Property Type

I|C Construction to Break Ground on 800-Unit Self-Storage Facility in Wisconsin

by Kristin Harlow July 19, 2019

PLEASANT PRAIRIE, WIS. — I|C Construction is set to break ground on an 800-unit, 127,156-square-foot self-storage facility in Pleasant Prairie. Bruno and Lori Hanney purchased the 5.4-acre site at 9001 Wilmot Road for the development of the project. Upon completion, Extra Space Storage Inc. will manage the property. The facility will offer drive-in access, climate-controlled units, surveillance cameras, access codes and LED lighting. In.studio Architecture designed the project, which is slated for completion in January 2020.

July 19, 2019

Acquisitions Midwest Minnesota Office

NKF Brokers $12.8M Sale of Office Building in Edina, Minnesota

by Kristin Harlow July 19, 2019

EDINA, MINN. — Newmark Knight Frank (NKF) has brokered the $12.8 million sale of Edina Business Plaza, an 84,380-square-foot office building in Edina. The three-story property is located at 7550 France Ave. South and was built in 1981. It is approximately 97 percent occupied. The anchor tenant is Coldwell Banker Burnet. Peter Tanis and John McCarthy of NKF represented the sellers, Edina Business Plaza LLC and SH Commercial Real Estate Services. Minneapolis-based Ackerberg Group purchased the asset.

July 19, 2019

Development Illinois Industrial Midwest

CHI Purchases 42-Acre Site in Elgin, Plans 638,000 SF Spec Industrial Development

by Kristin Harlow July 19, 2019

ELGIN, ILL. — Crow Holdings Industrial (CHI), in partnership with the California State Teachers’ Retirement System (CalSTRS), has purchased a 42-acre site at 2600 Mason Road in Elgin. The developer plans to break ground this month on Park 90 Elgin, a three-building speculative industrial development spanning 638,000 square feet. Building A will span 155,000 square feet, Building B will total 106,000 square feet and Building C will measure 377,000 square feet. Buildings A and B will include a clear height of 32 feet, while Building C will feature a clear height of 36 feet. Brian Kling and Reed Adler of Colliers International represented CHI in the land sale. The duo has also been retained to complete the lease-up of Park 90 Elgin.

July 19, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $2M Sale of Property Net Leased to Rite Aid in Marion, Ohio

by Kristin Harlow July 19, 2019

MARION, OHIO — Marcus & Millichap has arranged the $2 million sale of a 10,617-square-foot property net leased to Rite Aid in Marion, approximately 50 miles north of Columbus. The building is located at 1081 Mount Vernon Ave. Rite Aid has operated at the location for more than 21 years. Dan Yozwiak, Joe Sparano and Nathan Coe of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

July 19, 2019

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Provides $1.8M Refinancing for Senior Apartments in Duluth, Minnesota

by Kristin Harlow July 19, 2019

DULUTH, MINN. — Dougherty Mortgage LLC has provided a $1.8 million HUD-insured loan for the refinancing of Lakeland Shores Apartments in Duluth, which is located along Lake Superior. The 46-unit community is restricted to disabled persons and residents age 62 and above. The property was originally constructed in 1987 and expanded in 2004. Units will be renovated as part of the refinancing, which features a 35-year term. St. Francis of Assisi Inc. was the borrower. Ecumen manages the property.

July 19, 2019

Development Multifamily New Jersey Northeast

PCD Capital, Saber Real Estate to Develop 421-Unit Apartment Project in New Jersey

by Taylor Williams July 19, 2019

BOGOTA, N.J. — A subsidiary of New Jersey-based PCD Capital LLC and New York-based Saber Real Estate Advisors LLC will develop a 421-unit multifamily project in Bogota, located across the Hudson River from Harlem. The property will be situated on 13 acres and feature an 8,000-square-foot clubhouse with a fitness center and media room, as well as outdoor amenities such as a pool, dog park and outdoor grilling area. The building will also house 8,000 square feet of retail space. M&T Bank and BBVA USA provided a $60 million construction loan for the project. John Alascio and Sridhar Vankayala of Cushman & Wakefield arranged the financing. A construction timeline has yet to be established.

July 19, 2019

Development Hospitality New York Northeast

Sam Chang Breaks Ground on 200-Room Hotel in Manhattan

by Taylor Williams July 19, 2019

NEW YORK CITY — Local hotel developer Sam Chang has broken ground on a 200-room hotel that will be located at 223 W. 46th St. near Times Square in Manhattan. Designed by Gene Kaufman Architects, the hotel will span 70,000 square feet and rise 21 stories. Amenities will include a fitness center and a ground-floor restaurant with outdoor seating. Completion of the property, which has yet to be named and branded, is scheduled for September 2021.

July 19, 2019

Acquisitions Connecticut Northeast Office

Joint Venture Acquires 91,040 SF Office Building in Stamford, Connecticut for $33.5M

by Taylor Williams July 19, 2019

STAMFORD, CONN. — A joint venture between The Melohn Group and Drake Street Partners has acquired 181 Harbor Drive, a 91,040-square-foot office building in Stamford, for $33.5 million. The newly renovated building houses the headquarters of apparel retailer Vineyard Vines and is part of the 17-acre Shippan Landing waterfront office campus. Amenities at the campus include a beer garden, fitness center and a cafeteria, as well as volleyball, basketball and bocce courts. The seller was a partnership between Rubenstein Partners LP and George Comfort & Sons. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

July 19, 2019

Acquisitions New Jersey Northeast Office

Colliers Brokers $3.5M Sale of New Jersey Office Building

by Taylor Williams July 19, 2019

PARSIPPANY, N.J. — Colliers International has brokered the $3.5 million sale of a multi-tenant office building located at 140 Littleton Road in Parsippany, located west of Newark. Constructed in the mid-1980s, the building spans 30,459 square feet and is leased to companies in the finance, technology and medical sectors. Jacklene Chesler, Matthew Brown, Frank Summers of Colliers represented the buyer and the seller, both of which requested anonymity, in the transaction. The property was 95 percent occupied at the time of sale.

July 19, 2019

Acquisitions Maine Northeast Retail

Cardente Negotiates Sale of 24,150 SF Retail Center in Portland, Maine

by Taylor Williams July 19, 2019

PORTLAND, MAINE — Cardente Real Estate has negotiated the sale of Brighton Avenue Plaza, a 24,150-square-foot retail center located at 1041 Brighton Ave. in Portland, for approximately $3 million. Greg Perry of Cardente represented the buyer, All-American Family LLC, in the transaction. Charles Day of Porta & Co. represented the seller, 1041 Brighton Ave. LLC. The property was built in 1988.

July 19, 2019

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