SPRINGFIELD, N.J. — Cronheim Mortgage has secured a $5 million loan to refinance an 80,000-square-foot retail center in Springfield. The seven-acre property was built in 1972 and renovated in 1995. Currently the center is fully occupied by Christmas Tree Shoppes. Cronheim secured the 15-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was American United Life Insurance Co.
HILLSBOROUGH, N.J. — Third-party logistics and distribution company Barrett Distribution Centers has signed a 171,560-square-foot lease at Midpoint Logistics Center, a 750,000-square-foot industrial facility in Hillsborough. Located at 152 Route 206, the property was developed by Los Angeles-based Industrial Realty Group. Ben Shapiro, Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine and David Gheriani of CBRE represented Industrial Realty Group in the transaction. Chris Hile of Jones Lang LaSalle represented Barrett Distribution Centers.
EATONTOWN, N.J. — Stafford Smith Realty has arranged the $4.4 million sale of Tower Market Shopping Center in Eatontown. Located at 37 Highway 35, the 23,000-square-foot, fully leased shopping center is anchored by Dollar General. Ray Smith of Stafford Smith Realty represented the seller, Eatontown Commons Associates, in the transaction. The buyer was Binyan Partners of New York. A façade renovation is planned as well as further upgrades.
PORTLAND, ORE. — Bridge Development Partners has entered the Portland market with the acquisition of a 35-acre land parcel, located at 775 NE Columbia Blvd., for an undisclosed price. The company plans to construct Bridge Point I-5 – Portland, a two-building industrial park. The property will feature an approximately 425,000-squre-foot building and an approximately 225,000-square-foot facility. The 425,000-square-foot facility will feature 36-foot clear heights with 100 trailer stalls, ideally for distribution-oriented tenants in the 150,000-square-foot to 425,000-square-foot range. The second building will feature 32-foot clear heights and 36 trailer stalls, tailored to distribution, manufacturing and industrial tenants with small needs for space — as little as 20,000 square feet. Bridge expects to deliver the project in late 2020. Tom Talbot, Zach Francis and Karla Hansen of Kidder Mathews represented the buyer, while Brian Mitchell of Macadam Forbes represented the seller, Hanson Pipe, in the transaction.
LACEY, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $70 million in combined construction and permanent loan financing to AVS Communities. The funds are for development of The Reserve at Lacey, a 241-unit affordable housing property in Lacey, about 60 miles southwest of Seattle. Apartments will serve seniors age 55 or older who earn 60 percent or less of the area median income (AMI). KeyBank paired a $40 million construction loan with a $30 million private placement forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.
BAKERSFIELD, CALIF. — Colliers International has directed the sale of an industrial distribution center, located at 5801 District Blvd. within the Stockdale Industrial Park in Bakersfield. OLP Bakersfield Ca LLC, a private investor, acquired the property from ICI Property LLC for $10.8 million. Built in 1980 and situated on 15.4 acres, the 220,180-square-foot property features 24-foot to 28-foot clearance, expandable loading, sufficient power, secured outside yard areas and proximity to rail service. Men’s Wearhouse occupies the single-tenant property on an NNN lease basis. Patrick Barnes, Stephen Haupt, Christopher Maling and David Maling of Colliers represented the buyer and seller in the transaction.
LAS VEGAS — City Sunstone Properties has completed the sale of Blue Diamond Marketplace, a neighborhood retail center located at 8030-8180 Blue Diamond Road in Las Vegas. A company advised by CenterSquare Investment Management acquired the property for an undisclosed price. At the time of sale, the six-building property was 100 percent occupied. Tenants at the 71,651-square-foot center include Auto Zone, 7-11, Taco Bell, Great Clips, Bank of America, Cricket Wireless, State Farm, Babystacks Café, Capriotti’s Sandwich Shop and Rounders Pub. Michael Zobrist, Nelson Tressler and Scott Price of Newmark Knight Frank represented the seller in the deal.
YUMA, ARIZ. — Orion Investment Real Estate has arranged the sale of a restaurant property, located at 590 E. 16th St. in Yuma. Edwards Corral LLC sold the property to an undisclosed buyer for $4.1 million, or $413 per square foot. Golden Corral Buffet & Grill has occupied the 10,015-square-foot property since mid-2004. Judi Butterworth of Orion represented the seller in the transaction.
CHICAGO — SVN | Chicago Commercial has arranged the sale of a loft office building located at 327 N. Aberdeen St. in Chicago’s Fulton Market for $8.1 million. The 27,895-square-foot property is located one block from Google’s Midwest headquarters and three blocks from McDonald’s new headquarters. Chad Schroedl, Drew Dillon and Scott Maesel of SVN represented the seller.
MILWAUKEE — Founders 3 Real Estate Services has been awarded the leasing assignment for Hardware HQ, a mixed-use development in Milwaukee. Purchased in 2015 by WiRED Properties and Phelan Development, the building housed National Ace Hardware for nearly 30 years. Prior to that, it was home to Charles H. Stehling Co. Building ownership has teamed up with Rinka Architects to modernize the building into office space and ground-floor retail. Last year, Milwaukee Motorcycle Co. committed to 14,000 square feet on the first floor for a Harley Davidson location. The showroom space will offer motorcycle and bike sales, merchandise, service and rentals. Ned Purtell, Steve Pape and Jenna Maguire of Founders 3 are marketing the remaining 72,125 square feet for lease.