Property Type

Paradigm, North Colony Underway on $5M Renovation of Metro Boston Office Building

by Taylor Williams February 15, 2023

FRAMINGHAM, MASS. — Paradigm Properties and North Colony Asset Management are underway on a $5 million renovation of an office building located at 111 Speen St. in the western Boston suburb of Framingham. According to LoopNet Inc., the property was built in 1985, rises five stories and totals 119,095 square feet. The project will upgrade the entryway and landscaping as well as further activate indoor and outdoor amenity spaces, which include a fitness center, patio and café/lounge. Completion is slated for the end of the year.

February 15, 2023

Acquisitions Multifamily New York Northeast

Largo Capital Arranges Sale of 53-Unit Multifamily Property in Rochester, New York

by Taylor Williams February 15, 2023

ROCHESTER, N.Y. — Locally based commercial finance and advisory firm Largo Capital has arranged the sale of a 53-unit multifamily property in the upstate New York city of Rochester. The sales price was $9.7 million. The property offers two-bedroom townhomes and was fully occupied at the time of sale. Kevin Coscia of Largo Capital brokered the deal. The buyer and seller were not disclosed.

February 15, 2023

Leasing Activity New York Northeast Office

Serendipity Labs to Open 41,000 SF Flexible Office Space in Midtown Manhattan

by Taylor Williams February 15, 2023

NEW YORK CITY — Serendipity Labs, a provider of flexible workspace solutions, will open a 41,000-square-foot space at 205 East 42nd Street, a 532,000-square-foot building in Midtown Manhattan. The lease term is 10 years. The space encompasses three floors and can support up to 450 desks and 100 people. Robert Becker and Lauren Ferrentino internally represented the landlord, The Durst Organization, in the lease negotiations. Michael Berman of JLL represented Serendipity Labs. An opening date was not disclosed.

February 15, 2023

Leasing Activity New Jersey Northeast Office

Helping Hands Family Signs 4,830 SF Medical Office Lease in Chatham, New Jersey

by Taylor Williams February 15, 2023

CHATHAM, N.J. — Helping Hands Family, a provider of support services for children with autism, has signed a 4,830-square-foot medical office lease in the Northern New Jersey community of Chatham. The single-tenant building includes 14 parking spaces. Zach Schwartz of MSC Retail represented the tenant in the lease negotiations. Andrew Kirshenbaum of NAI James E. Hanson represented the landlord, an entity doing business as 330 Main Street Chatham LLC.

February 15, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

PEF Advisors Acquires 198-Unit Affordable Seniors Housing Community in Homewood, Illinois

by Kristin Harlow February 15, 2023

HOMEWOOD, ILL. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, a 198-unit affordable seniors housing community in Homewood, a southern suburb of Chicago. The purchase price and seller were undisclosed. Originally built in 1998 with tax credits from the Illinois Housing Development Authority, the property rises three stories. All of the units are reserved for residents who earn up to 60 percent of the area median income. As of November 2022, the community was 98.5 percent leased. Amenities include a community kitchen, outdoor patio, fitness center, game room, library and laundry facilities.

February 15, 2023

Acquisitions Kansas Midwest Retail

Marcus & Millichap Brokers $5.1M Sale of Walgreens-Occupied Property in Wichita

by Kristin Harlow February 15, 2023

WICHITA, KAN. — Marcus & Millichap has brokered the sale of a 14,820-square-foot retail property occupied by Walgreens in Wichita for $5.1 million. The net-leased building is located at 13534 W. Maple St. Christopher Pappas and Michael Cardone of Marcus & Millichap represented the seller, a limited liability company. Michael Fusco, Michael Kook, Seth Glasser and Steven Siegel of Marcus & Millichap represented the buyer, a New York-based corporation completing a 1031 exchange.

February 15, 2023

Illinois Industrial Loans Midwest

Red Oak Provides $3.2M Loan for Refinancing of Industrial Property in North Chicago

by Kristin Harlow February 15, 2023

NORTH CHICAGO, ILL. — Red Oak Capital Holdings has provided a $3.2 million loan for the refinancing and renovation of a multi-tenant industrial property in North Chicago. The 92,511-square-foot building is located at 4850 W. Bloomingdale Ave. Built in 1972 and renovated in 2019, the property features four dock-high doors, two drive-in doors and clear heights ranging from 10 to 18 feet. The borrower, Chicago Property Investors LLC, purchased the asset in 2018 and intends to make about $350,000 in capital improvements to the property. The 12-month bridge loan features a 10.5 percent interest rate with two six-month renewal options. The borrower plans to refinance the bridge loan with permanent financing or sell the asset once it is stabilized.

February 15, 2023

Acquisitions Illinois Industrial Midwest

Venture One Acquires 15,359 SF Industrial Building in Chicago

by Kristin Harlow February 15, 2023

CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 15,359-square-foot industrial building in Chicago for an undisclosed price. The property at 2526 Federal Drive is 51 percent leased. The building features two drive-in doors and a clear height of 14.5 feet. Venture One will renovate the vacant space. Alex Kritt of Colliers represented the undisclosed seller and will be retained to market the property for lease. VK Industrial VI LP is a partnership between Venture One and Kovitz Investment Group.

February 15, 2023

Illinois Leasing Activity Midwest Retail

Martial Arts School Signs 3,678 SF Retail Lease in Carol Stream, Illinois

by Kristin Harlow February 15, 2023

CAROL STREAM, ILL. — Roma Tang Soo Do, a traditional martial arts school, has signed a 3,678-square-foot retail lease in the Chicago suburb of Carol Stream. The property at 330 W. Army Trail Road is now fully leased. Rick Scardino of Lee & Associates represented the landlord, American Sale. Bruce Heller of Coldwell Banker Commercial represented the tenant.

February 15, 2023

Loans Multifamily Texas Top Stories

Dwight Capital Provides $155M Refinancing for Dallas-Area Multifamily Portfolio

by Taylor Williams February 15, 2023

IRVING AND GRAPEVINE, TEXAS — New York City-based Dwight Capital has provided three loans totaling $155 million for the refinancing of a portfolio of three multifamily properties totaling 1,081 units in the Dallas-Fort Worth (DFW) metroplex. The borrower was Texas-based Paramount Investment Corp. Resort at 925 Main totals 251 units and is located in Grapevine, which is situated on the periphery of Dallas-Fort Worth International Airport. The property comprises two three-story buildings and one four-story building on a five-acre site. Units come in one- and two-bedroom floor plans, and amenities include a pool, business center, clubhouse, fitness center, dog park and outdoor grilling and dining areas. The other two properties — Jefferson Ridge and Resort at Jefferson Park — total 830 units and are located in the central metroplex city of Irving. The sites of these communities, which are situated along either side of Thomas Jefferson Park, span a combined 34 acres. Both properties offer one- and two-bedroom units, as well as pools, clubhouses and fitness centers. Specific terms of the loans, which were originated through HUD’s 223(f) program, were not disclosed. Each of the properties is in the process of achieving National Green Building Standard (NGBS) certification status, which …

February 15, 2023

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