Real Estate Finance

March 01, 2024

The company sold its 390-room Hilton Boston Back Bay property to an undisclosed buyer. Sold for $438,000 per room, the Back Bay property is one of 12 hotels that Ashford recently listed for sale. Further details on the sale were not provided.

March 01, 2024

The company will use the loan to refinance its portfolio of six industrial properties totaling 1.8 million square feet. The properties are located in Atlanta, Philadelphia, Charlotte and Fla., but no specific location details were provided. The portfolio was roughly 40% occupied at the time of sale, though Ares says it plans to fill any vacancies in its portfolio.

February 29, 2024

Highwoods Properties sold its 4-story building, plus two adjacent parcels, in the Creekstone Park office park to APG Capital. The 97,000-square-foot building is 75% occupied, all with medical practices. APG Capital bought the building as part of a 1031 exchange.

February 29, 2024

The company acquired a 13,000-square-foot development site at 511-521 Newark St. in Hoboken, N.J. The property, part of the Southwest Hoboken Redevelopment Plan, will be developed into residential units. The site is approved for 60 luxury residential units and 4,900 square feet of ground-floor commercial space, including a restaurant with 2,000 square feet of outdoor seating.

February 29, 2024

The company bought the property at 126 E. Colonial Dr. in downtown Orlando from Florida Renaissance, which paid $570,000 for property in 1991. The property includes a two-story, 30,100-square-foot office building on a 0.85-acre lot. The buyer plans to rebrand the building as North Quarter Plaza and will lease out space to retailers.

March 01, 2024

A JV between Lovett Industrial and an affiliate of Heitman acquired Diamond Hill Distribution Center, a 720,000-square-foot industrial park in Chesapeake, Va. for an undisclosed price. The seller was Link Logistics, and the four-building portfolio was fully leased at the time of sale to Amazon, Eska USA, Serco and National Tire Wholesale. The industrial park is located at 1910-1920 Campostella Rd., 2115 Portlock Rd. and 1960 Diamond Hill Rd. and was built between 1974 and 1997.

February 29, 2024

A JV between Lightstone and an affiliate of Cerberus Capital Management bought the 812,425-square-foot distribution center in Mechanicsburg. The facility was built in 2002 on 44.3 acres and features 182 dock-high doors, two drive-in doors, 329 parking spaces, 109 trailer stalls and 195-foot truck court depths. The seller was undisclosed.

February 28, 2024

The company purchased 152 Ridge Road, a 216,000-square-foot industrial building in South Brunswick Township, N.J., from an undisclosed seller. Built in 1991, the asset included 33 loading doors, 30-foot clear heights, insulated ceilings, ESFR fire sprinklers, solar panels and 125 parking spaces. The building is fully leased to Five Star Warehouse, a third-party logistics company.

February 29, 2024

CICF II - FL2B01, part of a fund managed by Cabot Properties, sold the 207,335-square-foot warehouse at 3225 Meridian Parkway for $244 per square foot. The warehouse in the Weston Park of Commerce last traded for $30 million in 2019. Built on the 15.8-acre site in 1995, the warehouse has 35-foot clear height, 24 dock doors and 150 standard parking spaces.

February 28, 2024

The loan is for the financing of Madison Oglethorpe, an upscale garden-style multifamily development located in Savannah, Ga. The apartment will include a clubhouse and lounge with co-working space, a state-of-the-art fitness center, and an outdoor lounge. The project, set for completion in 2025, will also have a pool and pool deck with grilling stations and a fire pit.

February 27, 2024

The trust acquired the 45,970-square-foot mixed-use building at 3605 Northwest 115th Ave. The seller was an unnamed entity managed by Harry Aizenberg, who paid $690,000 for the property in 1997. The building is leased to Wrk Lab, an office furniture dealer.

February 26, 2024

The investment firm purchased 1370 Sixth Ave., located by the corner of West 56th St., from Principal Real Estate Investors. Principal purchased the tower in 2005 for $217 million. The office tower stands 35 stories tall, spans 342,000 square feet and is currently 92.9% leased to tenants including Canyon Partners Real Estate and Eliant Trade Finance.

February 28, 2024

The company purchased the four properties at 1405 W. English Rd., 1411-1413 W. English Rd., 918 W. Martin Luther King Jr. Dr., and 1245 Chapel Rd. The seller was from 3-4 Holdings. The property at 1405 W. English Rd. runs .06 acres, 1411-1413 W. English Rd. property .36 acres, 918 W. MLK Dr. 3.1 acres and contains a 15,138-square-foot building and the property at 1245 Hickory Chapel Rd. runs 6 acres with a 37,050-square-foot industrial building.

February 27, 2024

Key Haven Partners sold its North Jacksonville apartment complex, called Hidden Oaks Apartments. Measured Capital plans improvements to the exterior beautification, interior renovations and community space updates. The apartment is located at 10825 Key Haven Blvd. and includes 64 two-bedroom units across six two-story buildings.

February 27, 2024

Lucern Capital Partners acquired four buildings within Indeener Business Park, located at 604, 610, 616, and 621 Indeneer Dr. in Kernersville. The portfolio sits on 7.9 acres and totals 51,450 square feet. The properties are 100% occupied and were built in 1999.

February 28, 2024

The company bought a 23,990-square-foot building in the Clear Creek Business Part in Mint Hill. The flex industrial building, located at 11327 Allen Station Dr. is 100% leased and was sold by Berkshire Partners #17. The building was developed in 2019 and fully leased the following year.

February 27, 2024

The developer will tear down a long-vacant high school in Chautauqua County and replace it with a $20.16-million apartment building. Silver Creek High School has been closed more than 40 years and was sold by an undisclosed seller. Silver Creek will build a 50,574-square-foot structure that will house 54 affordable apartments for seniors age 62 and up, with 15 set aside for supportive housing. The building will also house a community room, fitness room and laundry facilities, and will undergo construction this year.

February 26, 2024

A JV between DRA Advisors and KPR Centers landed a $55 million bridge loan for Quartermaster Plaza, a 456,208-square-foot retail power center in South Philadelphia. Built in 2004, the property was 99% leased at the time of sale, with BJ’s Wholesale Club, The Home Depot and Sprouts Farmers Market serving as the anchor tenants. Other tenants include Bank of America, Wendy's, Walgreens, PetSmart and Planet Fitness.

February 26, 2024

The company sold Shoppes of Lake Mary to Phillips Edison & Co. The 74,234-square-foot retail property sits on a little over 10 acres at 4215 W. Lake Mary Blvd. Shoppes of Lake Mary, 97% leased at the time of sale, was built in 2000 and last sold in 2002 for $12.5 million.

February 26, 2024

A private equity fund acquired Palm Plaza, a grocery-anchored center in Leesburg. The 133,419-square-foot Publix-anchored shopping center was sold by a JV between Crosspoint and Long Wharf Capital. Built in 1960, the retail center underwent a cosmetic renovation in 2002 and was sold to Crosspoint for $14 million in 2022.

February 26, 2024

The company acquired Swan Run Apartments, located at 4600 Swan Meadow Lane. Swan Run has 92 one-, two- and three-bedroom units and is currently 100% occupied. Ascent is also spending $1.5 million in upgrades and renovations to the property, including replacing roofing and siding and adding a new playground. The seller was undisclosed.

February 26, 2024

The company will use the loan to acquire Freedom Plaza, a shopping center located in Rome in central New York. Tenants at the property, which totals 197,397 square feet, include Grand Union, Dollar Tree, Domino’s and Marshalls. The seller was undisclosed.

February 26, 2024

The company acquired the 1.24-acre assemblage of properties from Fifth Third Bank on the outskirts of Winter Park, Fla. Verax Investments plans to build a 17,000-square-foot medical office building on the site and has begun architectural and civil engineering work.

February 25, 2024

The Halle Companies of Maryland sold The Villages at Sunnybrook apartments in Southeast Raleigh. The complex offers one-, two- and three-bedroom units and amenities including an outdoor swimming pool, indoor heated pool, fitness center, playground, sports courts, golf simulator, theater, dog park and more. Located at 2301 Sunnybrook Rd., AIR Communities has changed the name to Sunnybrook Residences and plans further updates.

February 23, 2024

A JV between DRA Advisors and KPR will use the loan to refinance Quartermaster Plaza, a 456,208-square-foot shopping center in Philadelphia. Built in 2004, the property was 99% leased at the time of financing. Tenants at the center include BJ's Wholesale Club, The Home Depot, Sprouts Farmers Market, Bank of America, Wendy's, Walgreens, PetSmart and Planet Fitness.

February 23, 2024

The company sold a portfolio of five multifamily buildings in Manhattan's East Village area totaling 73 apartments and six commercial spaces. The buildings primarily house market-rate units. The buyer was not disclosed nor were any additional transaction details.

February 23, 2024

An affiliate of Great Gulf bought the 72 apartments at 5400 N. Flagler Dr. Called the Poinsettia Club Apartments, the property last traded for $24 million in 2021 and was developed on the 2.5-acre site in 1966. Great Gulf says it has plans for the site but did not specify.

February 23, 2024

A 23-unit apartment building located at 47 E. Seventh St. in Manhattan's East Village switched hands, sold and bought by undisclosed parties in a 1031 exchange. The five-story building was constructed in 1930.

February 23, 2024

The company acquired Heritage Square, an 87,318-square-foot retail center located in Watchung, N.Y. Developed in 2019, the property was leased to tenants including HomeSense, Sierra Trading Post, CityMD, Starbucks Coffee, Chick-fil-A, Ulta Beauty, Miller's Ale House and David's Bridal. The seller was undisclosed.

February 23, 2024

Rockpoint and Post Road Residential sold the 234-unit luxury apartment, The Point at Green District. Apartments in the community range from 600 to 1,508 square feet and include one-, two- and three-bedroom units. Amenities include washers and dryers, quartz countertops and stainless steel appliances in the units and EV charging stations, a rooftop dining area, pool, fitness club, podcast studio and coworking space in communal areas. 

February 23, 2024

Lightstone and Cerberus Capital Management bought the Mechanicsburg, Pa. distribution center from New York Life Real Estate Investors. The 812,425-square-foot center is located on a 44.3-acre property at 360 Independence Ave. Features include 28-foot maximum clear heights, 82 dock-high loading doors, two drive-in doors, 329 parking spaces, 109 trailer stalls and a 195-foot truck court. 

February 23, 2024

Blackstone sold the 465,323-square-foot industrial building to the Houston-based real estate company. The property is located at 3700 Display Dr. in Charlotte. The site has a long-term tenant, International Paper.

February 23, 2024

The 74-unit property, 53 Broadway, is located in the Williamsburg neighborhood of Brooklyn, N.Y. The studio, one- and two-bedroom units feature washers and dryers, floor-to-ceiling windows and stainless steel appliances. A sauna, pool, lounge, fitness facility, game room and bike storage are available on the property for tenants. 

February 23, 2024

An undisclosed buyer picked up a 23-unit Manhattan apartment building with a $9 million Fannie Mae acquisition loan arranged by Gantry. The five-story building is located at 47 E. Seventh St. 

February 21, 2024

The company will use the loan to refinance its 85-story, 869-foot-tall Panorama Tower in Miami. Located at 1100 Brickell Bay Dr., the tower offers 821 multifamily residences, 112,731 feet of office space, 25,219 square feet of retail space, a 2,000-space private parking garage and an attached 19-story, 208-room Hyatt Centric Hotel. Community amenities include a fitness center, business center, clubhouse, three swimming pools, a spa and a media room.

February 21, 2024

A JV between Lightstone and Cerberus Capital Management secured the loan to purchase a 812,425-square-foot distribution center in Mechanicsburg, Pa. The JV acquired the 2002-constructed warehouse, called 360 Independence, for $78.5 million from an undisclosed seller. Located at 360 Independence Ave., the property features 329 parking spaces, 109 trailer stalls and a 195-foot truck court.

February 21, 2024

The company bought Palms of Deerfield Beach Townhomes, which includes 56 units on 5 acres at 533 S Dixie Highway. Forty-four of the 56 units are reserved for families earning less than 60% of Broward County's average median income, and the remaining 12 are designated for those earning under 50%. Sold by an undisclosed seller, Smith & Henzy plans to renovate the complex.

February 21, 2024

Dan's Global Hotels sold the seven-story, 73-room hotel at 42-24 Crescent St. to Crescent Hotel Realty. The hotel was built in 2004. The 31,500-square-foot property was previously a Red Lion Inn & Suites but now falls under the Crescent Hotel name.

February 21, 2024

The company purchased a 75,000-square-foot cold storage facility in Long Island. Located at 33 Rajon Rd., and originally built in 1986, the building includes 35,000 square feet of freezer space, 11 loading docks and two drive-in doors. The seller was undisclosed.

February 21, 2024

The company bought the 0.24-acre lot located at 501 N. West St. and will build a hotel on site. The property was sold by Turnbridge Equities. Plans for the hotel, which will be built under Marriot Intgernational's Moxy brand, show a flex meeting room, a kitchen, a bar, a food truck space, a lounge and patios, and more.

February 21, 2024

The two buildings totaling 75,000 square feet at 790 E. 21st St. were sold by 790 E 21 Street. Five tenants occupy the buildings, though CDF Holdings plans to make room for additional tenants. The buyer plans to update the property to handle multiple space size requirements for warehousing and distribution, as well as renovations to improve the exteriors.

February 20, 2024

The Fannie Mae loan is for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. A JV between BRP Cos., Fairstead and Urbane, will use the loan to perform renovations as well as provide social services programs and handle property management responsibilities.

February 21, 2024

A Flagler Healthcare Investments affiliate sold the 16,916-square-foot medical office at 10275 Hagen Ranch Rd. to Boynton Beach 10275 MP RK6 for $10.66 million and the 16,994-square-foot medical office at 10383 Hagen Ranch Rd. to Boynton Beach 10383 MP RK6. Both medical office buildings were constructed in 2016. The buildings last traded for $8.25 million and $7.25 million, respectively.

February 20, 2024

The company unloaded Westwood Apartments, a 256-unit garden-style community in Jacksonville, Fla. A JV between the Jacksonville Housing Authority and Integral Florida picked up the asset. Located at 1171 S. Lane Ave., the property was built in 1989 and features one-, two- and three-unit bedrooms along with community amenities including a fitness center, clubhouse, swimming pool and tennis court. The buyers plan to spend $20,000 per unit in renovations.

February 20, 2024

The company bought a 108,000-square-foot light industrial complex in Scranton. The development includes three buildings ranging from 27,000 to 40,500 square feet on an 11.8-acre site. The seller was CEP Family Office.

February 19, 2024

The company said it will fully revamp the 126-room Courtyard by Marriott Wilmington Downtown, located at 1102 N. West St. Canon will upgrade the hotel's guest rooms, bistro, fitness center and lobby. Canon Hospitality acquired the Courtyard by Marriott Wilmington Downtown from the Ciccone family in a 1031 exchange for an undisclosed price.

February 21, 2024

Buffalove Holdings sold 585 Niagara St., but will stay in one of its retail spots under a lease with the buyer. The three-story, 10,719-square-foot building has nine apartments and two storefronts.

February 20, 2024

The company sold its five-building, 79-unit mixed-use portfolio in the East Village to undisclosed buyers. Located at 170-174 East 2nd St., 49 1/2 First Ave., 23 Ave. A, and 325 East 10th St., the portfolio consists of 73 apartments and six commercial units. The 42,465-square-foot portfolio includes two tax-class-protected buildings and is 89% free market.

February 20, 2024

The company sold Brook's Edge Plaza, a 70,274-square-foot shopping center in Malboro, N.J. Asian Food Market anchors the center, which was built in 2003 and is 98% leased. The buyer was undisclosed.

February 20, 2024

The company sold 8000 Grainger Court, an 88,000-square-foot flex/warehouse facility in Springfield, Va., to C2 Imaging. The 1983-completed building includes about 64,000 square feet of office and 25,000 square feet of industrial space and roughly 190 parking spaces. The property is part of Virginia 95 Business Park, an 11-building campus totaling about 740,000 square feet of flex/office, data center and industrial space.

February 19, 2024

The organization acquired Fairview Village Apartments, located at 812 Fairview Dr. in Lexington. The 120-unit apartment complex was built in 1974, has two- and three-bedroom garden apartments and townhomes, and has an occupancy rate of 98%. The seller was undisclosed.

February 16, 2024

The company purchased the property at the corner of Charing St. and Salisbury Rd. in the Southside. The seller was WGPITTS. No further details on the transaction were released.

February 20, 2024

The company will use the loan for its 210-unit multifamily project in Warwick. The site currently serves as a parking lot, but Skydra Development plans to construct a four-story building with one-, two- and three-bedroom units.

February 16, 2024

The company purchased 1900 Commerce Pkwy from an affiliate of Moldtech, which occupies the building. The 1900 Commerce Pkwy building was constructed in 1990 and expanded in 2008. Moldtech has owned the building since its inception and will remain the sole tenant going forward

February 15, 2024

A JV between The Sembler Co. and Forge Capital Partners acquired Palm Plaza, a 133,419-square-foot retail center located in Leesburg. Publix anchors the property, which was 92% occupied at the time of sale. Other tenants at the center include Planet Fitness, Popeyes, T-Mobile, The UPS Store, among others.

February 16, 2024

The company used six deeds to purchase the 2.69-acre site at 2125, 2107 and 2101 S. Andrews Ave. plus 108, 104, and 100 S.W. 21st St. The sellers were all managed by Robert W. Lafferty. The buyer plans to build Era Apartments, a mixed-use building slated for 400 apartments, 3,650 square feet of retail and 549 parking spaces.

February 16, 2024

The company purchased the 382,000-square-foot facility at 2408 Forbes Rd. from Bingham Properties. No further details on the transaction were provided.

February 15, 2024

The company sold 212-230 Culver Ave., a 1.3-acre site in Jersey City's West Side neighborhood. The buyer was a private development group. The buyer plans to construct a 365-unit mixed-use development on the site, including 1,550 square feet of commercial retail space, an 184-space parking garage, outdoor terraces, and amenity spaces.

February 15, 2024

The company purchased the Belcher Commons Office Park, located at 51 S Main Ave., from Arcis Investments. The office complex was built in 1973 and totals 112,241 square feet. There are more than 40 active tenants at Belcher Commons Office Park, including assorted medical, retail and government services.

February 15, 2024

The company acquired three lots - 510 S. Harrington St., 505 S. West St. and 401 W. Cabarrus St. - from Maverick Partners Realty of Durham. Maverick Partners bought the three lots in 2019 for almost $3 million. Elmwood plans to develop a building on site with 298 residential units, 8,000 square feet of ground-floor retail and 289 parking spaces in a parking deck.