The landmarked office property has been vacant since 2019 following the loss of its sole tenant, MacMillan Publishers. A State Supreme Court judge ordered the auction earlier this year after its owners failed to resolve a dispute over renovations. The Flatiron Building was previously owned by a JV between GFP Real Estate, Newmark, ABS Real Estate Partners, Sorgente Group and Nathan Silverstein.
A JV between NewcrestImage and Hospitality Capital Partners acquired 16 hotels with a total of 2,155 rooms for $137.3 million from Service Properties Trust. The portfolio consists of 13 Courtyard by Marriott hotels and three Residence Inn by Marriott hotels that are located in nine states, including Ga., Ma., N.Y., N.C., Pa., S.C. and Va. The JV sees the purchase as one with growing long-term profit potential and asset value.
The charter school operator purchased the 305,000-square-foot site, located at 153-01/09 and 153-02/12 Hillside Ave. in Jamaica, Queens. The site also includes 660 feet of wraparound street frontage. The seller was Carol Joy Family Properties.
Belven I LLC and Belven II LLC issued two deeds for the two-building 35,294-square-foot retail center at 10405 and 10355 N.W. 41st St. to Doral 21 Capital for $484 per square foot. They were both constructed in 2000 and cover 2.6 acres of land. Tenants in the retail plaza include Pizza Hut, La Granja, Kumon Math and Reading Center, Nahuen Gourmet Market, T-Mobile, and Basilico Ristorante.
Local hotelier Jay Patel bought the 110-room Comfort Inn The Pointe from Maid of the Mist Hospitality. The Comfort Inn is the ninth largest hotel in Niagara Falls. Patel said he will keep the hotel affiliated with Comfort Inn, but plans renovations to boost attractiveness.
2660 Elmwood paid $955,000 for the 11-unit apartment building at 2660 Elmwood Ave. The building, constructed in 1974, was sold by Kobe Management Group for $86,818 per apartment. All 11 apartments are leased.
The companies partnered to purchase a vacant office building and adjacent lot at 804 and 825 E. 141st St. in South Bronx for $44 million. The 200,000 square foot building, Union Crossing, includes a parking lot and seven-story office building. Maddd Equity and SoBro are planning alternative uses for the space, which could include community, medical or municipal space or art storage.
The company acquired the three buildings it fully occupies at its Orlando, Fla. campus. The campus, which opened in 2004, has over 1,300 students and offers the company's core automotive and diesel programs, along with several auto and diesel training programs. Universal Technical Institute said the acquisition was a strategic puchase.
The firm acquired Shoppes at 41st Street, a two-building complex at 10355 Northwest 41st Street and 10405 Northwest 41st Street. Spanning nearly 31,000 square feet, the retail plaza was completed in 2000 and is 100% occupied. The seller was an entity managed by Adriana Montani.
The buyer, Pattillo Industrial Real Estate, acquired the fully-leased Northwest Jacksonville industrial property it helped build. The seller, Stone Mountain Industrial Park, purchased the property for $6.7 million in 2015. Stone Mountain helped construct the 172,867-square-foot warehouse at 6040 Imeson Road in 2022 for the site's then-owner.
Richmar Properties sold its 144,585 square foot property at 6152 Covington Highway, Covington Square, to Malls-Etc. for $13.4 million. Built in 1989 and renovated in 2021, the retail center has a current occupancy rate of 85% with 21,150 square feet of vacancy. Planet Fitness, Rainbow Shops and City Gear are among the tenants.
The company sold its Airport Distribution Center, a 247,000-square-foot, Class A speculative building in West Columbia, SC, to CEEUS for an undisclosed amount. The electric utility company will use the building as a distribution facility. Airport Distribution Center features 32-foot clear heights, 62 trailer parking spaces, 22 dock-high doors, an ESFR fire suppression system and LED lighting.
The debt package will be used to refinance a 451-unit property built in 2015. Located near the Jersey City waterfront, the property is more than 98% occupied and includes a rooftop deck with pool, attached parking, a concierge, a fitness center, a children's playroom, a theater room, a golf simulator, a game room, a barbecue area and an outdoor dog park. Five retail spaces and a K-8 private school are located on the ground floor.
The loan is for the refinancing of Woodstock West, a 407-unit apartment community in the Atlanta suburb of Woodstock. Woodstock West, which was developed in two phases in 2013 and 2017, is comprised of nine apartment buildings, two townhome buildings and one amenity building with a pool, cabana, grills and a fireplace. The property also features a 1,148-square-foot commercial space, currently occupied.
In a $51 million deal with seller Robert Mannheimer, Ever River Realty has acquired four properties totaling 66,423 square feet with plans to hold onto them for redevelopment, including rezoning to capitalize on the changes to the waterfront with the Special Flushing Waterfront District. The portfolio includes 34-65 Collins Place, 133-16 35th Avenue, 134-07 Northern Boulevard and 132-56 34th Avenue in Flushing, Queens.
Nexpoint acquired Frontida's 187,000-square-foot plant at 7700 Dungan Road in for $21.3 million, along with four parcels at 1000 and 1100 blocks of Orthodox Street for $18.4 million. The building at 1100 Orthodox spans 67,000 square feet. The Dungan Road and Orthodox Street properties are less than two miles apart.
The firm acquired approximately 69.4 acres near 0 Pritchard Road from DRI CTR Jax Phase I. The property previously sold for $9.4 million in 2021. No other transaction details were released.
The PGA of America sold its 40,622-square-foot office complex at 100 Avenue of the Champions to BWREFII 100 Ave of Champions. The price equated to $299 per square foot. Built on the 40,622-square-foot site in 1981, this is the first time the building sold.
An undisclosed buyer paid $6.1 million for the vacant 82,000-square-foot complex purchased by Velocity last August. The property includes the 26,000-square-foot main bank building at 483 Main St. and a 56,000-square-foot space in the back at 480 School Lane in Harleysville. The buyer originally approached Velocity to occupy one of the two buildings, but ultimately decided to acquire the whole complex.
A JV between Blaze Capital Partners and Virtus Real Estate Capital acquired The Pointe at Siena Ridge, a 163-unit, 55-plus, multifamily community in Orlando. The seller and sales price were undisclosed. The JV says there has been a growing need for senior communities as the baby boomer generation reaches retirement.
A JV between BentallGreenOak and locally based developer Slate Property Group will use the loan for the refinancing of The Biltmore, a 51-story apartment tower in Manhattan. Built in 2003, The Biltmore consists of 464 apartments and 47,397 square feet of commercial space. Amenities include a fitness center, entertainment areas, work spaces and a game lounge. The property recently underwent a renovation that upgraded the lobby, amenity spaces and elevator systems, with the JV planning further improvements.
The company sold multifamily properties The Crossings at McDonough in McDonough, Ga. and The Crossings at Eagle's Landing in Stockbridge, Ga., to Viking Capital. The Crossings at McDonough sold for $57.3 million and includes 252 units and features a pool and BBQ, bark park, fitness center, an internet cafe and more. The Crossings at Eagles Landing sold for $39.3 million and is a pet-friendly property with 167 apartments and amenities such as sport courts, a swimming pool, fitness center, internet cafe and more.
The firm acquired 488,000 square feet of industrial space at Garner Business Park 70 in Raleigh. The buildings are at 1000, 1600 and 2000 Garner Business Park Drive and sit on about 34 acres. Current tenants will remain in the space despite the change in ownership. Stream has no plans for upgrades or additions to the site and buildings.
The loan is for the refinancing of Eastshore Apartments, a 272-unit apartment complex scheduled to be completed in March 2025. The building will include one-, two- and three-bedroom units with amenities including a fitness center, conference and business rooms, dog park, and more. Eastshore Apartments will be the third mixed-use residential project in Palm Bay for Northshore Development.
The firm sold Specialty Shops SouthPark, a fully-leased retail center in Charlotte. Located at 6401 Carnegie Blvd., the property totals 65,362 square feet. The seller was Hill Partners.
The developer acquired Canton Estates Apartments, a naturally occurring affordable housing family community in Canton, Ma., from an undisclosed seller. Located at 32 Neponset Street and 16 Bailey Court, the community features 65 one- and two-bedroom units in two three-story buildings constructed in 1982. Standard Communities plans $2.4 million in renovations to improve and modernize the property.
The company sold its 10.3-acre parcel zoned for light industrial, located at 2280 Lane Ave., to BRI 2280 North Lane Avenue. Jax Industrial One bought the land for $1.15 million in November 2020. The property is located near multiple transportation options.
The company bought 10 Independence Blvd., a 120,623-square-foot office building and an 8,250-square-foot retail pad site located in Warren, N.J. The seller was American Equity Partners. The four-story office property is part of the five-building, 650,000-square-foot Independence Boulevard office park. The asset last traded hands in 2016 for $11 million.
A JV between Lingerfelt and Partners Group bought the four-building, 1.2 million-square-foot multi-tenant Class A logistics portfolio in metro Richmond, Va., and plans extensive capital improvements. The seller was undisclosed. The Northlake and Walthall distribution centers are fully leased, with Walthall Distribution Center featuring three logistics buildings and Northlake Distribution Center featuring one. Developed between 2000 and 2003, the four logistics facilities provide cross-dock and rear-load configurations, 32-foot clear heights, a high ratio of dock positions, ESFR fire protection and car parking.
The company will use the refinancing for TGM Bay Isle, a 582-unit luxury multifamily community in St. Petersburg, Fla. Located at 11850 and completed in two phases in 1998 and 2004, TGM Bay Isle comprises 22 three-story buildings with one-, two- and three-bedroom units. Community amenities encompass a clubhouse, two fitness centers, three swimming pools, a dog park, a pet spa, two outdoor kitchens and a conference room.
The company bought the four-story, 13,500-square-foot building at 155 Mercer Street from a JV between ASB Real Estate and Thor Equities. The JV spent $93 million on the building when it purchased it in 2016. Weybourne Group plans to lease the property, which is currently vacant.
The company sold its warehouse at 1 Nassau Avenue, N.Y. to EPR Properties. The warehouse is currently leased to a long-term tenant, a fitness chain. The warehouse was built in the 1910s and was renovated multiple times to adapt to each tenant.
Alicia Harper, owner of the 11-unit asset at 271 West 11th Street, sold the building to YW 11 Trust. Harper has owned the 139-year-old 7,000-square-foot building since 1991. The West 11th Street building's units range from studios to two-bedrooms. YM 11 plans unspecified upgrades to the building.
The developer used three deeds to acquire 100, 104, and 108 S.E. 8th Ave., assembling 31,514 square feet of land for redevelopment. Berry Property Group was the seller of 100 S.E. 8th Ave. and the other two properties were sold by 104 & 108 SE 8th Avenue and 104 108 Investors, both managed by Emilia Akridge of Crown Holdings in Atlanta. The buyer is expected to develop a hotel property on the sites.
The company purchased a 28,000-square-foot industrial building along Route 9 at 80 Turnpike Road in Westborough, Ma., sold by 80 Turnpike. The buyers plan to make modifications to the property for their own use. 80 Turnpike Road is a two-story 28,000-square-foot flex building that includes second floor office space, over 70 parking spots and offers a 90-degree dock for grade level and dock high loading.
The firm acquired Solis Nexton, a luxury apartment community located in Summerville, S.C. Located in Nexton Square, the 320 apartment homes sit on 11 acres and offer a resort-style pool, dog park, pet spa, entertainment lounge, state-of-the-art fitness center, private yoga and spin studio, and electric charging stations. The seller and the price was not disclosed.
The loan is for 3 Journal Square, a 240-unit luxury multifamily community in Jersey City, N.J. The property's previous debt was a $61 million construction loan funded by PNC Bank and TD Bank in 2015. Completed in 2017 and situated on 3 acres at 2935 John F. Kennedy Blvd., the 13-story community comprises one-, two- and three-bedroom with common-area amenities include a fitness center, clubhouse and playground.
The company bought the two-story, 99,837-square-foot industrial and retail building located at 4500-4870 N. Powerline Rd. Crystal Pointe Commercial Properties sold the property, which it had acquired in 2008.
The refinancing loan is for The Residences at Diamond Ridge, a 335-unit multifamily community in Winston-Salem, N.C. The community came online between 1959 and 1969 at 730 Anson St. and was renovated in 1987. The Residences at Diamond encompasses 14 buildings with one-, two- and three-bedrooms with amenities including a swimming pool, playground and dog park.
The firm purchased the recently renovated 117-room Quality Inn Kennedy Space Center by Choice Hotels located in Titusville, Fla. The seller was Frontier Hospitality, who said they received offers from 14 other potential buyers before deciding on Jay Jagannath.
The company acquired controlling interest in an affordable housing portfolio of approximately 3,200 units in Fla. and Ga. The seller and price were not disclosed. The firm plans to invest $25 million in capital improvements across the portfolio. Apartment Management Consultants and Arco Management Corp. will manage the properties.
The company sold Solaire Wheaton, a 232-unit multifamily property located in Silver Spring, Md. to 29th Street Capital. Community amenities include a swimming pool, a fitness center, a clubhouse and a business lounge. The property is situated near retail outlets, along with transportation options and entertainment and employment venues.
The educational institution acquired a 60,000-square-foot boutique office property at 1771 N St. from Stream Realty Partners, with immediate plans to open a USC Capital Campus there in April 2023. Originally developed in 1968, Stream bought the site in 2018 and spent $23 million in 2021 renovating and redeveloping the property into an office building.
The company sold Valley Farms Shopping Center, a 99,936-square-foot retail property in Hartford, Ct. to an undisclosed buyer. Big Y World Class Market anchors the center, which was originally built in 2007 on a 30-acre site that has land for potential expansion. Other tenants include McDonald's and Liquor World.
The loan will be for the refinancing of Brender's 150-unit Redka 1 property in East Orange, N.J. The loan will facilitate renovation to the property including all common areas, exteriors and 100 refurbished units. Located at 121-127 South Munn Ave., Redka 1 consists of studios, one-bedroom and two-bedroom units. The 10-story property includes a laundry room.
FECI sold 0.95 acres at 105 to 117 N.W. Third Ave., plus 110 N.W. Fourth Ave., to Brightland FTL Owner LLC, an affiliate of OceanLand Investments. The buyer plans to develop a residential property on the land, which will be attached to a nearby train station.
The 1751 Marshall St. site was bought by Ronald Dana, through 1751 Marshall St. LLC. The 8.8-acre site has seven buildings, four of which were built in 1955. Ad Investment Florida acquired the property for $2 million in 2018.
The company sold its development site in Bayonne, N.J. to an undisclosed buyer. The site is an assemblage of six lots, and the undisclosed buyer plans to construct a six-story, 197-unit complex. Units will come in studio, one- and two-bedroom floor plans, and the property will feature 4,300 square feet of amenity space and parking for 245 cars.
The company bought Erwin Cotton Mills, a 57-acre complex in Durham, N.C., located off North 13th Street. The buyer plans to develop the property, previously a cotton mill, into the Central Carolina Industrial Park with over 1-million square feet of space. The complex was built in 1904 and shuttered in 2000, where it sat mostly unused for 23 years.
The company purchased a 24-acre vacant lot in Monticello, N.Y., for $137,000. The parcel is adjacent to Kinnebrook Estates, a 250-unit manufactured home community that UMH owns and plans to expand. Built in 1968 and located at 325 State Route 17B, Kinnebrook Estates is an all-age, pet-friendly manufactured home community with common-area amenities including a swimming pool, a community center, a pet park, a playground area, a basketball court and a clubhouse.
Clarion Partners Real Estate Income Fund bought Retreat at Weaverville, a 176-unit multifamily community located in Asheville, N.C., from an undisclosed seller. The 2021-built property sits on a 16.85-acre site and is comprised of seven three- and four-story, wood-framed residential buildings with ample open-surface parking spaces and 28 detached garages. Amenities include clubhouse, coffee bar, dog wash and park, fitness center, office workspaces and pool.
The loan is for the company's project at 20 Beacon Way, which spans a half-dozen properties and encompasses 14 acres near the intersection of Baldwin Avenue and Montgomery Street. The development includes a 510-space parking garage, as well as amenities like children's playrooms, sky lounges, fitness centers, a yoga studio, bocce court and private park. Building and Land Technology acquired the site in 2011.
UBS Realty Investors sold White Plains, a Whole Foods-anchored shopping center at 100 Bloomingdale Road. Hines says it plans to purchase more retail centers going forward, along with housing and industrial properties. The shopping center is currently fully-leased, with some tenants on 10-year leases.
The Terrace Portfolio totals 244 units and four facilities, all of which offer respite care, memory care and assisted living options. Locations include Windham Terrace at 3 Church Road in Windham, N.H. and Wheelock Terrace in Hanover, N.H. The Terrace Portfolio also includes two locations in Vt. The senior living facilities provide wellness programs, personal assistance, educational events and activities, along with assorted amenities.
An affiliate of Florida East Coast Industries sold the 89,502-square-foot Unit 100 in the warehouse at 4340 West 104th St. to Greenside Group. The price equated to $193 per square foot. All four units in the warehouse are leased.
Cusa Investments sold its 4.45-acre truck yard at 3275 and 3295 N.W. 41st St. to Mijares. The property has an 11,734-square-foot warehouse that was built in 1958, currently operated by Nighthawk Trucking.
The transaction comes after the property went into foreclosure and lead lender and loan trustee Deutsche Bank claimed the mall from Simon Property Group in 2021. Town Center at Cobb is spread across 1.3 million square feet with 6,000 surface parking spaces at Ernest W. Barrett. The retail center has an occupancy rate of 92%, though Kohan has unspecified plans to boost tenant numbers.
Clifton Park Center Mall was sold by its developer to CPC Development I. Located in Albany, N.Y., Clifton Park Center was originally built in 1976 as Clifton Country Mall and purchased by the seller, DCG Development in 2006 for $11.1 million. Since the purchase, the center has undergone multiple significant renovations and upgrades, including changes to the facade and expanding footprint.
The firm acquired Lexington Park, a 156-unit multifamily property located in Smyrna, Ga. The 1963-constructed Lexington Park includes amenities such as a swimming pool, dog park/play area, laundry facility and resident business center. The seller of the property was undisclosed.
The loan is for the refinancing of Alliance Health at West Acres, a seniors housing property located in the Boston suburb of Brockton. Built in 1965 and renovated in 2017, the property offers 130 beds. Located at 804 Pleasant St., the owner plans improvements to the community.