Property Type

Digital Map Products Leases Office Space at University Research Park in Irvine

by Nellie Day August 10, 2017

IRVINE, CALIF. — Digital Map Products has leased 22,000 square feet of office space at University Research Park in Irvine. The cloud-based location technology and data solutions provider will occupy an entire floor that was formerly home to chipmaker Broadcom. The research park is situated next to UC Irvine. Digital Map Products is working with local universities like UC Irvine to provide free access to the company’s technology. The campus also houses Irvine Co.’s tech incubator, The Vine, where startups have generated more than $24 million in funding, and UCI Applied Innovation.

August 10, 2017

New York Northeast Office

SL Green Sells 317,600 SF Office Building in Brooklyn to CIM Group for $171M

by Amy Works August 10, 2017

NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell 16 Court Street, a 317,600-square-foot office building in Brooklyn, for a gross sale price of $171 million. The buyer is CIM Group, a full-service real estate and infrastructure fund manager. The transaction is expected to close during the fourth quarter of this year. The sale will generate net cash proceeds of approximately $164 million. The 36-story building is currently 94 percent occupied. Darcy Stacom of CBRE represented SL Green in the deal.

August 10, 2017

Loans Multifamily New York Northeast

HFF Arranges $80M in Construction Financing for Condo Development in Manhattan

by Amy Works August 10, 2017

NEW YORK CITY — HFF has secured $80 million in construction financing for the ground-up development of a boutique condominium property located at 17 Jane St. in Manhattan’s West Village. Christopher Peck and Scott Aiese of HFF arranged the first mortgage and mezzanine loans for the borrower, Edward J. Minsoff Equities Inc. Designed by London-based David Chipperfield Architects, the property will feature a three-, four- and five-bedroom condominiums. Completion is slated for third quarter 2018.

August 10, 2017

New Jersey Northeast Office

Colliers Negotiates $6.2M Sale of Office Building in Hammonton, New Jersey

by Amy Works August 10, 2017

HAMMONTON, N.J. — Colliers International has arranged the sale of a three-story office building located at the intersection of Routes 30, 54 and 206 in Hammonton. Interstate Commercial acquired the property from Hammonton 1 LLC for $6.2 million. At the time of sale, the 33,000-square-foot property was fully occupied by South Jersey Family Medical Center and South Jersey Energy Solutions, a subsidiary of South Jersey Industries. Evan Zweben of Colliers represented the seller, while Dan Silverstri of Interstate Commercial provided in-house representation for the buyer.

August 10, 2017

Multifamily New Jersey Northeast

Houlihan-Parnes Realtors Brokers Sale of 197-Unit Apartment Community in Pennsville, New Jersey

by Amy Works August 10, 2017

PENNSVILLE, N.J. — Houlihan-Parnes has arranged the sale of Laura’s Glen Apartments, an apartment community located in Pennsville. The 197-unit property, along with an adjacent 26-acre land parcel, sold for an undisclosed price. Situated on 17 acres, the community features 10 two-story buildings offering a mix of one-, two- and three-bedroom apartments, ample parking, a swimming pool and playground. Stewart Wolf of Goldberg, Weprin, Finkel, Goldstrin LLP provided legal counsel for the seller, an investment group. The name of the buyer was not released. Robert Tiburzi and James Coleman of Houlihan-Parnes brokered the transaction.

August 10, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

NHI Provides $10M Acquisition Loan for 40-Unit Memory Care Community in New Hampshire

by Amy Works August 10, 2017

RYE, N.H. — National Health Investors Inc. (NYSE: NHI) has financed the acquisition of a 40-unit memory care community in Rye, located along the coast near the Maine border. The investment totaled $10 million. The borrower is Evolve Senior Living, a first-time partner for NHI. The property was built in 2013. The loan is secured with a first mortgage with an initial term of five years, renewal options and an interest rate of 8 percent. NHI funded the investment through its revolving credit facility. NHI has an option to purchase the property after 24 months if certain performance goals are achieved.

August 10, 2017

Michigan Midwest Office

CBRE Arranges Sale of Two-Building Office Portfolio in Troy, Michigan

by Kristin Harlow August 10, 2017

TROY, MICH. — CBRE has arranged the sale of Wilshire Plaza North and West in Troy, a northern suburb of Detroit. The sales price was $33 million, according to CoStar Group Inc. The two office buildings, comprising 349,625 square feet, are located at 900 and 1050 Wilshire Drive. The Class A portfolio was 90 percent leased at the time of sale. Tenants include SSOE Group, Meredith Corp., Harvey Kruse PC, Tyco Electronics Corp. and MasterCard, according to CoStar. Anne Galbraith Kohn of CBRE represented the seller, an international institutional owner. Group RMC purchased the portfolio, the company’s first office acquisition in Michigan.

August 10, 2017

Midwest Minnesota Multifamily Seniors Housing

Dominium Breaks Ground on 194-Unit Affordable Seniors Housing Community Near Minneapolis

by Kristin Harlow August 10, 2017

SPRING LAKE PARK, MINN. — Dominium has broken ground on the Legends of Spring Lake Park, a 194-unit affordable seniors housing community in Spring Lake Park, which is located 12 miles north of Minneapolis. The property will be situated on the former site of Goony Golf at 1066 County Highway 10 NE. The community will feature two- and three-bedroom units, along with amenities such as a community room, kitchen, craft room, beauty salon, library and fitness room. Completion is slated for fall 2018. Residents age 55 and older making less than 60 percent of the area median income will qualify for living at the community.

August 10, 2017

Industrial Midwest Wisconsin

Dickman Co. Negotiates Sale of 12,208 SF Industrial Building in Germantown, Wisconsin

by Kristin Harlow August 10, 2017

GERMANTOWN, WIS. — The Dickman Co. Inc. has negotiated the sale of a 12,208-square-foot industrial building in Germantown, about 25 miles northwest of Milwaukee. The sales price was not disclosed. The property is located on Fulton Drive. Price Properties LLC purchased the building from Moldmakers Leasing & Investments LLC. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman brokered the transaction.

August 10, 2017

Midwest Missouri Net Lease Retail

Pinnacle Brokers Sale of 9,100 SF Property Net Leased to Dollar General in Gravois Mills, Missouri

by Kristin Harlow August 10, 2017

GRAVOIS MILLS, MO. — Pinnacle Real Estate Advisors LLC has brokered the sale of a single-tenant retail property net leased to Dollar General in Gravois Mills, located in central Missouri. The sales price was not disclosed. The 9,100-square-foot property was constructed this year on a 4.4-acre site at 25568 Highway 5. The property is located on the Lake of the Ozarks, a Midwest lake resort destination. Dollar General has signed a 15-year lease, which features 10 percent rental escalations in each of the renewal option periods. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. Kevin Calame and Matt Lewallen of Pinnacle represented the purchaser, a Colorado-based 1031 exchange investor.

August 10, 2017

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