Property Type

Faris Lee Arranges $12.5M Sale of Two Retail Buildings in Paramount

by Nellie Day June 9, 2017

PARAMOUNT, CALIF. — Faris Lee Investments has brokered the sale of two freestanding, single-tenant retail buildings located on a 1.5-acre land parcel at 8819 Alondra Blvd. in Paramount. A private investor acquired the properties, which total 15,772 square feet, for $12.5 million. A 13,972-square-foot CVS/pharmacy and a 1,800-square-foot Starbucks Coffee occupy the buildings. Nicholas Coo and Joseph Chichester of Faris Lee Investments represented the seller, a private family company, while RE/MAX Premier Properties represented the buyer in the deal.

June 9, 2017

Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 27-Unit Memory Care Community in Portland

by Nellie Day June 9, 2017

PORTLAND, Ore. — Senior Living Investment Brokerage has arranged the sale of Tabor Crest Memory Care, a 27-unit memory care community in Portland. The price was not disclosed. Tabor Crest was built in 2004 and expanded in 2008. Totaling 11,335 square feet on a 21,700-square-foot infill plot, the beds could potentially be expanded from 30 to 38. The buyer was an affiliate of Granite Investment Group. The new owner has leased the property to Avalon Health Care Group. This is the buyer’s first acquisition in Oregon with the plans to continue to acquire in the state. The seller was not disclosed. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

June 9, 2017

California Retail Western

Marcus & Millichap Negotiates $2.1M Sale of 7,680 SF Shopping Center in San Dimas

by Nellie Day June 9, 2017

SAN DIMAS, CALIF. — Marcus & Millichap has arranged the sale of Bonita Canyon Gateway, a retail property located at 671 E. Bonita Ave. in San Dimas. An undisclosed developer sold the 7,860-square-foot property for $2.1 million. At the time of sale, the shopping center was 78 percent occupied. Richard Longobardo of Marcus & Millichap represented the seller. The name of the buyer was not released.

June 9, 2017

Indiana Loans Midwest Minnesota Multifamily Ohio

Meridian Capital Arranges $57.5M Refinancing for 15-Property Multifamily Portfolio Across Five States

by Kristin Harlow June 9, 2017

INDIANA, MINNESOTA AND OHIO — Meridian Capital Group has arranged the $57.5 million refinancing for a 15-property multifamily portfolio located across five states. The 1,192-unit portfolio includes Ridgewood and Meadowood in Indiana; Laurel Bay and Carleton Court in Minnesota; and Camellia Court, Beckford Place, Forsythia Court, Slate Run, Tabor Ridge, Foxhaven and River Glen in Ohio. Four other properties within the portfolio are located in Georgia and Kentucky. Cary Pollack, Judah Neuman and Steve Cohen of Meridian Capital arranged the 10-year CMBS loan. Reliance Global Holdings was the borrower.

June 9, 2017

Affordable Housing Illinois Midwest Multifamily

McShane Completes Construction of 78-Unit Affordable Housing Property in Chicago

by Kristin Harlow June 9, 2017

CHICAGO — McShane Construction Co. has completed construction of Park Place in Chicago for Brinshore Development. The 78-unit affordable housing property is situated on 4.6 acres at the intersection of 50th Street and Lawndale Avenue. The property features 14 buildings with a mix of one-, two- and three-bedroom floor plans. Amenities include a community room, computer lab, fitness center and on-site management. Landon Bone Baker Architect designed the project. Multiple sources provided funding for Park Place, including the City of Chicago.

June 9, 2017

Illinois Midwest Multifamily

Essex Brokers $6.4M Sale of Multifamily Property in Evanston, Illinois

by Kristin Harlow June 9, 2017

EVANSTON, ILL. — Essex Realty Group Inc. has brokered the sale of Churchview Apartments in Evanston for $6.4 million. The property is located at 1450-56 Oak Ave. near Northwestern University. The 28-unit building features a mix of one-, two- and three-bedroom units. The Baird family of Chicago has owned the property for more than 50 years. Matt Welke, Doug Imber and Kate Varde of Essex represented the seller, while Doug Fisher represented the undisclosed buyer in the transaction. Additionally, the legal team of Austin Hirsch and Steve Miller of Reed Smith LLP represented the seller.

June 9, 2017

Michigan Midwest Multifamily

State of Michigan Provides $1M Grant for Redevelopment of Former Statler Hotel Site in Detroit

by Kristin Harlow June 9, 2017

DETROIT — The Michigan Department of Environmental Quality (MDEQ) has provided a $250,000 loan and a $750,000 grant for the redevelopment of the former Statler Hotel site in Detroit. The Detroit/Wayne County Port Authority received the funding. Located at the corner of Washington Boulevard and Park Avenue, the property has been vacant since the hotel was abandoned in 1975 and demolished in 2005. The MDEQ brownfield grant and loan will cover the costs of mitigating the environmental contamination at the site. VG Statler City LLC will then construct a mixed-use building with 288 apartment units, ground-floor retail and underground parking. The redevelopment will meet national green building standards, including a green roof, and will bring an estimated 58 jobs and 400 residents to the area. The MDEQ’s brownfield redevelopment program provides grants and loans to local governments for environmental activities on brownfield properties where redevelopment is proposed.

June 9, 2017

Illinois Midwest Multifamily

29th Street Capital Acquires 42-Unit Apartment Property in Mount Prospect, Illinois

by Kristin Harlow June 9, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 42-unit apartment community consists of one- and two-bedroom units. 29SC plans to invest $500,000 in capital improvements to the property, which was under family ownership. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements will include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas. This is the fifth Chicagoland multifamily property acquisition for 29SC.

June 9, 2017

Northeast Office Pennsylvania

JV Acquires Three-Building Office Complex in Suburban Philadelphia for $45.3M

by Amy Works June 9, 2017

EXTON, PA. — A joint venture between Pembroke IV and Ten Capital Management has acquired Valley Creek Corporate Center, an office complex located in Exton. A California-based real estate investment management and advisory company sold the three-building asset for $45.3 million. Located at 220, 222 and 224 Valley Creek Blvd., the 259,163-square-foot property was 95.2 percent leased at the time of sale. Doug Rodio, Brett Segal, Ben Appel and Jose Cruz of HFF represented the seller in the deal. Additionally, Ryan Ade and Neil Campbell of HFF secured a 10-year, fixed-rate acquisition loan through Barclays Capital for the buyer.

June 9, 2017

New Jersey Northeast Office

Savills Studley Facilitates Acquisition of 102,000 SF Headquarters Property in Parsippany, New Jersey

by Amy Works June 9, 2017

PARSIPPANY, N.J. — Savills Studley has arranged the acquisition of a 102,000-square-foot headquarters property, located at 339 Jefferson Road in Parsippany. MANE USA, a global fragrance and flavor design company, purchased the property from Prism Capital Partners for an undisclosed price. The company will relocate its headquarters from Wayne, N.J., to 70,000 square feet of the facility. Prism will fit out MANE’s new space, which will include office and research and lab space, as well as construct a new cafeteria and fitness center. Situated on five acres, the property features underground parking and surface lots. The two existing tenants, Hollister Construction Services and Ascend Laboratories, will remain in the building. Thomas Carragher, Adam Petrillo, Filomena Pinto and Christopher Koeck of Savills Studley represented the buyer in the deal.

June 9, 2017

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