NEW YORK CITY — Marcus & Millichap has negotiated the $2.5 million sale of a 4,955-square-foot retail property in Pittsburgh. Located at 145 McMurray Road, current tenants include Dunkin Donuts, Baskin Robbins and TOSS Pizza. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was an individual/personal trust. The property was constructed in 2016.
CRANFORD, N.J. — The Goldstein Group has arranged the $2.1 million sale of an industrial property in Cranford. The 1.8-acre property is located at 370 North Ave. E. and includes a vacant, 52,512-square-foot building that was built in 1955. Alan Goldstein of The Goldstein Group represented the buyer, Tulfra Real Estate, in the transaction. The seller was undisclosed.
TOWN AND COUNTRY, MO. — Lutheran Senior Services has started construction of an independent living expansion of Mason Point, a seniors housing community in the St. Louis suburb of Town and Country. The $70 million expansion will add 156 new units to the community, as well as new amenities. The project will include a three-story, 390,000-square-foot building with underground parking, a wellness center and an indoor pool. The new property will connect to an adjacent building that will be renovated to become a community center featuring dining venues, a media room, theater, game room, chapel, art studio, health clinic and meeting rooms. Nearly half of the new apartments have already been reserved, according to Lutheran Senior Services. BSI Constructors is the general contractor, and the project architect is Grubbs and Associates. The project is scheduled for completion in summer 2020. Lutheran Senior Services acquired the community, formerly known as Cedars of Town & Country, in February 2016. The new independent living units will convert the property into a continuing care retirement community, offering all levels of care. The additional 156 new beds will bring Mason Pointe’s total to 408 beds. This includes the existing 164 long-term care beds along with 43 …
ROMEO, MICH. — Capital One has provided a $17.1 million HUD 232/223(f) loan for the refinancing of a 104-unit skilled nursing facility in Romeo, a northern suburb of Detroit. Built in 2014, the facility features large therapy areas catering to Medicare and managed care residents and includes common areas such as a bistro. Joshua Rosen of Capital One originated the loan on behalf of the undisclosed borrower. The loan will enable the borrower to refinance existing bank debt as well as partnership debt.
DETROIT — The Christman Company has completed the restoration of the Old Wayne County Building located at 600 Randolph St. in Detroit. The scope of the project included improvements to the exterior façade and lighting as well as the removal of old furniture. Since March 2016, the building’s ownership group has invested $7 million in restoring the property. Quinn Evans Architects served as the project architect. The 250,000-square-foot building has been vacant since Wayne County government left the property in 2009 and moved to the Guardian Building on Griswold Street. The property is listed on the National Register of Historic Places.
EDWARDSVILLE, ILL. — Contegra Construction Co. has completed a $3.2 million retail center known as Timberlake Village in Edwardsville, about 28 miles northeast of St. Louis. Developed by Kamadulski Crays Fischer LLC, property spans 10,000 square feet. Kyoto Japanese Steakhouse is the anchor tenant. An additional 3,000 square feet is available for lease. The 1.5-acre site includes 70 car parking spaces.
CLEVELAND — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property occupied by Rite Aid in Cleveland for $1.9 million. Rite Aid has three years remaining on its 20-year lease at the 11,180-square-foot property. Brandon Hanna, Brent Hanna and Deno Bistolarides of Encore represented the seller in the transaction. Neither the buyer nor the seller was disclosed.
DENVER — HFF has arranged $50 million in financing for 210 St. Paul, the first phase of The St. Paul Collection, a mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood. The borrower is BMC Investments. Brock Yaffe of HFF secured the 11-year, non-recourse, full-term, interest-only, fixed-rate loan through Freddie Mac’s Lease-Up Loan Program. The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Located at the intersection of St. Paul Street and Second Avenue, The St. Paul Collection is a two-phase development. Completed in June, 210 St. Paul features 81 residences in a mix of one-, two- and three-bedroom floorplans, as well as penthouses, ranging in size from 770 square feet to 2,800 square feet. Additionally, the property includes 11,000 square feet of retail space leased to CB2. The second phase, which is not part of this financing, will bring an additional 84 residential units and 44,000 square feet of retail space. Designed by 4240 Architecture, the property features condo-quality finishes and modern open layouts with oversized living spaces, gourmet kitchens, full bathroom suites with heated floors, built-in closet systems, in-house automation, custom hardwood flooring, …
PLEASANTON, CALIF. — Pearlmark has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I within Hacienda Business Park in Pleasanton. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. The four-building center features 292,000 square feet of office, lab and R&D space. Current tenants include ADP, NeoTract, Carl Zeiss and Diebold. Additionally, the site includes more than 1,100 parking spaces. Bill Swackhamer of Pearlmark arranged the transaction.
MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s Streamline Rate Lock product. The Tier II loan is structured with a 12-year, fixed-rate term and a five-year interest-only payment period, followed by a 30-year amortization schedule.