CAPRE’s Commercial Real Estate Headlines for September 12, 2019
Check out the latest deals and developments in commercial real estate for September 12, 2019:
- Hunt Real Estate Capital Provides a $31.96 Million Acquisition Loan for a Multifamily Property Located in Lake Worth, Florida: Hunt Real Estate Capital announced today it provided a Fannie Mae conventional multifamily loan in the amount of $31.96 million to finance the acquisition of a multifamily property located in Lake Worth, Florida. The 214-unit property located at 7132 Colony Club Drive is 95% occupied and is in good condition. The seller completed $2.49 million in capital improvements since acquisition, including new appliances, cabinets, quartz countertops, plank flooring, and in-unit light fixtures, as well as landscaping improvements, common area upgrades, and asphalt repairs. Property amenities include a community pool, heated spa, two tennis courts, a half-basketball court, children’s playground, gated entry, and a combination leasing office/clubhouse. The clubhouse facility includes a full-size kitchen, meeting rooms, central lounge, and a fitness center with locker rooms and saunas.
- Woodland Industrial Partners Acquires Long Island Industrial Facility: The Long Island Business News is reporting that Woodland Industrial Partners, an affiliate of Fairfield, N.J.-based Woodland Properties, bought a long-vacant, foreclosed, 130,565-square-foot industrial building on 12.65 acres at 100 Precision Drive in Shirley, NY. “The price wasn’t disclosed, though industry sources say it was around $9 million. Constructed in 2002 for a division of Milwaukee, Wisc.-based Rockwell Automation, which manufactures industrial robots, the complex originally cost $17 million to develop. It was designed by Farmingdale-based Ehasz Giacalone Associates and built by East Setauket-based Tritec Real Estate,” they wrote. “The property was sold to an affiliate of Cammeby’s International in 2006, which defaulted on its $17 million commercial mortgage-backed securities loan for the facility in 2014, just months after Rockwell’s lease expired and the company vacated in Nov. 2013. The property was foreclosed in 2016, according to Trepp, which tracks the CMBS sector.”
- Industrial Building in Montgomery County, PA Sells for $32 Million: Sandkris Properties of Haverford, PA has paid $32 million for a 249,400-square-foot industrial building at the Park Pointe at Lower Providence Corporate Center in Montgomery County, reports the Philadelphia Inquirer. “The building at 2621 Van Buren Ave. was acquired from an ownership group involving Foster City, Calif.-based Bailard Inc., Robert Beach, president of brokerage Procision Commercial Realty in Washington Township, NJ,” they reported. “The building is 93% occupied, with tenants including Comcast Corp., PJM Interconnection LLC, and Paychex Inc., said Beach, who represented Sandkris in the deal. Key to its decision to acquire the property was the property’s location near King of Prussia, he said.”
- Blackstone Announces $20.5 Billion Final Close for Latest Global Real Estate Fund: Blackstone has announced the final close of its latest global real estate fund, Blackstone Real Estate Partners IX. BREP IX has $20.5 billion of total capital commitments — the largest real estate fund ever raised. Blackstone is also currently investing two regional opportunistic funds, the €7.9 billion BREP Europe V and the $7.2 billion BREP Asia II. In June, BREP IX committed to its initial investment, the purchase of GLP’s U.S. Logistics Assets for a total of $19 billion, alongside other Blackstone vehicles. This acquisition is expected to close in the coming weeks.
- Providence Real Estate Announces Acquisition of the Enclave on East Apartments: Providence Real Estate has announced the completion of the acquisition of the Enclave on East apartments in Largo, Florida, located within the Tampa metropolitan area. The property was acquired in a joint venture with a multinational life insurance, pensions and asset management company headquartered in Europe. Enclave on East is a 196-unit suburban garden-style townhome apartment community built in 1986. The property is comprised of 16 buildings, including a clubhouse, located on 14.2 acres. Enclave on East offers residents a serene lakefront environment as well as immediate accessibility to East Bay Drive, which also gives the property excellent visibility to over 60,000 passing motorists per day.
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