MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 117,600-square-foot industrial building in Milwuakee. The sales price was not disclosed. The property is located at 8200 N. Faulkner Road. Roger B. Siegel, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction on behalf of the buyer, Faulkner Road LLC, and the seller, Faulkner Road Property LLC.
ELK GROVE VILLAGE, ILL. — Continental Bindery Corp. has purchased a new headquarters facility in Elk Grove Village for an undisclosed price. The binding firm sold its current headquarters, located at 700 Fargo Ave., and purchased a 29,856-square-foot industrial facility at 1250 Pratt Blvd. Brian Carroll and Tom Gath of Newmark Knight Frank (NKF) represented Continental Bindery in both transactions. Adam Marshall of NKF represented the Pratt Boulevard property seller, which was an affiliate of Midwest Industrial Funds. The Village of Elk Grove, represented by Chris Nelson of Lee & Associates, purchased Continental Bindery’s previous 51,412-square-foot headquarters. The city will demolish the property and construct a new fire station and training center in its place. Continental Bindery will begin occupying the new headquarters this fall.
ROUND ROCK AND SAN MARCOS, TEXAS — Hunt Mortgage Group has secured $20.5 million in refinancing for two garden-style multifamily properties totaling 324 units in metro Austin. The company secured a $13.8 million loan for the 168-unit Red Hills Villas in Round Rock and a $6.7 million loan for the 156-unit Champion’s Crossing Apartments in San Marcos. Both Freddie Mac loans feature seven-year terms, 24 months of interest-only payments and 30-year amortization schedules. Hunt Mortgage secured the funds on behalf of an undisclosed management firm with a portfolio of roughly 30,000 multifamily units.
IRVING, TEXAS — Lee & Associates has arranged the sale of a 40,250-square-foot industrial building located at 2109 Vanco Drive in Irving. Corbin Blount and Adam Graham of Lee & Associates represented the seller, Premier Technical Plastics, a manufacturing of petrochemicals with offices in Texas and Arkansas. The buyer and sales price were not disclosed.
SELMA, TEXAS — Austin-based restaurant chain Pluckers Wing Bar will open a 7,400-square-foot location within Forum Pointe Shopping in Selma, a northeastern suburb of San Antonio. Whit Jordan of CBRE represented Pluckers in the site search and lease negotiations. The new location, which will be the company’s 23rd overall, is expected to open in 2018.
WAYNE, N.J. — Toys ”R” Us Inc. filed for Chapter 11 bankruptcy protection on Monday, Sept. 18. The company’s Canadian subsidiary also plans to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice. No store closings have yet been announced in conjunction with the filing. The Wayne, N.J.-based toy retailer’s approximately 1,600 Toys ”R” Us and Babies ”R” Us locations will continue to operate through at least the holiday season. Customers may also continue to shop on the company’s newly launched web stores. “Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide,” says Dave Brandon, chairman and CEO of Toys ”R” Us Inc. The company’s debt largely stems from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Toys ”R” Us has …
DALLAS — Investor demand for healthcare properties throughout the country is soaring, driven by the recession-resistant nature of the asset class and its ability to consistently generate strong returns. Confidence in the property type also stems from the prevailing realization that legislation opposing the Affordable Care Act (ACA) has thus far been unsuccessful. After multiple failed attempts to repeal and revise the law, the Republican Party introduced a bill today that aims to cut overall funding for healthcare and give states more control over their individual healthcare budgets. Other demand drivers for the healthcare sector include a growing number of aging Americans, the tendency of healthcare tenants to sign long-term leases and an expectation that government spending on healthcare, as a percentage of gross domestic product (GDP), is set to rise above its current level of 15 percent. It all adds up to a remarkably healthy flow of capital into the healthcare sector from institutional, private and foreign investors alike. Five healthcare real estate panelists at last week’s InterFace Healthcare Real Estate conference discussed a variety of topics within the healthcare investment market, including the profiles of the investors, the pressures they face to deploy their capital in a timely …
NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the properties for more than 20 years. Loan proceeds will be used to fund upgrades to the properties, including lobby and elevator cab renovations, amenity space upgrades and landscaping improvements.
BOSTON — CIM Group and Nordblom Co. have purchased an office building located at 1000 Washington St. and an adjacent parking garage at 321 Harrison Ave. in Boston’s South End. The 11-story building features 242,000 square feet of office space, while the four-level parking garage features 309 stalls. Nordblom has been an owner and operator of 1000 Washington Street and will continue to manage the property. The name of the seller and acquisition price were not released.
JOHNSTON, R.I. — Wethersfield, Conn.-based New England Retail Properties (NERP) has completed the sale of a retail property located at 2750 Hartford Ave. in Johnston. A combination of groups led by the Columbia Delaware Trust acquired the Tractor Supply/O’Reilly Auto property for slightly more than $7 million. NERP acquired and developed the Tractor Supply store in 2013 and constructed the O’Reilly Auto property in 2016. Matthew Darling of New England Retail Properties represented the seller and buyer in the deal.
