PALM COAST, FLA. — Axiom Capital Corp. has arranged a $3.1 million bridge loan for the refinancing of an industrial property located in Palm Coast. Totaling 139,801 rentable square feet — 18 percent of which is office space — the development comprises one single-story building and 228 parking spaces on 17.4 acres. The property features clear heights of 21 to 30 feet, a Halon Fire Protection System and two generators. The ownership plans to subdivide the office space for leasing.
BASKING RIDGE, N.J. — Cushman & Wakefield has arranged the sale of a 216,573-square-foot office complex located at 131 Morristown Road in the Northern New Jersey community of Basking Ridge. The property consists of two interconnected buildings on a 34-acre site and offers a cafeteria, fitness center and landscaped central courtyard. David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Adoni Property Group. Additionally, Cushman & Wakefield has been retained as the leasing agent.
DUNELLEN, N.J. — Locally based developer Prism Capital Partners has completed two multifamily buildings totaling 84 units in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the buildings are the second and third structures to be delivered within The Nell, a development that will ultimately consist of 252 units across six buildings. Units come in one- and two-bedroom formats, with rents starting at $2,075 per month for the former floor plan.
BRANFORD, CONN. — Colliers has brokered the sale of a 28,126-square-foot life sciences building located at 15 Commercial St. in the southern coastal Connecticut city of Branford. The sales price was $5 million. The building was built on 4.4 acres in 1979 and was fully leased to biotechnology firm Ancera Inc. at the time of sale. John Cafasso and Ian Hunt of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — Luxury health club operator TMPL Fitness will open a 26,000-square-foot venue at 200 Madison Avenue, an office building in Midtown Manhattan that is currently undergoing a renovation. The lease term is 15 years, and the opening is slated for later this year. Neil Seth, Kenji Ota, Kathryn Cruz and Jennifer Konefsky of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan, Matt Coudert and Andrew Conrad of George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Partners Realty, represented the landlord.
KANSAS CITY, MO. — Northmarq has arranged the sale of Timberlane Village in Kansas City for an undisclosed price. Built in 1987, the 456-unit multifamily community consists of 40 buildings across 27 acres. Units range from 704 to 1,253 square feet. Amenities include a pool, tennis court, fitness center, sauna, clubhouse, covered parking and green space. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq represented the seller, the property’s original developer. Daniel Stickane of Northmarq arranged acquisition financing on behalf of the buyer, Venterra Realty. The Fannie Mae loan features a fixed interest rate. The transaction marks the first time the property was on the market and the first acquisition for Venterra in the Kansas City market.
WEST DES MOINES, IOWA — ARTISAN Capital Group (ACG) and its partner Eastham Capital have acquired Cambridge Court Apartments in West Des Moines for an undisclosed price. Built in 1992, the 192-unit apartment complex features a clubhouse, fitness center, dog park and pools. ACG’s management vertical, ARTISAN Management Group, will oversee property operations. ACG plans to renovate apartment units beginning this spring. ACG assumed the current agency financing, which features an interest rate that is below current market rates. Chicago-based ACG maintains a regional office in Des Moines and a portfolio of nearly 6,000 apartment units in the Midwest. Parker Stewart and Anthony Martinez of Northmarq represented the seller, CRES Management.
MILWAUKEE — NewPoint Real Estate Capital has provided $20.6 million in construction financing for Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Kenosha-based Bear Real Estate Group is developing the project, which is slated for completion in spring 2024. Michigan Street Commons is being built on the western border of a larger redevelopment project spearheaded by Bear Real Estate Group and Kacmarcik Enterprises. Plans call for an 11-acre mixed-use sports and entertainment district, known as Iron District MKE, that will include a hotel, event space and a soccer stadium that will serve the USL Championship League and Marquette University. Michigan Street Commons will rise five stories on a development site that currently contains a parking lot. Of the total units, 30 percent will be reserved for residents who earn up to 50 percent of the area median income (AMI), 40 percent will be designated for those who earn up to 60 percent of AMI and the remaining 30 percent will be reserved for those who earn up to 70 percent of AMI. Amenities will include a community room, fitness center, storage units and underground parking. Cesar Diaz of NewPoint originated the loan, which was structured as NewPoint Impact …
CHICAGO — Masterpiece International has signed a 75,072-square-foot, full-building industrial lease at 2601 Lively Blvd. in the Chicago suburb of Elk Grove Village. The international freight forwarder and logistics provider is combining three locations into one space. Jim Pietrarosso of Brown Commercial Group represented the tenant. Sam Durkin and Phil Reiff of JLL represented the landlord, ML Realty Partners.
BLOOMINGDALE, ILL. — Burlington has opened a 27,726-square-foot store at the Stratford Crossing shopping center in Bloomingdale. Owned by NewMark Merrill Cos. Inc., the retail property totals 361,074 square feet and is located at 142 S. Gary Ave. Anchor tenants include Mariano’s, TJ Maxx, HomeGoods, PetSmart and Hobby Lobby. Burlington relocated from nearby Stratford Square. Joe Parrott, Sean McCourt and Riley McCarron of CBRE represented NewMark Merrill in the lease, while Bobby Melsher of Metro Commercial Real Estate represented Burlington.
