DETROIT, LANSING AND GRAND RAPIDS, MICH. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $154.8 million bridge loan for the acquisition of a multifamily portfolio in Michigan. The properties include Capitol Village Apartments, Carriage Hill Apartments, Carriage Park Apartments, Macomb Manor Apartments, Newburgh Square Apartments and Northview Harbor Apartments. The garden-style apartment complexes, which are located in Detroit, Lansing and Grand Rapids, feature amenities such as fitness centers, tennis courts, basketball courts, volleyball courts, clubhouses and barbecue areas. Adam Sasouness of Dwight originated the two-year, floating-rate loan. Marvin Jeremias of Crossmark Capital and Aaron Moll of Berkadia arranged the loan on behalf of the borrower, New Jersey-based Valleytree Partners. The purpose of the bridge loan is to provide both acquisition financing and funding for capital improvements, including enhancing 50 percent of the units.
FAIRVIEW HEIGHTS, ILL. — JLL Capital Markets has brokered the $40.7 million sale of Lincoln Place, a 272,060-square-foot shopping center in the St. Louis suburb of Fairview Heights. The property was 95 percent leased at the time of sale. Tenants include Aldi, Total Wine & More, Kohl’s, Shoe Carnival, Ross Dress for Less, Marshalls, Five Below, GameStop, Pizza Hut and St. Louis Bread Co. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Acadia Realty Trust. Jenel Real Estate was the buyer.
OMAHA, NEB. — Airlite Plastics Co. Inc. and Marianna Industries Inc. have leased the former Gordmans distribution center located at 9202 F St. in Omaha. Kevin Stratman, Clint Seemann and Ryan Zabrowski of Investors Realty represented the landlord, an entity doing business as G&I IX Specialty Ret LLC. The property was left vacant by Gordmans after its parent company, Stage Stores, filed for bankruptcy. The center underwent a substantial renovation led by Investors Realty’s project management team. Paul LaFave of CBRE represented Marianna, which leased 81,090 square feet. Airlite leased 186,405 square feet and did not have a representative. Omaha-based Airlite sells plastic containers and reusable products. Omaha-based Marianna is a hair care formulator and manufacturer.
ELK GROVE VILLAGE, ILL. — A joint venture between Clear Height Properties and Blackbird Investment Group has sold a 112,000-square-foot industrial building in Elk Grove Village for an undisclosed price. The property, located at 1250-1350 Greenleaf Ave., is fully leased to Brett Anthony Foods. In early 2018, Clear Height began planning with Brett Anthony Foods on site selection. Clear Height and Blackbird acquired the adjacent building at 1250 Greenleaf Ave. in January 2021 through a sale-leaseback transaction. A project team consisting of DSI Group, Michael Weber Architects, Cartland Kraus and Cage Engineering merged the two buildings via a 10,000-square-foot addition and completed improvements to the façade, main entrance, parking lot, landscaping and office portion. Michael Caprile, Zach Graham, Jason Lev and Ryan Bain of CBRE represented Clear Height in the sale. An institutional investor acquired the asset.
CHICAGO — An affiliate of Next Realty LLC has sold Nagle Plaza in Chicago for an undisclosed price. Walgreens anchors the 30,000-square-foot retail building, which is located along Nagle Avenue. Additional tenants include City Edge Dental and Ankle & Foot Specialists. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Next in the sale. The property represented a value-add investment for Next, which initially acquired the defaulted first mortgage note and ultimately obtained fee title to the property. Next completed lease-up of the building earlier this year. The buyer was not provided.
WEST CALDWELL, N.J. — CBRE has brokered the $47 million sale of Essex Mall, a 189,773-square-foot shopping center in West Caldwell, located in the northern part of the Garden State. Anchored by grocer Stop & Shop and Marshalls, the property was 97 percent leased at the time of sale. Jeffrey Dunne, David Gavin, Jeremy Neuer, Steve Bardsley and Travis Langer of CBRE represented the owner, a joint venture between Stop & Shop and Goodrich Management, in the transaction. The team also procured the buyer, Milbrook Properties, which acquired the center via a 1031 exchange.
SHELTON, CONN. — New Jersey-based investment firm Devli Real Estate has acquired a 209,773-square-foot industrial property in Shelton, located in the southern coastal part of the state. The property sits on 14.7 acres at 510 River Road and is leased to Talalay Global, a manufacturer of mattresses and other bedding products. The seller and sales price were not disclosed.
HACKENSACK, N.J. — Sterling Organization has purchased Riverfront Plaza, a 129,000-square-foot retail center in the Northern New Jersey community of Hackensack. Grocer ShopRite anchors the property, which was 96 percent leased at the time of sale. Other tenants include Sherwin-Williams and Leslie’s Pool Supplies. Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the seller, a partnership between Regency Centers and LaSalle Investment Management, in the deal.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $19.6 million auction sale of a portfolio of 13 multifamily properties totaling 41 units in Brooklyn. The properties were part of Chaskiel Strulovitch’s 31-building portfolio and are located in various residential districts of the borough. Aaron Jungreis, Greg Corbin and Chaya Milworn of Rosewood brokered the sale.
BOSTON — New York City-based real estate giant Tishman Speyer has sold Pier 4 Retail, a 16,134-square-foot retail condo in Boston’s Seaport District for $12 million. Built in 2019, the property was fully leased to two restaurant concepts at the time of sale. Chris Angelone, Nat Heald, Kellie Coveney and Zach Nitsche of JLL represented Tishman Speyer in the transaction. The buyer was not disclosed.