PAPILLION AND FREEMONT, NEB. — NorthMarq Capital has arranged three separate loans totaling $10.3 million for three properties in Nebraska. Steve Ruff of NorthMarq arranged a $1.1 million loan for the refinancing of a 10,760-square-foot office property located at 1716 Charleston Drive in Papillion. A life insurance company provided the 15-year loan, which is fully amortized. Bob Chalupa arranged a $5.6 million acquisition loan for Deerfield Clubhouse Apartments in Freemont. The 122-unit apartment property is located at 1021 S. Howard Road. A life insurance company provided the 10-year loan, which features a 25-year amortization schedule. Chalupa also arranged a $3.5 million loan for the acquisition of Conestoga Crossing Apartments in Freemont. The 96-unit apartment property is located at 740-842 N. Michael St. A life insurance company provided the 10-year loan, which features a 25-year amortization schedule. Borrowers were not disclosed.
AURORA, ILL. — Apex Warehouse Systems LLC has signed a 107,600-square-foot industrial lease at 631 W. Park Ave. in Aurora. The warehouse will serve as additional storage space for the materials handling and storage equipment company. The 342,268-square-foot building features outdoor storage space, 10 exterior docks, 10 drive-in doors and seven cranes. The property includes easy access to I-88. Richard Daly of Darwin Realty represented the tenant in the lease transaction. Joe Karmin and Justin Lerner of Transwestern represented the owner, Transbulk Real Estate LP.
MOUNT PROSPECT, ILL. — TEI Logistics LLC has signed a 78,700-square-foot warehouse lease in Mount Prospect, about 22 miles northwest of Chicago. The 237,350-square-foot property, located at 1400 Algonquin Road, features 12 exterior docks, one drive-in door and 8,000 square feet of office space. The El Paso, Texas-based company will relocate from its 61,780-square-foot location in Wood Dale in June. Tom Rodeno and Matthew Stauber of Colliers International represented the landlord, Clarion Partners. Christopher Nelson of Lee & Associates represented TEI.
SAVANNAH, GA. — A joint venture between ELV Associates, Mariner Group and Regent Partners has unveiled the development plans for a $600 million mixed-use project in Savannah. The joint venture originally acquired the site — formerly known as Savannah River Landing — in September 2017. The project will be renamed Eastern Wharf, a nod to the site’s history. The Savannah Eastern Wharves date back to the early 1800s, when Savannah was on the rise as one of the major ports on the East Coast. “It was important to our team that we were respectful of Savannah’s history,” says Trent Germano, a principal with Mariner Group. “When we started to learn about the site and the significant role it played in the early commerce of Savannah, we knew what direction we wanted to go.” The 57-acre site is located adjacent to downtown Savannah’s Landmark Historic District. The development plan outlines approximately seven acres of public open space including squares and a park along the Savannah River. The group plans to break ground on the first phase of Eastern Wharf this summer. Representing a $225 million investment, the first phase will include more than 300 apartment units; a 1,100-space parking garage; 40,000 square feet …
Metro Detroit’s office recovery continues to steadily march forward. Local and national commercial real estate investors are showing a renewed appetite for buying and renovating existing buildings, and even developing new product. The City of Detroit has experienced the quickest recovery, going from near stagnant activity with a vacancy rate of 21.5 percent to a single-digit vacancy of 8 percent with multiple new developments in the past eight years, according to CoStar Group. Dan Gilbert, founder of Quicken Loans and Rock Ventures, invested in about 90 Detroit properties, totaling 15 million square feet, which kicked off Detroit’s rehabilitation. This prompted several other companies to stake an interest in Detroit’s Central Business District. The resurgence continues, and today numerous projects are in development that appeal to millennials and empty nesters alike. Most of these projects are situated on Woodward Avenue, which has been the center of the area’s rebirth. Within a few blocks of this avenue reside most of the renovated office buildings, the stadium district, new shops, restaurants, entertainment venues and cultural institutions like the Detroit Institute of Arts, Charles H. Wright Museum and The Detroit Opera House. Currently, there are several multifamily projects in downtown Detroit such as Midtown …
ALLENTOWN, PA. — City Center Investment Corp. has opened Tower 6, a Class A office and retail building in downtown Allentown. Tower 6 is a 145,000-square-foot, 12-story, glass and steel building with floor-to-ceiling windows and is located at 600 Hamilton St. The building officially opened May 3. The building’s tenants include Bank of America Merrill Lynch, Avantor, Talen Energy, CrossAmerica Partners, NJR Energy Services, fedRFP and Morton Brown Family Wealth. The top of Tower 6 features Merrill Lynch signage. City Center Investment Corp. partnered with a number of Lehigh Valley companies to design and construct Tower 6, including Spillman Farmer Architects, RETTEW Engineering, Serfass Construction, DesignPoint, Offix Systems, Lutron, K&H Window Treatments, ESG Systems and CFI, a Knoll furniture dealer.
CHALFONT, PA. — Marcus & Millichap has brokered the sale of Grey Friars at Chalfont, a 78-unit apartment complex in Chalfont, about 30 miles north of Philadelphia. The property, which is located at 4106 Grey Friars Terrace, sold for $10.6 million. The buyer and seller were undisclosed. The garden-style apartment complex is comprised of eight two-story buildings set on nearly nine acres and includes 26 one-bedroom and 52 two-bedroom units.
NEW YORK CITY — Rosewood Realty Group has negotiated the sale of an office building in Jamaica, Queens for $9.2 million. The 16,791-square-foot building is located at 175-20 Hillside Ave. and was built in 1973. The four-story building is currently fully leased to St. Joseph’s Hospital, Labcorp and a pharmacy on the ground floor. The property also includes 30 outdoor parking spaces. Michael Guttman of Rosewood represented the seller, 175-20 Hillside LLC, in the transaction. Jacob Setton of Rosewood represented the undisclosed buyer.
MELVILLE, N.Y. — A&G Realty Partners has been retained to arrange the sale of all of The Bon-Ton Stores Inc.’s assets. The retailer, which has stores and leases in 23 states, filed for Chapter 11 bankruptcy in February. Melville-based A&G will arrange the transaction on behalf of a joint venture between Great American Group LLC, Tiger Capital Group LLC and Bon-Ton’s second lien noteholders. The joint venture acquired Bon-Ton’s assets in April after submitting the winning bid to the U.S. Bankruptcy Court for the District of Delaware. The retailer’s assets include 22 fee-owned properties, seven ground leases, and 194 leased properties with a significant amount of lease term remaining. The assets include 157 department stores at regional malls, 39 locations in open-air shopping centers, 16 freestanding stores, nine furniture galleries and two clearance stores, all operating under the Bon-Ton, Boston Store, Bergner’s, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates. Most of the company’s department stores range from 80,000 to 125,000 square feet, with some as large as 200,000 square feet. In addition to the stores, A&G is marketing the sale of five office facilities and four distribution centers, including a 1.1 million-square-foot fulfillment center in West Jefferson, Ohio.
SAN ANTONIO — Kairoi Residential, a San Antonio-based multifamily development and management firm, has acquired a portfolio of four multifamily properties totaling 1,210 units in the greater San Antonio area. Three of the communities are located near the South Texas Medical Center and USAA’s headquarters on the city’s northwest side. The fourth community is located adjacent to Lackland Air Force Base on the city’s southwest side. Kairoi plans to implement capital improvements at all four properties. The seller and property names were not disclosed.