Property Type

B.H. Properties Buys Honeywell Aerospace Glendale Office/Industrial Campus in Arizona

by Amy Works May 7, 2019

GLENDALE, ARIZ. — Los Angeles-based B.H. Properties has purchased the Honeywell Aerospace Glendale DSES Campus, located at 19019 N. 59th Ave. in Glendale, for an undisclosed price. Constructed in 1986 and situated on 45 acres, the property features 252,300 square feet of space, including offices, clean rooms, R&D labs and assembly areas. At the time of sale, the property was 100 percent occupied by Honeywell International, which signed a new lease to extend occupancy until July 2024. Mindy Korth and Kirk Kuller of Colliers International in Arizona negotiated the sale.

May 7, 2019

California Development Multifamily Western

Levin Johnston Arranges $15.5M Sale of Land Site for Multifamily Project in Fremont, California

by Amy Works May 7, 2019

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a 2.7-acre land parcel located at 3515 Walnut Ave. in Fremont. A private high-net worth investor sold the property to a local multifamily developer for $15.5 million. The buyer plans to develop a multifamily property on the site that will include 275 market-rate apartments, 2,245 square feet of ground-floor retail space and a six-story parking garage. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and the buyer in the transaction.

May 7, 2019

Acquisitions California Office Retail Western

Madison Partners Brokers $7.1M Sale of Retail, Office Building in Los Angeles

by Amy Works May 7, 2019

LOS ANGELES — Madison Partners has arranged the sale of a retail and creative office building, located at 62-66 Windward Ave. in the Venice neighborhood of Los Angeles. Southern California-based Optimus Properties sold the property to BrandView Capital Partners for $7.1 million, or $957 per square foot. Originally constructed in 1922, the 7,471-square-foot asset features a street-level portico with three retail units and a creative office unit on the second level, which features a rooftop deck. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller in the deal.

May 7, 2019

Development Industrial Michigan Midwest

Dembs Development Breaks Ground on 88,000 SF Tech Center for Hexagon in Novi, Michigan

by Kristin Harlow May 7, 2019

NOVI, MICH. — Dembs Development has broken ground on an 88,000-square-foot facility for Hexagon in Novi known as the Technology Center of Excellence. The two-story property is located within Beck North Corporate Park. Sweden-based Hexagon is an advanced manufacturing technology company. The tech center will include an 11,000-square-foot showroom and demonstration area, a 15,000-square-foot laboratory and an expansive technical training center. The building will also include a fitness center, coffee bars, multi-purpose kitchens and gathering areas. Completion is slated for the fourth quarter of this year.

May 7, 2019

Loans Massachusetts Multifamily New Hampshire Northeast

PGIM Provides $164M Loan for Refinancing of New England Multifamily Portfolio

by Taylor Williams May 7, 2019

BOSTON — PGIM Real Estate Finance has provided a $164 million loan for the refinancing of a portfolio of 14 multifamily properties located throughout metro Boston and the nearby suburbs of New Hampshire. Eleven of the properties are located in the Middlesex, Essex and Worcester counties of Massachusetts, and the others are located in Keene, New Hampshire. The portfolio totals 1,620 units. The borrower was Princeton Properties, an investment firm that has owned all 14 properties for more than 15 years. Specific loan terms were not disclosed.

May 7, 2019

Acquisitions Indiana Midwest Retail

Millennial Holdings Purchases 200,000 SF Shopping Center in Indianapolis

by Kristin Harlow May 7, 2019

INDIANAPOLIS — Millennial Holdings, a New Jersey-based real estate group, has purchased Felbram Plaza North, a nearly 200,000-square-foot shopping center on the south side of Indianapolis. The purchase price was not disclosed. The property is approximately 75 percent leased. Millennial plans to repair the parking lot, replace the roof and install new HVAC units. Anchor tenants include Shopper’s World, Dollar Tree, Dollar General and MCL. John Riser of Riser Retail Group represented Millennial and the seller in the transaction. McCrea Property Group serves as leasing agent.

May 7, 2019

Loans Lument Multifamily New Jersey Northeast ORIX RED Capital Group

RED Arranges Acquisition Financing for $60M Apartment Portfolio in Union City, New Jersey

by Taylor Williams May 7, 2019

UNION CITY, N.J. — RED Mortgage Capital, the lending arm of ORIX Real Estate Capital, has arranged acquisition financing for a $60 million portfolio of apartment properties in Jersey City, located across the Hudson River from lower Manhattan. The portfolio comprises 18 properties and includes 481 units of affordable housing product. John Darrow, Jim Martin and Harris O’Connell of RED, along with Brad Domenico of Progress Capital, arranged the financing through Freddie Mac’s small balance loan program. The loan, the borrower of which was not disclosed, featured a fixed interest rate and a 20-year term.

May 7, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $27M Refinancing for Multifamily Portfolio in Lincoln, Nebraska

by Kristin Harlow May 7, 2019

LINCOLN, NEB. — NorthMarq Capital has arranged a $27 million loan for the refinancing of the Chateau Apartments Portfolio, which totals 647 units in Lincoln. Bob Chalupa of NorthMarq arranged the fixed-rate loan, which features a 15-year term and a 20-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

May 7, 2019

Leasing Activity New York Northeast Office

Tommy Hilfiger Expands Lease to 220,000 SF at Manhattan Office Tower

by Taylor Williams May 7, 2019

NEW YORK CITY — Apparel designer and retailer Tommy Hilfiger has committed to an additional 14,054 square feet of office space at 285 Madison Avenue in Manhattan as part of a lease renewal and expansion. The company now occupies 220,000 square feet at the 26-story, Class A property, which is located at the corner of Madison Avenue and 40th Street. Matthew Astrachan, Mitchell Konsker and Steven Bauer of JLL represented PVH Corp., the parent company of Tommy Hilfiger, in the lease transaction. Konsker, along with JLL associates Alexander Chudnoff, Dan Turkewitz and Diana Biasotti, represented the landlord, RFR Realty, in the lease negotiations. Leasing agents A.J. Camhi and Ryan Silverman also represented RFR Realty on an internal basis.

May 7, 2019

Acquisitions Midwest Ohio Retail

Pine Tree Acquires 89,436 SF Retail Center in Suburban Cleveland

by Kristin Harlow May 7, 2019

STREETSBORO, OHIO — Pine Tree has LLC acquired Streetsboro Crossing, an 89,436-square-foot retail center in Streetsboro near Cleveland. The purchase price was not disclosed. Giant Eagle anchors the property, which was completed in 1996 and renovated in 2001. Other tenants include Pet Supplies Plus, Palm Beach Tan, GNC, Sally Beauty Supply and Great Clips. The occupancy rate is 94 percent. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Brixmor Property Group.

May 7, 2019

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