JMC closes on record CT buy
New York based investment firm, JMC Holdings, has just closed on the biggest commercial sale in Greenwich, CT, in nearly 10 years.
The company led by Matthew Cassin and David Taylor paid $51.5 million for 411 West Putnam Avenue – also known as Wexford Plaza – a 100,155 s/f Class A building occupied, in part, by fashion design company The Camuto Group.
A NGKF team led by senior managing directors Stephen Westerberg and Kim Mowers, along with executive vice president and managing director James Ritman and executive vice president and regional manager Mike Cottle, negotiated the sale on behalf of 411 Properties LLC.
Ritman has directed the leasing program for the property since 2011, bringing the building to 92.2 percent capacity, and will continue to provide these services to the new owner for the remaining vacant space.
JMC plans to initiate a pre-built program in the remaining 8,800 s/f. The Camuto Group will maintain its corporate headquarters at 411 West Putnam Avenue.
According to Mowers, “JMC Holdings was attracted to the property’s strong credit tenancy and minimal near term rollover, and should fare very well with the investment.”
According to NGKF Capital Markets, the sale is the largest commercial sale of office space in Greenwich since 2007.
Invesco sells multifamily New Jersey asset for $91M
Holliday Fenoglio Fowler has closed the $91 million sale of Sterling Parc, a 316-unit, Class A, garden-style, multi-housing community in Cedar Knolls, New Jersey.
HFF marketed the property exclusively on behalf of the seller, Invesco Real Estate.
Cornerstone Real Estate Advisers, one of the largest global real estate investment advisers, purchased the asset on behalf of an institutional client.
HFF previously brokered the sale of the property to Invesco in 2007.
Sterling Parc is situated on 22.5-acre site within ten minutes of downtown Morristown in New Jersey’s affluent Morris County.
The property, built in two phases in 1988 and 2001, encompasses 27 buildings, which house 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments across a mix of one-, two- and three-bedroom floor plans. The property is 96 percent leased.
The HFF investment sales team representing Invesco was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.
“This transaction continues to exemplify the high demand for well-located multifamily in the New Jersey suburban markets,” Cruz said.
Investors sell Washington Heights apartment building
Cignature Realty Associates closed a $16 million sale of a 54-unit multifamily building in Washington Heights to Barberry Rose Management Company (BRM), a full service New York City property management company.
Cignature Realty’s Lazer Sternell and Peter Vanderpool represented both Barberry and the seller, Hillcrest Acquisitions LLC., a group of private investors based in Rockland County’s Spring Valley.
The six story elevator building at 548 West 164th Street was built in 1910 and is 56,634 s/f. It has a cap rate of 2.7 percent and the price per square foot is $283. The unit mix is one studio, 24 two-bedrooms, 12 three-bedrooms and 17 four-bedrooms.
“This building is a six-story elevator building with 133 feet of frontage right by Columbia Medical center,” said Cignature Realty President Peter Vanderpool.
“Buildings with such frontage are getting harder and harder to buy because the demand is so great and owners generally are reluctant to sell them.”
The purchaser plans to hold onto the building and increase the property’s income, according to Vanderpool.
Daniel Gale Sotheby’s
Great Neck shopping center fetches $12M
Inbar Mitzman, an associate real estate broker with Daniel Gale Sotheby’s International Realty, represented the seller of 800 Northern Blvd, a 26,000 s/f shopping center consisting of six stores anchored by national tenant FedEx, as well as a mix of retail and professional space.
The buyer, Six-O Realty Corp, found the property on LoopNet, according to Mitzman, who said the proeprty will be owner-occupied.
“A commercial strip center like this one rarely comes on the market,” said Mitzman. “Located on the Miracle Mile, it’s ideally located for commerce. Northwell Health is just half a mile away and 60,000 s/f of office space under construction across the street was just taken by NYU Langone Medical Center.”
Cushman & Wakefield
Upper West Side site picked off for $55M
Cushman & Wakefield announced the sale of 346-350 West 71st Street, a 101 ft. wide redevelopment opportunity between West End Avenue and Riverside Boulevard, on the Upper West Side.
The property sold for $55,250,000 or approximately $840 psf.
Cushman & Wakefield’s Hall Oster, Paul Smadbeck, Teddy Galligan and Robert Stufano exclusively represented the sellers, 346 West 71 Realty LLC and 350 West 71 Realty LLC. DNA Development represented the purchaser, Cydonia RE W71, Inc.
“The width, size and condition of the buildings, vacant and gutted to the studs, presented an ideal opportunity for developers seeking a short duration project in the severely supplied constrained Upper West Side,” said Oster.
The adjacent seven story pre-war buildings sit on a 101.75 by 125.83 ft. lot and combine for approximately 65,772 s/f above grade and another 10,000 s/f on the lower level.
Prior to sale the buildings had been completely gutted and positioned for a purchaser to renovate either as luxury condominium or rental apartments.
Situated on the south side of West 71st Street, the buildings are just east of the new community of luxury residences that have been constructed in recent years along Riverside Boulevard and less than a half block from Riverside Park.
Riverview costs Silverman Group $19M
CBRE Group, Inc. announced that Jeffrey Dunne, Gene Pride and Travis Langer of CBRE’s Institutional Properties, represented an institutional owner in the sale of Riverview, a 92-unit apartment community located in Norwalk, Connecticut to The Silverman Group for $19.5 million as part of a 1031 Exchange.
Built in 1991, the 92-unit apartment community, located on Richards Avenue, is a value-add opportunity as the interiors have original finishes allowing the buyer to renovate units and capture the increasing demand for luxury apartments in lower Fairfield County.
The building offers underground garage parking, a quiet setting adjacent to the Five Mile River and easy access to I-95 and the Route 1 retail, restaurant and entertainment district.
Dunne commented: “The interest in Riverview Apartments was very strong given the upside to grow rents through a unit renovation program, coupled with its proximity to I-95, Darien, Stamford and New Canaan. We expect new ownership will fare well with their planned renovation program.”
Admiral Capital / Wood Partners
Admiral fund realizes Peachtree gain
Admiral Capital Group and Wood Partners have completed the sale of 3833 Peachtree, a 222-unit multifamily property located in Atlanta.
The joint venture originally acquired 209 of the 240 units in the broken condominium conversion project in 2012.
The investment provided an opportunity to acquire a well-located asset in need of value-add capital at a discount to replacement cost.
During its ownership, Admiral repositioned the property. A new outdoor pool and cabana area were installed, the lobby, fitness center, and conference areas were upgraded and the partnership purchased an additional 13 units during the hold period.
“3833 Peachtree was another successful execution for Admiral,” said Daniel Bassichis, co-founder of Admiral Capital Group. “Atlanta has experienced very strong job growth, and we will continue to invest in this market.”
Both the buyer and seller were represented by Jones Lang LaSalle’s Atlanta team.
The sale represents the eighth realization for Admiral in its first value-add real estate fund, Admiral Capital Real Estate Fund, L.P. (ACRE I).
Admiral has three remaining ACRE I assets under management including two multifamily properties (Kent, Washington and Manhattan, New York) and one hotel property in Fort Worth, Texas. Additionally, 3833 Peachtree is one of several Atlanta area communities in Wood Partners’ portfolio.
Radco rolls into Orlando market with $32M purse
The RADCO Companies (RADCO) completed its fourth acquisition of 2016 with the closing of The Park at Sutton Place Apartments in Winter Park, Florida, for $32.1 million.
The property adds 288 B class units to its portfolio and will be proudly managed by RADCO Residential.
Lakeside at Winter Park is RADCO’s first acquisition in the Orlando market, and its fourth community in Florida.
The company plans to spend upwards of $4 million in capital improvements.
RADCO financed the acquisition and forthcoming renovation for this property using private capital and financing from BBVA Compass.
Since August 2011, the company has raised over $390 million in private capital to fund its acquisitions making it one of the largest private capital companies of its type in the nation.
This transaction was brokered by CBRE Inc.’s Orlando office.
Marcus & Millichap
Rent-regulated walk-up fetches $11M
Marcus & Millichap arranged the sale of 102-104 Convent Ave., a 34-unit walk-up apartment building in northern Manhattan.
The $11 million sales price equates to more than $323,000 per unit.
“The property has significant upside to be gained from its high percentage of rent-regulated units,” said Seth Glasser of Marcus & Millichap’s Manhattan office. “This section of northern Manhattan is rapidly changing and rent growth is on the upswing.”
Glasser, along with Peter Von Der Ahe, Joe Koicim and Jacob Kahn, all in Marcus & Millichap’s Manhattan office, represented the seller and procured the buyer.
Composed of predominantly one- and two-bedroom apartments, the building is located between West 131st Street and 133rd Street across from City College.
Rent-regulated walk-up fetches $11M
NGKF Capital Markets has been tapped to sell 16 East 16th Street, a 39,345 s/f Flatiron office building .
Senior Managing Directors David Noonan and Jennifer Schwartzman will represent the seller, Family Life Ventures, Corp., in the sale, working with the seller’s legal counsel, Joshua Stein PLLC.
Currently occupied by a health center, the property is a historic building with an oversize rear yard and substantial unused development rights potential.
The building, which will be delivered entirely vacant, presents opportunities to be redeveloped for office, retail or residential uses, according to the brokers.
“Investors continue to value Manhattan assets with historic character,” said Noonan. “This is an opportunity for a thoughtful developer or user to create something truly special.”