SOUTH HACKENSACK, N.J. — I-FE Apparel, the company behind clothing brands such as PJ Mark and Bleecker & Mercer, has signed a 36,165-square-foot industrial lease renewal in South Hackensack, located outside of Manhattan in Northern New Jersey. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations on an internal basis. The representative of the tenant was not disclosed.
RENTON, WASH. — Providence has completed the disposition of the two-building Southgate Campus and four-building Valley Office Park in Renton. Seattle Children’s Hospital acquired the assets for a total of $84 million. Totaling 484,039 square feet, the portfolio includes: Southgate I, a 114,186-square-foot building at 2201 Lind Ave. SW Southgate II, a 160,853-square-foot property at 2001 Lind Ave. SW Valley Office Park, a 209,000-square-foot asset at 1801 Lind Ave. SW Valley Office Park is the current local headquarters of Providence and includes a Pacific Medical Group multi-specialty clinic. Garth Hogan, Kevin Shannon and Cavan O’Keefe of Newmark represented the seller in the transaction.
Lument Provides $31.6M Freddie Mac Refinancing for Seniors Housing Property in Westminster, Colorado
WESTMINSTER, COLO. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds. During the loan process, the community enjoyed a substantial improvement in net operational income, as occupancy rates rose and rent collections increased. Lument subsequently adjusted its underwriting and successfully secured an increase in loan proceeds. Lument also helped Keystone take advantage of Freddie Mac’s index lock functionality to lock the interest rate more than three months prior to closing, saving 100 basis points and generating substantial debt service savings. Lument has a longstanding relationship with Keystone that dates back more than 10 years and includes acquisition bridge financing, construction financing, mezzanine financing and …
EVERETT, WASH. — CBRE has arranged the sale of Greentree Plaza, a shopping center located at 305-505 SE Everett Mall Way in Everett. ACF Property Management sold the retail center to Transnational Management for $23.7 million. Built between 1998 and 2004, Greentree Plaza offers 83,035 square feet of retail space. At the time of sale, the property was 96 percent leased to 18 tenants, including Chipotle, Starbucks Coffee, Sportsman’s Warehouse, Jamba Juice, Visionworks, Bank of America, Subway and Supercuts. The plaza shares a parking lot with a Target store, which was not included in the sale. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal.
PHOENIX — Taylor Street Advisors has brokered the sale of The Hepburn, a multifamily property located at 631 N. 4th Ave. in Phoenix. A local syndicator sold the asset to an out-of-state 1031 exchange investor for $3.9 million, or $243,750 per unit. The fully renovated property features 16 apartments with quartz countertops, new cabinetry, stainless steel appliances, in-suite washers/dryers, and upgraded bathrooms with custom tile showers and vanities. Built in 1957, the property underwent renovations in 2022 that included a new roof, plumbing, electrical, exterior and interior doors, lighting, exterior paint, courtyard landscaping, fencing, gates and asphalt parking. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented both parties in the transaction.
SAN DIEGO — Commercial Asset Advisors has arranged the sale of a retail property located at 1139-1143 6th Ave. in downtown San Diego. Aura Olive and Luis Lopez sold the asset to Anthem Real Estate Ventures for $2.5 million. Two restaurants and a convenience store occupy the 4,850-square-foot building on long-term leases. Gino Kalasho and Austin Fellows of Commercial Asset Advisors represented the seller in the deal.
CHICAGO — Emerald Empire has acquired Pangea Properties’ Chicago portfolio for an undisclosed price. The portfolio spans several hundred multifamily properties and thousands of units, 97 percent of which are designated as affordable for residents who earn up to 60 percent of the area median income. Arbor Realty Trust and NewPoint Real Estate Capital provided acquisition financing through Fannie Mae. Pangea’s Chicago-area employees will continue to manage the properties on behalf of Emerald Empire. Chestnut Ridge, N.Y.-based Emerald Empire maintains $2 billion of assets and roughly 17,000 units under management.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $14.7 million loan for the refinancing of a 152-unit multifamily property in the Minneapolis suburb of St. Louis Park. The unnamed property features two outdoor pools and is located on a bus line with an express bus to downtown. Tony Carlson and Will Perry of Grandbridge arranged the fixed-rate loan through a bank.
ILLINOIS — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The restaurant has roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, Calif.-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.
GLENDALE, WIS. — Marcus & Millichap has brokered the $3.2 million sale of Bayshore Area Retail Plaza in Glendale, a northern suburb of Milwaukee. The 13,763-square-foot retail center was 89 percent leased at the time of sale to tenants such as Fast Signs, Gyro Palace and WingStop. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. The buyer was undisclosed.