Property Type

Marcus & Millichap Brokers $16M Sale of Villas Raintree Apartments in El Monte, California

by Amy Works March 26, 2019

EL MONTE, CALIF. — Marcus & Millichap has arranged the sale of Villas Raintree Apartments, a seniors housing property located at 11905 Ferris Road in El Monte. A private investor sold the asset for $16 million. Built in 1978, the property features 70 one-bedroom/one-bath units totaling 553 square feet each with air conditioning, balconies and storage units. On-site amenities include gated security, laundry facilities, a community room, shuffle board and social areas. Alexander Garcia Jr. of Marcus & Millichap represented both the seller and buyer, also a private investor, in the deal.

March 26, 2019

Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $4.3M Sale of Apartment Building in Newark

by David Cohen March 26, 2019

NEWARK, N.J. — Marcus & Millichap has negotiated the $4.3 million sale of a 36-unit apartment building in Newark. Located at 140 Chancellor Ave., the property consists of 34 one-bedroom and two, two-bedroom units. Richard Gatto, Fahri Ozturk and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

March 26, 2019

Loans Retail Washington Western

PSRS Arranges $1.4M Acquisition Loan for 13,000 SF Retail Center in Pullman, Washington

by Amy Works March 26, 2019

PULLMAN, WASH. — PSRS has secured $1.4 million in financing for the acquisition of Edison Center, a two-building retail property located at 588 and 594 S.E. Bishop Blvd. in Pullman. Nine tenants occupy the 13,000-square-foot strip retail center. Kostas Kavayiotidis and Grady Seldin of PSRS arranged the recourse, full-leverage, 10-year loan with a 25-year amortization schedule. Standard Insurance provided the capital.

March 26, 2019

Acquisitions Industrial New Jersey Northeast Self-Storage

Storage Acquisition Group Sells 386-Unit Self Storage Facility in New Jersey

by David Cohen March 26, 2019

FAIR LAWN, N.J. — The Storage Acquisition Group has sold A Space Station Self Storage in Fair Lawn. The sales price was undisclosed. Located at 16-01 McBride Ave., the 117,885-square-foot property offers climate-controlled units, electronic gate access and video surveillance. Bill Sitar Jr. and Thomas Palumbo of Sitar Realty Co. represented the Storage Acquisition Group in the transaction. The buyer was undisclosed.

March 26, 2019

Connecticut Leasing Activity Northeast Office Property Type

FujiFilm North America Signs 3,976 SF Office Lease in Connecticut

by David Cohen March 26, 2019

TRUMBULL, CONN. — FujiFilm North America Group has signed a 3,976-square-foot office lease in Trumbull. Located at 204 Spring Hill Road, the 40,705-square-foot building was built in 1990. Jon Angel of Angel Commercial represented the landlord, Trefoil Park Properties LLC, in the transaction. FujiFilm will relocate from an office in Norwalk.

March 26, 2019

Development Illinois Midwest Mixed-Use

Cullinan Properties Breaks Ground on Rock Run Crossings in Joliet, Illinois

by Kristin Harlow March 26, 2019

JOLIET, ILL. — Cullinan Properties Ltd. has broken ground on Rock Run Crossings, a 265-acre mixed-use project in Joliet. Cullinan is underway on clearing the site and plans to begin construction late this spring. A groundbreaking ceremony took place on Friday, March 22. Cullinan has also revealed the first anchor tenant at Rock Run Crossings. The 16-screen Regal Cinemas movie theater will span 70,000 square feet. The developer plans to announce more tenants later this year.

March 26, 2019

Acquisitions Hospitality Michigan Midwest

L. Mason Capitani CORFAC International Brokers Sale of Historic Hotel Property in Detroit

by Kristin Harlow March 26, 2019

DETROIT — L. Mason Capitani CORFAC International has brokered the sale of The Royal Palm/Park Avenue Hotel located at 2305 Park Ave. in Detroit. The sales price was not disclosed, but the asking price was $15 million. The 13-story, 180-room hotel was designed by Detroit architect Louis Kamper in 1925 and has been operational ever since. Downtown Hospitality Detroit LLC, which is owned by Mario Kiezi and Mike Abdulnoor, purchased the property. The buyers plan to fully restore the hotel and add two restaurants on the first floor as well as a rooftop bar. Completion of the project is slated for late 2020. Al Lafrate of L. Mason Capitani represented the buyer and the seller, Catharina Harrington, who had operated the hotel with her late husband Wilbur Harrington since 1967.

March 26, 2019

Development Healthcare Midwest Minnesota

Kraus-Anderson Set to Break Ground on New Hospital Wing at Hutchinson Health in Minnesota

by Kristin Harlow March 26, 2019

HUTCHINSON, MINN. — Kraus-Anderson is scheduled to break ground on a new hospital wing at Hutchinson Health in Minnesota on Monday, April 1. The one-year construction project will expand the hospital’s footprint by more than 17,000 square feet and will include 18 new patient rooms that are twice as big as the current rooms. Wold Architects and Engineers designed the expansion. Hutchinson Health, a part of HealthPartners, is located about 60 miles west of Minneapolis. The hospital currently has 66 beds and is classified as a Level 4 trauma center. It provides initial evaluation, stabilization, diagnostic capabilities and transfer to a higher level of care. A Level I trauma center offers the highest level of surgical care for trauma patients.

March 26, 2019

Loans Midwest Ohio Retail

Berkadia Arranges $19M Construction Loan for Retail Property in Strongsville, Ohio

by Kristin Harlow March 26, 2019

STRONGSVILLE, OHIO — Berkadia has arranged a $19 million loan for Royalton Collection, a 74,000-square-foot retail development in Strongsville. HomeGoods will anchor the property, along with Panera Bread and Outback Steakhouse outparcels. Dan Geuther of Berkadia arranged the loan with CIBC Bank on behalf of the borrower, New York-based Somera Road Inc. The three-year loan represents a 73 percent loan-to-cost ratio.

March 26, 2019

Acquisitions Midwest Missouri Retail

QuikTrip Purchases Site for New Location in North Kansas City

by Kristin Harlow March 26, 2019

NORTH KANSAS CITY, MO. — QuikTrip Corp. has purchased 2.9 acres at the southwest corner of I-35 and Amour Road in North Kansas City. QuikTrip plans to build a new facility at 1401 Armour Road to replace its existing store at 1010 Armour Road. Construction on the new store will begin soon and is a redevelopment of an old office building. David Block and Jody Minder of Block & Co. Inc. Realtors brokered the transaction.

March 26, 2019

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