DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $7.5 million Freddie Mac loan for the refinancing of Lincoln Meadows, a 203-unit multifamily property in Dickinson, a city in western North Dakota. The three-story community was built in 2012. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Meadows Owner LLC.
CAROL STREAM, ILL. — Lee & Associates has negotiated the $1.5 million sale of a 4,500-square-foot, former bank property in the Chicago suburb of Carol Stream. The freestanding building at 1275 N. County Farm Road features six drive-thru lanes. Rick Scardino of Lee & Associates represented the buyer, Universal Metro Asian Services, which plans to relocate to the facility and utilize it for adult daycare services. Brendan Reedy and Jimmy Danaher of Mid-America Real Estate represented the seller, GW Carol Stream LLC.
STANDISH, MICH. — North Central Area Credit Union has purchased .85 acres of commercial land on South Huron Road in Standish, a city in northern Michigan. The sales price was undisclosed. Jack Melton, Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed seller. Sara Lewis of Century 21 Affiliated represented the credit union, which will soon begin construction at the site.
BURLINGTON, MASS. — Simon Property Group has completed a 130,000-square-foot redevelopment at Burlington Mall, located on the northern outskirts of Boston. The multimillion-dollar project added an outdoor park with green space and amenities, elevated wood elements and porcelain tile finishes throughout the center, as well as new seating and signage. The park features 30,000 square feet of space dedicated to wellness, beauty and dining for concepts including Sweetgreen, Sweathouz, All Eye Care Doctors, SkinMD and Caffe Nero. Almost 50 retailers and eateries were also added to the tenant roster during the redevelopment, including Uniqlo, lululemon, Vineyard Vines, Aritzia and Marc Jacobs.
SOMERVILLE, MASS. — Coldwell Banker Commercial Realty has arranged the $5.7 million sale of a multifamily development site at 13-17 Allen St. in Somerville, located just outside of Boston. The site spans a quarter-acre and is fully approved for the development of 40 rental units. Todd Glaskin and Gregg Leppo of Coldwell Banker represented the buyer, a local developer doing business as Somerville Allen Street LLC, in the transaction. Michael Kuritnik and Boris Kuritnik of Greenville Real Estate Group represented the seller, Kumo Capital.
NEW YORK CITY — Marcus & Millichap has brokered the $5 million sale of a 13-unit apartment building in the Hell’s Kitchen area of Manhattan. The building at 753 Ninth Ave. was originally constructed in 1920 and offers a mix of one-, two- and three-bedroom units. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction. Seven units were vacant at the time of sale, and the new ownership plans to implement a value-add program.
PEARL RIVER, N.Y. — CBRE has negotiated a 42,226-square-foot office lease in Pearl River, located along the New York-New Jersey border. The tenant, health and wellness company Nice-Pak Products Inc., will occupy the entire 21st floor and part of the 20th floor at 1 Blue Hill Plaza. James Tully, Jon Meisel and Brian Godau of CBRE represented the landlord, an entity doing business as Glorious Sun Blue Hill Plaza LLC, in the lease negotiations. Cushman & Wakefield represented the tenant.
NEW YORK CITY — Nayya Health has signed a 29,915-square-foot office lease in Midtown Manhattan. The company will occupy the entire fourth floor and part of the 18th floor at 215 Park Avenue South for the next five years. Tim Freyberg of CBRE represented the tenant in the lease negotiations. Howard Tenenbaum and Gary Rosen represented the landlord, SL Green, on an internal basis. The deal brings the 20-story, 338,636-square-foot building to 92 percent occupancy.
CHICAGO — Investment management firm Harrison Street has sold a 14-property student housing portfolio totaling 8,724 beds. Affiliates of The Scion Group and an unnamed institutional investor purchased the portfolio for $893 million. Situated near 13 universities across 11 states, the student housing developments serve colleges including the University of Arkansas, Texas A&M University and the University of Missouri. Chicago-based Harrison Street was founded in 2005 and has invested across the seniors housing, student housing, build-to-rent, healthcare, life sciences and self-storage sectors. The company’s current portfolio includes roughly $56 billion of assets under management. Since its inception, Harrison Street has invested more than $22 billion across 410 student housing properties. According to a statement issued by Christopher Merrill, the company’s co-founder, chairman and CEO, this transaction illustrates a heightened demand for student housing among investors. The Scion Group is the largest owner-operator of off-campus student housing communities worldwide, with a portfolio of 140 communities. The Chicago-based firm currently has more than $10 billion of assets under management. “This portfolio augments Scion’s position in seven of our current university markets, as well as adds six new markets we have long targeted, bringing Scion to nearly 92,000 beds across 82 leading campus …
DENTON, TEXAS — Marcus & Millichap has brokered the sale of a 493-unit self-storage facility in the North Texas city of Denton. Extra Space Storage operates the property, which was built in the early 1980s. The unit mix comprises 84 interior non-climate-controlled units, 294 drive-up non-climate-controlled units, 13 multi-door interior units and two multi-door drive-up units for a total of 58225 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a locally based investor, in the transaction and procured the buyer, a publicly traded self-storage REIT. Both parties requested anonymity.