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Deals & Dealmakers

Selling points: CBRE closes $130M Greenwich office sale, Georgia peachy for CT investors


CBRE closes on $130M Greenwich office sale

Fareri Associates has paid $130 million for Greenwich Office Park in the largest office sale in the town in five years.

Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE’s Institutional Properties in collaboration with David Block represented Clarion Partners, which manages asset on behalf of the Oregon Public Employment Retirement Fund. The team also procured the buyer.

Clarion has been renovating the eight-building office park over the past few years and the

highly amenitized property is 83 percent leased.

The 380,561 s/f Class A office park is located in the high demographic and extremely supply-constrained Greenwich, Connecticut.

Dunne commented: “The tightening Greenwich market, where there has been no significant new office construction in nearly three decades, along with the extensive capital improvements program recently completed by the seller bodes well for Fareri Associates’ investment at Greenwich Office Park.”

Hamilton Point Investments

Georgia peachy for CT investors

Connecticut-based real estate private equity firm, Hamilton Point Investments, announced the purchase of Brighton Park Apartments, in Byron, Georgia.

This is the firm’s eighth property acquisition in Georgia. The company paid $18.5 million for the 200-unit apartment building.

“We buy post-2000 construction apartment deals in growing secondary markets for well below replacement cost,” said HPI co-founder Matt Sharp. “We are hugelyattracted to the growth going on in Georgia and indeed most of the southeast and the almost complete lack of new supply in secondary markets down there.

“It’s just a good part of the country to live, work and, for us, invest.”

Cushman & Wakefield

Low maintenance investment opportunity

Cushman & Wakefield has been retained to sell 350-352 Third Avenue, a turn-key, mixed-use building located between 25th and 26th Streets in NoMad. The asking price is $23 million.

The five-story, walk-up contains 14,122 s/f above grade, with a 3,368 s/f basement. It has 44 ft. of frontage on Third Avenue, divided between two retail storefronts.

The residential portion consists of 14 apartments of which ten are free market and four are rent stabilized. All free market units have recently undergone renovation. Both retail units are currently vacant and are being offered for lease.

“Given the property’s recent extensive renovations, the building will show well to anyone looking for a turnkey, management un-intensive investment property with strong in-place cash flow,ˮ said Michael DeCheser who is exclusively marketing this property with John Ciraulo, Craig M. Waggner and Mei Ling Wong.


HFF quarterbacks Jersey multifamily deal

Holliday Fenoglio Fowler has closed the sale of Alexan Riverdale, a 212-unit, mid-rise apartment property in Morris County, New Jersey.

HFF marketed the property on behalf of the seller, a global real estate investment manager. Inland Real Estate Acquisitions, Inc. facilitated the purchase on behalf of an un-named client. In addition, HFF worked to secure acquisition financing on the new owner’s behalf.

Alexan Riverdale is situated on 15 acres at 6000 Riverdale Road near the intersection of Interstate 287 and Route 23.

Completed in 2010, the 98.6-percent-leased property features one- and two-bedroom units and community amenities that include a swimming pool, fitness center and garage parking.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver.

“We were thrilled to work with Joe Cosenza and the Inland acquisitions team,” stated Cruz. “Inland Real Estate Acquisitions has facilitated more than $43 billion in commercial real estate across 49 states.”


President assignment for Hess team

TerraCRG has been retained to sell 641 President Street and 682 Union Street, two mixed-use buildings in Brooklyn’s Park Slope neighborhood.

Adam Hess and Eddie Setton, along with their team, are marketing the properties. The combined asking price is $13,750,000.

“We are very excited to offer a truly unique opportunity to the marketplace — prime real estate in Park Slope offering a five percent return on investment,” said Hess, a partner at TerraCRG.

The buildings consist of 3,230 s/f of retail, six renovated apartments and 18 office spaces. They total 20,150 s/f and include a 5,400 s/f elevatored building on President Street, a connected 8,450 s/f commercial office building and a 6,300 s/f mixed-use walkup building on Union Street.

Lee & Associates

Jersey grabs slice of $31M purse

The New Jersey office of Lee & Associates announced the sale and leaseback of 310 Central Avenue in East Orange, New Jersey.

Peter Rasmusson of the firm’s Elmwood Park office represented the buyer, Global Medical Real Estate, a Bethesda-based health care facilities real estate investment trust.

The seller of the property, Prospect Medical Holdings, master leased the 68,000 s/f building for an undisclosed term. The sale price was approximately $12 million.

The purchase is part of a string of acquisitions for Global Medical Real Estate totaling nearly $31 million — including medical buildings in South Dakota, Ohio and New Jersey — its largest spending spree since going public in July, when it raised a total of $150 million in its IPO.

“There was a great deal of interest by our investors in this asset,” said Rasmusson. “The sale underscores the robustness of the sale and leaseback market, especially in the medical sector.”

Cushman & Wakefield

Madison International sells Empire Blue Cross building

Cushman & Wakefield has orchestrated the sale of 85 Crystal Run Road in Middletown, NY.  A private entity acquired the 164,070 s/f Class A property, home to Empire Blue Cross Blue Shield, from an affiliate of Madison International Realty and its operating partner.

The firm’s Metropolitan Area Capital Markets Group, headed by Andrew Merin, David Bernhaut, Gary Gabriel, and Brian Whitmer and supported by Frank DiTommaso and Andrew Schwartz, represented the seller and procured the buyer. Cushman & Wakefield serves as exclusive leasing agent for the property.

“This is the first time the property has been delivered to market for sale since it was developed in 1990,” said Merin.

“It is a highly accessible, headquarters-quality location in the heart of Orange County’s premier business and economic destination, and it drew strong attention from buyers.”

The 21-acre site in Crystal Run Corporate Park serves as the Corporate Accounts Services location for Empire Blue Cross Blue Shield, the third largest employer in Orange County.

The property is situated in one of the Mid-Hudson region’s expanding commercial and medical corridors, anchored by the Orange Regional Medical Center.

Time Equities

TEI drives a bargain

Time Equities announced the acquisition of Fairlane Meadows, a 157,225 s/f shopping center in Dearborn, MI for $20.65 million.

Purchased from Farmington Hills Michigan-based Ramco-Gershenson Properties Trust, the center is located at 5851 Mercury Drive and marks TEI’s third and largest retail acquisition in the state of Michigan to date.

TEI’s Director of National Retail Ami Ziff spearheaded this transaction and has grown the firm’s retail division by approximately 20 percent in the last year.

“With retail sales and forecasting on the rise throughout Michigan, Fairlane Meadows presented us with an attractive opportunity to strengthen our growing Midwest portfolio,” said Ziff who oversees the firm’s 5.7 million-square-foot retail portfolio comprised of approximately 105 properties across the United States, Canada and Germany.

“Dearborn is experiencing a period of growth, thanks in large part to the presence of Ford Motor Company’s corporate headquarters. With many of Fairlane’s tenants operating out of this location for several decades, we’re looking forward to working with these brands to maintain an exceptional standard of excellence that the local community has come to appreciate over the years.”

Ben Wineman and Daniel Stern of Mid-America Real Estate Corporation served as the exclusive broker on behalf of the seller.

Cushman & Wakefield

Muscling in on Bed-Stuy

Cushman & Wakefield has been retained to sell 1245 Fulton Street in Bedford-Stuyvesant. The asking price is $13.25 million.

The newly-built single-story retail building contains 7,860 s/f on the ground floor with an 8,213 s/f sellable lower level with 15 ft. ceilings.

The property also has 25,551 s/f of additional air rights for residential or commercial use.

1245 Fulton Street is entirely leased to Planet Fitness until December 2030.

“This is a rare opportunity to acquire a high cash flowing, zero maintenance asset with a high-quality tenant and tremendous long-term upside,” said Cushman & Wakefield’s James Nelson who is exclusively marketing this property with Carly Weinreb and DJ Johnston.

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