Marcus & Millichap Sells $30M High-Rise in Tempe

Marcus & Millichap sells Arizona high-rise for $30 million; Jones Lang LaSalle will market 103-unit 737 Park Avenue in Manhattan; and HFF arranges $38 million to refinance construction loans.

Centrepoint Condominiums

Tempe, Ariz.—Marcus & Millichap has arranged the sale of Centrepoint Condominiums, a luxury high-rise residential project in downtown Tempe, Ariz., for $30 million. The buyer, Cleveland-based Zaremba Group, plans to complete construction of the two towers and convert the 375 condos into residential units. CB Richard Ellis’ Phoenix office represented the seller, ML Manager LLC, successor to Mortgages Ltd., which acquired the property at a trustee sale in April 2010.  

The project, located at 111 W. Sixth St., was originally developed by Tempe Land Co. LLC. Construction began in 2005 and stalled in 2008. It will resume immediately with Phase I of the complex, a 22-story residential tower, which is slated for occupancy by August 2011. Phase II, a 30-story residential tower, will be completed by December 2011.

“Centrepoint is arguably the most desirable, sought-after multifamily project in the state, representing an unparalleled opportunity for Zaremba to lead the effort in completing the area’s most recognizable residential project,” says Steve Gebing, a multifamily investment specialist in the Phoenix office of Marcus & Millichap. “Near-term fluctuations aside, an irreplaceable location adjacent to the nation’s largest public university campus coupled with scarcity of developable land in the immediate area will enable Zaremba to realize significant success with this project.”

The property, which will be renamed West Sixth upon completion, will incorporate mixed-use retail and restaurant space of the ground floor. Amenities include a 9,000-square-foot fitness facility complete with a yoga studio and tanning beds, and a resort-style pool with cabanas, fire pits and a barbeque area.

737 Park Avenue

Jones Lang LaSalle markets iconic Manhattan apartment building

New York—Jones Lang LaSalle’s New York Capital Markets team will market 737 Park Avenue, a pre-war rental building located just two blocks from Central Park. The property, owned by Katz 737 Corporation, has been in the same family for 65 years.  

“This is a one-of-a-kind opportunity,” says Jonathan Caplan, vice chairman, Jones Lang LaSalle. “When was the last time we saw a prominent, pre-war apartment building on the most exclusive section of Park Avenue available for sale? There will be widespread interest among discerning investors locally and globally.”

The 20-story, 103-unit multifamily property was built in 1940 by Sylvan Bien, a noted architect who has designed several other prominent New York apartments. The average unit size is more than 1,800 square feet. There are five professional suites on the ground floor.

HFF arranges $38M through Freddie Mac to refinance construction loans

Brandon, Fla.–HFF arranged refinancing totaling $38.0 million through Freddie Mac for The Addison and Courtney Trace Apartments in Brandon, Fla.

HFF worked on behalf of a partnership between Case Pomeroy Properties and ContraVest to secure the two seven-year securitized loans, which will refinance construction loans originated when the properties were developed in 2006 and 2007. The loans, both with interest rates below five percent, will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.

The Addison and Courtney Trace are located at 2516 Annapolis Way and 1131 Courtney Trace Drive respectively, close to the Westfield Brandon Mall, Interstate 75 and the Lee Roy Selmon Expressway in Brandon. Both communities feature one-, two- and three-bedroom units and community amenities such as a fitness center with towel service, resort-style pool, tanning studio, sundeck area with grills, pet walk and care stations, and the security of a gated community.

The HFF team representing the borrower included director Elliott Throne and managing director Jim Cadranell.

Based in New York, New York and Jacksonville, Florida, Case Pomeroy Properties is a private company holding interests in real estate projects primarily in the southeastern United States. 

ContraVest is a private multi-housing development, construction, and property management company that was founded in 1986 and is based in Altamonte Springs (Orlando), Fla.