FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged a $5.6 million loan for the refinancing of a 72,607-square-foot office property in Farmington Hills. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, Duke & Duke LP. Securian Life Insurance Co. provided the loan.
FLINT, MICH. — Avison Young has brokered the sale of a single-tenant retail property occupied by Dollar General in Flint for $1 million. The 9,774-square-foot building, renovated in 2019, sits on 1.1 acres at 1510 E. Carpenter Road. Chris Maling, David Maling and James Becker of Avison Young represented the seller, Michigan-based Maplewood Partners LLC. The team also procured the buyer, a Minnesota-based family trust. Dollar General has nine years remaining on its lease.
CHARLOTTE, N.C. — RealOp Investments has sold an industrial property located at 11524 Wilmar Blvd. in southwest Charlotte for $14.1 million. Greenville, S.C.-based RealOp acquired the 298,753-square-foot property in 2018 and signed MSS Solutions to a lease. The HVAC service provider acquired the property from RealOp. The building is located 12 miles south of Charlotte Douglas International Airport and 11 miles south of downtown Charlotte.
KNOXVILLE, TENN. — Stan Johnson Co. has brokered the $9.9 million sale of a 59,748-square-foot office building leased to CVS/pharmacy in Knoxville. CVS houses its call center at the property, which is situated at 2401 Cherahala Blvd., 17 miles west of downtown Knoxville. The Woonsocket, R.I.-based company has occupied the space since it was built in 2002. Jonathan Ameen and Jeff Hughes of Stan Johnson Co., along with John Adams III of Avison Young, represented the seller, New York-based Lexington Realty Trust. Concord Capital LLC, a group of investors based in Jackson, Miss., acquired the asset.
NEW YORK CITY — A syndicate of investors led by Blackstone Real Estate Income Trust (BREIT) has acquired a $300 million stake in Tricon Residential, Toronto-based investment and development firm with a portfolio of approximately 30,000 single- and multifamily units in the United States and Canada. BREIT acquired the stake at an exchange price of $8.50 per share, which represents a 16 percent premium over Tricon’s 30-day weighted average trading price as of Aug. 26. Tricon will use the proceeds to pay off its corporate debt.
HAMILTON, N.J. — PCCP has provided a $98 million senior loan for the construction of Mercer Industrial Park, a 1.2 million-square-foot industrial development in Hamilton Township, located just outside of Trenton. The borrower is a joint venture between Hilco Redevelopment Partners and Edge Principal Advisors, which acquired the 132-acre former power plant in late 2018 and embarked on intensive demolition and site work. Mercer Industrial Park will consist of an 846,078-square-foot cross-dock building as well as a 384,895-square-foot partial cross-dock building with a combined 358 trailer parking spaces and 1,248 car surface parking spaces. Both buildings will feature 40-foot clear heights. Completion is scheduled for early 2021.
NEW YORK CITY — Los Angeles-based developer CIM Group and Brooklyn-based LIVWRK have topped out Front & York, a 21-story mixed-use tower located at 85 Jay St. in the Dumbo neighborhood of Brooklyn. The property is situated on 3.1 acres and will consist of 408 for-sale condominium units, 320 rental apartments and 150,000 square feet of retail space. Residential amenities will include a pool, outdoor lounge areas, coworking space and a chef’s kitchen with a private dining room.
SCRANTON, PA. — Marcus & Millichap has brokered the sale of The Oppenheim Building, a 193,000-square-foot historic office property in downtown Scranton. The property was built in 1888 and was 27 percent occupied at the time of sale. Craig Dunkle and Jackson Day of Marcus & Millichap handled the sale on behalf of the undisclosed seller through Ten-X auction platform. The buyer, a Pennsylvania-based developer, will convert the building into a Class A multifamily property.
YONKERS, N.Y. — Cushman & Wakefield has arranged an $80 million loan for the refinancing of a 435,000-square-foot industrial asset located at 555 Tuckahoe Road in Yonkers, located north of New York City. The property was built in 1963. J.P. Morgan Asset Management provided the fixed-rate loan to the borrower, Alfred Weissman Real Estate LLC. Gideon Gil, Zachary Kraft and Meredith Donovan of Cushman & Wakefield handled the transaction.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. will renovate the lobby of 1400 Woodloch Forest, a 95,561-square-foot office building in The Woodlands, about 30 miles north of Houston. This renovation will extend the lobby to include a large vestibule leading to the southside parking area and to feature updated finish materials including ceramic tile flooring and walls with modern lighting and hard ceilings. It will also incorporate COVID-19 safety protocols such as a touchless digital directory. Gensler is the architect for the project, and Byrd Construction is the general contractor. Completion is scheduled for mid-October.