● B+B capital
Investors sold on Tribeca corner
B+B Capital, a real estate investment and development firm co-founded by Ilan Bracha and Haim Binstock, has purchased a three-level corner retail condo at 377 Broadway.
The company plans to renovate the 11-story Tribeca low-rise and place a commercial tenant in the property.
B+B Capital purchased the roughly 15,000 s/f retail condo from Cooper Investors Inc.
Bracha New York at Keller Williams NYC represented the buyer and Edan Cohen and Amir Aframian of EPIC Commercial Realty represented the seller in the transaction.
Built in 1920, the building is situated on a corner on Broadway and White Street on the triangle below Canal Street.
The retail condo space is spread across three levels with 4,500 s/f on the ground floor, 1,200 s/f on the mezzanine level and 9,600 s/f on the lower level.
Ilan Bracha, managing director of B+B Capital, said, “B+B Capital continues to focus on acquiring properties situated in prime locations in New York City. 377 Broadway’s corner location in an up-and-coming neighborhood made it a must-buy investment property.”
Africa Israel sells
Africa-Israel USA (AFI-USA) has closed on the sale of the 2.27-acre Downtown Los Angeles development site on the corner of Fifth and Olive, also known as Park Fifth.
MacFarlane Partners, a San Francisco-based real estate investment company, purchased the site and plans to transform it into a mid- and high-rise residential and “retail destination.ˮ
“With patience and determination, we closed on the Park Fifth site at a price nearly 50% higher than it was estimated at just two years ago,” said Chagit Sofiev-Leviev, CEO of AFI-USA. “MacFarlane Partners is a visionary real estate investor and developer that will no doubt add value to the Downtown Los Angeles community with this project.”
A Newmark Grubb Knight Frank team of Jimmy Kuhn in New York and Chris Cooney, Josh Levy and Matt Dobson in Los Angeles brokered the sale.
Damien Stein, chief operating officer of AFI-USA, also worked on the transaction.
● Capital Square Realty advisors
Capital cares about medical facilities
Capital Square Realty Advisors, LLC announced that an affiliate of the company has acquired a 17,714 s/f medical office building in the New York hamlet of Merrick on Long Island.
The facility is 100 percent leased on a long-term basis to Orlin & Cohen Orthopedic Group. Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors, said, “It’s strategically located within 16 miles of nine area hospitals, and is surrounded by densely populated residential neighborhoods on Long Island.”
The two-story medical office building, which was completely renovated in 2009, is located at 1728 Sunrise Highway.
Capital Square is focused on the acquisition of medical office buildings leased by leading medical practices.
The demographics are very strong for healthcare-related real estate due to an aging population and the Affordable Care Act.
This is Capital Square’s second acquisition of a medical office building. The company said is has “many othersˮ in the acquisition pipeline.
● Marcus & Millichap
Flushing site fetches $10M
Marcus & Millichap announced the sale of a 23,000 S/F lot for development in Flushing, Queens, for $10,200,000.
Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a family partnership, and the buyer, a local development group.
“Downtown Flushing is one of New York City’s most heavily trafficked areas,” said Kook. “The development site is part of a block that recently had its zoning changed to C2-6A, which allows for a variety commercial and residential uses. The new zoning is accompanied by an FAR of 4, which allows for a 92,000-square-foot development.”
“The area is attracting a lot attention from developers,” adds Siegel. “The entire block is prime for redevelopment and this site is part of a limited new area in which to build.”
Located on Fowler Avenue, the site is five blocks from the intersection of Main Street and Roosevelt Avenue, an area that features a significant amount of retail activity and access to the No. 7 subway line and the Long Island Railroad commuter rail system.
Siegel, Kook and Helpern sold a similar 86,000-buildable-square-foot site on the other side of this block on Avery Avenue in October 2013 for $11,250,000
● Highcap Group
Goldflam digs up a gem
Josh Goldflam, managing principal of investment sales firm Highcap Group, has announced the sale of 150 West 84th Street for $12,275,000.
Goldflam represented the seller, Madison Realty Capital, and Charles Chang represented the buyer, a Long Island investor.The property is a 33 ft. wide five-story walkup with 20 apartments. It was purchased by Madison Realty Capital only a few years ago and underwent a major capital improvement program to upgrade the systems and renovate units.
“The buyer really got himself a gem of a building that is mostly free market, but does have some existing stabilized tenants that will unlock some future value.Goldflam said, “It’s very tough to find a 33 foot wide property like this on such a prime block on the Upper West Side.
The property at a 5.3% CAP Rate, 15.3 times the gross rent, and $925 psf.
● Hornig Capital Partners
Hornig buys Forest City
retail plaza for $47M
Hornig Capital Partners, LLC, a New York-based privately-held real estate investment company, has joint ventured with Hutensky Capital Partners of Hartford, Connecticut to acquire Golden Gate Shopping Center, a retail plaza in Mayfield Heights, Ohio, from Forest City Enterprises.
The Joint Venture purchased the property for $47,050,000, together with B&D Holdings, making it one of the largest single asset retail deals in the greater Cleveland market during the past 24 months.
Built in 1958, the 371,748 S/F center was renovated in 1995 and has consistently remained a target destination for retailers looking for a high-traffic location.
Daren W. Hornig, managing partner at HCP, saID, “We are pleased to acquire this thriving, stable asset and are confident we will be able to add value given its existing tenant base and prominent position in this improving market.
“This is exactly the kind of property we look to purchase as we continue to enhance our portfolio with high-quality retail, office, hospitality and residential assets, both in New York as well as in select markets throughout the country.”
Ed Chanatry, senior vice president of asset management at Forest City, notes, “We’re pleased with this sale, which is consistent with our strategy of focusing on regional malls and exiting specialty retail centers outside of the New York City metropolitan market. At the same time, we and our partner have owned Golden Gate for nearly five decades, so finding the right buyer and achieving the right terms were imperatives. We’re certain the new owners will continue to make Golden Gate a strong eastside shopping destination.”
HCP, which recently celebrated its first anniversary, plans to continue expanding its holdings. The firm had two key acquisitions this year and said it has several more planned for the remainder of 2014.