EAST ORANGE, N.J. — Greystone has provided a $6.5 million Freddie Mac loan to refinance 49 South Clinton Street, a 53-unit multifamily property located in East Orange, a city about 10 miles west of New York City. The non-recourse loan carries an adjustable-rate mortgage with a fixed rate for five years and 30-year amortization period. Jason Yuen of Greystone originated the loan. Morristown-based Red Oak Capital Advisors arranged the financing for the borrower.
NEW YORK CITY — Helmsley Spear LLC has negotiated a 4,100-square-foot retail lease in the Financial District of Manhattan. The 20-year lease includes the ground floor of 83 Maiden Lane and a portion of the basement, which will be converted into a restaurant and brewery called MezCali. Kent Swig, Andrew Simon and Brett Zelner of Helmsley Spear represented the landlord, AHRC NYC, in the lease negotiations. Manu Wendum and Lee Block of Winnick Realty Group represented the tenant.
LOS ANGELES — San Jose, Calif.-based DJM and Hong Kong- and Los Angeles-based Gaw Capital USA have purchased Hollywood & Highland, a shopping destination located in Los Angeles, for an undisclosed amount. Jerry Tang and Greg Murphy of Natixis secured a financing package, which included an acquisition loan along with a future funding component. Over the next 24 to 30 months, the buyers plans to reimagine the 463,000-square-foot retail development, which is situated on 7.6 acres. Built in 2001, the property is located at the crossroads of Hollywood Boulevard and Highland Avenue, adjacent to the acclaimed TCL Chinese Theater. The buyers plan to upgrade the retail hub through rebranding, upgrading common areas for enhanced gathering and programming spaces, increasing entertainment events, optimizing the merchandise mix and incorporating new concepts and uses. Renovations are slated to begin in 2020, with completion expected in 2021. Eastdil Secured advised the transaction, which is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.
DENVER — Gart Properties, a Denver-based privately held real estate company, has purchased Orchard Plaza, a retail and service center located at the northwest corner of East Orchard Road and South Yosemite Street in the heart of the Denver Tech Center. Terms of the transaction were not released. Primrose School, Starbucks Coffee, Federal Express and Specialty Appliance are tenants at the 155,000-square-foot property. Additionally, Spice Trade Brewery & Restaurant recently joined the tenant roster and will open before year-end.
RANCHO CUCAMONGA, CALIF. — Marcus & Millichap Capital Corp. has secured a $12.7 million bridge loan for the acquisition of Sunrize Center, a shopping center in Rancho Cucamonga. Located at 8639 Baseline Road, the property features 100,224 square feet of retail space. Rick Judge and Preston Davey of Marcus & Millichap Capital Corp. arranged the financing for the undisclosed borrower. The debt placement is a floating-rate program starting at 6 percent with a five-year term and 12 months of interest-only payments and a loan-to-value ratio of 71 percent.
LOS ANGELES — San Francisco-based Carmel Partners has executed a lease with Whole Foods Market for an approximately 50,000-square-foot flagship grocery store at Cumulus District, an urban, mixed-use development located at 3321 La Cienega Blvd. in Los Angeles’ Westside neighborhood. Located at the corner of Jefferson and La Cienega boulevards, the transit-oriented development is slated to open in late 2020. When completed, Cumulus will feature 1,210 apartments, a one-acre public park and plaza and 100,000 square feet of grocery-anchored retail and restaurant space. Timothy Bower and Zachary Card of CBRE are handling the leasing efforts for Cumulus. Terms of the Whole Foods Market lease were not released.
CHESTERFIELD, MO. — NorthMarq has arranged debt and joint venture equity financing for the construction of Wildhorse, a 188-unit multifamily property in Chesterfield. Located at Wildhorse Creek Road and I-64, the $80 million development will also include 12,500 square feet of retail space and 10,500 square feet of restaurant space. Construction is set to begin this month with completion slated for early 2021. Brinkmann Constructors is the contractor. NorthMarq arranged the $38 million debt financing with a three-year term on behalf of the developers, Pearl Cos. and Great Lakes Capital. Canadian Imperial Bank of Commerce (CIBC) provided the financing. ReCap Real Estate Investment, on behalf of Reinsurance Group of America Inc., served as the joint venture partner for the remaining $16.5 million.
ADDISON, ILL. — Logistics Property Co. (LPC) has acquired a 15-acre infill site in Addison within DuPage County. LPC plans to develop two industrial facilities totaling 274,855 square feet. Known as Swift & Lake, the site is situated on the southeast corner of Swift Road and Lake Street. Construction will commence immediately with delivery slated for the second quarter of 2020. Doug Pilcher of Cushman & Wakefield will market the properties for lease.
MISSOURI AND IOWA — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.
BENTON HARBOR, MICH. — Marcus & Millichap has negotiated the $2.1 million sale of the Days Inn & Suites in Benton Harbor in southwest Michigan. The 49-room hotel is located at 1598 Mall Drive near the Southwest Michigan Regional Airport. Robert Marro, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.
