NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged an $11.6 million loan for the refinancing of a portfolio of six multifamily buildings totaling 61 units in The Bronx. The buildings are located in the borough’s Mott Haven neighborhood, and the portfolio includes commercial spaces. Matt Swerdlow, Matthew Dzbanek and Anthony Priest of Ariel arranged the nonrecourse loan, which was structured with a 5.35 percent interest rate and five years of interest-only payments. The direct lender and borrower were not disclosed.
WAYNE, N.J. — Marcus & Millichap has brokered the $6.6 million sale of a retail property in the Northern New Jersey community of Wayne. Built on 5.9 acres in 2023 and occupied by Wawa via a 20-year corporate ground lease, the property comprises a 4,736-square-foot convenience store and an eight-pump fueling station. Dean Zang and David Crott of Marcus & Millichap represented the undisclosed the seller in the transaction and procured a Maryland-based private investor as the buyer. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
MORRISTOWN, N.J. — JLL has arranged the sale of Shops at 40 Park, a 49,974-square-foot retail center in the Northern New Jersey community of Morristown. Built in 2010, the center was fully leased at the time of sale to tenants such as Starbucks Coffee, Roots Steakhouse, Agricola, Qdoba and AT&T. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the seller, a joint venture between Veris Residential, Woodmont Properties and an undisclosed global investment advisor, in the transaction. JLL also procured the buyer, Winfield Properties.
NEW YORK CITY — Anthony Lawrence-Belfair has signed a 25,214-square-foot industrial lease in The Bronx. The furniture maker and distributor is relocating from the Long Island City area of Queens to the ground floor of the warehouse at 1200 Zerega Ave., with plans to open a new studio and showroom. Helen Paul of Cushman & Wakefield and Joseph Caputo of Exit Realty Premier represented the tenant in the lease negotiations. Mat Diana of DY Realty represented the landlord, Simone Development Co.
ONTARIO, FONTANA AND SAN BERNARDINO, CALIF. — Cabot Properties has purchased a four-property, 669,057-square-foot industrial portfolio in Inland Empire from a private institutional seller for $202.1 million. The portfolio includes a 263,670-square-foot building at 1670 Champagne Ave. and a 147,484-square-foot facility at 1651 S. Carlos Ave. in Ontario; a 103,343-square-foot building at 10917 Cherry Ave. in Fontana; and a 154,560-square-foot building at 750 S. Valley View Ave. in San Bernardino. Institutionally managed, each building is fully occupied on a triple-net lease with a remaining weighted average lease term (WALT) of 3.6 years with mostly investment-grade tenants. Michael Kendall, Gian Bruno, Kenny Patricia, Kylie Jones, Thomas Taylor, Steve Bellitti and Joey Jones of Colliers represented the buyer and seller in the transaction.
DETROIT— Immersive entertainment concept Cosm has signed on as the anchor tenant at Development at Cadillac Square, a 1.5 million-square-foot mixed-use project scheduled to break ground in Detroit in 2025. Cosm Detroit will feature an LED dome spanning roughly 90 feet with Shared Reality technology, offering experiential sports and entertainment programming. Content will include a production of Cirque du Soleil’s “O,” as well as immersive art experiences from members of the Cosm Studios Creator Program. The venue, designed by architecture firm Rosetti, will also feature a food-and-beverage element, with gastropub-style dining, craft cocktails and a curated beer selection.
ST. CLOUD, MINN. — Colliers has brokered the $10.7 million sale of Quarry Commons Apartments, a 102-unit property in the Minneapolis suburb of St. Cloud. The two-building, garden-style property is located at 1965 Quarry Road and was built in 1996 and 2003. Dan Linnell, Adam Haydon, Mox Gunderson and Devon Dvorak of Colliers represented the seller, Timberland Partners. Washington-based Weidner Investment Services Inc. was the buyer.
AUSTIN, MINN. — Marcus & Millichap has arranged the $4.2 million sale of Mandolin Place, a 72-unit multifamily property in Austin, a city in southern Minnesota. Located at 203 31st St. SW, the property features a mix of one-, two- and three-bedroom units across 64,481 square feet. Built in 1994, the asset is located on 3.5 acres just off I-90. Chris Collins, Evan Miller, Eric Wagner, Zack Olson and Matt Shide of Marcus & Millichap represented the buyer and seller, both of which were Minnesota-based limited liability companies. The buyer plans to make some in-unit and property upgrades.
VERNON HILLS, ILL. — Vic Gulati, a Kiddie Academy franchisee, has purchased a 3.3-acre parcel at 300 N. Fairway Drive in the Chicago suburb of Vernon Hills for an undisclosed price. The property marks Gulati’s third Kiddie Academy location, following those in Arlington Heights and Mount Prospect. Kendall Graff and Grant Gary of Woodmont Co. represented Gulati in the transaction, while Brett Kroner of Cushman & Wakefield represented the seller, JRW 2002 LLC.
STREAMWOOD, ILL. — Entre Commercial Realty has negotiated the lease-up of a 22,400-square-foot logistics facility located at 30 Sangra Court in the Chicago suburb of Streamwood. Mike DeSerto and Cory Kay of Entre represented the undisclosed landlord, while @Properties represented the tenant, a local transportation company that will relocate its headquarters to the property. Built in 2019, the facility was designed specifically for transportation and fleet maintenance uses. The building features 10 docks, two drive-in doors, trench drains, air lines, ample trailer parking and exposure along US Highway 20.