Property Type

Stubblebine/CORFAC Brokers $79M Sale of Mixed-Use Portfolio in Cambridge

by David Cohen October 23, 2018

CAMBRIDGE, MASS. — The Stubblebine Company/CORFAC International has brokered the $79 million sale of a 192,459 mixed-use portfolio on 11.9 acres. The property is located in the Cambridge Quad, a life science and residential campus. The portfolio consists of three properties located at 127 Smith Place, 13 Mooney St. and 45-67 Mooney St. David and James Stubblebine of Stubblebine/CORFAC represented the buyer, Cabot, Cabot & Forbes, in the transaction. The seller was undisclosed. The Cambridge Quad is near Alewife Station, the anchor of the MBTA’s Red Line, which connects West Cambridge, Harvard Square, Kendall Square and the Seaport.

October 23, 2018

Industrial Loans New Jersey Northeast

CBRE Arranges $19.5M Refinancing for Industrial Property in South Brunswick, New Jersey

by David Cohen October 23, 2018

SOUTH BRUNSWICK, N.J. — CBRE has arranged a $19.5 million refinancing for a soon to be completed 305,598-square-foot industrial facility in South Brunswick. Located at 2270 Route 130, the property has been leased to regional last-mile delivery company Lasership. James Gunning, Donna Falzarano and Kyle Saviano of CBRE arranged the loan on behalf of borrower, 2270 Route 130 LLC. The lender was undisclosed. The building features 40-foot clear heights, 46 dock doors and 68 trailer parking spaces.

October 23, 2018

Industrial Leasing Activity Lee & Associates New Jersey Northeast

Lee & Associates Secures 526,400 SF Industrial Lease for XPO Logistics in New Jersey

by David Cohen October 23, 2018

SOUTH BRUNSWICK, N.J. — Lee & Associates New Jersey has secured a 526,400-square-foot industrial lease for XPO Logistics in South Brunswick. Lee & Associates represented XPO Logistics in securing a long term lease with owner Prologis. The property is located at 115 Interstate Boulevard and previously served as the Tory Burch Distribution Center.

October 23, 2018

Acquisitions Affordable Housing Multifamily Northeast Rhode Island

Standard Communities Purchases 106-Unit Affordable Housing Community in Rhode Island

by David Cohen October 23, 2018

PROVIDENCE, R.I. — Standard Communities has acquired Curtis Arms Apartments, a 106-unit affordable housing community in Providence. The sales price was not disclosed. Standard Communities plans to invest more than $6 million to renovate and modernize the property, including updating unit interiors and upgrading buildings systems such as the roof and elevators. No residents will be displaced as a result of this work.

October 23, 2018

Acquisitions Industrial New Jersey Northeast

Terreno Realty Acquires Industrial Property in New Jersey for $3.5M

by David Cohen October 23, 2018

CARLSTADT, N.J. — Terreno Realty Corp. has acquired a 24,000-square-foot industrial property in Carlstadt for $3.5 million. Located at 130 Commerce Road, the property is less than two miles north of the Meadowlands Sports Complex and features four dock-high loading positions as well as parking for 20 cars. The property is currently fully leased to one tenant, Metrovision Production Group. The seller was undisclosed.

October 23, 2018

Acquisitions Midwest Minnesota Office

Arch Street Acquires Four-Building Office Portfolio in Metro Minneapolis

by Kristin Harlow October 23, 2018

MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired the Lafayette Park Office Campus in metro Minneapolis. The purchase price was $86.4 million, according to the Minneapolis/St. Paul Business Journal. The four office buildings total 677,514 square feet and are fully leased to the state of Minnesota. The properties have served as the headquarters for four state agencies since the mid-1980s. Ladder Capital, a New York-based real estate investment trust, was the seller.

October 23, 2018

Illinois Industrial Leasing Activity Midwest

RJW Transport Signs 416,504 SF Industrial Lease in Romeoville, Illinois

by Kristin Harlow October 23, 2018

ROMEOVILLE, ILL. — RJW Transport has signed a 416,504-square-foot industrial lease at 50 Southcreek Parkway in Romeoville. This is the third major lease for RJW this year for a combined total of 1.2 million square feet. The trucking and logistics company previously signed leases in Woodridge and Bolingbrook. Dominic Carbonari of JLL represented RJW in its latest lease. The landlord was not disclosed.

October 23, 2018

Loans Midwest Multifamily Ohio

KeyBank Provides $39.4M for Redevelopment of Apartment Property in Cleveland

by Kristin Harlow October 23, 2018

CLEVELAND — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan. The 12-story, high-rise building was originally constructed in 1924 as a hotel and later converted into apartment units in 1964, with renovations in 2008 and 2010. The 198-unit apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract will provide rental assistance for 144 units for tenants earning between 30 to 60 percent of the area median income. Rehabilitation plans call for the replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors. Jeff Rodman, Kelly Frank and Victoria O’Brien of KeyBank originated the financing. Ohio Housing Finance Agency, the city of Cleveland and The Community Builders were financing partners.

October 23, 2018

Acquisitions Midwest Net Lease Retail Wisconsin

Boulder Group Arranges $5.2M Sale of Property Net Leased to Pick ‘n Save in Wisconsin

by Kristin Harlow October 23, 2018

WISCONSIN RAPIDS, WIS. — The Boulder Group has arranged the $5.2 million sale of a single-tenant property net leased to Pick ‘n Save in Wisconsin Rapids. The 46,608-square-foot property is located at 900 E. Riverview Expressway. Wisconsin Rapids is in the central part of Wisconsin.Pick ‘n Save recently expanded its lease for 10 years. The store is scheduled to undergo a $2 million interior remodeling in 2019. The property was originally constructed in 1980. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate fund purchased the asset.

October 23, 2018

Healthcare Illinois Leasing Activity Midwest

Hektoen Institute of Medicine Opens 6,190 SF Office in Chicago

by Kristin Harlow October 23, 2018

CHICAGO — Hektoen Institute of Medicine has opened a 6,190-square-foot office at 1339 S. Wood St. in the Illinois Medical District of Chicago. The 11,700-square-foot building is also home to Vertiport Chicago, the only vertical helicopter landing facility in the city. Larry Cohn and Becca Lundstrom of @properties Commercial represented Hektoen in the lease transaction. The lease is for seven years.

October 23, 2018

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