LOS ANGELES — Marcus & Millichap has facilitated the sale of a retail property located at 9563 W. Pico Blvd. in Los Angeles. CRD Pico Associates acquired the property from a private investor for $2.8 million. The property features 5,000 square feet of retail space. Brandon Michaels and Andrew Leff of Marcus & Millichap represented the seller and buyer in the deal.
ARROYO GRANDE, CALIF. — ALDI Food Market has signed a lease for retail space at the corner of East Grand Avenue and South Elm Street in Arroyo Grande. Grand & Elm Properties leased the 23,931-square-foot space to the grocer. Nick Frechou and Mike Arfsten of Retail California brokered the transaction.
LOPATCONG AND PHILLIPSBURG, N.J. — CBRE has negotiated the sale of I-78 Logistics Park, a 365-acre master-planned development located along the Interstate 78/81 corridor in Lopatcong and Phillipsburg. Opus Investments/KTV Inc. sold the property to Bridge Development Partners for $43 million. Situated at 942 Memorial Parkway, the property has approvals in place for the construction of 3.8 million square feet of warehouse and distribution space. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners represented the seller in the transaction.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $16.5 million acquisition and construction financing package collateralized by a partially constructed hotel development in Long Island City in Queens. The borrower, an affiliate of Sam Chang’s McSam Hotel Group, purchased 38-04 11th St. and plans to construct a 148-key hotel comprising 55,630 square feet on the site. McSam Hotel Group acquired the site with approvals and a completely built foundation. The borrower plans to complete construction of the building within approximately 15 to 18 months. MRC funded $4 million at closing for the site acquisition, and the company has committed to fund an additional $12.5 million to complete construction of the project. The $16.5 million financing package represents approximately 70 percent of the total project cost.
SYRACUSE, N.Y. — Arbor Realty Trust has funded a $41.6 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a skilled nursing facility located in Syracuse. Alexander Kaushansky of Arbor Realty Trust arranged the financing for the borrower, VestraCare. The borrower acquired the 440-bed facility from a Chicago-based seller. The buyer plans to appoint a new property administrator, retrain staff, rebrand the community and invest more than $4 million in capital improvements as part of an overall repositioning strategy. Evan Goldenberg of EBEX Holdings assisted all parties in the financing. Ari Dobkin of Meridian Capital Group also assisted in the financing.
PHILADELPHIA — Silver Arch Capital Partners has secured a $15 million land loan for the acquisition of two development sites, known as 1401 and 1401 R-S- Christopher Columbus Blvd. in South Philadelphia. The undisclosed borrower plans to develop up to 235 townhouses on the 22.9-acre site along the Delaware River, boat slips for owners’ watercraft, outdoor recreational activity areas and a riverfront cafe. Jeffrey Wolfer of Silver Arch Capital Partners arranged the financing for the borrower.
CICERO, N.Y. — An entity operated by Charterhouse Development Corp. has purchased a retail property located at 7939 Brewerton Road in Cicero. Cicero ECK LLC sold the property for $2.7 million. Rite Aid occupies the 11,180-square-foot property.
FORT LAUDERDALE, FLA. — Trez Forman Capital Group has provided an $85 million construction loan for the development of 4 West Las Olas, a 360-unit apartment community in Fort Lauderdale. Brett Forman of Trez Forman originated the loan on behalf of the developer, a joint venture between Elevate Partners and NCC Development Group. Trez Forman previously provided a $6 million acquisition loan to the joint venture when it purchased the 1-acre site in mid-2017. Trez Forman will assume the land loan as part of the new construction loan. An existing 64,500-square-foot office building will be demolished to clear the site for construction of 4 West Las Olas. The community will also feature 12,000 square feet of retail space and 387 parking spaces. Moss & Associates is the project’s general contractor, and Greystar will manage the community.
BALTIMORE — Dallas-based TIER REIT has sold 500 East Pratt, a 280,000-square-foot office building in Baltimore, for $60 million. Boca Raton, Fla.-based Morning Calm Management acquired the 13-story building, according to the Baltimore Sun. The building was constructed in 2005 and was 93 percent leased at the time of sale to tenants such as CohnReznick LLP, Saul Ewing, Deloitte, JLL, UBS and McGuire Woods. The sale marks TIER REIT’s exit from the Baltimore market, and reduces the number of markets in which the company operates to six.
WASHINGTON, D.C. — Natixis has provided a $46.3 million loan to Normandy Real Estate Partners for the refinancing of 1015 18th St. N.W., a 109,650-square-foot office building in Washington, D.C,’s Central Business District. A joint venture between Normandy Real Estate Partners and NTT Urban Development Corp. acquired the property in 2015, and renovated the asset from Class B to Class A. Originally constructed in 1970, the building was updated to include a new glass curtainwall façade, new two-story lobby, new base building mechanical and ventilation systems, renovated bathrooms and the addition of a 5,000-square-foot rooftop amenity suite and terrace. The building is situated three blocks from the White House, with immediate access to four Metro lines. The property features ground-level retail space, a fitness center, outdoor space and a below-grade parking garage with 118 spaces.
