Property Type

Bellwether Enterprise Closes $55M Acquisition Loan for Office Building in Uniondale, New York

by Amy Works June 13, 2017

UNIONDALE, N.Y. — Bellwether Enterprise Real Estate Capital has closed a $55 million acquisition loan for the purchase of an office building in Uniondale. The borrower, Salus Government Properties, acquired the single-tenant office building, which is located at 60 Charles Lindbergh Blvd. Nassau County Department of Health and Human Services occupies the 217,226-square-foot building that was constructed in 1986. C. Cooper Willis of Bellwether Enterprise arranged the loan for the borrower. Morgan Stanley provided the financing.

June 13, 2017

Connecticut Loans Multifamily Northeast Retail

Arbor Realty Trust Funds Two Loans Totaling $34.5M in Connecticut

by Amy Works June 13, 2017

WESTBROOK AND BRIDGEPORT, CONN. — Arbor Realty Trust has funded two loans, totaling $34.5 million, in Connecticut. The firm provided a $32.6 million for a retail property located in Westbrook. Funded under Arbor’s balance sheet bridge load program, the three-year interest-only, floating-rate loan features two one-year extension periods, allows the borrower to acquire the property and provides tenant improvement capital to execute a new 10-year lease to H&M. The name of the borrower was not released. Additionally, Arbor provided a $1.9 million acquisition loan for a 32-unit multifamily property in Bridgeport to an undisclosed borrower. Funded under the Freddie Mac small business loan product line, the 20-year loan features a fixed rate and a 30-year amortization schedule.

June 13, 2017

Massachusetts Mixed-Use Multifamily Northeast Retail

CBRE/NE Facilitates $17.2M Sale of Restaurant Site for Mixed-Use Development

by Amy Works June 13, 2017

SAUGUS, MASS. — CBRE/New England has arranged the sale of the Hilltop Steak House site on Route 1 in Saugus. High Country Investors sold the property to AvalonBay Communities for $17.2 million. The buyer plans to develop the site into a 280-unit luxury rental apartment community with 25,000 square feet of retail space. Community amenities of the mixed-use property will include a landscaped courtyard, pool, fireplaces, grills, a dog park and a clubhouse with a fitness facility. Simon Butler, Biria St. John and Rob Robledo of CBRE/NE represented the seller and procured the buyer in the transaction.

June 13, 2017

Massachusetts Northeast Retail

NAI Hunneman Arranges $11.6M Acquisition of Two Retail Buildings in Needham, Massachusetts

by Amy Works June 13, 2017

NEEDHAM, MASS. — NAI Hunneman has brokered the acquisition of two retail properties, located at 1257 and 1299 Highland Ave. in Needham. South Street 4414 Holdings LLC purchased the properties from DWM Interests and LGM Interests for $11.6 million. Situated on 1.4 acres, the buildings total 21,252 square feet and share a parking lot. David Ross of NAI Hunneman represented the buyer, while Craig Barker of Boston Real Estate Advisors represented the seller in the deal.

June 13, 2017

Michigan Midwest Multifamily

City of Detroit Unveils Plans for $32M Apartment Property in Midtown

by Kristin Harlow June 13, 2017

DETROIT — The City of Detroit has unveiled plans for a $32 million, 84-unit apartment property in Midtown’s Sugar Hill Historic District. The plans call for 25 percent of the units to be designated as affordable housing for those making between 50 and 80 percent of the area median income. The project will also include 7,000 square feet of commercial space and a 300-space parking garage. Sonya Mays of Develop Detroit and Rodger Brown of Preservation of Affordable Housing Inc. will lead the development team. Phil Freelon, the architect behind the design of the National Museum of African American History and Culture in Washington, D.C., will lead the design team along with Michael Poris of McIntosh Poris Associates. The developer will purchase the vacant land — which spans slightly more than three-quarters of an acre — from the city for $400,000, pending council approval later this year. The development team is expected to break ground on the project in September 2018.

June 13, 2017

Indiana Industrial Midwest

Rj BOLL Negotiates 120,200 SF Industrial Lease in Indianapolis

by Kristin Harlow June 13, 2017

INDIANAPOLIS — Rj BOLL Realty has negotiated a 120,200-square-foot industrial lease at The Logan Building in Indianapolis. Commercial Works Inc. has leased the entire building, located at 5150 Decatur Blvd. Ray C. Boll and Jeffrey A. Boll of Rj BOLL represented Commercial Works in the lease transaction. Brian Buschuk and Brian Seitz of JLL represented the landlord, Meritex Logan LLC. Rj BOLL and JLL also arranged the sale of Commercial Works’ previous location at 255 S. Post Road in Indianapolis. Jenson Industries purchased the 55,043-square-foot building for $1.9 million.

June 13, 2017

Industrial Kansas Midwest

Copaken Brooks Arranges $4M Sale of Industrial Flex Building in Lenexa, Kansas

by Kristin Harlow June 13, 2017

LENEXA, KAN. — Copaken Brooks has arranged the sale of a 37,585-square-foot industrial flex building in Lenexa for $4 million. The property is located at 10749 West 84th Terrace in the Pine Ridge Business Park. The building was renovated to a half-office and half-warehouse layout in 2005. John D. Coe of Copaken Brooks arranged the sale on behalf of the seller, Peavey Properties. Easterly Government Properties Inc. purchased the building.

June 13, 2017

Midwest Missouri Office

Newmark Grubb Zimmer Brokers Sale of 26,000 SF Office Building in Lee’s Summit, Missouri

by Kristin Harlow June 13, 2017

LEE’S SUMMIT, MO. — Newmark Grubb Zimmer has brokered the sale of a 26,000-square-foot office building in Lee’s Summit, about 20 miles southeast of Kansas City. The sales price was not disclosed. Once fully occupied by Lafarge North America, the building is now home to nine tenants including American Family Insurance. Susan Smith, Michael VanBuskirk and Chris Robertson of Newmark Grubb Zimmer represented the seller, Jefferson Commons LLLP. A private investor was the buyer.

June 13, 2017

Industrial Midwest Wisconsin

Aquarius Technologies Signs 21,740 SF Industrial Lease in Saukville, Wisconsin

by Kristin Harlow June 13, 2017

SAUKVILLE, WIS. — Aquarius Technologies has signed a 21,740-square-foot industrial lease in Saukville, about 25 miles north of Milwaukee. The wastewater treatment solution company will occupy the property located at 420 Technology Way. Nick Keys of the Dickman Co. Inc. represented the tenant, while Stephen Provancher and Brett Garceau of NAI MLG Commercial represented the landlord, Technology Way LLP.

June 13, 2017

Hospitality Nevada Top Stories Western

Golden Entertainment to Acquire American Casino & Entertainment Properties for $850M

by Katie Sloan June 13, 2017

LAS VEGAS — Golden Entertainment Inc. (NASDAQ: GDEN) has agreed to acquire American Casino & Entertainment Properties LLC, which owns four gaming and entertainment properties in Nevada, for $850 million. American Casino & Entertainment’s portfolio features 3,879 slot machines, 89 table games and 4,895 hotel rooms in Las Vegas and Laughlin, Nevada. Properties include: The Stratosphere Casino, Hotel & Tower, featuring an 80,000-square-foot casino, 2,427 guestrooms and suites, 13 restaurants, nine bars, two pools, entertainment venues and a 1,149-foot observation tower located on the North Las Vegas Strip. Arizona Charlie’s Hotel & Casino – Decatur, located just off the Las Vegas Strip, which features 1,060 slot machines, seven table games and 259 hotel rooms. Arizona Charlie’s Hotel & Casino – Boulder, located on Boulder Highway in Las Vegas, which features 849 slot machines, seven table games and 303 hotel rooms. The Aquarius Casino Resort, located on the banks of the Colorado River in Laughlin, Nev. The property features a 57,000-square-foot casino, eight restaurants, three bars, 1,906 guestrooms and suites and an entertainment pavilion. The purchase consideration consists of $781 million cash plus approximately four million shares of Golden Entertainment stock issued to American Casino & Entertainment’s current owner, Whitehall Street …

June 13, 2017

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