayne Building Inc., in the transaction.
BROOKFIELD, WIS. — Brookfield Corners LLC has arranged three new leases at The Corners of Brookfield, a 750,000-square-foot upscale lifestyle center 13 miles west of Milwaukee. Free People, Paper Source and Francesca’s will join other retailers such as L.L. Bean, Arhaus, Twigs, Café Hollander, Evereve, Anthropologie and lululemon athletica at the development, which is scheduled to come on line in the spring of 2017. Bradford Real Estate Services Corp. is the development manager for the facility. The Corners of Brookfield will feature 400,000 square feet of retail and restaurant space, anchored by a 140,000-square-foot Von Maur department store and a 30,000-square-foot Sendik’s Food Market. The project will also include 244 luxury apartment homes and parking for more than 1,700 cars.
WICHITA, KAN. — Vigilias Telehealth LLC has leased 400 square feet of space at 125 N. Market, a 19-story office building in Wichita. The company, a telemedicine and technology platform provider, will occupy space on the 14th floor, which will serve as its headquarters. The building has undergone roughly $4 million of improvements and upgrades since 2013. Amenities at 125 N. Market include free valet parking, a video conference center and concierge services. The facility can accommodate users with needs anywhere from 600 square feet to 26,000 square feet. Security National Life Insurance Co. owns 125 N. Market, and other tenants in the building include Cornerstone Design Development, Viaan Electronics and BalanceComp. Istvan Tamas of Weigand-Omega arranged the lease.
NEW YORK CITY — Metropolitan Realty Associates and joint venture partner TIAA Global Asset Management have acquired HUB LIC, a four-story commercial building located at 47-25 34th St. in Queen’s Long Island City, for $89 million. At the time of acquisition, the 326,000-square-foot property was 48 percent leased to a mix of tenants, including POLO Ralph Lauren, TEC Systems (Honeywell), Eleni’s Bakery, Gracie and Richelieu. The buyers plan to redevelop the property into office and retail space to attract a large-format retailer and offer 80,000 square feet of contiguous office space on a single floor. The building features 16- to 21-foot ceilings, a floor-to-ceiling window line, a 7,000-square-foot pitched skylight on the second floor, skylights throughout third floors, abundant parking and eight loading docks. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil brokered the sale of the property, while Grant Frankel and Rob Turner, also of Eastdil, arranged acquisition financing for the transaction.
LITHIA SPRINGS, GA. — PointOne Holdings has purchased Crestmark Apartments, a 334-unit garden-style apartment community in Lithia Springs, a suburb of Atlanta. The South Florida investor purchased the asset for $29.1 million. Built in two phases in 1993 and 1997 along Thornton Road, Crestmark Apartments was 97 percent occupied at the time of sale. The property’s apartment units average 1,079 square feet and feature garden tubs, a laundry/utility room with washer/dryer connections, patio/balcony, bay windows and walk-in closets. Community amenities include two swimming pools, a resort-style clubhouse and business center, fitness center, outdoor kitchens, sports court, children’s playground and a walking trail. PointOne Holdings plans to invest $1.4 million in capital improvements to the property, including upgrades to unit interiors and adding a children’s playground, dog park and outdoor barbecue grills to the second pool area. PointOne Holdings assumed an existing Freddie Mac loan and obtained a supplemental loan from Freddie Mac to complete the acquisition.
