Property Type

Levin Johnston Brokers $25.5M Sale of Pacific Gardens Apartment Community in San Mateo, California

by Amy Works May 21, 2019

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Pacific Gardens, a townhome-style apartment community in San Mateo. Located at 25 McAker Court and constructed in 1993, Pacific Gardens features 38 two-story townhouse units with two bedrooms and 2.5 bathrooms, as well as in-unit washers/dryers, private patios, fireplaces, underground parking and individual storage. Adam Levin and Robert Johnston of Levin Johnston represented the undisclosed buyer and seller in the deal.

May 21, 2019

Acquisitions Colorado Retail Western

CBRE Arranges $11M Sale of Parker Crossroads Retail Center in Colorado

by Amy Works May 21, 2019

PARKER, COLO. — CBRE has brokered the sale of Parker Crossroads, a retail center located at 10901 S. Parker Road in Parker. A California-based private investor acquired the property from St. Louis-based Pace Properties for $11 million. Hobby Lobby and Planet Fitness occupy the 94,772-square-foot, two-tenant box retail center, which was built in 1994 and situated on 9.3 acres. The property was 100 percent occupied at the time of sale. Matthew Henrichs and Brad Lyons of CBRE represented the seller in the deal.

May 21, 2019

California Development Multifamily Seniors Housing Western

Eden Housing Opens 90-Unit Pauline Weaver Senior Apartments in Bay Area

by Amy Works May 21, 2019

FREMONT, CALIF. — Eden Housing has opened Pauline Weaver Senior Apartments, a 90-unit affordable housing community for seniors in Fremont, located at the southeast edge of San Francisco Bay. KTGY Architecture + Planning designed the project. The City of Fremont also partnered on the development. Formerly known as Mission Court, units are reserved for seniors earning between 30 and 50 percent of area median income. The community sits on a 2.25-acre site approximately one mile from the Warm Springs BART Station. “As the first piece of a greater age-qualified master plan, Pauline Weaver Senior Apartments sits across the street from a future senior center. This future amenity will not only enhance the lives of the residents living in this affordable community but also the future master plan,” says Jessica Musick, a principal in KTGY’s Oakland office. Pauline Weaver, the property’s namesake, is a longtime advocate for affordable housing in California. She has been on the Eden Housing Board of Directors since joining in 1988. Weaver was an assistant public defender in Alameda County and the past president of both the National Conference of Women’s Bar Association and California Women Lawyers. According to Eden Housing, the development has a unique financing …

May 21, 2019

Acquisitions Industrial Michigan Midwest

Morning Calm Management Acquires Nine-Property Industrial Portfolio in Metro Detroit for $83.7M

by Alex Tostado May 21, 2019

DETROIT — Morning Calm Management has acquired a nine-property industrial portfolio in metro Detroit for $83.7 million. Promanas Group sold the portfolio, which totals approximately 1.5 million square feet. The assets are located within Livonia, Auburn Hills, Redford, Saline, Lake Orion and Macomb Township. Tom Oldham and Dan Labes of Newmark Knight Frank oversaw the transaction.

May 21, 2019

Development Hospitality Midwest Missouri

HDA Architects, JNS Architects Design $45M AC Hotel in St. Louis

by Alex Tostado May 21, 2019

ST. LOUIS — HDA Architects and JNS Architects have completed the design of a new $45 million AC Hotel in the Central West End of St. Louis. The seven-story building will have 192 guest rooms. The project will be situated near the BJC Institute of Health at Washington University. The development team includes Koplar Properties, Concord Hospitality Enterprises and Homebase Partners. MC Hotel Construction is the general contractor. Construction is scheduled to commence this summer.

May 21, 2019

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Harrison Street Acquires 676,917 SF Life Sciences Property Near MIT

by Taylor Williams May 21, 2019

CAMBRIDGE, MASS. — Chicago-based investment management firm Harrison Street has acquired Osborn Triangle, a 676,917-square-foot life sciences property situated adjacent to the Massachusetts Institute of Technology (MIT) campus in Cambridge. The complex encompasses three buildings, all of which were either recently built or renovated. The sale included a 650-space parking garage. Harrison Street partnered with Bulfinch Cos., a subsidiary of MIT that retains a partial interest in the property, for the acquisition. Osborn Triangle was fully leased at the time of sale to seven tenants, including anchors Pfizer, Novartis International AG and LabCentral, an incubator for life science and biotech startups. MIT will retain long-term ownership of the land. The sales price was not disclosed.

May 21, 2019

Loans Massachusetts Multifamily Property Type

American Street Capital Arranges $30.4M Refinancing for Apartment Building in Boston

by Taylor Williams May 21, 2019

BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.

May 21, 2019

Development Midwest North Dakota Retail

Kraus-Anderson Completes Construction of Hornbacher’s Grocery Store in West Fargo

by Alex Tostado May 21, 2019

WEST FARGO, N.D. — Kraus-Anderson has completed construction of a new Hornbacher’s grocery store in West Fargo. Located at I-94 and Sheyenne Street, the 61,000-square-foot property features an in-store pharmacy, Caribou Coffee and a 3,458-square-foot wine and spirits store. A seating mezzanine area overlooks the sales floor, which includes fresh produce, sushi, a deli, bakery, meat department, flower shop, popcorn shop and juicery. Hornbacher’s operates in Fargo and Moorhead, Minn. Its first store opened in Moorhead in 1951. The West Fargo store is the company’s eighth location.

May 21, 2019

Loans New York Northeast Retail

Cronheim Mortgage Places $30M in Permanent Financing for Retail Center in Pelham Manor, New York

by Taylor Williams May 21, 2019

PELHAM MANOR, N.Y. — New Jersey-based Cronheim Mortgage has placed $30 million in permanent financing for Post Road Plaza, a 257,593-square-foot regional shopping center in Pelham Manor, about 20 miles north of Manhattan. Transamerica Financial Life Insurance Co. provided the 15-year loan, which amortizes over 30 years. Post Road Plaza, which was built in the early 1960s, comprises a two-story primary retail strip, a one-story secondary strip and three outparcel buildings. A 75,000-square-foot Fairway supermarket anchors the property, which also houses a Dave & Buster’s, 24 Hour Fitness, HomeGoods, Lane Bryant, Smashburger and Sally Beauty Supply. The borrower was not disclosed.

May 21, 2019

Acquisitions Midwest Missouri Retail

Cushman & Wakefield Brokers Sale of 306,367 SF Shopping Center in Suburban St. Louis

by Alex Tostado May 21, 2019

ST. CHARLES, MO. — Cushman & Wakefield has brokered the sale of Mark Twain Village in St. Charles for an undisclosed price. The shopping center spans 306,367 square feet and is anchored by a free-standing Bass Pro Shops. At the time of sale, the property was 98 percent occupied. Tenants include Aldi, Duluth Trading Co., Buffalo Wild Wings, Gordman’s and a free-standing Texas Roadhouse. Evan Halkias, Michael Marks, Mark Gilbert, Kyle Pershing and David Wirth of Cushman & Wakefield represented the seller. Buyer and seller information was not disclosed.

May 21, 2019

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