BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of a 192,741-square-foot office building in Bridgewater. Located at 721 U.S. Highway 202/206, the four-story property is situated on nearly 16 acres. The property was vacant at the time of sale. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield’s New Jersey capital markets team represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was a local developer.
HOBOKEN, N.J. — HFF has arranged $10.8 million in acquisition financing for a 30-unit apartment property in Hoboken. Located at 204 Grand St., the six-story property was built in 2000 and consists of five one-bedroom and 25 two-bedroom units. The property was fully occupied at closing. Jamie Leachman, Drake Greer and Michael Klein of HFF secured a four-year, floating-rate loan for the borrower, Spirit Bascom Ventures, through lender Citizens Bank.
ROCHELLE PARK, N.J. — Tulfra Real Estate has secured a $10.3 million construction loan for a self-storage facility in Rochelle Park. Located at 120 W. Passaic St., the planned 100,0000-square-foot property will include 823 units. The lender was First Bank of Hamilton. Terms of the financing were not disclosed. The new self-storage facility will be managed by CubeSmart.
BELLEVILLE, N.J. — Marcus & Millichap has arranged the $1.6 million sale of an apartment building in Belleville. Located at 242 Mill St., the property consists of 15 units and 11 parking spaces. Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.
TIFFIN, IOWA — The Ders Group is underway on the development of Park Place in Tiffin, about 10 miles west of Iowa City. The $275 million mixed-use development will be situated on 400 acres. In addition to retail and office space, plans call for approximately 2,000 apartment units and 200 single-family lots. The Ders Group, headquartered in Coralville, Iowa, acquired all of the land in 2016. The developer completed infrastructure construction last fall. Andersen Square, a city center, is the main attraction of Park Place. Phase I includes five buildings with first-floor commercial space and five floors of apartment units above. Completion is slated for summer 2020. Phase II includes six more buildings. The initial phase of commercial space is 75 percent pre-leased. Tenants include fast food retailers, local restaurants, a regional gas station, bank, health club and live entertainment restaurant.
OAK BROOK AND WARRENVILLE, ILL. — Cronheim Mortgage has arranged a $47.7 million loan for the acquisition of Oak Brook Gateway and Cornerstone I at Cantera in suburban Chicago. Oak Brook Gateway is a multi-tenant office building in Oak Brook. Tenants include Lewis University, the U.S. Census Bureau, Thomson Reuters and Oxford Bank. Cornerstone I at Cantera is a multi-tenant office building in Warrenville with 80 percent occupancy. A national lender provided the 10-year loan, which features an interest rate of 4.84 percent and a 30-year amortization schedule. The loan represented 75 percent of the acquisition price. Fairbridge Partners was the borrower.
JEFFERSONVILLE, IND. — Waypoint Residential LLC is developing The Walcott Jeffersonville, a 214-unit apartment project in Jeffersonville, just north of Louisville. The project will be located in the Old Jeffersonville Historic District opportunity zone. The Walcott will include a mix of studio, one- and two-bedroom units. Community amenities will include a resort-style pool, fitness center, Internet café, rooftop terrace and pet spa. Completion is slated for mid-2020.
NASHVILLE, ILL. — Stan Johnson Co. has brokered the $15.5 million sale of a 276,887-square-foot manufacturing facility in Nashville, about 55 miles east of St. Louis. Grupo Antolin, an automotive parts supplier, has occupied the building for 30 years and recently completed an expansion and renovation. Mike Sladich and Mollie Alteri of Stan Johnson Co. represented the seller, Agracel Inc. Jason Powell and Colin Couch of Stan Johnson Co. represented the buyer, a Blufton, S.C.-based private investment group managed by David Strong and Nick Dzendzel.
OCEANSIDE, CALIF. — HFF has arranged $155 million in construction financing for the ground-up development of two oceanfront hotels in Oceanside. The developer/borrower is S.D. Malkin Properties. Situated on a 2.7-acre, two-block site along Mission Avenue and North Pacific Street, the two hotels will offer immediate access to the beach and a total of 387 rooms, 85 percent of which will have water views. Destination Resorts will operate one of the hotels, while Joie de Vivre will operate the other. Hyatt owns both brands. The property operated by Destination Resort will feature 226 rooms, a signature restaurant, indoor/outdoor lounge, pool with ocean views, luxury spa and more than 20,000 square feet of meeting and event space. The hotel operated by Joie de Vivre will feature 161 guest rooms, a rooftop pool and bar, a world-class restaurant, public garden and 3,000 square feet of retail space, as well as the historic 1887 Graves House, which will be renovated and open to the public. Timothy Wright, Scott Hall, Olga Walsh and Aaron Lapping of HFF placed the construction financing with Bank OZK and an East Coast-based institutional investor for the borrower.
POMONA, CALIF. — C.W. Drive Cos. has completed the construction of a new student services building at California State Polytechnic University, Pomona. The three-story, 138,400-square-foot structure consists of two buildings beneath an undulating roof, which uses solar power to regulate the building’s temperature and energy efficiency. Designed by CO Architects, the curved steel and concrete roof regulates the building’s temperature through its solid and perforated panels. Additionally, the roof shades the exterior glass windows, reducing glare and maximizing natural light. Serving as the new “front door” to the university, the $73 million building plays a critical role in the long-term development of the university, increases operational efficiency and enables growth. The property replaces former student services and administration areas and consolidates key departments located elsewhere on campus. The building will also serve as a one-stop service center to facilitate access, increase visibility and streamline operations for students and staff.
