TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of a 506,723-square-foot industrial park in the Northern New Jersey community of Totowa. Totowa Commerce Center consists of 12 industrial buildings, one office building and a 5.8-acre development site. Building features include clear heights of 21 to 23 feet, 92 loading positions and aggregate parking for more than 1,400 cars. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, New Jersey-based Heritage Capital Group, in the transaction. The team also procured the buyer, Boston-based Longpoint Partners. The park was leased to more than 50 tenants at the time of sale. PGIM Real Estate provided a $63.5 million fixed-rate acquisition loan for the deal.
NEW YORK CITY — Marcus & Millichap has brokered the $18.2 million sale of The Hudson River Hotel, a 15-story, 56-room hotel located at 442 W. 36th St. in Midtown Manhattan. According to LoopNet Inc., the hotel was originally constructed in 1999 and renovated in 2013. Jerry Swon, Robert Hunter and Leo Reilly of Marcus & Millichap represented the seller, an undisclosed institutional investment firm, in the transaction and procured the buyer, Hudson West Hospitality.
ELIZABETH, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged an $11 million loan for the refinancing of a 223,000-square-foot shopping center located at 750 Dowd Ave. in the Northern New Jersey community of Elizabeth. Wesley Wilcox and Albert Raymond of G.S. Wilcox arranged the loan, which carries a 10-year term and a 25-year amortization schedule, through a correspondent life insurance company. The borrower was locally based firm Elberon Development Group.
NEW YORK CITY — Dice Career Solutions, which provides networking opportunities for the technology industry, has signed a 12,007-square-foot office lease extension in Midtown Manhattan. The company will remain at 1040 Avenue of the Americas, a 24-story building, for the next 10 years. Billy Cohen, J.D. Cohen and Ariel Harwood of Newmark represented the owner, Skyline Developers, in the lease negotiations. The tenant representative was not disclosed.
MINNEAPOLIS — Minneapolis-based Värde Partners has provided a $185 million loan for the refinancing of a multi-state self-storage portfolio. The borrower was a joint venture between Metro Storage and Fremont Realty Capital. The portfolio comprises 20 Class A properties in markets across Illinois, New Jersey, Pennsylvania, Minnesota, New York and Wisconsin. With 14,214 units in total, the assets include more than 1.5 million net rentable square feet. Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau and Lauren Maehler of Talonvest Capital arranged the floating-rate bridge loan with a three-year initial term and two one-year extension options.
BARRINGTON, ILL. — An affiliate of Next Realty LLC has sold The Shops at Flint Creek in the northwest Chicago suburb of Barrington for an undisclosed price. Heinen’s grocery store anchors the 60,000-square-foot retail center. Additional tenants include Athletico, Ascension Medical Group Illinois, Epic Burger and Club Pilates. Sean Sharko of Marcus & Millichap represented Next, which purchased the property in 2014. A private investor was the buyer.
ANOKA, MINN. — Volunteers of America National Services has opened Nolte River Place, an 80-unit affordable seniors housing community in Anoka, a northern suburb of Minneapolis. The property features one- and two-bedroom units, eight of which are reserved for formerly unhoused senior veterans and 10 are designated units for Project Rental Assistance Contracts vouchers. Amenities include a community room, exercise room, underground parking, hair salon and library. Volunteers of America is a faith-based nonprofit with programs in 46 states.
AURORA, ILL. — Marcus & Millichap has negotiated the $2 million sale of a 23,820-square-foot industrial outdoor storage facility in Aurora. Located at 901 Ridgeway Ave., the three-acre property features four buildings with an expansive lot for outdoor storage and parking. Jeff Rowlett of Marcus & Millichap represented the seller, Ridgeway Partners LLC. Michael Kammes of Re/Max Commercial procured the buyer, RDAA Express Inc. Steven Weinstock assisted in closing the transaction as the broker of record in Illinois.
PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for the development of Ray Phoenix, a 26-story residential building in downtown Phoenix. Michael Gigliotti, Brad Miner and Frank Choumas of JLL Capital Markets Debt Advisory secured the financing for the borrower, VeLa Development Partners and Ray, through an affiliate of RXR Realty Investments LLC. Located at 777 N. Central Ave., Ray Phoenix will offer 401 studio, one- and two-bedroom apartments, including duplex and penthouse units with floor-to-ceiling windows, custom cabinetry and luxury flooring and bathroom tiles. The property will feature 20,000 square feet of amenity space, including a large fitness center, yoga studio, resort-style pool, communal kitchen, fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens, and workspaces. Situated within an Opportunity Zone, Ray Phoenix will be located on the Phoenix light-rail line and less than a mile north of the Footprint Center and Chase Field.
GOODYEAR, ARIZ. — Dallas-based Formation Interests and Crescent Real Estate has broken ground on the first phase of Formation Park 10, an industrial development at the corner of Bullard Avenue and Celebrate Life Way in Goodyear, a suburb west of Phoenix. Willmeng Construction is serving as general contractor for the project. The first phase of Formation Park 10 will consist of 427,000 square feet spread across two buildings and includes a large, first-of-its-kind park to serve as an amenity for future tenants and the surrounding community.