NEW YORK CITY — S3 Capital Partners has provided a $75 million construction loan for an apartment tower in the Mott Haven neighborhood of the Bronx. Located at 210 E. 135th St., the property will include 237 residential rental apartments and 3,000 square feet of commercial space. Isaac Filler of Meridian Capital Group represented the borrower, Cheskel Schwimmer of CGS Developers. Terms of the financing were not disclosed.
NEW YORK CITY — IKEA U.S. has announced that it will open its first store in Manahattan. The ‘IKEA Planning Studio’ is slated to open at 999 Third Ave. in spring 2019. The Planning Studio concept will focus on smart solutions for urban living and small spaces. The New York City location is the first market in the U.S. for the concept. IKEA U.S. has recently made a number of investments to enhance its e-commerce offerings, including lower priced shipping & delivery, Click & Collect, financing and TaskRabbit assembly services. IKEA already has four locations in the metro area in Brooklyn, Elizabeth, Long Island and Paramus.
BELLINGHAM, MASS. — CBRE/New England has negotiated the $25 million sale of a 210,700-square-foot distribution facility in Bellingham. Located at 190 Mechanic St., the property was built in 2006 and features 32-foot clear heights, T5 motion-sensor lighting and ESFR sprinkler systems. The building is fully leased to three tenants. Chris Skeffington, John Lashar and Roy Sandeman of CBRE/New England represented the seller, Guggenheim Real Estate. The buyer was TH Real Estate.
SOMERVILLE, N.J. — Marcus & Millichap has brokered the $3.7 million sale of Union Avenue Plaza, a 20,700-square-foot retail property in Somerville. Located at 21-29 Union Ave., the property consists of two buildings, a retail strip center and a rear building with two medical office tenants. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a limited liability company.
SPRINGFIELD, PA. — HFF has arranged the $1.7 million sale of a 2,034-square-foot retail building in Springfield. The property is located at 40 E. Woodland Ave., approximately 10 miles from Philadelphia. The building is fully leased to Citizens Bank. Marc Mandel and Steve Schrenk of HFF represented the seller, 9th and Highland LLC, in the transaction. The buyer was an affiliate of California-based investor Chipster Properties.
EFFINGHAM, ILL. — CBRE | Capstone has arranged a $180.5 million CMBS loan for the refinancing of a 169-property portfolio occupied by Heartland Dental across 24 states. Jon Faulkenberg, Shawn Givens, Chase Gambill and Ken Higgins of CBRE | Capstone arranged the fixed-rate loan on behalf of the borrowers, Professional Resource Development Inc. and WMG Development LLC. Jonathan Brumleve and Curt Frost of Professional Resource Development led the transaction on behalf of the borrowers. UBS provided the 10-year loan, which features a 30-year amortization schedule and a 57 percent loan-to-value ratio. Effingham, Ill.-based Heartland Dental provides comprehensive administrative support services for marketing, accounting and other aspects of a dentist’s business.
ST. LOUIS PARK, MINN. — Accesso Partners LLC has acquired The Towers at West End, a pair of Class A office towers in St. Louis Park, for $115.5 million. The nine-story towers span 497,234 square feet and are located just west of Minneapolis. The largest tenants include MoneyGram Payment System, Concur Technologies and Magenic Technologies. Current occupancy is 84 percent. Amenities include a fitness room, yoga studio, conference center, tenant lounge and café. Accesso plans to make some additional upgrades and improvements to the common areas, according to Brian Rosen, chief investment officer. Ryan Watts of CBRE brokered the sale on behalf of the seller, a fund managed by DRA Advisors LLC. Susan Hill of HFF arranged acquisition financing. Samantha Shimak of Accesso will serve as property manager, while Jon Dahl of JLL will provide leasing services.
EAU CLAIRE, WIS. — Commonwealth Development has completed a $95 million mixed-use project known as Confluence in Eau Claire. Located at the intersection of the Eau Claire and Chippewa rivers, the project consists of two buildings and a public plaza. The first building, completed in 2016, is Haymarket Landing. The $35 million, 235,000-square-foot building consists of 119 student housing units and 33,000 square feet of retail space. The second building, the Pablo Center at the Confluence, is a $60 million facility that includes a 1,229-seat theater, 400-seat black box theater, visitor’s center, innovation center and art gallery, as well as rehearsal rooms, recital halls and classrooms. The University of Wisconsin-Eau Claire and local arts organizations will share the Pablo Center. Market & Johnson served as the contractor.
FENTON, MO. — Two new tenants have signed industrial leases totaling just under 100,000 square feet at Fenton Logistics Park in Missouri. Skin Specialty Solutions Inc. has leased the remaining 48,080 square feet in Fenton Logistics Park I. The first speculative building within the park totals 159,950 square feet. The online skincare company expects to move into its space in February 2019 and create 100 new jobs. Nexius Solutions Inc. has leased 51,772 square feet within Fenton Logistics Park III. The 169,543-square-foot building is now 77 percent leased. The technology company plans to occupy the space in February 2019 and create 50 new jobs. Jon Hinds and Katie Haywood of CBRE represented the landlord, US Capital Development, in both lease transactions. Hal Ball of Hiliker Corp. represented Skin Specialty Solutions, while Jeff Hawley and Brandon Duncan of Block Hawley represented Nexius Solutions. Fenton Logistics Park is a $250 million redevelopment of the former Chrysler plant in Fenton, Mo. Upon full build-out, the development will span 2.5 million square feet.
DETROIT — Money360 has provided a $17 million bridge loan for the refinancing of 1200 Sixth St. in Detroit’s Corktown neighborhood. The two-tower office property spans 600,000 square feet. The South Tower was constructed in 1966, while the North Tower was built in 1971. The nonrecourse loan features a two-year term and a loan-to-value ratio of 41 percent. The borrower is 1200 Sixth Street LLC.
