Real Estate Finance

December 10, 2024

A JV between Hornrock Properties and GTIS Partners secured the loan to refinance Ivy and Green, a two-building, 389-unit luxury, multifamily community in Hackensack, N.J. Built over 2023 and 2024, and located at 1 Park Ave., the luxury towers hold 221 units and 168 units. Amenities in the building include concierge service, an outdoor pool, a sundeck, a fitness center, a yoga studio, co-working spaces, a resident lounge, a movie theater and music studio, a pet spa and electric vehicle charging stations.

December 10, 2024

The company sold the 197 apartments at 5800 to 5840 Lakeshore Dr. to JSB Capital Group for $350,254 per unit. Stellar Communities built the three-story apartment complex on the 7.1-acre site near the Emerald Hills neighborhood in 2022. Totaling 218,137 square feet, the complex includes a pool, a fitness center and a playground.

December 10, 2024

Sunshine Dade Investments sold the 1.6-acre site at 3601 Biscayne Blvd., 345 and 409 N.W. 36th St. to the local developer. The site has a gas station and a 10-unit apartment complex, both of which will be demolished. One Thousand Group said it plans to redevelop the property into a residential tower with a retail component.

December 10, 2024

A JV between United American Land, Crown Acquisitions and the Jackson Group bought the 440,000-square-foot department store at 422 Fulton St. from Macy's for $23 million. The new owners are expected to convert the former department store into an entertainment attraction. Neither the buyer nor seller commented on the sale.

December 11, 2024

The company sold three buildings of light industrial space totaling 148,882 square feet at Orlando's Northpark Commerce Center on North Orange Blossom Trail. The buyer was Z Asset Management Corporation. The three buildings include grade-level and dock-high loading, suite sizes ranging from 1,000 to 80,000 square feet and other types of space leased by tenants in the health care, insurance, financial services and entertainment industries.

December 10, 2024

The group purchased the 129-room Hyatt Place Philadelphia King of Prussia for $108,527 per key. The seller was Gehr Hospitality, who bought the property for $12.67 million in 2019. Located at 440 American Ave., the buyer will renovate the hotel to line it up with Hyatt Hotels's current design and quality standards.

December 10, 2024

Juno Square sold the 4.7-acre property at 13951 and 13955 U.S. Highway 1 to the homebuilder. The site features 13,809 square feet of retail/commercial space that was developed in 1976. PulteGroup will clear the site before building a residential complex on the site, with plans for the complex to open in 2026.

December 10, 2024

Mellen East Haven Associates sold the Town Fair Tire Headquarters at 460 Coe Ave. in East Haven, CT. The site includes a 207,000-square-foot distribution center with 20,000 square feet of office space. The buyer was undisclosed.

December 10, 2024

A Price Rite property at 1716 Kenmore Ave. was purchased from Kenmore Grocery. The building was constructed and the Price Rite location opened in 2009. Kenmore Grocery has owned the 3.25-acre parcel since 2009.

December 10, 2024

The company bought the three-story, 3,480-square-foot building at 38 E. Pine St. The building was built in 1925 originally as a bank. The property was sold by brothers Rob and Joe Nunziata, who bought the building for $475,000 in 2012.

December 09, 2024

The company sold PowerHouse ABX-1, located at 21529 Beaumeade Cir. in Ashburn. ABX-1 is a two-story building built in 2023 and bought by C1 Beaumeade. Neither the buyer nor the seller commented on the sale.

December 09, 2024

Investment firm AmTrust RE acquired the 260,000-square-foot office building located at 360 Lexington Ave. in Manhattan from an undisclosed seller. Constructed in 1959, the 24-story building was renovated in the last few years, including a refreshed lobby and upgraded elevators and common areas. AmTrust plans to implement further capital improvements by adding several new amenities, including conference rooms and lounges.

December 09, 2024

Care for the Homeless bought the homeless shelter at 1400 Blondell Ave. The acquisition comes after Care for the Homeless partnered with Foremost subsidiary UrbanHeart Development Group to redevelop the former industrial property into a three-story homeless shelter in 2022. The shelter provides beds for up to 200 people at a time.

December 09, 2024

Seritage Growth Properties sold the shuttered 17.8-acre property, which housed a Sears, on the north side of the mall at 8000 W. Broward Blvd. to Midtown Plantation. The Sears at the Broward Mall closed in 2018 after 40 years in business. Midtown Plantation plans to redevelop the property into a retail outlet.

December 09, 2024

Marc Noel, through his LLCs, sold a manufacturing facility and five adjacent parcels in Zebulon, N.C. The 151,499-square-foot building at 400 Vintage Park Dr. was built in 1996 and houses a production and distribution facility, though the five parcels are undeveloped and forested. MSS Solutions plans to develop on the parcels but did not divulge plans.

December 10, 2024

The nonprofit bought the vacant five-story property at 63 Franklin St. from an undisclosed seller. Breaktime said it plans to make the building a hub for job training and other services for program participants, including laundry and showers. The building was formerly home to the corporate headquarters of Wainwright Bank and Trust.

December 06, 2024

Elion Partners bought four industrial properties in Sunrise, the biggest being the 390,022-square-foot Marina West Business Center at 13800 N.W. 2nd St., which sold for $102.6 million. Also sold was the 202,693-square-foot International Center at 800 International Pkwy. for $49.6 million, the 139,047-square-foot Sunrise Distribution Center at 14599 N.W. 8th St. for $37.95 million and the 59,856-square-foot Sawgrass Center at 13801 N.W. 4th St. for $15.35 million. All four warehouses previously sold for nearly $83 million in 2011-2013.

December 06, 2024

NALS Apartment Homes sold the Gardens at East Cobb apartment community for $197,000 per rental unit. The property was last sold in 2005 when NALS Apartment Homes purchased the community for $36 million. The development, renamed by the buyer to Cortland Woodlands, includes 484 rental units.

December 06, 2024

The three-year loan extension is for its Fairway Park Drive office property outside Fairfax, Va. The loan extension gives Menlo an equity infusion to fund reserves, tenant improvements and leasing commissions to the property and address near-term tenant rollover with a building that is currently 86% leased. Menlo acquired the Northern Va. office asset at 2941 Fairview Park Dr. in 2020 for $97.59 million.

December 09, 2024

The company acquired three office properties near Centrum at Crossroads shopping center in Cary. The buildings together are 97% leased with the majority tenant in all of them being the Wake County Public School System with lease terms extending to 2034. The buildings - Wake County I building at 5625 Dillard Dr., Wake County II building at 110 Corning Rd. and Wake County III at 111 Corning Rd. - were sold by an undisclosed seller.

December 06, 2024

The company sold Windsor Square Shopping Center to Hackney Real Estate Partners. The asset is 97% leased with a tenant roster including Sam's Club, Kohl's, Ross Dress for Less, PetSmart and Office Depot. Located at 1814 Windsor Square Dr. and opened in the late 1980s, Sterling Organization bought Windsor Square in 2003 for $38.4 million.

December 04, 2024

A JV between ReNew REIT and Heritage Senior Living will use the loan to refinance Keystone Villa at Douglassville, a 248-unit seniors housing property located north of Philadelphia. The property includes a 123-unit independent living building constructed in 2015 and a 125-unit assisted living and memory care building built in 2011. The property was 92% occupied at the time of the loan closing.

December 06, 2024

The Melrose Apartments, located at 3200 N. Haverhill Rd. were sold by 3200 N Haverhill Borrower 1 to 3 to Zun Investment for $291,667 per unit. The Melrose Apartments last sold for $14.31 million in 2022. The garden-style apartment complex was built in 2004 with amenities including a pool, a fitness center and a clubhouse.

December 05, 2024

The firm purchased Vantage South End, a 635,000-square-foot development that includes two 11-story office towers with ground-floor retail. The seller was The Spectrum Cos. Built in 2022, the complex includes seven dining establishments and a central courtyard with plans to eventually build a 200-room hotel over the parking deck.

December 05, 2024

Claremont Companies bought the 288-unit apartment complex located at 13035 Ardmore Forest Rd. Building amenities include a fitness center, car care center, clubhouse with a resident lounge, complimentary Starbucks bar, pet spa and park and a resort-style swimming pool.

December 05, 2024

A JV between Weston and Blue Vista Capital Management sold their N.C.-based facility to a JV between Carolina Logistics Center and Tratt Properties. The facility will continue to serve as both a manufacturing facility and a distribution center for POLYWOOD, an outdoor furniture company. Located at 3300 Jim Thorpe Hwy., the site covers two buildings, including one that is 430,256 square feet and another that is 500,000 square feet.

December 05, 2024

The loan will refinance The Murray Hill, a 21-story, 197-unit apartment building in Manhattan. Located at 115 East 34th St., The Murray Hill opened in 1980 and was renovated in 2017 to add a tenant lounge, bicycle storage and a fitness center. The building includes studio to three-bedroom apartments, and includes a rooftop sundeck, a private garden and a laundry room.

December 05, 2024

The 97-unit Current at Watershed was sold to Berman Enterprises. Located at 3101 Runnel Ln., the community was built in 2023 and has three-story, three-bedroom luxury units that stretch 1,400 square feet.

December 05, 2024

The loan is for Vista 65, a 22-story mixed-use building located in the Rego Park area of Queens. Vista 65 includes 186 multifamily units, 86,500 square feet of commercial space and a parking garage. Amenities include a fitness center, lounge, children's play area and a rooftop terrace.

December 06, 2024

A JV between Oliver Street Capital and Bain Capital Real Estate sold a 109,300-square-foot building located in the Avon Industrial Park to B&D Holdings. The site last sold in 2021 for $11,950,000. Tenants in the 109,300-square-foot building include the meal kit company HelloFresh, the produce distributor FreshPoint and Taylor Communications.

December 04, 2024

A JV between BH Group and Electra America obtained the loan for the redevelopment of the Southland Mall in Cutler Bay. The developers acquired the mall out of foreclosure for $100.35 million in 2022 and plan to execute a $1 billion redevelopment. Renaming the mall to Southplace City Center, the redevelopment will feature 4,395 apartments, over 500,000 square feet of retail, dining and entertainment venues in the existing mall, another 150,000 square feet of retail and restaurant space on the outparcels, a 150-room hotel and 60,000 square feet of medical office space.

December 04, 2024

The loan is to refinance Keystone Villa at Douglassville, a 247-unit senior housing community in Douglassville, Pa. Keystone Villa at Douglassville is 92% occupied and includes a 123-unit independent living facility built in 2015 and a 2011-built 125-unit assisted living and memory care facility. Common-area amenities include a movie theater, a library, a bakers' club, activity rooms, private dining rooms, a landscaped courtyard, outdoor patios and walking trails.

December 04, 2024

The company acquired the two commercial buildings at 97 N. 10th St. and 79 N. 10th St. in Williamsburg. Cayuga Capital Management was the seller. Both buildings house Colossal Media, an advertising company.

December 04, 2024

The investor acquired the 196,490-square-foot building at 1250 H St. NW from Equity Commonwealth for $140 a square foot. The 11-story property, built in 1992, will receive a full lobby renovation and expansion along with construction of an event space to hold more than 100 people. The buyer will handle the renovations and handle property management itself.

December 04, 2024

The firm parted with Seven Hills Plaza, its 87,286-square-foot retail center in Spring Hill. Planet Fitness and Walgreens anchor the center, which was fully occupied at the time of sale. The buyer was Bezrat H. Corp.

December 05, 2024

The developer acquired 10800 Durant Rd. from Williams Realty & Building Co. Westplan plans to build a 200-unit apartment building on the site, with construction starting mid-2025. The build will be called Accent Durant Falls and will have four 4-story buildings with a mix of one- and two-bedroom units, along with a clubhouse, swimming pool and fitness center.

December 03, 2024

The investor acquired the Henley Tampa Palms community from 29th Street Capital. Located at 15350 Amberly Dr. near Tampa, the two-story property was delivered in 1997. It features 315 units and was 94% leased at the time of the transaction. CRC says it plans to implement a multi-year property improvement strategy to enhance the curb appeal, address deferred maintenance and upgrade common area amenities.

December 03, 2024

The university acquired Princeton Overlook, a 158,180-square-foot office building in West Windsor Township, N.J. Cali Futures sold the asset. Located at 100 Overlook Center, the property previously traded in 2021 for $38 million. Originally completed in 1988 and renovated in 2012, the four-story building features two passenger elevators, 37,400-square-foot floorplates and 524 covered parking spots.

December 03, 2024

The company bought the property at 79-97 North 10th St. from Cayuga Capital Management. The 30,953-square-foot office building between Berry St. and Wythe Ave. is home to a coworking space company and assorted retail tenants.

December 04, 2024

The loan is for the acquisition and extensive repositioning of a 135-unit multifamily property located in College Park. The property is located at 4800 Berwyn House Rd. and Cape Advisors plans to transform the existing student housing building into a multifamily project. The renovation will include a complete overhaul of individual units with a focus on high-end furnishings.

December 03, 2024

The company bought the 16-floor, 80,000-square-foot office building at 15 W. 36th St. from Walter & Samuels Inc. The seller had owned the property since the 1980s. Pyrus Management plans to convert the office into a residential building.

December 03, 2024

The investment firm bought nine 7-Eleven stores in Orange County, as well as three stores in Osceola County, two in Seminole County and one in Lake County. No details on the sale were made available. The purchased stores were corporate-owned, with most ownership going back to the 1980s.

December 02, 2024

The company acquired Crown of Queen City from Kohlberg Kravis & Roberts for $88 million. Located at 101 W. Morehead St., the 260-unit development was built in 2000. St. Regis Properties also bought The Aritzia at LoSo, a 350-unit complex in Charlotte's lower South End neighborhood, for $95.5 million. Located at 200 E. Cama St., the building was built in 2000 and sold by RangeWater Real Estate.

December 02, 2024

The private-equity company snatched up a 3-story storage site at 302 Dyckman St. in Inwood for $17 million and a 2-story facility at 74-16 Grand Ave. in Elmhurst, Queens, for $51 million. Storage Deluxe sold both lots. Neither the buyer or seller commented on the sale.

December 02, 2024

The company bought Mi-Place @ West Rancocas, a 108-unit apartment complex in Mount Holly, N.J., from Fernmoor Homes. The property includes 96 apartments and 12 two-story townhouses, each with an attached garage. Amenities include a clubhouse with a resident lounge, fitness center, game room, pool and a dog park.

December 02, 2024

The developer sold its building at 4800 Falls of Neuse Rd. and two adjoining parcels on Memory Rd. to an LLC addressed to Duy Khuong Ong. The office building has 176,886 square feet of space and is nearly 90% occupied. The six-story building was built in 1985 and was renovated by Highwoods in 2006.

December 03, 2024

A JV between Crim & Associates and Wallace Properties purchased the 141,577-square-foot Crosswinds Shopping Center located at 2030 66th St. N. The seller was Cambridge Investors. Tenants at the fully-leased shopping center include Marshalls, Michaels, Bealls and Havertys.

December 02, 2024

Ripco Real Estate in Tampa, representing the sellers in all three transactions, sold Rosewood Center in Carrollwood for $7.65 million, a retail center in St. Pete for $5.95 million and the Bradenton property for $2.9 million. All were fully leased to a mix of local and national tenants. Rosewood Center is located at 1717-1773 W. Fletcher Ave. in Carrollwood, the retail center in St. Peterburg is located at 1914 Fourth St. N and the retail center in Bradenton is located at 11015 State Rd. 64 East.

December 02, 2024

The company sold Forest Hill Shopping Center, an 82,000-square-foot retail center located at 2820 Linkhorne Dr. in Lynchburg. The buyer was Swintstorage Conversion Fund, which plans to convert the shopping center's anchor store into a self-storage facility with some outdoor RV and boat storage space. Swintstorage Conversion Fund said it'll also rehabilitate the rest of the retail building.

December 02, 2024

The loan is for the acquisition of One Vandam, a 14,000-square-foot retail property located in the SoHo area of Manhattan. The four-unit property at 180 Sixth Ave. was fully leased at the time of the loan closing.

December 02, 2024

CPEG Buffalo bought 2000 Military Rd. and 700-720 Riverview Blvd., Tonawanda from Hebeler. The 100,000-square-foot Military Rd. building is Hebeler's headquarters, which they will lease for the time being. Hebeler said it sold its facilities as it prepares to move into larger buildings to house its growing operations.

December 02, 2024

The company purchased the buildings located at 527 and 529 S. Elm St. for a total of $800,000. 527 S. Elm St. is vacant and 529 S. Elm St. houses a retail store. The seller was undisclosed and the buyer said it plans to renovate both buildings and redevelop the empty one into a building with ground-floor retail and apartments on the second floor.

November 27, 2024

The loan is for the refinancing of Admirals Row, a 696,000-square-foot mixed-use property located within the Brooklyn Navy Yard. The eight-acre development houses an supermarket and over 350,000 square feet of manufacturing space leased to the Brooklyn Navy Yard Development Corp. The site also includes leasable retail space, a community facility and surface and structured parking.

November 27, 2024

The company bought the Aventon Gem Lake Apartments from Aventon Companies. Built in 2023, the 247-unit complex sits east of U.S. 17-92 on the banks of Lake Gem and Park Lake. The building traded hands for $386,235 per apartment, which is the highest price per unit paid for a multifamily property in Central Fla. in 2024.

December 02, 2024

Taurus Investment Holdings sold the 84,982-square-foot Shops at Civica at 1050 N.W. 14th St. for $26 million to the nonprofit university. The University of Miami also bought the neighboring 37,100-square-foot parking lot from Congress Group for $34 million. Lastly, Taurus Investment Holdings also sold the 4,768-square-foot former bank branch at 1000 N.W. 14th Street to the University for $6 million. The buyer plans to redevelop all the purchased assets, possibly into one large development.

November 27, 2024

A JV between Landmark Properties and Stockbridge acquired the 107-unit The Retreat at Tampa, located at 11326 N. 46th St. and across from the University of South Florida. The sales price was $107,767 per bed. Built in 2017, the housing features a mix of two-, three- and four-bedroom units with private bathrooms. The seller was Nimes Real Estate.

November 27, 2024

The investment first acquired the Crowne Plaza North Augusta from an undisclosed seller. The 180-room hotel features meeting space, a steakhouse and rooftop bar overlooking the river. Hotel occupancy hovers around 60%, noted Flacks.

December 02, 2024

1400 S. Blount Street, an LLC tied to developer Neal Motaparthy, acquired the vacant lot on South Blount St. from an undisclosed seller. Motaparthy won't expand on his plans for the property, which is currently zoned for heavy industrial use, but it's expected to contain retail and residential components.

November 26, 2024

The company purchased the office condominium of 500 Park Ave. from Morgan Stanley. The 11-story property was built in 1960 as the headquarters of Pepsi-Cola. As part of its capital investment plan, SL Green said it will reposition the lobby, introduce building amenities and make significant improvements to the public plaza.

November 26, 2024

The company sold the 349 apartments at 11338 S.W. 45th Pl. to Bell Partners for $347,564 per unit. The buyer renamed the property Bell Miramar Place. The building last traded for $77.7 million in 2017 and was built on the 17.7-acre site in 2012. The apartment includes a pool, a playground, a fitness center, a clubhouse and a lake.