SALEM, N.H. — Boston-based brokerage firm Atlantic Capital Partners has arranged the sale of a 233,008-square-foot retail building formerly occupied by Sears in Salem, located in the southeastern part of the Granite State. The building is situated within the 1 million-square-foot Rockingham Park Mall and currently houses a Cinemark Theatres and a Dick’s Sporting Goods, which have backfilled 53 percent of the space. Justin Smith, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the seller in the transaction. Additional terms of sale were not disclosed.
SPRINGFIELD, MASS. — An affiliate of The Dolben Co., a multifamily owner-operator based in metro Boston, has sold Stockbridge Court, a 233-unit property located in the western Massachusetts city of Springfield. The sales price was $42.6 million. Converted to residential use in 1979, the four-building property offers studio, one- and two-bedroom units with an average size of 729 square feet. Simon Butler, Biria St. John and John McLaughlin of CBRE represented The Dolben Co. and procured the buyer, an affiliate of Stockbridge Ventures, in the transaction.
ROCKLAND, MAINE — Metro Boston-based brokerage firm Horvath & Tremblay has negotiated the $13.5 million sale of Harbor Plaza, a 169,079-square-foot shopping center in Rockland, located roughly midway between Portland and Bangor. Anchored by grocer Shaw’s, the center was roughly 93 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Staples, Olympia Sports, H&R Block and The UPS Store. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the deal.
WHARTON, N.J. — New Jersey-based developer Diversified Properties has broken ground on a 60-unit multifamily project in the Northern New Jersey community of Wharton. Irondale at Wharton will feature studio, one- and two-bedroom apartments that will be furnished with stainless steel appliances, quartz countertops and full-sized washers and dryers, as well as a gym and underground parking. Construction is expected to be complete in late 2023.
ELK GROVE VILLAGE, ILL. — Westmount Realty Capital has sold a portfolio of 21 light industrial buildings totaling 757,557 square feet in the Chicago suburb of Elk Grove Village. The sales price and buyer were undisclosed. Westmount owned the portfolio for three years. The portfolio is 97 percent leased to 107 tenants. The buildings were constructed between the late 1960s and late 1970s. Westmount now owns and manages 58 industrial buildings totaling 5.4 million square feet across the Chicago market.
FREEPORT, ILL. — Mid-America Real Estate Corp. has brokered the sale of Freeport Plaza in Freeport, a city in northern Illinois. The sales price was undisclosed. A 62,500-square-foot Cub Foods grocery store anchors the 87,846-square-foot shopping center, which is 87 percent leased. Cub Foods recently extended its lease to 2027. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, a REIT. CRE Pro was the buyer.
Marcus & Millichap Capital Corp. Arranges $11.4M Acquisition Loan for Wisconsin Multifamily Property
PORT WASHINGTON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.4 million loan for the acquisition and renovation of Harbor Ridge Apartments in Port Washington, about 27 miles north of Milwaukee. The 112-unit multifamily property is located on Westport Drive. Michael Hughes of MMCC arranged the five-year loan, which features two years of interest-only payments, a 4.75 percent interest rate and an 80 percent loan-to-value ratio. The lender was undisclosed.
CEDAR FALLS, IOWA — Capstone Equity & Structured Finance has structured $9.9 million in joint venture equity to facilitate the acquisition and repositioning of Park @ Nine23 in Cedar Falls near Waterloo. Built in phases between 1974 and 1994, the 424-unit apartment community is situated on 21 acres. The asset was roughly 97 percent leased at the time of the loan closing. Bryse Toothaker and Charlie Rimkus of Capstone raised the equity on behalf of the borrower, a partnership between Chicago-based ARTISAN Capital Group and Benedict Realty Group. The buyer plans to make upgrades to the unit interiors and common areas. The undisclosed seller had owned the property for decades. Des Moines-based West Bank provided financing. ARTISAN Management Group will oversee operations.
GAHANNA, OHIO — The Cooper Commercial Investment Group has negotiated the $2.5 million sale of a restaurant property occupied by McDonald’s in Gahanna, a northeast suburb of Columbus. Constructed in 2011, the building serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The asset sold at full list price, representing a cap rate of 3.5 percent and $540 per square foot.
Trammell Crow, CBRE Break Ground on 500,000 SF Cochrane Technology Center in Morgan Hill, California
MORGAN HILL, CALIF. — Trammell Crow Co., along with joint venture partner CBRE Investment Management, has broken ground on Cochrane Technology Center, a Class A industrial park in Morgan Hill. Situated on 30 acres, the speculative development will feature five buildings offering a total of 500,000 square feet. The single-phase Cochrane Technology Center will offer buildings ranging from 73,000 square feet to 138,000 square feet. The property is slated for completion in early 2024. The project team includes HPA as architect of record, Kier and Wright as civil engineer and Mille & Severson as general contractor. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will handle marketing and leasing of the property.