NEW YORK CITY — Cushman & Wakefield has arranged the $115 million sale of the first mortgage loan on Mondrian Park Avenue, a 190-room luxury hotel in Manhattan’s NoMad neighborhood. Adam Spies and Dan O’Brien of Cushman & Wakefield represented Moin Development in its sale of the debt to Global Holdings, an owner whose portfolio spans more than 10 million square feet of commercial space.
HANOVER, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold Wegmans Retail Center, a 133,276-square-foot grocery-anchored retail center located about 30 miles west of New York City in Hanover. The sales price was $46 million. The property was built in phases between 2017 and 2020 and was fully leased to regional grocer Wegmans and Panera Bread at the time of sale. The sale also included two newly developed restaurant buildings that are leased to Capital Grille and Seasons 52. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, J.B. Bruno and Nicholas Stefans of JLL represented Mack-Cali in the transaction. The buyer was not disclosed.
PAWTUCKET, R.I. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $21.6 million sale of Cottage Plaza, an 84,455-square-foot retail center in Pawtucket. Regional grocer Stop & Shop anchors the property, which was built on 14.6 acres between 2004 and 2005. Jim Koury, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, AAG Management Inc., in the transaction.
NEW YORK CITY — Zeta Charter Schools will open a 124,000-square-foot academic institution at 400 W. 219th St. in Upper Manhattan. The school, which will be called Zeta Inwood, will serve students from pre-kindergarten to eighth grade and is slated to open ahead of the 2023-2024 academic year. The campus will have multiple outdoor play areas, including a 10,000-square-foot rooftop playground as well as a separate early childhood playground and an indoor basketball court. Bolivar Development is constructing the eight-story building that will house the new school. Lindsay Ornstein, Stephen Powers and Thomas Hines of Transwestern provided tenant advisory services for Zeta Charter Schools.
NAPERVILLE, ILL. — TWG will develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. Located at 1420 W. Diehl Road, the property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet of amenity space will include a courtyard, pool, yoga lawn and grilling stations. McDowell Point will be situated immediately adjacent to the nature preserve McDowell Grove. Completion is slated for June 2023.
HOFFMAN ESTATES, ILL. — Platinum Home Mortgage Corp. (PHMC) has signed a 22,000-square-foot office lease at Bell Works Chicagoland in Hoffman Estates. The privately held mortgage company and national lender will occupy 16,000 square feet on the fourth floor and an additional 2,000 square feet on the second floor. Freedom Title Corp., an affiliated entity, will occupy 4,000 square feet on the second floor. PHMC plans to move into its new space this fall. Existing tenants at Bell Works Chicagoland include accounting firm CPA Advisors Group, mosquito control company Mosquito Hunters, and equity crowdfunding firm The Next Unicorn. Somerset Development is the owner and developer of the property, which is the adaptive reuse of the former AT&T campus. Steve King, Francis Prock and Darryl Silverman of Colliers International, along with Jeffrey Garibaldi Sr., Tara Keating and Lindsey Florio of The Garibaldi Group, serve as the leasing teams for the office space at Bell Works Chicagoland. Jason Simon of Colliers represented PHMC in its lease.
GOODYEAR, ARIZ. — Tide Equities has purchased Palm Valley, a multifamily property in Goodyear. Avanti Residential sold the asset for $71.8 million. Tide Equities has renamed the community Tides at Palm Valley. Built in 1997, the property features 264 apartments; two resort-style swimming pool and spa areas with covered cabanas; a fitness center; basketball court; resident clubhouse; business center; children’s playground; barbecue and picnic areas; and package lockers. Updated units offer quartz countertops, new wood-style vinyl plank flooring and carpet, interior paint, new white cabinet doors and hardware, stainless steel appliances, kitchen backsplash, new lighting fixtures and new plumbing fixtures. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.
INDIANAPOLIS — NorthMarq has arranged a $6 million CMBS loan for the refinancing of El Dorado Apartments in Indianapolis. The 164-unit apartment property is located five miles northwest of downtown. Originally built in 1972, the community has undergone many improvements since 2008. Units range in size from one-bedroom to four-bedroom floor plans. Lawrence Larisma of NorthMarq’s Charlotte office arranged the 10-year loan, which features a 30-year amortization schedule.
QUAKERTOWN, PA. — New Jersey-based Dunhill Auto Group has acquired a 10,000-square-foot retail property at 840 S. West End Blvd. in Quakertown, located north of Philadelphia in Bucks County. Rich Weitzman of Colliers International represented the seller, Peruzzi Auto Group, in the transaction. A Mitsubishi dealership currently occupies the three-acre site.
LENEXA, KAN. — Summit Marketing, a marketing and fundraising communications firm, has signed a 13,400-square-foot office lease at Tech Center 3 within Lenexa’s Southlake Office Park. RJ Trowbridge of JLL represented the owner, City+Ventures, which purchased the property in 2019 and added new signage, exterior paint, landscaping and renovated lobbies. Southlake spans 11 buildings and 753,000 square feet. Straub Construction will build out the interior tenant space for Summit.