Property Type

Mission Capital Arranges $137M Refinancing for Holiday Inn Manhattan-Financial District

by David Cohen September 25, 2018

NEW YORK CITY — Mission Capital Advisors has arranged a $137 million refinancing for the Holiday Inn Manhattan-Financial District, a 50-story, 492-room hotel in Manhattan. Located at 99 Washington St., the property was built in 2014 and is the tallest Holiday Inn in the world. Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital represented the borrower, real estate development firm Golden Seahorse, in securing the 10-year, interest-only loan at a fixed rate through lender Ladder Capital. The property also includes the St. George Tavern, a full-service restaurant and event space. Proceeds from the loan were used to refinance an existing first mortgage and return capital to the borrower.

September 25, 2018

Loans Northeast Office Pennsylvania

Cushman & Wakefield Secures $63M Acquisition Financing for Office Complex in Pennsylvania

by David Cohen September 25, 2018

YARDLEY, PA. — Cushman & Wakefield has secured $63 million in acquisition financing for the Lower Makefield Corporate Center in Yardley. John Alascio, Alexander Hernandez, Sridhar Vankayala and TJ Sullivan of Cushman & Wakefield secured financing on behalf of Rubenstein Partners through lender Rialto Capital Management. The eight-building, 467,000-square-foot office complex includes two campuses on Stony Hill and Township Line roads.

September 25, 2018

Acquisitions New Jersey Northeast Office

NKF Capital Markets Brokers $50.5M Sale of Office Portfolio in New Jersey

by David Cohen September 25, 2018

HAMILTON, N.J. — NKF Capital Markets has brokered the $50.5 million sale of a two-building office portfolio in Hamilton. The two net-leased properties are located at 600 and 700 Horizon Drive. The 600 Horizon building is leased to Verizon Communications and 700 Horizon is leased to AAA. Steven Schultz, Kevin Welsh, Steve Tolkach, Tony Georgiev and Brian Schulz of NKF represented the seller, Mack-Cali Realty, in the transaction. The buyer was undisclosed.

September 25, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

Sunshine Starts Construction of 140-Unit Seniors Housing Community in New England

by David Cohen September 25, 2018

METHUEN, MASS. — Sunshine Retirement Living has broken ground on The Woods at Merrimack, a 140-unit seniors housing community in Methuen, approximately 30 miles north of Boston along the New Hampshire border. The 140,000-square-foot community will sit on 8.7 acres. Locke Mansion, built in 1913 on the site, will be preserved as part of the project. The development is scheduled to open in fall 2019. Partners on the project include Buildable Sites Development LLC and New Hampshire-based JSA Architects Interior Planners. Sunshine operates 20 seniors housing communities throughout the country.

September 25, 2018

Development Massachusetts Mixed-Use Northeast

Nauset Construction Breaks Ground on 46-Unit Mixed-Use Development in Cambridge

by David Cohen September 25, 2018

CAMBRIDGE, MASS. — Nauset Construction has broken ground on St. James Place, a transit-oriented, mixed-use development in the Porter Square neighborhood of Cambridge. Acorn Holdings LLC is developing the project, which is located at 2013 Massachusetts Ave. The development will include 46 condominiums, 2,000 square feet of retail space and a new parish hall for the St. James Episcopal Church. Architectural firm Dumont, Janks, Goldberg, Reed LLC designed the condominium complex.

September 25, 2018

Acquisitions Illinois Midwest Retail

Sterling Acquires Two-Property Retail Portfolio in Metro Chicago

by Kristin Harlow September 25, 2018

HILLSIDE AND OSWEGO, ILL. — Sterling Organization has acquired a two-property retail portfolio in metro Chicago for an undisclosed price. The portfolio includes the 164,837-square-foot Hillside Town Center in Hillside and the 101,466-square-foot Prairie Market in Oswego. Developed in 2009, Hillside Town Center is home to tenants such as Ross Dress for Less, HomeGoods, Michaels and Petco. Aldi and PetSmart anchor Prairie Market, which was developed between 2007 and 2009. The properties were purchased on behalf of Sterling’s institutional fund, Sterling Value Add Partners III LP. The seller was not disclosed.

September 25, 2018

Acquisitions Industrial Kansas Midwest

Sealy & Co. Purchases 601,829 SF Distribution Facility in Suburban Kansas City

by Kristin Harlow September 25, 2018

OLATHE, KAN. — Sealy & Co. has purchased a 601,829-square-foot distribution facility in Olathe, a suburb of Kansas City. The purchase price was not disclosed. The building, situated on 40 acres at 22101 W. 167th St., is fully leased to FedEx and Bushnell. The property features a clear height of 32 feet, 128 dock doors, two drive-in doors and office space. Adam Herrin, Stephen Bailey and Sean Fogarty of HFF, along with Dan Jensen of Kessinger/Hunter & Co. LC brokered the transaction. Sun Life Assurance Co was the seller.

September 25, 2018

Development Illinois Industrial Midwest

Morgan/Harbour Completes Two Spec Warehouses Totaling 560,000 SF in Illinois Industrial Park

by Kristin Harlow September 25, 2018

FRANKLIN PARK, ILL. — Morgan/Harbour Construction has completed two speculative warehouses on behalf of CenterPoint Properties at CenterPoint Logistics Center O’Hare in Franklin Park. One of the buildings totals 225,891 square feet and features a clear height of 32 feet, 50 exterior docks and parking for 68 trailers. The other building totals 333,696 square feet and features a clear height of 36 feet, 92 exterior docks and parking for 76 trailers. Cornerstone Architects provided architectural services, while Spaceco Inc. was the civil engineer. James Estus of Colliers International is marketing the properties for lease.

September 25, 2018

Acquisitions Indiana Midwest Retail

Cooper Group Arranges $3M Sale of Retail Center Near Indianapolis

by Kristin Harlow September 25, 2018

SHELBYVILLE, IND. — The Cooper Commercial Investment Group has arranged the $3 million sale of a 22,470-square-foot retail center in Shelbyville, a southeast suburb of Indianapolis. The property, shadow anchored by Kroger, is fully leased to tenants such as Buffalo Wild Wings, Shoe Sensation and Pet Value. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. The team also procured the buyer, a Florida-based private investor. The sale represents a 7.7 percent cap rate.

September 25, 2018

Acquisitions Healthcare Midwest Minnesota

Montecito Buys 31,775 SF Medical Office Building in Willmar, Minnesota

by Kristin Harlow September 25, 2018

WILLMAR, MINN. — Montecito Medical has purchased a Class A medical office building totaling 31,775 square feet in Willmar, a city in southwestern Minnesota. The purchase price was not disclosed. The building was constructed in 2005 as a build-to-suit for Fischer Laser Eye Center and Janning ENT. The facility includes an 8,000-square-foot ambulatory surgery center where patients can receive LASIK, cataract, cornea and refractive procedures. Newmark Knight Frank brokered the sale. The seller was not disclosed.

September 25, 2018

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