Property Type

CBRE Arranges Sales of Four Office Buildings in Pennsylvania Totaling $6.9M

by Amy Works July 13, 2017

MEDIA, FAIRLESS HILLS AND LANGHORNE, PA. — CBRE has brokered the sales of four office buildings in Media, Fairless Hills and Langhorne for a combined sale price of $6.9 million. Stephen Marzullo and Adam Silverman of CBRE represented the seller, Penguin Real Estate Investors, in each transaction. In the first transaction, 53 Baltimore Pike LLC purchased a three-story, 35,902-square-foot office building located at 53 W. Baltimore Pike in Media. Constructed in 2002, the property is currently 53 percent leased to two tenants, Connect America and Apacheta Corp. In the remaining transactions, Olymbec acquired a 51,384-square-foot office building, located at 430-450 Lincoln Highway in Fairless Hills, and two office buildings at 2050 and 2080 Cabot Blvd. West in Langhorne. The Fairless Hills property is anchored by the Social Security Administration. At the time of sale, the property was 52 percent leased. The two buildings in Langhorne, which total 69,417 square feet, are currently 61 percent occupied. Dentaurum Inc., Sperry Van Ness, TPG Telemanagement, Clear Employer Service and Stief Gross Sagoskin Cassetti occupy the buildings. This three-building acquisition by Olymbec marks the Canada-based firm’s entry into the Greater Philadelphia office market.

July 13, 2017

Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers $3.8M Apartment Building in Doylestown, Pennsylvania

by Amy Works July 13, 2017

DOYLESTOWN, PA. — Marcus & Millichap has arranged the sale of Oak Gardens, an apartment building located at 355 North St. in Doylestown. An undisclosed buyer acquired the property for $3.8 million. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal. Constructed in 1950, the three-story building features 30 one- and two-bedroom apartment units.

July 13, 2017

Connecticut Industrial Northeast

Spray Market Acquires Industrial Building in Bridgeport, Connecticut, for $1M

by Amy Works July 13, 2017

BRIDGEPORT, CONN. — Brooklyn-based Spray Market has acquired an industrial facility located at 330 Pine St. in Bridgeport. As the building’s tenant, Spray Market exercised its option to purchase the 14,500-square-foot property for $1 million. The company specializes in applying and installing spray polyurethane foam. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller, while Bob Miller of Berkshire Hathaway HomeServices represented the tenant-buyer in the deal.

July 13, 2017

New Jersey Northeast Retail

Kimco Realty Corp. Signs Target at Westmont Plaza in Haddon Township, New Jersey

by Amy Works July 13, 2017

HADDON TOWNSHIP, N.J. — Kimco Realty Corp. has signed a lease with Target at its Westmont Plaza in Haddon Township. The 48,000-square-foot, small-format Target is scheduled to open this month. The signing of Target is the first step in a Kimco’s repositioning program for the 173,000-square-foot open-air shopping center. As Target’s third small-format store in New Jersey, the store will provide residents with a quick-trip shopping experience featuring the brand’s curated assortment of apparel and accessories, grocery and grab-and-go items, beauty products, electronics, toys and more. The store will also feature a CVS/pharmacy and Target’s Order Pickup service.

July 13, 2017

Hospitality Illinois Midwest

MDG Sells Hyatt Centric Hotel in Chicago for $110M

by Kristin Harlow July 13, 2017

CHICAGO — Murphy Development Group (MDG) has sold its Hyatt Centric the Loop Chicago Hotel to Germany-based Deka Immobilien for $110 million in a long-term sale-leaseback agreement. The four-star Hyatt Centric is a full-service lifestyle brand designed for business and leisure travelers. MDG developed the 257-room hotel in 2015, which includes French restaurant Cochon Volant and rooftop bar AIRE. Integrated Clark Monroe, an affiliate of MDG, will maintain a long-term franchise agreement with Hyatt Hotels Corp. Jaime Fink and Jeff Bramson of HFF brokered the transaction, which amounts to $428,000 per room.

July 13, 2017

Midwest Missouri Mixed-Use

Alterra Worldwide Purchases Jefferson Arms Building in St. Louis, Plans $104M Renovation

by Kristin Harlow July 13, 2017

ST. LOUIS — Alterra Worldwide has purchased the historic Jefferson Arms building located at 401-415 N. Tucker Blvd. in downtown St. Louis. The company has also unveiled a $104 million renovation plan, which includes 240 apartments, a 220-room AC Marriott-branded hotel and commercial space with restaurants, retail and offices. Built in 1904 in anticipation of the first World’s Fair, the 520,000-square-foot Jefferson Arms development is a short walk from the Cardinals’ Busch Stadium, America’s Center Convention Complex, Keiner Plaza and the historic, newly renovated Arch Grounds. Amenities at the apartments will include a fitness and yoga studio, art room, music room, cinema room, karaoke room, community room, tanning salon and business center. Numerous floor plans will accommodate a variety of needs. The 18,603 square feet of commercial space located on the first floor will feature retail and restaurant space. The three restaurants include a motorcycle-inspired cafe called Motopia Café, a French and Belgian bistro called Mademoiselle Colette Brasserie, as well as George & Eddie’s Diner, serving classic comfort foods such as burgers, milkshakes and homemade pies. Additionally, the existing ballroom will be converted into a creative office space. Aimbridge Hospitality will operate the hotel and Merriman Anderson Architects will serve as …

July 13, 2017

Indiana Loans Midwest Multifamily

CBRE Arranges $18M in Loans for Recapitalization of Multifamily Portfolio in Indiana

by Kristin Harlow July 13, 2017

INDIANAPOLIS AND LAFAYETTE, IND. — CBRE Group Inc. has arranged $18 million in loans for the recapitalization of a three-property multifamily portfolio in Indiana. The loan proceeds will enable the borrower to reinvest in the assets. All three loans feature 10-year terms, 30-year amortization schedules and one year of interest-only payments. CBRE arranged a $4.9 million loan for South Haven Village, located at 1542 Citrin Place in Indianapolis. A $6.4 million loan was arranged for Georgetown South and a $6.8 million loan for Village Square Apartments, both located in Lafayette, about 60 miles northwest of Indianapolis. Dan Gable and Jason Brown of CBRE arranged the loans with Starwood Mortgage Capital on behalf of Michael James and James Management Group.

July 13, 2017

Indiana Industrial Midwest

HSA Commercial Negotiates 55,000 SF Industrial Lease in Suburban Indianapolis

by Kristin Harlow July 13, 2017

PLAINFIELD, IND. — HSA Commercial has negotiated a 55,000-square-foot industrial lease for Kuehne + Nagel at Gateway Business Park in Plainfield, a southwest suburb of Indianapolis. The Switzerland-based global logistics provider will occupy the space within the new Gateway Industrial IV building, constructed in early July. The 151,220-square-foot distribution center is located at 845 S. Columbia Road. The company currently occupies 160,230 square feet in a separate building at the business park. Gateway Industrial IV is the fifth and final building at the park developed by HSA Commercial in partnership with Boston-based Washington Capital Management. The building features 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for the remaining 95,720 square feet at Gateway Industrial IV. Mark Writt and Daniel Rose of CBRE represented Kuehne + Nagel in the lease transaction. Meyer Najem is the general contractor for the project, while KJG Architecture provided design services. The PrivateBank provided the project financing.

July 13, 2017

Illinois Midwest Office

Marcus & Millichap Arranges $4M Sale of Office Building in Chicago

by Kristin Harlow July 13, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 14,400-square-foot office building in Chicago for $4 million. The property is located at 60 W. Superior St. in the River North neighborhood. The sale presents a redevelopment opportunity, according to Marcus & Millichap. Alper Services, the seller, currently occupies the building. Centrum Realty & Development purchased the property. Kyle A. Stengle and Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

July 13, 2017

Florida Mixed-Use Southeast

The Traina Cos. Receive Approval for 1.3 MSF Mixed-Use Development in Downtown Fort Lauderdale

by Camren Skelton July 13, 2017

FORT LAUDERDALE, FLA. — The Traina Cos. has received final zoning approval from the Fort Lauderdale City Commissioners for FATcity (Florida Arts and Technology), a 1.3 million-square-foot mixed-use development located at 300 N. Andrews Ave. in downtown Fort Lauderdale. Situated in the City Center (RAC-CC) Special Zoning District, FATcity will include two 30-story towers featuring 270,000 square feet of office and retail space with the potential for hospitality space, 612 residential units and 1,327 covered parking spaces. The development will connect the city’s Central Business District and Arts Districts through pedestrian-oriented streets, access to Brightline’s high-speed rail station and a Wave Streetcar stop on-site. FATcity marks the first new Class A office space developed in Fort Lauderdale in over a decade. Groundbreaking on the project is estimated for late 2018 or early 2019.

July 13, 2017

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