MAPLEWOOD, N.J. — JLL has arranged an undisclosed amount of construction financing for a multifamily project that will be located at 104 Baker St. in Maplewood, a western suburb of Newark. The 25,000-square-foot property will feature 11 apartments and 3,500 square feet of retail and parking space. Michael Klein and Max Custer of JLL arranged the loan through Provident Bank on behalf of the borrower, Iron Ore Properties. Completion of the project is scheduled for fall 2021.
PISCATAWAY, N.J. — CBRE has negotiated a 66,375-square-foot industrial lease at Centennial Commerce Center in the Northern New Jersey city of Piscataway. The property was built in 2019, spans 277,830 square feet and offers proximity to Interstate 287, Port Newark-Elizabeth and Newark Liberty International Airport. Building features include 36-foot clear heights, 261 parking spaces and land for construction of additional parking spaces. Mindy Lissner, Robert Pine and Ben Shapiro of CBRE represented the landlord, Penford Group, in the lease negotiations. CBRE also represented the tenant, appliance manufacturer Fisher & Paykel.
NEW YORK CITY — Whole Foods Market has opened a 60,245-square-foot store at 450 W. 33rd St. in Manhattan’s 5.4 million-square-foot Hudson Yards mixed-use development. The store offers a cocktail bar that serves to-go drinks, a beauty and body care section and a convenience market at street level for customers needing a grab-and-go meal, snack or beverage. The store is the 14th in New York City for Austin-based Whole Foods.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the refinancing of 521-523 W. 48th Street. The 45-unit multifamily property is located in the Hell’s Kitchen neighborhood and was originally built in 1940. Steven Rock and Christopher Marks of Marcus & Millichap arranged the seven-year loan, which carried a 3.1 percent fixed interest rate and a 75 percent loan-to-value ratio, on behalf of the undisclosed borrower.
KANSAS CITY, MO. — Berkadia has arranged the sale of Coach House in Kansas City for $81.5 million. The 807-unit, garden-style multifamily property is located at 655 E. Minor Drive and features one-, two- and three-bedroom floor plans. Amenities include a pool and tennis court. Alex Blagojevich, Michael Sullivan, Brett Meinzer and Dominic Martinez of Berkadia arranged the sale on behalf of the seller, Virginia-based Harbor Group International. The company had purchased the property as part of a $1.8 billion portfolio of assets in early 2020, but Coach House does not align with Harbor’s “strategic and geographic focus,” according to Berkadia. A San Francisco-based private buyer purchased Coach House.
ELK GROVE VILLAGE, ILL. — Brett Anthony Foods has completed a 15-year sale-leaseback transaction with Clear Height Properties that will enable the commercial kitchen company to more than double the size of its Elk Grove Village operations. The transaction involved two adjacent properties located at 1350 and 1250 Greenleaf Ave. Brett Anthony Foods currently occupies the 53,831-square-foot building at 1350 Greenleaf. Additionally, plans call for the development of an approximately 10,000-square-foot structure that will connect the two buildings. The total project capitalization, including acquisition, development and tenant improvement costs, is estimated at $16 million. Brett Anthony Foods was founded in Northbrook in 2009 and produces ready-made foods for full-service restaurants, groceries and delis, wholesale distributors, hospitality services and catalog foods companies. Clear Height Properties acquired that building along with the adjacent 50,683-square-foot property. This month, Clear Height intends to begin construction on the connecting structure. Jason Lev of CBRE represented Brett Anthony Foods in its sale of 1350 Greenleaf. Brian Colson of Avison Young represented the undisclosed seller of 1250 Greenleaf.
BROOKFIELD, WIS. — Stan Johnson Co. has brokered the sale of a 13,905-square-foot property occupied by Walgreens in Brookfield near Milwaukee. The single-tenant building sits on 2.4 acres at 15650 W. Greenfield Ave. and features a drive-thru. Walgreens has occupied this property for more than 20 years and recently extended its lease for another eight years. Mark Lovering and BJ Feller of Stan Johnson represented the seller, a Waukesha, Wis.-based developer. A Chicago-based buyer purchased the asset for $6 million.
BOLINGBROOK, ILL. — Marcus & Millichap has negotiated the sale of a 9,850-square-foot retail building in Bolingbrook for $5.7 million. Aspen Dental and Potbelly anchor the property, which is located at 215 N. Weber Road. It serves as an outlot to Meijer. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. An out-of-state investor group purchased the asset. Marcus & Millichap Capital Corp. arranged acquisition financing.
DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of Manning Manor in Detroit for $2 million. The 78-unit apartment community was originally built in 1926. It is located at 2258 W. Grand Blvd. A large majority of the units are one-bedroom floor plans. Buyer and seller information was not disclosed, but the property has received many recent capital improvements, according to Greystone Bel.
RANCHO BERNARDO, CALIF. — Ryan Cos. has completed construction of Silvergate Rancho Bernardo, an 11-acre seniors housing campus in Rancho Bernardo, approximately 25 miles north of San Diego. AmeriCare Health & Retirement developed the community, which Ryan Cos. built. The development features of 20 cottages, 108 apartments, six penthouse units and 48 memory care units, and was 90 percent pre-leased. The apartments range from 400 square feet to 1,200 square feet, while the cottages run between 1,400 square feet and 1,600 square feet. Silvergate Rancho Bernardo is AmeriCare’s third development of its kind and is considered the company’s flagship community. Warner Design Associates handled interior design.
