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Deals & Dealmakers

Selling points: SDG closes on Washington Heights building for $18M, CBRE team sells Newark office tower

SDG Management

SDG closes on Washington Heights building for $18M

SDG Management, a Manhattan-based commercial real estate management, sales and acquisition firm, has purchased a six-story building in Washington Heights for $18 million or $264 per square foot. The 68,178 square foot building at 66-72 Fort Washington Avenue is located on the corner of Fort Washington Avenue and West 162nd Street.

The 44-unit elevator building was built around 1920. It also features one commercial unit on the ground floor which houses a Fort Washington medical group.

Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer, and the seller, David Katz, a private long-term owner.

Mantrose Group

Mack-Cali unloads executive center in Freehold, NJ for $15.5M

NGKF Capital Markets announced the sale of Mack-Cali Corporation’s 237,295-square-foot Monmouth Executive Center in Freehold, New Jersey. The NGKF Capital Markets team, led by Executive Managing Director Steven Schultz and Managing Directors Tony Georgiev and Adam Silver, represented the seller, Mack-Cali Corporation, in the transaction to the Mantrose Group.

The property was purchased for $15.5 million and consists of 2, 3 and 4 Paragon Way and 100 Willow Brook Road, which total 22.9 acres.

The office park is constructed as multi-tenant buildings with a strong diversified tenant pool including Aetna Life Insurance Company, United States Fire Insurance Co., as well as The State of New Jersey. There are also several law firms, technology companies and government agencies that occupy Monmouth Executive Center. The complex boasts floorplates that provide flexibility to accommodate both large and small tenants.

The park is situated at a four-way interchange of the Route 33 bypass and Halls Mill Road, providing immediate access to I-95, Routes 9, 18 and 537, the Garden State Parkway and New Jersey Turnpike.

FM Capital LLC

Investment firm closes on Florida apartment complex for $18M

FM Capital, LLC, a real estate investment firm based in Florida and New York, has closed on the acquisition of Cambria at Polos South. The property is a 216 Class B apartment complex located in Kissimmee, FL. The property was purchased for $18,170,000. At the time of closing the property was close to fully occupied.

Cambria At Polos South was built in 1991 as a 216 rental community it was converted into a condominium in 2007 which failed to sellout as was the case for many similar projects during that time. The current owner purchased the mortgage in 2009 ultimately taking full control of the bulk owned units as well as the HOA in 2010.

Located at 2109 Polo Club Drive in Kissimmee, Florida the property is within a 15 minute drive of Disney World and Universal Studios as well as numerous other amenities and national retailers.

SJP Properties & Matrix Development

CBRE team sells Newark office tower

SJP Properties and Matrix Development announced the sale of Two Riverfront Plaza in Newark, New Jersey. An international entity advised by Arch Street Capital Advisors, LLC acquired the world-class property, which is fully leased on a long-term basis to Panasonic Corporation of North America, and serves as the electronics company’s U.S. headquarters.

A 337,500-square-foot, 12-story office tower designed to world-class standards, Two Riverfront Plaza was developed by SJP and Matrix for Panasonic in 2013. The building features technologically advanced infrastructure and leading environmental sustainability, having achieved LEED Platinum certification for its interior and LEED Gold certification for its core and shell.

The larger mixed-use project features a two-story lobby, 462-space parking garage, full-service bank, post office, sundry shop, café restaurant, 24/7 manned security and a direct-connection pedestrian skyway to Newark Penn Station and the nearby Gateway complex, as well as an additional five acres of land available for future development.

The CBRE team of Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick office, represented SJP Properties and Matrix Development Group in the sale of Two Riverfront Plaza.

Castle Lanterra Properties

CLP acquires Texas apartment complex

Castle Lanterra Properties (CLP) has acquired the 284-unit Springs at Corpus Christi. Located at 5702 Timbergate Drive in the city’s prominent South Side region, this is the firm’s second acquisition in the city and its sixth in the state.

Constructed in 2014, Springs at Corpus Christi represents an expansion of CLP’s traditional value-add strategy to upgrade and reposition underperforming properties. The class A asset is a best-in-class apartment community with stabilized occupancy. CLP acquired San Marin in Corpus Christi in July. The 220-unit apartment community was the company’s first acquisition in Texas outside of the Austin market, where it owns four properties totaling 1,627 apartment units.  In total, CLP now owns and operates 2,131 units in the state.

Springs at Corpus Christi features extensive landscaping, townhouse-style private entrances and first-class amenities including a resort-style swimming pool, 24-hour state-of-the-art fitness center, dog park, and complimentary car care area. The community has 17 different studio, one-, two-, and three-bedroom floor plans, with an average unit size of 973 square feet. In addition, 20 “Concierge Units” offer updated ceiling fan and lighting kits, stainless steel appliances, granite countertops and crown molding.

Springs at Corpus Christi is situated near Saratoga Boulevard and South Padre Island Drive, two of Corpus Christi’s major thoroughfares, with convenient access to the Central Business District, Interstates 37, 35 and 10, and the Corpus Christi International Airport.

Alfred Sanzari Enterprises

Sanzari adds to its portfolio with Middlesex County purchase

Alfred Sanzari Enterprises has bolstered its residential portfolio with the acquisition of Greenway Village (Greenway), a newly constructed 49-unit apartment complex in Metuchen, New Jersey.

The purchase in the Middlesex County community expands the company’s reach with a new presence in one of the premier submarkets in New Jersey.

Lauren Rose Federgreen of Rose Real Estate LLC represented both the buyer and sellers, Greenway Village LLC and Aros Investments LLC, in the transaction. This is the fourteenth transaction Rose Real Estate LLC has closed since opening its doors in February 2015.

Built in 2016, Greenway is nearing full occupancy. The complex features spacious one-bedroom apartments with nine-foot ceilings, recessed lighting, hardwood flooring and decorative crown molding. Kitchens and bathrooms boast high-end granite countertops, stainless-steel appliances and ceramic tile. Each residence also includes a washer/dryer, walk-in closets and individually controlled heat and air conditioning, and residents benefit from ample on-site parking.

The property is ideally situated within walking distance of NJ Transit’s Metuchen Train Station, providing direct service to New York City’s Penn Station on the Northeast Corridor Line. It is also just minutes away from the Metropark Amtrak Station in Iselin. At the same time, residents have access to local NJ Transit bus service within the borough.

Infinity Group

Coney Island retail building up for grabs for $13.25M

Cushman & Wakefield has been retained on an exclusive basis to sell a triple-net leased retail opportunity at 2845 Coney Island Avenue, located at the southeast corner of Coney Island Avenue and Avenue Z in Coney Island, Brooklyn. The asking price is $13,250,000.

The single-story building features 12-foot ceiling heights and consists of over 10,000 square feet on the ground floor with an approximately 10,000-square-foot lower level. The property possesses an impressive 100 feet of frontage on Avenue Z, 200 feet of frontage on Coney Island Avenue, and 30 legal parking spaces.

The property is currently triple-net leased to Corner Z Supermarket until August 2021 who pays $710,947 per year with annual increases. The lease can be terminated by the landlord with 180 days’ notice.

Cushman & Wakefield’s Alex Svetlakou is exclusively marketing this property with James Nelson and Carly Weinreb.

The property is ideally located in close proximity to high density residential developments, including Muss Development and AvalonBay’s proposed 30-story residential tower and The Vue, a new 58-unit condominium building. The building is also within walking distance to the B and Q train entrance.

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