Property Type

Nordblom Co. Acquires Former Boston Globe Headquarters in Boston

by Amy Works December 21, 2017

BOSTON — Nordblom Co., in partnership with Alcion Ventures, has purchased 135 Morrissey Boulevard, a 700,000-square-foot office building in Boston, for an undisclosed price. The company plans to redevelop the property, which was first constructed in 1958 by The Boston Globe. into an urban innovation campus offering office space for Boston’s businesses to think bigger, act bolder and move the city’s economy forward. The property is in close proximity to MBTA’s Red Line JFK/UMass station and abuts Interstate 93. The name of the seller was not released.

December 21, 2017

New York Northeast Office

Acadia Realty Trust Sells 276,622 SF Office Building in the Bronx

by Amy Works December 21, 2017

NEW YORK CITY — Acadia Realty Trust has completed the disposition of an office and retail building located at 260 E. 161st St. in the Bronx. Jamestown acquired the 276,622-square-foot property for an undisclosed price. Originally built in 1930, the property was renovated in 2016 and features 245,470 square feet of office space and 20,572 square feet of retail space. The 10-story property is leased to office tenants, including The City of New York, The Legal Aid Society, and Montefiore Medical Center, as well as retail tenants, Walgreens, Starbucks Coffee and Chipotle Mexican Grill. Michael Tepedino, Andrew Scandalios, Graham Stephens, David Giancola and David Fowler of HFF represented the seller in the deal. Additionally, Christopher Peck and Peter Rotchford of HFF are working on behalf of the buyer to arrange financing for the asset.

December 21, 2017

Multifamily New York Northeast

J. Wasser & Co. Buys Two Multifamily Buildings in the Bronx for $10M

by Amy Works December 21, 2017

NEW YORK CITY — J. Wasser & Co. has purchased two apartment buildings in the Fordham section of the Bronx for $10 million. Located at 2263 Morris Ave. and 2342 Ryer Ave., the buildings total 46,370 square feet and feature a total of 64 apartments. Aaron Jungreis of Rosewood Realty Group represented the buyer and sellers, 2342 Ryer Avenue Partners LLC and 2263 Morris Avenue Partners LLC.

December 21, 2017

Loans Massachusetts Multifamily Northeast

Hunt Mortgage Provides Refinancing for Multifamily Property in Fall River, Massachusetts

by Amy Works December 21, 2017

FALL RIVER, MASS. — Hunt Mortgage has provided a conventional Fannie Mae loan facility and mezzanine loan to refinance South Coast Landings, a multifamily property located in Fall River. The borrower is South Coast Landings LLC. The mezzanine loan will be subordinate to the Hunt Mortgage Capital FNMA loan. The senior loan amount is $23.5 million and the facility is a fixed-rate loan with a 30-year amortization schedule, four years of interest-only payments and a 12-year maturity. The $1 million mezzanine loan has a coterminous maturity with the senior loan at 12 years. The property comprises eight two-story residential buildings featuring a total of 240 units. Situated on 17 acres, the property features a clubhouse and 370 parking spaces.

December 21, 2017

Massachusetts Northeast Retail

NKF Capital Markets Orchestrates Sale of 40,000 SF Retail Building in Saugus, Massachusetts

by Amy Works December 21, 2017

SAUGUS, MASS. — NKF Capital Markets has arranged the sale of a retail property located at the intersection of Route 1 and Main Street in Saugus. Ocean State Job Lot purchased the 40,000-square-foot building from Taylor Saugus Limited Partnership, a joint venture between Eastern Real Estate and a partnership between Josh Katzen and Steve Tannenbaum. The property is fully leased to Bob’s Stores, a regional apparel and footwear retailer. Geoffrey Millerd, Justin Smith and Christoper Peterson of the NKF Capital Markets Boston office represented the seller in the deal.

December 21, 2017

Midwest Minnesota Multifamily

CBRE Brokers $24.5M Sale of Apartment Property in Plymouth, Minnesota

by Kristin Harlow December 21, 2017

PLYMOUTH, MINN. — CBRE has arranged the sale of Granite Woods in Plymouth, 15 miles west of Minneapolis, for $24.5 million. The property is located at 3925 Lancaster Lane North near the intersection of Highway 169 and Rockford Road. Built in 1972, the community is comprised of 192 apartment units with an average size of 974 square feet. Amenities include a community room, game room, fitness center, pool, dog park and tennis courts. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Arlington Arms LLC, an entity related to Main Street Cos. Inc. Granite Woods-Minneapolis LLC, an entity controlled by Bellevue, Washington-based Curtis Capital Group, was the buyer. The sale equates to $127,343 per unit.

December 21, 2017

Michigan Midwest Retail

Regency Properties Acquires Two Shopping Centers in Michigan Totaling 115,623 SF

by Kristin Harlow December 21, 2017

CARO, MICH. — Regency Properties has acquired Caro Centre and Sugarcreek Plaza in Caro, located east of Saginaw in Michigan’s Thumb region. The sales price and seller were not disclosed. The 71,706-square-foot Caro Centre is home to tenants including Family Dollar, Peebles, Goodwill and Caro Ace Hardware. Regency Properties plans to invest approximately $200,000 to renovate the property’s façade. Sugarcreek Plaza totals 43,916 square feet and is home to two tenants — Tractor Supply Co. and Save-A-Lot. In addition, the property includes a nearly one-acre outlot that is available for development.

December 21, 2017

Affordable Housing Indiana Loans Midwest Multifamily

Pillar Originates $6M Fannie Mae Loan for Refinancing of Affordable Housing Property in Lafayette, Indiana

by Kristin Harlow December 21, 2017

LAFAYETTE, IND. — Pillar Financial, a division of SunTrust Bank, has originated a $6 million Fannie Mae loan for the refinancing of Lahr Apartments in Lafayette. Constructed in 1831, the historic property originally served as the Lahr Hotel before being transformed into affordable housing units in 1998. The property also features first-floor retail space. Joe Markech of Pillar originated the 10-year loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Mike Dury of PR Mortgage, a Pillar correspondent.

December 21, 2017

Hospitality Midwest Ohio

Mumford Co. Arranges Sale of 121-Room Hotel in Macedonia, Ohio

by Kristin Harlow December 21, 2017

MACEDONIA, OHIO — Mumford Co. has arranged the sale of the Motel 6 in Macedonia, about 23 miles southeast of Cleveland. The sales price was not disclosed. Built in 1990, the 121-room hotel features Wi-Fi and guest laundry. George Arvanitis and Steve Kirby of Mumford Co. represented the seller, Shahil LLC. Macedonia Hospitality LLC purchased the property.

December 21, 2017

Industrial Midwest Wisconsin

EnSync Signs 42,600 SF Industrial Lease in Menomonee Falls, Wisconsin

by Kristin Harlow December 21, 2017

MENOMONEE FALLS, WIS. — EnSync Inc. has signed a 42,600-square-foot industrial lease in Menomonee Falls, 20 miles northwest of Milwaukee. The energy company will occupy the space at 13901 Main St. Samuel D. Dickman, Samuel M. Dickman Jr., Nick Keys and Cale Berg of the Dickman Co. Inc./CORFAC International brokered the transaction. 13901 Leasing Co. LLP is the property landlord.

December 21, 2017

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