Property Type

BET Investments Breaks Ground on $200M Mixed-Use Project Near Philadelphia

by David Cohen August 15, 2018

UPPER DUBLIN, PA. — BET Investments Inc. (Bruce E. Toll Co.) has broken ground on The Promenade at Upper Dublin, a master-planned, mixed-use project in the Philadelphia suburb of Upper Dublin. Development costs are estimated at $200 million. The project’s residential component will include 402 units and 114 active adult homes. Amenities will include a resort-style pool, gourmet kitchens with quartz countertops, stainless steel appliances and a fitness center. A planned retail component will feature 128,000 square feet of retail space, anchored by a specialty grocer and outdoor lifestyle store as well as shops and restaurants. A 2.7-acre park, more than three miles of walking trails and an outdoor events stage are also planned. The developer is implementing sustainable design features like green roofs, bike sharing and electric car charging stations. “The Promenade at Upper Dublin will be the an exciting destination, with high-end, state-of-the-art apartments that will include resort-like amenities combined with a lively and interesting combination of restaurants and shops providing a great meeting place for the surrounding communities,” says Michael Markman, president of BET Investments. “This ‘live, work, play’ community, combining commercial and residential uses, will be the first of its kind in Eastern Montgomery County.” Upper …

August 15, 2018

Acquisitions Midwest Office Ohio Retail

KRA Management Acquires Office Tower in Downtown Cleveland

by Kristin Harlow August 14, 2018

CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a two-story retail center and a food hall. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio of HFF represented the seller, RAIT Financial Trust of Philadelphia, and procured the buyer. Last summer, the Tower was 45 percent leased while the Galleria was 60 percent leased, according to the Plain Dealer. KRA Management is a family-owned and operated real estate development and property management business that was founded by James Kassouf.

August 14, 2018

Acquisitions Illinois Industrial Midwest

Stan Johnson Co. Arranges $11.4M Sale of Industrial Building in Arlington Heights, Illinois

by Kristin Harlow August 14, 2018

ARLINGTON HEIGHTS, ILL. — Stan Johnson Co. has arranged the sale of a 111,667-square-foot industrial building in Arlington Heights for $11.4 million. The two-tenant property is located at 545 E. Algonquin Road. Quality assurance company Intertek leases 85 percent of the building and has self-funded a specialized interior build-out. A data center operator occupies the remaining 15 percent of the property. John Zimmerman and Craig Tomlinson of Stan Johnson represented the seller, a joint venture between Minneapolis-based Biynah Partners and Baltimore-based Alex Brown Realty. New York-based Crystal Acquisitions purchased the asset.

August 14, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $9.1M Sale of Apartment Building in Chicago’s Hyde Park

by Kristin Harlow August 14, 2018

CHICAGO — Essex Realty Group has brokered the sale of an 86-unit apartment building in Chicago’s Hyde Park for $9.1 million. The property, located at 6140 S. Drexel Ave., includes a fitness center, leasing office, party room and parking for 90 cars. Doug Fisher and Vic Ciancetta of Essex brokered the transaction. An out-of-state buyer purchased the asset.

August 14, 2018

Company News Illinois Midwest Office

Aries Conlon Capital Rebrands, Relocates to Willis Tower in Chicago

by Kristin Harlow August 14, 2018

CHICAGO — Aries Conlon Capital has rebranded to Mag Mile Capital and is relocating its Chicago headquarter offices from River North to the 84th floor of Willis Tower. Rushi Shah will continue to serve as principal and CEO and retain the same sales team, pipeline and national commercial mortgage and investment banking platform. Shah bought out his partners’ interest in the company to become majority owner. Previous partners include Neil Freeman and Sean Conlon of Aries Capital LLC and Conlon and Co., respectively. The name change is a nod to Chicago’s Magnificent Mile on North Michigan Avenue.

August 14, 2018

Loans Michigan Midwest Multifamily

SunTrust Provides $8.8M Bridge Loan for Acquisition of Multifamily Property in Suburban Detroit

by Kristin Harlow August 14, 2018

WESTLAND, MICH. — SunTrust Banks Inc. has provided an $8.8 million bridge loan for the acquisition and renovation of Birch Hill Apartments in Westland, a suburb of Detroit. Built in 1974, the 172-unit multifamily property features a mix of one-, two- and three-bedroom units. Amenities include a swimming pool and clubhouse. A Michigan-based commercial real estate owner and operator was the borrower.

August 14, 2018

Acquisitions Massachusetts Multifamily

CBRE Brokers $65M Sale of Apartment Community in Boston

by David Cohen August 14, 2018

BOSTON — CBRE has brokered the $65 million sale of Fairlawn Apartments, a 347-unit apartment community in the Mattapan neighborhood of Boston. Simon Butler and Biria St. John of CBRE represented the seller, AP Fairlawn LLC, an affiliate of ARES Management. The buyer was an affiliate of the DSF Group. The property consists of 12 four-story apartment buildings built between 1965 and 1968.

August 14, 2018

Loans Office Pennsylvania

Maverick Commercial Arranges $47M Refinancing for Office Portfolio in Pittsburgh

by David Cohen August 14, 2018

PITTSBURGH — Maverick Commercial Mortgage has secured $47 million in refinancing for a six-building office portfolio in Pittsburgh. Located within the Parkway West Corridor submarket, the property features 585,000 rentable square feet. Maverick Commercial secured a 10-year, fixed-rate loan with a 30-year amortization schedule through a national lender for the borrower, a joint venture between JDI Realty and Market Street Real Estate Partners. The borrowers acquired the property in 2014. Since acquisition the borrowers have added a new food hall and tenant fitness center, and have performed extensive renovations to corridors, bathrooms and building lobbies. The property is currently 87 percent occupied.

August 14, 2018

Leasing Activity Northeast Pennsylvania Retail

PREIT Signs Three Tenants to Backfill Former Macy’s at Plymouth Meeting Mall in Philadelphia

by David Cohen August 14, 2018

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has inked leases with three new tenants at Plymouth Meeting Mall in Philadelphia. Burlington, Dick’s Sporting Goods and Edge Fitness will open locations at the mall in spring 2019, backfilling the space formerly occupied by Macy’s. PREIT is also negotiating leases with an arts and crafts purveyor and a craft brewery. Current tenants at Plymouth Meeting Mall include LEGOLAND Discovery Center, Dave & Buster’s, Bath & Body Works, CycleBar, H&M, Whole Foods Market and AMC Theatre.

August 14, 2018

Acquisitions Healthcare New Jersey Northeast Office

Marcus & Millichap Negotiates $3.2M Sale of Medical Office Building in New Jersey

by David Cohen August 14, 2018

FLEMINGTON, N.J. — Marcus & Millichap has negotiated the sale of 31 North Office Center, a 33,000-square-foot medical office property in Flemington for $3.2 million. Ben Sgambati, Alan Cafiero, Anthony Asencio and Victor W. Nolletti of Marcus & Millichap represented the seller, a bank/financial institution. Anthony Asencio of Marcus & Millichap represented the buyer, a limited liability company. The class B building is located at 121 State Route 31.

August 14, 2018

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