WESTCHESTER, N.Y. — Leviathan Capital has secured a $20 million construction loan for the Grand, a transit-oriented multifamily community in Westchester. The 56,000-square-foot project will consist of 15 townhomes and nine penthouse units. The project is slated to be completed in 2021. Leviathan secured the non recourse loan with a completion and carry guaranty to the borrowers, a group that includes NBA basketball player Luol Deng. The lender was undisclosed.
FORT WORTH, TEXAS — Greysteel has arranged the sale of Ridglea Square Apartments, a 54-unit multifamily community in Fort Worth. The property was built in 1960 and is located near Texas Christian University, the Fort Worth Botanical Gardens and Fort Worth Zoo. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon, Jack Stone and Moises Maldonado of Greysteel represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
RIDGEFIELD, N.J. — Talonvest Capital has arranged a $13.6 million construction loan for a 152,000-square-foot self-storage facility in Ridgefield. Located at 625 Grand Ave., the five-story building will feature 1,220 climate-controlled storage units as well as drive-in loading bays. Tom Sherlock, Jim Davies, Erich Pryor, and Terra Hendrich of Talonvest secured the financing on behalf of borrower, Integritas Partners. The lender was a Midwestern bank. The loan included a five-year term with interest-only payments.
PHILADELPHIA — NAI Mertz has brokered the sale of an 84,400-square-foot industrial facility in Philadelphia. The sales price was undisclosed. Located at 3601 Island Ave., the property features six-inch reinforced concrete floors, six tailgates, 14 covered van-high loading positions and ceiling heights ranging from 15 to 23 feet. Jonathan Klear of NAI Mertz represented the buyer, seafood supplier Ocean Kingdom Inc., in the transaction. The seller was undisclosed. Ocean Kingdom will utilize a portion of the building for its own purposes and will also serve as landlord of the property to two existing tenants.
NEW YORK CITY — Thor Equities has sold a 7,900-square-foot retail property in Brooklyn. The sales price was undisclosed. Located at 1221 Ave. J in the Midwood neighborhood of Brooklyn, the three-story property includes more than 135 feet of frontage on Avenue J and East 13th Street. Thor Equities acquired the building in 2014 and secured a long-term lease with Capital One for the entire property.
WYCKOFF, N.J. — Marcus & Millichap has negotiated the $2 million sale of a retail property in Wyckoff. The 10,290-square-foot property is located at 403 Goffle Road. Alan Cafiero, Ben Sgambati and John Moroz of Marcus & Millichap represented the seller, a private investor, in the transaction. Fahri Ozturk of Marcus & Millichap represented the buyer, a limited liability company.
COLUMBUS, OHIO — Easton Town Center is undergoing a significant expansion that will feature local and national retailers, breweries, restaurants, entertainment venues, hotels and public event space. The expansion will exceed $500 million of development over the next four years. The Georgetown Company is co-developing the project alongside Steiner + Associates and L Brands. Construction is already underway on infrastructure, parking, Merchants Row, The Yard and Urban Hearth. The Yard will serve as a public green space for live music and entertainment. Urban Hearth is an industrial building that has been architecturally deconstructed to create a social space with breweries and restaurants. A Restoration Hardware gallery will anchor the expansion. The three-story, 40,000-square-foot building is expected to open in 2019. Easton Town Center is a 1,300-acre mixed-use development in northeast Columbus.
MINNEAPOLIS — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 140-room Grand Hotel Minneapolis for $30 million. The sale includes the hotel and its 57,000-square-foot fitness center, which is leased to a third-party tenant until June 2019. Proceeds from the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, according to Pebblebrook. Kimpton Hotels & Restaurants, part of the Intercontinental Hotels Group umbrella, operates the property. The buyer was not disclosed.
MARYLAND HEIGHTS, MO. — World Wide Technology Inc. has purchased a 207,503-square-foot industrial building in Maryland Heights for an undisclosed price. The global IT services company has occupied space within the multi-tenant building since 2011. The building, located at 687 Fee Fee Road, is adjacent to the company’s suburban St. Louis campus and less than one mile from its newly built headquarters. The building’s other tenant, Cowley Distributing Inc., is a book and magazine distributor that occupies 50,295 square feet for its warehousing needs. Erik Foster, Mike Wilson, Tim Convy and Steve Stradal of Avison Young represented the seller, Fee Fee Investments.
NORTHVILLE TOWNSHIP, MICH. — Associated Bank has provided a $14 million loan for the acquisition of Northville Park Place in Wayne County’s Northville Township. The six building, 78,833-square-foot shopping center is located at the southwest corner of Seven Mile and Haggerty roads. Trader Joe’s anchors the property. Other tenants include Granite City, Rusty Bucket and Sherwin Williams. Krista Casper of Associated Bank originated the loan on behalf of the borrower, Inland Retail Property Fund LP.
