Property Type

Marcus & Millichap Brokers Sale of Two Multi-Tenant Retail Pads in Rialto, California

by Amy Works April 5, 2019

RIALTO, CALIF. — Marcus & Millichap has negotiated the sale of two multi-tenant retail pads at Rialto Marketplace, located at the southwest corner of Riverside and San Bernardino avenues in Rialto, two blocks north of Interstate 10. Scott Hook of Marcus & Millichap arranged the sale. Terms of the transaction were not released. Recently developed by Newmark Merrill Cos., the assets total 25,567 square feet. Tenants include Starbucks Coffee, GNC, Wingstop, Pieology Pizzeria and T-Mobile. Walmart Supercenter is the anchor tenant for Rialto Marketplace.

April 5, 2019

Loans Multifamily Washington Western

Hunt Real Estate Capital Provides $17M in Financing for Anew Terry Apartments in Seattle

by Amy Works April 5, 2019

SEATTLE — Hunt Real Estate Capital has funded a $17 million first mortgage bridge loan for the refinancing of Anew Terry Apartments, a multifamily property located in Seattle’s First Hill neighborhood. The borrower is 423 Terry Partners, an affiliate of Anew Apartments. Built in 1911 and redeveloped between 2016 and 2018, Anew Terry Apartments features 112 units. Property amenities include a community space on each floor, digital doorman, work spaces, fitness center with yoga room, dog washing station, outdoor patio with barbecue grills and fire pit, courtyard, ground-floor lounge and bike storage with repair station. Greg Piantanida and Ryan Heiberg of GP Realty Financing arranged the financing.

April 5, 2019

Acquisitions Colorado Development Office Western

Schnitzer West to Develop Speculative Office Project in Denver’s River North Art District

by Amy Works April 5, 2019

DENVER — Schnitzer West has purchased a land parcel, located at 3615 Delgany St. in Denver’s River North Art District, for an undisclosed price. The acquisition is the result of a partnership between Schnitzer West and Craft Cos., a Denver-based real estate firm. Schnitzer plans to develop a 12-story, 200,000-square-foot speculative office building on the 34,250-square-foot site. The current site design includes one level of underground parking, five levels of above-grade podium parking and seven floors of office space. The first phase of construction is scheduled to begin first-quarter 2020.

April 5, 2019

Acquisitions Lee & Associates New York Northeast Retail

Lee & Associates Brokers $32M Sale of Parking Garage in Manhattan

by David Cohen April 5, 2019

NEW YORK CITY — Lee & Associates has brokered the $32.2 million sale of a 50,000-square-foot parking garage in Manhattan’s Flatiron district. Located at 41-47 E. 21st St., the four-story garage is six blocks from the 4, 5, 6, L, N, Q, R and W trains. Steve Lorenzo, Mitchell Salmon and Christopher Ventura of Lee & Associates represented the buyer, Mequity Cos., in the transaction. Sidney Rosenthal of Lee & Associates represented the seller, Zucker Organization.

April 5, 2019

Massachusetts Multifamily Northeast Seniors Housing

HJ Sims Arranges $20M Refinancing for Seniors Housing Community Near Boston

by David Cohen April 5, 2019

CANTON, MASS. — HJ Sims has arranged $20 million in bonds to refinance Orchard Cove, a continuing care retirement community in Canton. Hebrew SeniorLife (HSL) operates the community, which opened in 1993. HJ Sims underwrote the original bonds to build the community in 1992, and has provided expansion financing and capital planning over the intervening years. The new transaction will refinance the community’s existing tax-exempt, fixed-rate bonds. Financing objectives included creating a level annual debt service schedule compared with the fluctuating existing schedule, and maximizing annual debt savings over the near term to fund community improvements without increasing the debt load. The maturity on the new bonds was extended and amortized over 30 years, but included a five-year call provision to maintain future flexibility. The maximum annual debt service was reduced by approximately $1.2 million, and aggregate debt-service savings over the next seven years will be $15.4 million, according to HJ Sims.

April 5, 2019

Acquisitions Industrial New Jersey Northeast

HFF Negotiates $8.5M Sale of Industrial Facility in New Jersey

by David Cohen April 5, 2019

HAMILTON, N.J. — HFF has negotiated the $8.5 million sale of a 76,220-square-foot industrial facility in Hamilton. Located at 17 Quakerbridge Plaza Drive, the fully leased facility is situated on more than 13 acres. Marc Duval, Jordan Avanzato, Mark Mahasky, Kevin O’Hearn, Steve Simonelli and Michael Oliver of HFF represented the seller, Matrix Development Group, in the transaction. The buyer was Black Creek Group.

April 5, 2019

New York Northeast Retail

Houlihan-Parnes Secures $1.7M Refinancing for Shopping Center in Ardsley, New York

by David Cohen April 5, 2019

ARDSLEY, N.Y. — Houlihan-Parnes Realtors has secured a $1.7 million loan to refinance Ardsley Shopping Center in Ardsley. Located at 717-725 Saw Mill River Road, the center, which is anchored by a CVS Pharmacy, is approximately 19 miles north of Manhattan. James J. Houlihan, Christie L. Houlihan and Bryan J. Houlihan of Houlihan-Parnes secured the financing on behalf of the undisclosed borrower. The lender was a local bank. Terms of the financing included a five-year term with a 4.6 percent interest rate.

April 5, 2019

Acquisitions Michigan Midwest Multifamily

CAPREIT Acquires 310-Unit Apartment Community in Fenton, Michigan

by Kristin Harlow April 5, 2019

FENTON, MICH. — CAPREIT has acquired Silver Lake Hills, a 310-unit apartment community near Silver Lake Park in Fenton. The purchase price was not disclosed. Floor plans range from 700 to 1,810 square feet. CAPREIT plans to renovate the community with new flooring, appliances, countertops and fixtures. Upgrades will also be made to the clubhouse, fitness center, pool and dog park. This is CAPREIT’s second community in Michigan, joining Kensington at Beverly Hills in Southfield.

April 5, 2019

Development Industrial Midwest Ohio

Messer Construction Buys Cincinnati Development Site, Plans to Construct 73,000 SF Industrial Building

by Kristin Harlow April 5, 2019

CINCINNATI — Messer Construction has purchased one-third of a development-ready industrial site from The Port of Greater Cincinnati Development Authority. In partnership with Terrex Development and Construction, Messer plans to build a 73,000-square-foot building. A groundbreaking is slated for this summer with completion in 2020. The project team also includes BHDP Architecture, Colliers International and Fifth Third Bank. The project represents a $6.5 million investment, according to Tim Steigerwald, Messer CEO. The site was formerly home to the Cincinnati Gardens property, which The Port purchased in July 2016.

April 5, 2019

Illinois Leasing Activity Midwest Retail

Tide Cleaners to Open Seventh Chicagoland Location

by Kristin Harlow April 5, 2019

LIBERTYVILLE, ILL. — Tide Cleaners will open its seventh Chicagoland location at Red Top Plaza in Libertyville. The property is situated at the southeast corner of Milwaukee Avenue and Red Top Drive. Allen Joffe of Baum Realty Group represented Tide in the lease transaction with the landlord, IRC. Tide offers 24-hour drop-off and pickup and has more than 128 locations nationwide.

April 5, 2019

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