RIDGEWOOD, N.J. — Signature Bank has funded a $39 million loan for the refinancing of a portfolio of eight industrial properties totaling approximately 395,000 square feet that are located in various areas of Northern New Jersey. Specifically, the warehousing and logistics facilities are located in Woodbridge, Moonachie, Clifton, Woodland Park, Wyckoff and Roselle. Zachary Bermudez led the Signature Bank team that originated the financing on behalf of the borrower, New Jersey-based STRO Cos.
MIAMI, AND AUSTIN, TEXAS — Austin, Texas-based GVA Management and Miami-based Leste Real Estate U.S. have purchased a portfolio of five Class B multifamily properties in Texas, Tennessee and South Carolina. The sales price for the portfolio was $380 million. The seller was not disclosed. The multifamily acquisition includes 1,670 individual units in total. The firms plan to make about $17 million in capital improvements across the portfolio. GVA Management will manage the portfolio and oversee the value-add improvements.
WILLIAMSBURG, VA. — Broad Street Realty Inc. has plans to acquire Midtown Row, a mixed-use property in Williamsburg. The firm plans to close the $122 million acquisition by the end of the second quarter. The seller was not disclosed. Midtown Row features 240 student housing units with 620 beds. The property also includes 63,573 square feet of retail space, as well as entertainment and office space. The property is located adjacent to the historic campus of the College of William & Mary, less than one mile from Colonial Williamsburg and less than five miles from Jamestown, Yorktown and Busch Gardens.
LOUISVILLE, KY. — Reno, Nev.-based Dermody Properties has signed a lease for a 208,320-square-foot space in LogistiCenterSM at Louisville Airport Building 3. Leasing the space is Fisher & Paykel Healthcare, a designer, manufacturer and marketer of products and systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea. Kevin Grove of CBRE represented Fisher & Paykel Healthcare in the lease transaction, and Tom Sims of CBRE represented Dermody Properties. Beginning this summer, Fisher & Paykel will occupy the entire building to use as a distribution hub. The firm will be relocating jobs from within the region to this new location. The building is situated on 41 acres within the Louisville Renaissance Zone, which is home to many logistics and manufacturing companies including UPS Worldport and Ford Motor Co. The property is located within two miles of Louisville Muhammad Ali International Airport. Across from the property is Dermody’s LogistiCenter at Louisville Airport Building 2, which offers 203,840 square feet of logistics space.
CHESAPEAKE, VA. — Marcus & Millichap has arranged the sale of Marina Point Apartments, a 104-unit multifamily property in Chesapeake. Annapolis, Md.-based MRKT Realty LLC purchased the property for $14.2 million. Altay Uzun, Justin Ferguson, Theo Jolley and David Chae of Marcus & Millichap represented the seller, an undisclosed joint venture headed by Phil Capron. Built in 1965 and situated on 7.8 acres, Marina Point features 13 buildings and offers one-, two- and three-bedroom floorplans. Each unit features hardwood flooring and walk-in closets. Community amenities include package services, a playground, maintenance onsite, property manager onsite, picnic area and boat docks. Located at 1301 Canal Drive, the property is situated near the Elizabeth River, as well as retailers such as 7-Eleven and Walgreens. The property is also located 10.4 miles from Norfolk State University and 17.1 miles from Norfolk International Airport.
CHICAGO — The Hearn Co. has unveiled plans to convert four floors of 875 North Michigan Avenue in Chicago into clinical and surgical space named the Mag Mile Medical Pavilion. Hearn has selected Cushman & Wakefield to lease the building-within-a-building concept. Hearn plans to invest more than $10 million into converting floors 28 through 30 and 33, totaling 130,000 square feet, into medical office space. There will be a dedicated valet entrance, patient drop-off and pickup on the north side and a dedicated elevator bank. Completion is slated for the second quarter of this year. The 100-story property was formerly known as the John Hancock Center. Karoline Eigel, Matt Sullivan, Lindsey Groom and Jack Seher of Cushman & Wakefield make up the leasing team.
PHILADELPHIA — Locally based financial intermediary Scope Capital Group has arranged a $17.7 million construction loan for Box Factory Lofts, a 63-unit multifamily project that will be located in Philadelphia’s Fishtown neighborhood. Designed by SITIO Architecture + Urbanism, Box Factory Lofts will house studio, one- and two-bedroom units, as well as 1,100 square feet of commercial space. Construction is slated for a mid-2023 completion. Edward Brown of Scope Capital Group arranged the loan, which carried a 24-month term and an 80 percent loan-to-cost ratio, through a local community bank on behalf of the undisclosed, locally based borrower/developer.
FORT WAYNE, IND. — BMO Harris Bank’s healthcare real estate finance group has provided an $18.2 million loan for the acquisition of a 58,000-square-foot medical office building in Fort Wayne. The property is fully leased. Lutheran Health Network, an affiliate of Community Health Systems, is the anchor tenant. Caddis was the borrower. Loan terms were not released.
HUNTSVILLE, ALA. — PBR x Lockhart Smokehouse is opening this year at Bridge Street Town Center, a mixed-use development in Huntsville. The dining concept is a partnership between the Professional Bull Riders (PBR) Cowboy Bar, Lockhart Smokehouse and Live! Concepts. Bayer Properties is the developer for the Bridge Street Town Center. PBR Cowboy Bar’s Country-Western experience will be joined with Lockhart Smokehouse’s Texas barbecue in the dining concept. The location at Bridge Street Town Center will be Lockhart Smokehouse’s first location outside of Texas. PBR x Lockhart Smokehouse will take up 8,121 square feet of space. Bridge Street Town Centre features over 50 tenants including Apple, Athleta, H&M and Sephora. The development recently added The Cheesecake Factory and soon will open Main Event. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno apartment complex and a 131-room Hyatt Place Hotel.
DETROIT — National design firm HED has completed the design of the new Detroit office for Warner Norcross + Judd law firm. The tenant occupies the third floor of 2715 Woodward, a Class A building. The law firm’s office features open workspaces as well as 50 private offices as well as a law library, media room, kitchen and reception area. Warner maintains eight other offices throughout Michigan.