PALM SPRINGS, CALIF. — The 19-room La Dolce Vita Resort & Spa in Palm Springs has sold to 1491 Via Soledad LLC for $2.7 million. The hotel is located at 1491 S. Via Soledad. Joshua Yammer, Sarhan Mheni and Walter Brauer of Marcus & Millichap represented the limited liability company in the transaction. The team also represented the seller, another limited liability company, in the transaction.
MIRAMAR, CALIF. — OnTrac has renewed its lease for an 84,000-square-foot industrial distribution property in the San Diego submarket of Miramar. The space is located at 7077 Consolidated Way. The facility was built in 1981. OnTrac has occupied this building for the past five years to support the company’s logistics and regional shipping services in the Western U.S. The renewal will also facilitate the company’s growth locally. Evan McDonald of Colliers International represented OnTrac in the lease transaction. The landlord is 7077 Associates LP.
LUDLOW, MASS. — WinnCompanies has completed the $19.3 million adaptive reuse project that transformed a 110-year-old mill building into Residences at Mill 10, an age-restricted seniors housing property located in Ludlow. The four-story, 108,163-square-foot building features 63 one-bedroom and 12 two-bedroom apartments for residents age 55 and older. On-site amenities include community spaces and common areas on each floor, a fitness center, laundry facilities, a resident lounge and parking. WinnResidential is managing the property, which is fully leased. Dellbrook Construction served as general contractor and The Architectural Team provided architectural services for the project.
SHIPPENSBURG, PA. — Berkadia has arranged $32.5 million in financing for Deerfield Commons, a multifamily property located at 100 Deerfield Commons in Shippensburg. Deerfield Commons LP is the borrower. Brian Campbell, Jeremy Lynch and Jake Adoni of Berkadia secured the permanent refinancing loan through the firm’s Fannie Mae program for the borrower. The 10-year fixed-rate, non-recourse loan represented a 75 percent loan-to-value ratio and included two years of interest-only payments followed by a 30-year amortization schedule. The property, which was 95 percent leased at the time of financing, features one-, two- and three-bedroom floor plans. On-site amenities include a fitness center, swimming pool, business center, ponds and wildlife areas.
PITTSTON, PA. — Woodmont Industrial Partners has completed the disposition of an industrial building located at 1 Commerce Road in Pittston. The name of the buyer and acquisition price were not disclosed. Woodmont Industrial Partners completed an extensive capital improvement plan at the 437,446-square-foot building, which was formerly a Penguin Random House distribution center. The renovation program included additional loading docks, natural gas conversion, upgraded lighting and power. Additionally, the property features a high-bay section offering 48-foot to 54-foot clear height with racking in place, a 269-car parking lot and a rail line behind the building.
FLEMINGTON, N.J. — Sitar Realty Group has brokered the sale of a retail center located at 3 Walter Foran Blvd. in Flemington. Flemington Partners acquired the property from Arnav Investments for $5.6 million. The center features 36,408 square feet of retail space. Giorgio Vasilis of Sitar Realty Group brokered the transaction.
CHICAGO — Walker & Dunlop Inc. has arranged a $9.7 million loan for the refinancing of Portage Park in Chicago. Formerly a bank building, the mixed-use property now incorporates office and retail space. Situated on seven acres, the property features 60,500 square feet of rentable space and a 180-space parking lot. Tenants include Binny’s Beverage Depot, Retro Fitness and Immigration Lawyers PC. A portion of the vacant space is a historic theater that was formerly home to the Northwest Chicago Film Society, and will be preserved as a performing arts facility. Luke Erlandson, Jeff Robbins and Matt Ewig arranged the 10-year loan, which features a 30-year amortization schedule. Loan proceeds will be used to pay off an existing construction loan. Cui Properties was the borrower.
WORCESTER, MASS. — Northeast Private Client Group has negotiated the sale of Longfellow Manor Apartments, located at 1002-1008 Main St. in Worcester. Emerald Empire Inc. acquired the building from a Framingham, Mass.-based trust for $2.3 million, or $49,000 per unit. The value-add property features 39 one-bedroom units and eight two-bedroom units. Taylor Perun and Timothy McGeary of Northeast Private Client Group represented the seller and procured the buyer in the deal.
DETROIT — Liberty Property & Asset Management has been awarded the property management contract for a portfolio of seven office buildings located in metro Detroit. The properties, owned by California-based LSTC Michigan/LSTC California LLC, include: Berkshire Office Building in Beverly Hills; Haverhill Office Building in Troy; Butterfield Park Place in Troy, Hampton Professional Park in Rochester Hills; and Westridge Office Center in West Bloomfield. Liberty will be responsible for all aspects of the management and operation of the properties, while sister company L. Mason Capitani CORFAC International will continue to oversee leasing.
CHICAGO — Skender Construction has completed a 21,000-square-foot office build-out for The Climate Corp., a subsidiary of Monsanto Co. The company creates digital tools to help farmers sustainably increase their productivity. The new office, located at 1330 W. Fulton Market, incorporates rustic wood walls, oversized barn doors and an antique tractor on display. Two workshops house the company’s equipment and ongoing projects. A large break room offers ping pong and foosball for employees. Skender collaborated with architect Shive-Hattery and COR Consulting for the project.
