CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of a retail building located at 10472 E. Easter Ave. in Centennial. New Horizon Real Estate Development – Colorado purchased the property from BMJ & Associates for $1.7 million. The building features 11,000 square feet of retail space. Michael Lindermann and Carolyn Martinez of NKF represented the buyer in the deal. Fidelity National Title Co., Key Real Estate Group and CBRE also participated in the transaction.
CHANDLER, ARIZ. — The Silver Group has brokered the sale of a single-tenant retail property located at 4314 E. Chandler Blvd. in Chandler. A local buyer acquired the property from a West Coast-based seller for an undisclosed price. The property consists of a freestanding, 6,500-square-foot building, which O’Reilly Auto Parts occupies. CSK Auto developed and occupied the property, which the undisclosed seller acquired in 2000. O’Reilly Auto later acquired CSK, forming the nation’s third largest auto parts retailer operating 5,000 locations in 47 states. The Silver Group represented the buyer and seller in the deal.
CHICAGO — Colliers International has brokered the sale of a five-building, 666,079-square-foot industrial portfolio in metro Chicago for an undisclosed price. The properties include: 550 and 600 North Commons in Aurora; 710-854 Foster Ave. in Bensenville; 1400-1538 Elmhurst Road in Elk Grove Village; 3456 Ridge Ave. in Arlington Heights; and 8220 Austin Ave. in Morton Grove. At the time of sale, the buildings were 85 percent leased to a roster of 77 tenants including Advocate Health, Amazon and Crawford Murphy & Tilly. Patrick Turner, Tom Rodeno and Matthew Stauber of Colliers represented the buyer, Clear Height Properties. American Landmark Properties was the seller.
ILLINOIS, INDIANA AND WISCONSIN — Berkadia has arranged the $41.5 million sale of the Tristate Portfolio, a 545-unit multifamily portfolio located in Illinois, Indiana and Wisconsin. The properties include: the 184-unit Garden Quarter in Elgin, Ill.; the 123-unit Glacier Hills in Madison, Wis.; the 138-unit Arbor Crossing in Valparaiso, Ind.; and the 100-unit Barrington Bridge in Chesterton, Ind. Glacier Hills was constructed in 1989, while the other properties were built in the 1970s. Alex Blagojevich, Ralph DePasquale, Chris Bruzas and Parker Stewart of Berkadia represented the undisclosed seller. Two separate buyers purchased the portfolio.
TROY, MICH. — Greystone has provided a $36.3 million HUD loan for the refinancing of Gables of Troy, a 544-unit apartment property in Troy. The property features amenities such as a pool, hot tub, tennis court, fitness center and covered parking. Cary Belovicz and Steve Van Riper of Greystone Bel Real Estate Advisors and John Marr of Greystone originated the loan on behalf of Kaftan Communities. The loan, fully amortized over 35 years, is part of HUD’s green program.
EDWARDSVILLE, ILL. — Contegra Construction Co. has completed a new $26 million distribution facility at Gateway Commerce Center near St. Louis. Dubbed Gateway East 594, the 593,940-square-foot property features a clear height of 36 feet, 66 dock doors and two drive-in doors. This is the fifth distribution facility jointly developed by TriStar Properties and PCCP at Gateway Commerce Center, which now spans more than 15.2 million square feet. Ed Lampitt of Cushman & Wakefield is handling lease-up of the property. Gray Design Group was the project architect while Stock & Associates Consulting Engineers Inc. was the civil engineer.
MICHIGAN — KeyBank Real Estate Capital has provided an $18.8 million CMBS loan for the refinancing of an eight-property self-storage portfolio in Michigan. Known as Berger U-Store Portfolio, the assets total 3,176 units and 431,755 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the 10-year loan, which will be used to refinance existing debt on seven of the properties and acquire the remaining property.
HACKENSACK, N.J. — The Hampshire Companies, along with joint venture partners Claremont Cos., NAI James E. Hanson and construction lender Provident Bank, have broken ground on a 119,000-square-foot mixed-use project in Hackensack at 383-389 Main St. The five-story building will consist of 82 residential units and feature 3,500 square feet of retail space. The target date for completion is fall 2019. Amenities will include a gym, indoor lounge areas, public outdoor terrace and bicycle storage. Designed by architect Minervini Vandermark, the project will be known as 389 Main. The project is part of Hackensack’s Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders and real estate professionals. The plan designated a 163-acre area of the city that encompasses 389 properties in need of rehabilitation as a redevelopment zone to attract real estate investment to the city across the retail, residential, office and mixed-use sectors.
WEST BOYLSTON, MASS. — The Stubblebine Co./CORFAC International has negotiated the $6.9 million sale of 180 Shrewsbury Street, a 149,000-square-foot industrial building in West Boylston, about eight miles north of Worcester. David and James Stubblebine represented both the seller, WRT Management, and the buyer, 180 Shrewsbury Street LLC, in the transaction. The high-bay distribution building is leased on a long-term basis to Bunzl Distribution.
POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the sale of a mixed-use portfolio in Poughkeepsie for $1.5 million. The portfolio consists of three buildings: 509-513 Main St., a 12-unit mixed-use building; 30 Kelsey Road, a five-unit residential property; and 82-84 Garden St., a six-unit apartment building. Chip Collins of Marcus & Millichap represented the buyer and seller in the transaction, both private investors.