Property Type

JV to Break Ground on Next Phase of 750,000 SF Shopping Center in Hawaii

by Nellie Day February 1, 2018

KAPOLEI, HAWAII — DeBartolo Development, in partnership with OPTrust and the Department of Hawaiian Home Lands (DHHL), will break ground this month on the next phase of Ka Makana Ali’i, a more than 750,000-square-foot shopping center in Kapolei. Dubbed The Grove, the 109,000-square-foot phase will be home to healthy lifestyle retailers, restaurants and services, including Foodland Farms, Hawai’i Pacific Health and PetSmart. The Grove will be located adjacent to 24 Hour Fitness. The Macy’s-anchored Ka Makana Ali’i opened in 2016 and is home to more than 125 retailers and restaurants, including a Consolidated Theatres. In addition, the center is home to the state’s first Hampton Inn & Suites by Hilton. Swinerton Builders Hawai’i is the project’s general contractor, and HTH Architects and Architects Hawai’i Limited are the project architects. JLL will handle leasing assignment for The Grove, which is expected to open in 2019.

February 1, 2018

Loans Multifamily Oregon Seniors Housing Western

Harborview Arranges $13.3M Construction Loan for Seniors Housing Community in Oregon

by Nellie Day February 1, 2018

OREGON — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $13.3 million loan for the construction of an 84-unit assisted living and memory care community in Oregon. Avi Begun of Harborview closed the transaction for the Oregon-based client.

February 1, 2018

Connecticut Loans Northeast Retail

Cronheim Mortgage Secures $22.5M Loan for Retail Center in Shelton, Connecticut

by Amy Works February 1, 2018

SHELTON, CONN. — Cronheim Mortgage has arranged $22.5 million in permanent financing for The Center at Split Rock, a neighborhood retail property located in Shelton. The 10-year loan amortizes over a 30-year period and was structured with a fixed rate of 4.12 percent. Situated on 11.7 acres, the 91,197-square-foot property was constructed in 2007 and is 99 percent leased to more than 20 tenants. Current tenants include Walgreens, Outback Steakhouse, Orange Theory Fitness and Mattress Firm. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and placed the loan for the undisclosed borrower.

February 1, 2018

Industrial Massachusetts Northeast

JLL Arranges $21.7M Sale of Distribution Center in Peabody, Massachusetts

by Amy Works February 1, 2018

PEABODY, MASS. — JLL has brokered the sale of a distribution center located at 1 Technology Drive in Peabody. Normandy Real Estate Partners sold the property to a partnership between AEW and Griffith Properties for $21.7 million. With access to Route 128 and Route 1, the property features 186,591 square feet of distribution and freezer space. Frank Pets and George Gregory of JLL represented the seller in the transaction.

February 1, 2018

Delaware Northeast Office

Patterson-Woods Commercial Facilitates $1.9M Sale of Office Building in Wilmington, Delaware

by Amy Works February 1, 2018

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the sale of an office building located at 913 Delaware Ave. in Wilmington. Washington Street Realty Co. sold the property to 913 Delaware Avenue, a Series of KD Financial LLC for $1.9 million. The single-story property features 8,100 square feet of office space. Bart Mackey of Patterson-Woods Commercial represented the seller in the deal.

February 1, 2018

Massachusetts Northeast Retail

SVN/Parsons Commercial Acquires Retail Plaza in Ashland, Massachusetts

by Amy Works February 1, 2018

ASHLAND, MASS. — SVN/Parsons Commercial Group/Boston has purchased a retail plaza located at 310 Pond St. in Ashland for an undisclosed price. The plaza features a 31,000-square-foot building and a 5,000-square-foot freestanding building situated at the front of the plaza. Additionally, SVN/Parsons secured a long-term deal with Habitat for Humanity – ReStore to occupy the property. Other tenants include Domino’s. Garrett Quinn of SVN/Parson provided in-house representation for the buyer, while Richard Diamond of The Diamond Group represented the seller, Saxon Partners, in the deal.

February 1, 2018

Industrial New Jersey Northeast

NAI Hanson Negotiates 1031 Exchange Sale of Two Flex Buildings in Saddle Brook, New Jersey

by Amy Works February 1, 2018

SADDLE BROOK, N.J. — NAI James E. Hanson has brokered the sale of two industrial/flex buildings located in Saddle Brook in a 1031 exchange. The properties are a 10,200-square-foot building at 431 N. Midland Ave., which features 3,300 square feet of office space, 4,700 square feet of high-tech space and 2,200 square feet of warehouse space; and a 24,000-square-foot building at 435 N. Midland Ave., which features 4,000 square feet of office space, two tailgate loading docks and 14-foot ceilings. Anthony Cassano of NAI Hanson represented the undisclosed seller, while Kenneth Lundberg and Patrick Lennon, also of NAI Hanson, represented the undisclosed buyer in the transaction.

February 1, 2018

Hospitality Illinois Loans Midwest

Mesa West Capital Provides $48M Refinancing for Talbott Hotel in Chicago

by Kristin Harlow February 1, 2018

CHICAGO — Mesa West Capital has provided a $48 million loan for the refinancing of the newly renovated Talbott Hotel in Chicago. The borrower, Sterling Bay, acquired the 16-story hotel in the fall of 2015. Sterling Bay completed a renovation of the lobby, common areas and guest rooms and added a restaurant, fitness center and 29 new rooms to rebrand the property into a 178-room boutique hotel. The hotel reopened in May 2017. The non-recourse loan will allow Sterling Bay to stabilize the hotel over the course of the five-year loan term, according to Matthew Snyder, vice president of Mesa West. Snyder and Brian Hirsh originated the loan.

February 1, 2018

Illinois Midwest Restaurant Retail

McDonald’s Reveals New Design for Chicago Flagship Restaurant

by Kristin Harlow February 1, 2018

CHICAGO — McDonald’s has unveiled exterior and interior designs for the brand’s flagship restaurant at Clark and Ontario streets in Chicago. The former rock ‘n’ roll-themed restaurant closed in late December. The new restaurant will feature self-order kiosks, table service and mobile order and payment. The nearly 19,000-square-foot restaurant, designed by Chicago-based Ross Barney Architects, will be constructed of steel and wood timber. The restaurant will feature green spaces and energy-saving features in efforts to become LEED certified. The redesigned restaurant is slated to reopen this spring. McDonald’s is also in the process of moving its headquarters to Chicago from Oak Brook, Ill.

February 1, 2018

Indiana Midwest Retail

Regency Properties Acquires Three Shopping Centers Totaling 253,267 SF in Indiana

by Kristin Harlow February 1, 2018

COLUMBIA CITY, MONTICELLO AND WABASH, IND. — Regency Properties has acquired three shopping centers in northern Indiana for an undisclosed price. The acquisition will add a combined 253,267 square feet to the company’s portfolio of properties. The 123,340-square-foot Columbia Square Shopping Center is located at 621 Countryside Drive in Columbia City. Anchored by Kroger, additional tenants at the property include Family Dollar, Goody’s, Rent-A-Center and Tires Plus. In Monticello, the 107,164-square-foot Monticello Marketplace is located at 900 N. Main St. Tenants include Kroger, Label Shopper, Pizza Hut, Ace Hardware and Anytime Fitness. Wabash Crossing East Shopping Center is a 22,763-square-foot center located at 1611 N. Cass St. in Wabash. Positioned by Highway 24, this center features Wabash County Hospital among other tenants.

February 1, 2018

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