NEW YORK CITY — GFI Realty Services has arranged the sale of a four-building multifamily portfolio in Brooklyn’s Bay Ridge and Midwood neighborhoods for $60.3 million or $232,000 per unit. The properties include 465-476 84th Street in Bay Ridge, 2566 Ocean Avenue, 1745 East 12th Street and 1811 Quentin Road in Midwood. Daniel Shragaei and Yosef Katz of GFI represented both the buyer and the seller in the off-market transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of 1 East 124th Street, a five-story walk-up apartment building located in the East Harlem section of Manhattan. Built in 1910, the 10-unit property sold for $2.15 million or $215,000 per unit. Roni Abudi of GFI represented the seller, while Ohad Bado, also GFI, represented the buyer, Kassin Sabbagh Realty, in the transaction.
CHICAGO — Marcus & Millichap has brokered the $425,000 sale of a six-unit apartment property in Chicago. The property is located at 3145 N. Keating Ave. and features one- and two-bedroom units. The building also features an on-site laundry facility and a detached two-car garage. An undisclosed buyer purchased the property. Kyle Stengle and Tony Mazur of Marcus & Millichap’s Chicago downtown office represented the seller, an individual/personal trust.
HONOLULU, HAWAII – Forever 21 has announced plans to open a 12,000-square-foot store at Ka Makana Alii, a 1.4-million-square-foot regional mall being developed in West Oahu. Ka Makana Alii will break ground later this year. The first phase is scheduled to open in 2016. The new mall will feature more than 150 shopping, dining and entertainment options, two hotels and LEED-certified office space. It will be anchored by Macy’s and H&M. This will be the first Forever 21 in West Oahu, and the fifth in Hawaii. The mall is being developed by DeBartolo Development.
LOS ANGELES – Global marketing agency Trailer Park has leased 86,271 square feet of office space in Hollywood. The Class A space is located at 6922 Hollywood Blvd. The agency leased an additional 15,171 square feet at the building. It will occupy six of the building’s 12 stories, beginning next year. Trailer Park has leased two floors at the property since 2001. The 205,000-square-foot property is fully leased. Trailer Park was represented by Andy Lustgarten of Savills Studley. The landlord, Hudson Pacific Properties, was represented by Steve Salas of Madison Partners.
OWINGS MILLS, MD. — Baltimore-based CSG Partners LLC has purchased Owings Mills Business Center and Owings Mills Corporate Center, a four-building office/flex portfolio spanning 180,000 square feet in Owings Mills. CSG Partners purchased the single-story properties from First Potomac Realty Trust for $13 million. The buildings are 50 percent leased on average. Jonathan Carpenter, Nicole Keelty and Graham Savage of Cassidy Turley represented the seller. CSG Partners was self-represented in the transaction. CSG Partners will rebrand Owings Mills Business Center as Cronhill Corporate Centers I and II, and Owings Mills Corporate Center will become Cronridge Corporate Centers I and II. CSG Partners has selected Colliers International to market and lease Cronridge Business Center and Cronhill Corporate Center.
COVENTRY, R.I. — Marcus & Millichap has arranged the sale of two retail centers, located at 670-678 and 710-720 Centre of New England Blvd. in Coventry. MTM-CNE LLC sold the assets, which total 16,895 square feet, for $4.4 million to 1465 Third Avenue LLC. Current tenants include 863 Sushi, Cilantro Grille, Royal Nails, UPS, Spring, We-R-Wireless, GameStop, Starkey Hearing, Supercuts and T-Mobile. Bob Horvath and Todd Tremblay of Marcus & Millichap represented both the seller and buyer in the transaction.
SAN DIEGO – The new 317-room Pendry San Diego has received $95 million in construction financing. The Montage-branded hotel will be located on 5th and J streets in Downtown San Diego’s Gaslamp Quarter. The hotel will be situated three blocks from the San Diego Convention Center. Pendry San Diego will mark the launch of the new Pendry hotel brand. The development site originally housed a condemned cigar store and parking lot. It was initially considered by another developer as the site for a new Marriott Renaissance hotel. Interest waned during the recession, however, and an eminent domain issue emerged with the site’s former cigar shop owner, according to Malcolm Davies of George Smith Partners, which arranged the construction loan. The Pendry San Diego will be a 12-story hotel with several restaurants and bars, an outdoor pool, spa, grill, fitness area, ballroom and various meeting rooms. It is scheduled for completion in summer 2016. Davies also notes the development partners were seeking financing that would provide 70 percent of the proceeds necessary for the construction of this luxury hotel. The non-recourse financing features a 36-month term. The capital stack includes both debt and equity. The structure allows the loan to subordinate …
SEATTLE – NorthEdge, a 212,000-square-foot office property in the North Lake Union submarket of Seattle, has received $56.4 million in construction financing. The Class A development will be located on the southeast corner of North 34th Street and Woodlawn Avenue. NorthEdge will be situated in the Fremont neighborhood. Notable employers in this area include Google, Adobe and Tableau Software. The four-story office development will include 208,000 square feet of office space, 4,000 square feet of retail and a two-level, 314-space subterranean parking garage. In an effort to attract the burgeoning tech crowd of Seattle, the project will feature exposed concrete, open ceilings, and full-height glass windows overlooking Lake Union and the Downtown Seattle skyline. The project is being developed by Touchstone Corporation and AIG Global Investment Group. The three-year construction loan was arranged by HFF’s Bruce Ganong and Brandon Roth. It was provided by Bank of the Ozarks.
LOS ANGELES – American Realty Advisors has acquired The Millennium Del Rey, a 196-unit apartment community in the Los Angeles submarket of Marina Del Rey, for an undisclosed sum. The community is located at 5550 Grosvenor Blvd. The Millennium Del Rey is situated in the Silicon Beach region of Los Angeles, which consists of Playa Del Rey, Playa Vista, Marina Del Rey, Venice and Santa Monica. The area is also set to receive the Runway, a 221,000-square-foot, mixed-use development, by the end of the year. Runway will be anchored by Whole Foods, Cinemark Theatres, and CVS. It will also include Veggie Grill, Panini Café and Sol Cocina. The Millennium’s community amenities include a fitness center, resort-style pool, barbeque courtyards, a dog area, a business center, surfboard storage and a bicycle maintenance room. The community has been built to LEED-Gold standards. Residents are also able to opt for a technology package that includes built-in Apple TVs that provide easy access to iTunes, iCloud, the Apple Store, Netflix and Hulu. The Monarc Tree System is another optional feature that allows residents to control lighting, thermostat settings, built-in speakers and entertainment options from anywhere in the world. Construction on The Millennium was just …
