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Deals & Dealmakers

SELLING POINTS: JLL arranges sale of Midtown West hotel, secures financing

● SHOPONE CENTERS REIT
ShopOne offloads 9 midwest shopping centers, plans to buy in other markets

ShopOne Centers REIT, an owner and operator of grocery-anchored shopping centers, has sold nine properties located through the Midwest to Albanese Cormier Holdings. The nine property portfolio was held through an affiliated entity. The purchase price was not disclosed.

The selling of these assets reduces ShopOne’s exposure to the Midwest, allowing the company to acquire grocery-anchored shopping centers located in the top-50 metropolitan statistical areas (“MSAs”).

“We remain laser focused on constructing a highly diversified portfolio of grocery-anchored shopping centers situated in markets that exhibit strong long-term employment and demographic fundamentals,” said John Roche, Chief Executive Officer and Chief Financial Officer of ShopOne. “The sale of these assets directly aligns with this strategy, and we plan to leverage the proceeds to fund new investment opportunities.”

The nine shopping centers located in Grand Rapids-Kentwood, MI; Akron, OH; Toledo, OH; Huntington-Ashland, WV/KY/OH; Terre Haute, IN; and, Michigan City-La Porte, IN.

● MARCUS & MILLICHAP
Greenwich Village single-tenant restaurant building sells for $11M

Marcus & Millichap has announced the sale of 97-99 7th Avenue South, a single-tenant commercial building, for $11 million. The property, currently occupied by the restaurant Boucherie, is in the Greenwich Village Historic District.

The seller, a private investor, was represented by John J. Stewart and Joshua Bluestein of the firm’s Manhattan office.

Stewart and Bluestein also believe there is a new trend in the local market: “The relatively high price, $11,000,000 for a single-tenant retail property, may show that buyers are now more interested in this type of asset after the rent law changes in June-for West Village, the price per square foot is quite high at $3,905. While the cap rate is 4.3 percent, which may be on the lower side for this property type in other neighborhoods, it is in line with market metrics given its West Village location.”

The building sits 20 yards from the Christopher Street subway station, two blocks from the West Fourth Street station, across from Christopher Street and one block from Bleecker Street.

● JLL
JLL arranges sale of Midtown West hotel, secures financing

JLL Hotels & Hospitality announced that the firm advised a global real estate investment manager on the sale of the 222-key Kimpton Ink48 Hotel, located in Manhattan’s Midtown West submarket. JLL also secured acquisition financing for the buyer.

Senior Managing Director Jeffrey Davis and Senior Vice President Stephany Chen led the JLL team on the sales transaction. Managing Director Kevin Davis and Vice President Barnett Wu led the financing efforts.

“Manhattan’s West side is experiencing tremendous growth and needle-moving developments such as Hudson Yards and Manhattan West,” said Jeffrey Davis. “All of this activity bodes well for lodging product demand.”

Kimpton Ink48’s amenities include more than 6,000 s/f of meeting space and a 24-hour fitness center. The hotel also houses The Press Lounge, a rooftop bar, and PRINT, a restaurant, owned and operated by a third-party.

● CBRE
272 apartments in MD sell in off-market deal

The Donaldson Group of Rockville, MD and Declaration Partners of New York City have acquired Vista at White Oak Apartments, a 272-unit garden style apartment community located in Silver Spring, MD in an off-market transaction. The acquisition price was $53 million.

The partnership plans a renovation program to include unit upgrades, common area enhancements, exterior improvements, and mechanical system modernization.

Maxi T. Leachman and David Webb of CBRE Capital Markets assisted the partnership in obtaining acquisition financing from Freddie Mac.

Situated on approximately 11 acres, Vista at White Oak is located in Montgomery County adjacent to the White Oak Federal Research Campus, home to headquarters of the US Food and Drug Administration (FDA), which borders the US Army Adelphi Laboratory Center. It is less than one mile from Viva White Oak, a $3 billion, 12 million s/f planned mixed-use Life Science Village. The property has direct access to US Route 29 (Columbia Pike) and is a short distance to I-495, the Intercounty Connector, and I-95. Twenty percent of the units are affordable under the US Department of Housing and Urban Development’s Housing Assistance Payment (HAP) program.

● AVISON YOUNG
East Village 10-unit building for sale

The Tri-State Investment Sales Group for Avison Young has been named exclusive agent to market 530-532 East Fifth Street, an 11,500-s/f 10-unit elevator building in the East Village. The asking price for the property is $11 million.

The six-story building is comprised of 10 residential free-market units and features a finished common roof deck with northern views. The property includes two one-bedroom apartments, seven spacious two-bedroom two-bath units, and a two-bedroom three-bath penthouse with a private balcony and roof deck.

An Avison Young team led by Principal and Head of Tri-State Investment Sales James Nelson is marketing the property on behalf of ownership alongside Director Brandon Polakoff, Associate Director Fritz Richter, and Associates Alexandra Marolda and Bradley Rothschild.

“The property is located in the highly sought-after East Village neighborhood and is not affected by the recent passing of new housing and tenant laws,” Nelson said, “providing investors with an opportunity to acquire a high cash flow, low maintenance asset or, alternatively, generate a favorable spread by way of a condo conversion.”

The property is located between Avenues A and B, two blocks from Tompkins Square Park.

● LEE & ASSOCIATES
Lee & Associates marketing pair of Williamsburg apt. buildings

Vickram Jambu, Senior Managing Director of Investment Sales, Chris Varjan, Senior Managing Director of Investment Sales, Jonathan Braun, Director, and George Steffani, Director, of Lee & Associates NYC, have been named the exclusive sales agents for the two contiguous elevator apartment buildings located in Williamsburg, between Hooper and Hewes Streets. 409 Broadway and 413 Broadway are 10,800 and 11,694 s/f respectively. Each building consists of 20 apartments and two ground-floor commercial spaces. The apartments are split between 7 one-bedrooms and 13 two-bedroom layouts, with a terrace for each. The retail spaces are 2,000 s/f each and are flexible with separate rentable lower-level spaces. Both buildings were built in 2011.

409-413 Broadway is located across from the M and J trains at Hewes Street and the G train at Broadway. The portfolio is priced at $12.5 million and benefits from reduced annual real estate taxes due to tax class 2B status for both buildings as well as a 421-A exemption for a 25-year non-cap term.

“With an attractive in-place cap rate of 5.7 percent, this property offers the opportunity for an investor to own a positive cash flowing asset located along a high foot traffic corridor with upside income potential.”

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