Property Type

Private Investor to Develop 31,500 SF Food Hall, Parking Garage in Downtown Houston

by Taylor Williams February 6, 2018

HOUSTON — An undisclosed private investor will develop Lyric Market, a 31,500-square-foot food hall that will be located at the corner of Louisiana and Preston streets in downtown Houston. The development includes the construction of an 801-space parking garage. Set to open this fall, the concept will include a bakery, sushi bar, ice cream shop and wine and cocktail bars. Matthew Putterman of HFF arranged an undisclosed amount of construction financing on behalf of the developer through Origin Bank.

February 6, 2018

Industrial New York Northeast

Cushman & Wakefield Brokers $135M Sale of Industrial Portfolio in New York

by Amy Works February 6, 2018

LONG ISLAND, N.Y. — Cushman & Wakefield has arranged the sale of a 50 percent interest in a 3.6 million-square-foot industrial portfolio in Nassau and Suffolk counties. The properties had been owned in a joint venture comprising Cammeby’s and FBE. Cammeby’s acquired the 50 percent of the portfolio owned by FBE for $135 million. The 38-building portfolio is close to 90 percent occupied. Tenants include Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday. The portfolio offers a mix of industrial, office and research and development space. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Stephen Palmese of Cushman & Wakefield brokered the transaction.

February 6, 2018

Industrial New York Northeast Office

Barone Management Breaks Ground for 100,000 SF Spec Development in Long Island City

by Amy Works February 6, 2018

NEW YORK CITY — Barone Management, as developer and contractor, has broken ground for a speculative development located at 9-03 44th Road in Long Island City. The three-story, 100,000-square-foot building will feature office and industrial/flex space, as well as frontage on four streets and city and water views. Designed by JLS Designs, the project is slated for completion in September 2019. CBRE has been retained as the exclusive leasing agent for the project.

February 6, 2018

Loans Massachusetts Multifamily Northeast

KeyBank Secures $10.7M in Financing for Boston Apartment Complex

by Amy Works February 6, 2018

BOSTON — KeyBank Real Estate Capital has secured a $10.7 million Freddie Mac first mortgage loan for an apartment building located at 601 Albany St. in Boston. Built in 2009, the building features 40 apartment units, one ground-floor commercial unit and a ground-floor parking garage. Chris Black of Key’s National Multifamily Accounts Group arranged the non-recourse financing with a 10-year, interest-only term. The loan was used to refinance existing debt.

February 6, 2018

Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $7.7M Sale of 50-Unit Apartment Complex in Lodi, New Jersey

by Amy Works February 6, 2018

LODI, N.J. — Gebroe-Hammer Associates has brokered the sale of a multifamily complex located at 82 Constant Ave. in Lodi. A private investor acquired the property from Arthur Holding Co. for $7.7 million. The two-story, three-building complex features 48 one-bedroom units and two two-bedroom apartment units. Greg Pine and Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer in the transaction.

February 6, 2018

Multifamily New York Northeast

Redwood Realty Negotiates $2.1M Sale of Apartment Building in Yonkers, New York

by Amy Works February 6, 2018

YONKERS, N.Y. — Redwood Realty Advisors has arranged the sale of an apartment building located in Yonkers. A family estate sold the property to an undisclosed buyer for $2.1 million. The building features 17 apartments. Michael Scrima and Thomas Gorman of Redwood Realty Advisors represented the seller in the deal.

February 6, 2018

Illinois Midwest Office

GlenStar to Undertake $28M Redevelopment of 1 MSF Office Property in Schaumburg, Illinois

by Kristin Harlow February 6, 2018

SCHAUMBURG, ILL. — GlenStar Properties will undertake a $28 million redevelopment of Schaumburg Corporate Center in Illinois. Plans call for the construction of a new parking deck that can accommodate 500 autos and a temperature-controlled skybridge; nine modern speculative suites ranging in size from 1,700 square feet to 33,000 square feet; a 10,000-square-foot conferencing center; a club room with ping pong, pool and foosball tables; a new spiral staircase; and a new entry. GlenStar will also update the lobbies, elevators, deli and signage. The centerpiece of the complex, the 17,000-square-foot glass atrium, will be outfitted with new finishes, furniture and fixtures. The developer will also add a large video screen and update the ceilings and lighting. The project is slated for completion by the end of this year. GlenStar acquired Schaumburg Corporate Center in March 2017. Developed in the early 1980s, the property consists of three separate buildings for a combined 1 million square feet. The property is 74 percent leased by tenants such as Pepsi, Verizon Wireless, Motorola Employees Credit Union, American Agricultural Insurance Co. and Roanoke Insurance Group.

February 6, 2018

Loans Michigan Midwest Student Housing

KeyBank Provides $27.7M Acquisition Loan for Student Housing Property in Ann Arbor, Michigan

by Kristin Harlow February 6, 2018

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $27.7 million Fannie Mae loan for the acquisition of 411 Lofts in Ann Arbor. The student housing property is located less than a quarter-mile from the University of Michigan campus. Built in 2009, the 97-unit property features 4,264 square feet of ground-floor retail space. Caleb Marten and Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 6, 2018

Loans Midwest Minnesota Seniors Housing

Rosemount Senior Living Receives $13.7M Loan to Refinance 92-Unit Property in Rosemount, Minnesota

by Kristin Harlow February 6, 2018

ROSEMOUNT, MINN. — Dougherty Mortgage LLC has provided a $13.7 million Fannie Mae loan for the refinancing of The Rosemount Senior Living at Steeple Center in Rosemount, about 25 miles south of Minneapolis. The 92-unit seniors housing property offers a variety of living options, including independent and assisted living, and memory care. Residents have access to a range of amenities including a fitness room, beauty salon, lounge area, memory care garden, children’s play area, multipurpose event room and on-site library. Dougherty’s Minneapolis office originated the 12-year loan, which features a 30-year amortization schedule. Rosemount Senior Living Associates I LLC was the borrower.

February 6, 2018

Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 41,803 SF Industrial Building in Lincolnshire, Illinois

by Kristin Harlow February 6, 2018

LINCOLNSHIRE, ILL. — Entre Commercial Realty LLC has brokered the sale of a 41,803-square-foot industrial building in Lincolnshire. The sales price was not disclosed. Security Lock Distributors, an electrical and mechanical door hardware company, purchased the facility. The distributor’s current facility in Buffalo Grove is available for lease. The Lincolnshire property, located at 640 Heathrow Drive within the Lincolnshire Business Park, features four interior docks, 4,280 square feet of office space and a clear height of 21 feet. Brian Bocci of Entre represented Security Lock Distributors. Jason Talanian of Glenwood Commercial Real Estate represented the undisclosed seller.

February 6, 2018

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