Property Type

Triforce to Develop 14,000 SF Retail Center in Jacksonville

by John Nelson June 26, 2018

JACKSONVILLE, FLA. — Triforce Development is set to break ground on Tinseltown Plaza, a 14,000-square-foot shopping center located in Jacksonville. The development is an outparcel property at the Tinseltown Movie Theatre complex. Franklin Street’s North Florida office has secured three tenants for the center, including Noire The Nail Bar, Kazu Sushi Burrito and Soupa Saiyan. Each of the new retailers will occupy 2,000 square feet. Construction is scheduled to begin this fall, with completion expected in early 2019.

June 26, 2018

Loans Multifamily New York Northeast

Capital One Provides $20M Construction Loan for Multifamily Development in Chelsea

by David Cohen June 26, 2018

NEW YORK CITY — Capital One has provided a $20 million construction loan to Bernstein Real Estate for the development of a 24-story multifamily property at 211 W. 29th St. The property, which is located in the Chelsea neighborhood of Manhattan, will feature 38 free-market units, 17 affordable units and 3,150 square feet of ground floor retail space. Amenities at the building will include a 24-hour doorman, gym, bike room and a laundry room. Built on a former parking lot, the project will benefit from a 421-A real estate tax abatement with full taxes abated for 25 years.

June 26, 2018

Development Illinois Midwest Mixed-Use

Fifield, Terraco Begin Development of Logan’s Crossing Mixed-Use Project in Chicago

by Kristin Harlow June 26, 2018

CHICAGO — Fifield Realty Corp. and Terraco Real Estate have begun development of Logan’s Crossing, a mixed-use project in Chicago’s Logan Square neighborhood. Located at 2500 N. Milwaukee Ave., the development will include 220 apartment units and 62,000 square feet of retail space, including a 27,000-square-foot Target store. The property will span two buildings connected by a sky bridge. Amenities for apartment residents will include a sun terrace, pool, dog run, bocce ball court, fitness center, coffee bar and conference center. The project is being constructed on the site of the former Mega Mall indoor flea market, which was demolished in January 2017. Move-ins are slated for November 2019, with Target’s opening expected in summer 2020. Antunovich Associates is the project architect and Focus Construction is the general contractor.

June 26, 2018

Illinois Loans Midwest Multifamily

Pembrook Provides $20.3M Bridge Loan for Multifamily Portfolio in Chicago

by Kristin Harlow June 26, 2018

CHICAGO — Pembrook Capital Management LLC has provided a $20.3 million bridge loan for the acquisition and renovation of a 325-unit multifamily portfolio in southwest Chicago. Icarus Investment Group was the borrower. The portfolio, formerly owned by Cano Properties, consists of 23 Naturally Occurring Affordable Rental Housing (NOAH) properties. NOAH properties are generally considered to be affordable to families earning less than 80 percent of the area median income. HUD deems rents to be affordable if they are at or below 30 percent of a household’s median income. Icarus intends to complete improvements at the buildings and has agreed to continue to operate the properties as NOAH throughout the term of Pembrook’s loan. The properties feature ground-floor retail spaces. Currently the residential portion is 94.2 percent occupied.

June 26, 2018

Leasing Activity Midwest Missouri Retail

GBT Realty Unveils New Tenants at the Shoppes of Mid Rivers in St. Peters, Missouri

by Kristin Harlow June 26, 2018

ST. PETERS, MO. — GBT Realty Corp. has unveiled new tenants at the Shoppes of Mid Rivers in the suburban St. Louis community of St. Peters. Outback Steakhouse is currently under construction and a Blaze Fast Fire’d Pizza is slated to join the tenant lineup. Other new leases include Nail Lounge, SSM Physical Therapy and Uptown Cheapskate. These tenants are expected to open later this year. Current tenants at the 270,000-square-foot retail center include Academy Sports + Outdoor, HomeGoods, Ross Dress for Less, Marshalls and Ulta Beauty. The property is currently 92 percent leased.

June 26, 2018

Development Michigan Midwest Multifamily

NAI Wisinski Brokers Sale of 1.5-Acre Development Site for Apartment Project in Grand Rapids, Michigan

by Kristin Harlow June 26, 2018

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 1.5-acre development site located at 745 Stocking Ave. in Grand Rapids. The sales price was not disclosed. The buyer, Woda Cooper Cos., plans to tear down the current building onsite and develop a four-story, 50-unit apartment complex. Known as Seven45, the property will feature affordable apartments intended for those who make 30 to 60 percent of the area median income. The unit mix will include one-, two- and three-bedroom units. Stan Wisinski of NAI Wisinski represented the buyer and the seller, John VanTongeren, president of Ferris Nut & Coffee.

June 26, 2018

Development Midwest Missouri Restaurant Retail

Dairy Queen to Open in Kearney, Missouri

by Kristin Harlow June 26, 2018

KEARNEY, MO. — A Dairy Queen Grill & Chill franchisee has purchased 33,685 square feet of land for $775,000 to build a new ground-up Dairy Queen in Kearney, about 25 miles north of Kansas City. The property is located on the southeast corner of I-35 and Highway 92. The Dairy Queen is slated to open in September. Tony DeTommaso of Block & Co. Inc. Realtors represented the buyer. The seller was not disclosed.

June 26, 2018

Acquisitions Northeast Pennsylvania Retail

HFF Arranges $13.8M Sale of Retail Property in Suburban Pittsburgh

by David Cohen June 26, 2018

WEXFORD, PA. — HFF has arranged the $13.8 million sale of a 53,000-square-foot, single-tenant retail property in Wexford, approximately 17 miles north of Pittsburgh. Marc Mandel, Steve Schrenk, Coler Yoakam, Mark West and Michael George of HFF represented the seller, a REIT, in the transaction. A private East Coast buyer purchased the asset. Additionally, HFF secured an $8.5 million, 20-year, fixed-rate loan with Protective Life Insurance Company for the buyer. Levin Furniture occupies the building under a triple net lease that expires in 20 years.

June 26, 2018

Acquisitions Industrial New York Northeast

Cushman & Wakefield Brokers Sale of Warehouse in Brooklyn for $6.5M

by David Cohen June 26, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $6.5 million sale of 145 18th Street, a 16,577 square-feet brick warehouse in Brooklyn’s Greenwood Heights neighborhood. The property allows for 33,154 buildable square feet of commercial development, according to local zoning regulations. Winfield Clifford, William Barrett and Junji Miyake of Cushman & Wakefield represented the seller, Adel Rootstein USA, in the transaction. The buyer was SNL Storage. Nearby retailers include Costco, Home Depot, Lowe’s, Petco and ABC Carpet & Home.

June 26, 2018

Industrial Leasing Activity Massachusetts Northeast

NKF Secures 147,371 SF Lease Extension at Industrial Facility Near Boston

by David Cohen June 26, 2018

BEDFORD, MASS. — Newmark Knight Frank has secured a 147,371-square-foot lease extension with photonics company Novanta for their corporate headquarters at 125 Middlesex Turnpike in Bedford. Bedford is 20 miles northwest of Boston. NKF represented ownership, 125 Middlesex Turnpike LLC, in the transaction. Built in 1975 and renovated in 2009, 125 Middlesex Turnpike is a 147,371-square-foot, single-story, flex/manufacturing building that includes 75,000 square feet of office space. Novanta is a supplier of laser products, precision-motion and vision technologies and has occupied the property since 2008.

June 26, 2018

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