Property Type

Cawley Chicago Brokers $16.9M Sale of Two Industrial Buildings in Indianapolis

by Kristin Harlow December 5, 2017

INDIANAPOLIS — Cawley Chicago has brokered the sale of two industrial buildings in Indianapolis for $16.9 million. The buildings, totaling 607,231 square feet, are located within the Shadeland I-70 Business Park near I-70 and I-495. The properties were 94 percent occupied by five tenants at the time of sale. The largest tenants, Pratt Visual Solutions and MicroMetl, occupy a combined 89 percent. David Conroy and Timothy Gallagher of Cawley Chicago brokered the transaction. Plymouth Industrial REIT purchased the buildings from First Highland Management & Development Corp. Inc. In completing the transaction and expanding its portfolio, Plymouth structured the acquisition as an UPREIT (umbrella partnership real estate investment trust), a vehicle that enables a company seeking to sell appreciated real estate to defer or completely avoid capital gains tax liability.

December 5, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Arranges $14.7M HUD Acquisition Loan for Affordable Housing Project in St. Paul, Minnesota

by Kristin Harlow December 5, 2017

ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $14.7 million HUD 221 (d)(4) loan for the acquisition of an office building in St. Paul. The borrower, Pioneer Apartments LLLP, plans to convert the existing building into a 144-unit affordable housing property called Pioneer Apartments. All units will be restricted to residents earning 60 percent or less of the area median income. The property was originally constructed in 1954 and most recently served as the headquarters for the St. Paul Pioneer Press. In addition to the HUD-insured first mortgage, the borrower will receive equity from the sale of low-income housing tax credits, federal historic tax credits, state historic tax credits funded in the form of a loan from Preservation Alliance Minnesota and funds from the Metropolitan Council. The project also involved tax-exempt bonds underwritten by Dougherty & Co. LLC, an affiliate of Dougherty Mortgage. Completion of the project is slated for early 2019.

December 5, 2017

Illinois Industrial Midwest

Meridian Breaks Ground on 75,000 SF Industrial Build-to-Suit in Chicago

by Kristin Harlow December 5, 2017

CHICAGO — Meridian Design Build has broken ground on a 75,000-square-foot industrial build-to-suit for Banner Wholesale Grocers in Chicago. The property is located on a 4.2-acre site at 2639 S. Damen Ave. The building will feature 36-foot clear heights, LED lighting, a fully air-conditioned wholesale floor, freezer space, eight loading docks and a covered van platform with 16 loading positions. Schmidt Design Inc. is providing architectural services, while Kimley-Horn is completing civil engineering work. A timeline for project completion was not disclosed.

December 5, 2017

Illinois Industrial Lee & Associates Midwest

Lee & Associates Negotiates $3.4M Sale of Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow December 5, 2017

ELK GROVE VILLAGE, ILL. — Lee & Associates has negotiated the sale of a 52,082-square-foot industrial building in Elk Grove Village for $3.4 million. The property is located at 1200 Lunt Ave. Mike Plumb, Brad Simousek and Jeff Janda of Lee & Associates represented the seller, American Dawn. Jack Brennan of CBRE represented the buyer, Lawrence Foods, a local manufacturer of bakery ingredients for commercial food manufacturers, in-store supermarket bakeries and foodservice operators.

December 5, 2017

Multifamily Northeast Pennsylvania

Equus Sells 308-Unit Apartment Community Near Philadelphia for $64.5M

by Amy Works December 5, 2017

UPPER GYWNEDD, PA. — Equus Capital Partners has completed the disposition of Madison Willowyck, an apartment community located in Upper Gywnedd, a suburb of Philadelphia. New Jersey-based Friedman Realty Group acquired the property for $62.5 million. At the time of sale, the community was 96 percent occupied. Erin Miller and Marybeth Farris of Jones Lang LaSalle represented the seller in the deal. Built in 1972 on 28 acres, the garden-style apartment community features 308 apartments in a mix of one-, two- and three-bedroom layouts with private entrances. On-site amenities include a resort-style pool, a 24-hour fitness center, a clubhouse with community room and balcony. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.

December 5, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Kalikow Group, Steelpoint Property Sells Mixed-Use Building in Manhattan for $7.4M

by Amy Works December 5, 2017

NEW YORK CITY — The Kalikow Group and Steelpoint Property Group have completed the sale of a mixed-use property located at 517 Second Ave. in the Kips Bay neighborhood of Manhattan. An undisclosed buyer acquired the property for $7.4 million. The four-story building features a ground-level restaurant and three floor-through, three-bedroom apartments. The partnership originally purchased the property in 2014 for $5 million and implemented a three-year renovation project.

December 5, 2017

Loans New Jersey Northeast Retail

Cushman & Wakefield Arranges $6.5M in Financing for Retail Center in Galloway, New Jersey

by Amy Works December 5, 2017

GALLOWAY, N.J. — Cushman & Wakefield has secured $6.5 million in financing for P3RE Properties for Smithville Square, a retail center located in downtown Galloway. Atlantic Stewardship Bank provided the five-year, fixed-rate financing. Smithville Square is a recently renovated 107,000-square-foot retail center. The center is home to 19 tenants, including Dunkin’ Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails. The center also includes 542 parking spaces and 1,061 feet of frontage on South New York Avenue. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the sponsor, P3RE Properties, in the financing.

December 5, 2017

Hospitality Loans New York Northeast

Valencia Realty Secures $6.1M Loan for 42-Room Hotel in Saratoga Springs, New York

by Amy Works December 5, 2017

SARATOGA SPRINGS, N.Y. — Valencia Realty Capital has arranged a $6.1 million acquisition and redevelopment loan for Lark Hotels. The borrower will use proceeds of the three-year loan to purchase and renovate Saratoga Downtowner, a 42-room hotel located at 413 Broadway in Saratoga Springs. Lark Hotels plans to redevelop the centrally located property as a high-end lifestyle boutique hotel. The company currently owns and manages 23 hotels and four restaurants. Alex Riccio and Stephen Smeke of Valencia Realty secured the financing for the borrower.

December 5, 2017

Healthcare New York Northeast Office

Bent Tree Realty Completes Sale of 23,383 SF Medical Office Building in Johnson City, New York

by Amy Works December 5, 2017

JOHNSON CITY, N.Y. — Bent Tree Realty has completed the disposition of Our Lady of Lourdes Memorial Hospital Orthopedics Building in Johnson City. A privately held healthcare REIT purchased the 23,383-square-foot facility for an undisclosed price. The building is 96 percent occupied by Our Lady of Lourdes Memorial Hospital, a member of Ascension Health. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Company represented the seller in the transaction.

December 5, 2017

California Retail Western

SyWest Development Buys Retail Center Near Sacramento for $21.6M

by Nellie Day December 5, 2017

LINCOLN, CALIF. — SyWest Development has acquired Parkway Plaza, a 205,452-square-foot retail center in Lincoln, for $21.6 million. Bob and Jared Dong of TRI Commercial/CORFAC International arranged the transaction on behalf of the seller, Parkway-Sterling Investors, which developed the property in 2007 in a joint venture with Catlin Properties. At the time of sale, Parkway Plaza was fully leased to tenants including Lowe’s Home Improvement, Dollar Tree, Big 5 Sporting Goods, Red Robin, Paradise Laundry and Verizon Wireless.

December 5, 2017

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