ALGONQUIN, ILL. — FunCity Adventure Park has signed a 35,549-square-foot retail lease to open at River Pointe in the northwest Chicago suburb of Algonquin. The location will be FunCity’s 25th nationwide. FunCity is an indoor entertainment concept that offers activities such as trampolines, laser tag, foam pits, bumper cars, arcades and party rooms. River Pointe is a shopping center anchored by Jewel-Osco. KeyPoint Partners represented FunCity, which currently operates in eight states.
MARINETTE, WIS. — Newcap Inc. has completed Trolley Station Terrace in Marinette, about 55 miles north of Green Bay. The mixed-income housing development features 38 units for residents earning up to 60 percent of the area median income and seven market-rate units. The property also offers social services for veterans and persons with disabilities. Nine of the units are designated for veterans and individuals who have permanent developmental, physical, sensory, medical or mental health disabilities. Amenities include a community room, computer lab, reading room, storage units, dog wash and internet. The development team included Crown Court Properties Ltd. as co-developer, McGann Construction Inc. as general contractor, Dimension IV Madison Design Group as project architect and Lutheran Social Services as property manager. The total project cost was $10.2 million. Hunt Capital Partners provided $6.3 million in federal low-income housing tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 37. The fund includes eight investors, including CVS Health. Trolley Station Terrace also benefits from funds from the HOME Investment Partnerships Program, which is a federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. Additionally, Merchants Capital Corp. provided a $1.8 …
CHICAGO — Quantum Real Estate Advisors Inc. has negotiated the sale of a 12-unit multifamily building located at 3137 W. Wellington Ave. in Chicago for $2.8 million. Clay Maxfield of Quantum represented the seller, which purchased the asset in 2018. The property sold to a California-based buyer completing a 1031 exchange.
EAST BRUNSWICK, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of Edgeboro Corporate Center, an 84,000-square-foot industrial property located in the Central New Jersey community of East Brunswick. The two-building complex was constructed in 1977 and features clear heights of 19 feet and 20 dock-high doors. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the financing through an undisclosed life insurance company on behalf of the borrower, New Jersey-based Denholtz Properties. The loan carried a 10-year term and a fixed interest rate.
COMMACK, N.Y. — Lidl has opened a 30,000-square-foot store at Mayfair Shopping Center, a 222,000-square-foot regional power center in Commack, located on Long Island. The German discount grocer will backfill a space previously occupied by Stein Mart, which filed for Chapter 11 bankruptcy in 2020. Mayfair Shopping Center’s tenant roster includes Planet Fitness, Runway Clothing, The Crushed Olive and Bagel Toasterie, among others. Levin Management Corp. represented the landlord in the lease negotiations.
NEW YORK CITY — Private equity firm Corsair Capital has signed a 23,919-square-foot office lease at 550 Madison Avenue in Midtown Manhattan. Since opening in 1984, the 41-story building has housed the operations of two tenants: AT&T and Sony. Silvio Petriello and Chris Corrinet of CBRE represented the tenant in the lease negotiations. Mary Anne Tighe, Howard Fiddle and Scott Gottlieb, also with CBRE, represented the landlord, The Olayan Group, which acquired the asset in 2016 and implemented a value-add program.
PLAINFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of Milton Terrace, a 20-unit multifamily complex located in the Northern New Jersey community of Plainfield. The two-building property was built in 1970 and houses two-bedroom units. Julie Gralla of Kislak represented the seller, an entity doing business as Milton Terrace Holdings, in the transaction. Joni Sweetwood, also with Kislak, represented the undisclosed buyer.
GLENDALE, ARIZ. — Greenlight Communities has completed the sale of Cabana 99th, a multifamily community in Glendale. B&R Capital Partners and American Landmark acquired the asset for $93.5 million, or $326,923 per unit. Completed in 2022, Cabana 99th features 286 apartments with nine-foot ceilings, stainless steel appliance packages, wood-style vinyl plank flooring with carpet in the bedrooms and keyless entry systems. Select floor plans have built-in workstation desks and full-size, front-loading washers and dryers. Community amenities include a clubhouse, fitness center, outdoor fitness circuits and a resort-style swimming pool. The controlled-access, gated-entry property also offers two laundry rooms, co-working space, a parcel delivery room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
SALT LAKE CITY — Square Mile Capital Management has originated a $61.8 million loan to finance the ground-up development of 375 West Whitney Avenue, a 264-unit apartment community in Salt Lake City. The borrower is Minneapolis-based Roers Cos., a full-service real estate development firm that has developed 50 properties totaling 5,400 units. Gary Sefcik and Phillip Gause of Marcus & Millichap arranged the financing. Upon delivery, the six-story 375 West Whitney will feature 12 studios, 157 one-bedroom units, 90 two-bedroom units and five three-bedroom units. All units will feature quartz countertops, stainless steel appliances, luxury vinyl tile flooring and expansive views. Community amenities will include a rooftop sky lounge and club room with mountain views, a golf simulator, group/game room, fitness center, yoga studio, an outdoor pool and underground parking.
EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.