Real Estate Weekly
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Deals & Dealmakers

SELLING POINTS: GFI sells Bronx apt. building for $11.525M

● SVN
Self-storage giant doubles down in Westchester

SVN Commercial Realty has closed on the $22.35 million sale of two Westchester self storage facilities to a “top 20 self storage operator.”

410 Clairmont Avenue in Thornwood, NY, is a recently redeveloped three-story, 55,000 s/f self storage facility. The seller was a local developer and the property was sold following issuance of a CO upon the completion of an adaptive reuse project.

It followed the earlier sale of the neighboring 905 Broadway, a 55,000 s/f self storage facility occupied by Safeguard Self Storage.

Hans Hardisty of SVN Hardisty Realty and Nick Malagisi of SVN Commercial Realty brokered the off market sales to an unnamed self storage operator who will operate both properties.

● GFI
Bronx apt. building sold for $11.525M

GFI Realty Services has arranged the $11.525-million sale of 3540 Decatur Avenue, an elevator building comprised of sixty-six units located in the Norwood section of the Bronx.

Constructed in 1962, the six-story building totals approximately 67,000 s/f, and is composed of seven studio apartments, forty-seven two-bedroom apartments and twelve two-bedroom apartments.

GFI Associates Zachary Fuchs and Sasha Berg represented the seller, Richard Laubsh, and the buyer, Zeqe Mehmetaj.

“The new owners were excited about the basis of under $175k a door for an elevator building which makes for a safe long term investment, ” said Berg.

The property is situated within a short walk of the 2 and 5 subway lines.

● NEWMARK KNIGHT FRANK
Quick turnaround and $75M price tag for 400 apts. in Atlanta

Harbor Group International, LLC (HGI), a real estate investment and management firm, has sold the Preserve at Mill Creek, a 400-unit multifamily property located in suburban Atlanta, for $75 million. This is a 34 percent increase from the $55.95 million purchase price HGI paid in 2016.

This sale follows a $3.875 million investment by HGI to increase the property’s overall curb appeal as well as renovate many of the interior units, increasing the property value by $19.05 million compared to the initial purchase price.

HGI continues to actively pursue multifamily portfolio transactions with value-add potential, recently demonstrated through its $50.5 million purchase of and planned improvements to The Cedars at Elm Hill, a garden-style apartment project in Nashville, TN.

● ASPEN REAL ESTATE, DEVLI REAL ESTATE
Fully leased NJ office complex switches hands for $26M

Aspen Real Estate and Devli Real Estate, in a joint venture, have acquired an 188,408 s/f, 100 percent leased office complex in Neptune, NJ from Mack-Cali. This is Aspen’s seventh transaction in Monmouth County and comes off the heels of the Aspen-Devli purchase of a 129,632 s/f complex less than a year ago at 260/270 Industrial Way, Eatontown, NJ. This acquisition further demonstrates their belief in the Monmouth County office sub-market.

The 180,000 s/f fully leased office building was sold for $26.05 million ($145 psf).

The complex, located at 3600 Route 66, consists of a four-story, Class A office building, situated on 14.6 acres. The property benefits from its convenient location 2 minutes off the Garden State Pkwy, 10 minutes from the beaches and restaurants in Asbury Park, ample parking and the central location in the burgeoning Jersey Shores communities. Ownership plans to improve the amenities in the property, including adding an 8,000 s/f upgraded café, lounge and conference center.

Devli‘s Chief Investment Officer, Mark Devli, noted that the strong tenants, stable cash-flow and the quality of the underlying asset were the main drivers in this acquisition.

“The opportunity to purchase a fully leased, premier-trophy asset at an attractive yield was enticing to us,” he said. “The ample weighted average lease term, as well as the property’s stable cash flow were key drivers, as both are factors paramount to our investment strategy.”

Steven Schultz of The Newmark Knight Frank Capital Markets group brokered the deal.

The Aspen-Devli team plans to invest 100 million dollars in both stabilized and value add opportunities within the next 12 months.

● JLL
CBS broadcasting center in NJ sold for over $19M

JLL has closed the $19.35 million sale of 190 Wood Avenue South, an industrial property leased to CBS Broadcasting Inc.

The 154,788-s/f property is located in the Middlesex County community of Woodbridge Township, New Jersey.

JLL marketed the property on behalf of the seller. The property was sold to an undisclosed buyer.

Situated on 7.72 acres, 190 Wood Avenue South is within the 34.5-acre Metropark Office Campus located at the epicenter of several of the state’s major commercial routes, including Route 1 and Interstates 95 and 287, which is one of the most travelled highways in New Jersey. The property is about 30 miles from New York City and in the Garden State Parkway/Perth Amboy Industrial submarket. Port Newark/Elisabeth Marine Terminal is 18 miles from the property, and Newark Liberty International Airport is 15 miles away.

Completed in 1982 and renovated in 2019, 190 Wood Avenue South is a one-story light industrial building with a lower level, a 24-foot ceiling height, two dock-high doors and two drive-in doors. The property is fully leased to CBS Broadcasting Inc. on a net lease basis.

The JLL Capital Markets team representing the seller included Senior Managing Director Jose Cruz, Directors Marc Duval and Jordan Avanzato and Associate Grace Braverman.

● CBRE
Connecticut rental sold for $14M

CBRE has arranged the $14 million sale of Haviland Gates, a 29-unit luxury apartment community in South Norwalk, C.T. CBRE’s Louis Zuckerman and Patrick Colwell represented the seller, Post Road Group, and also procured the buyer in the deal.

Haviland Gates is a multifamily rental community offering spacious one to three-bedroom contemporary apartments with up to 2,250 s/f of living space. The buyer, who is new to the market, plans to continue to operate and manage the rental property as is.

Situated at 8-16 Haviland Street, the property is located one block from South Norwalk’s thriving restaurant, nightlife and retail strip and a half mile from the new SoNo Collection mall. Haviland Gates is within walking distance of the South Norwalk Metro North station, offering a one-hour express commute to Manhattan.

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