PLEASANT PRAIRIE, WIS. — Zilber Property Group and MMM Real Estate LLC have purchased development sites in Lakeview Corporate Park near Kenosha. The sales prices were not disclosed. Zilber purchased a 22.8-acre site at the corner of 108th Avenue and Green Bay Road. Zach Graham, Ryan Bain and Tom Harmon of CBRE represented the seller, Nitto Americas Inc. MMM purchased a 12.2-acre site on 88th Avenue. Graham, Bain and Harmon represented MMM, while Sam Badger and Whit Heitman of CBRE represented the seller, CenterPoint Properties. Lakeview Corporate Park is a 2,400-acre business park with a mix of retail, office and industrial space.
FRIDLEY, MINN. — Marcus & Millichap has arranged the sale of Crown Commons in Fridley, north of Minneapolis, for $2.4 million. The 21-unit apartment property is located at 1461 73rd Ave. NE. The building includes a mix of one-, two- and three-bedroom units, and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Abe Roberts led the team in securing and representing the buyer, a private investor.
SYLVANIA, OHIO — Eidi Properties is redeveloping a 2.3-acre property into a Chick-fil-A restaurant in Sylvania, along the Michigan border. The property, located at 6636 W. Central Ave., will be Chick-fil-A’s fourth freestanding location in the Toledo market and the first location in the Sylvania market. Demolition of the retail building currently at the site is slated for mid-March, and the restaurant is set to open in the summer of 2017.
WASHINGTON, D.C. — The Meridian Group, a Bethesda, Md.-based real estate investment and development firm, has purchased 1901 L Street, an eight-story office building located in downtown Washington, D.C.’s central business district. Meridian purchased the 132,372-square-foot property from New York Life in an off-market transaction for $75 million. At closing, the building will be 73 percent leased to two retail tenants — Staples and Sweetgreen — and a mix of 15 office tenants. Meridian is planning an extensive renovation of 1901 L that will add three new floors of trophy space to the top of the building. The renovation will also include a new lobby with high-end finishes, new façade and new HVAC and elevator systems, as well as a tenant-only indoor/outdoor penthouse space, fitness center and a conference center. The renovation will increase the size of the building to 206,000 square feet. Meridian selected Fox Architects to design the new building. The purchase is the fifth acquisition for an affiliate of Meridian — Meridian Realty Partners II LP, a $231.6 million discretionary fund.
MIAMI — Berkadia has secured the $25 million refinancing of Carib Villas, a 365-unit apartment community located at 11105 S.W. 200th St. in Miami. Built in 1972, the property features onsite laundry facilities, barbecue areas and a swimming pool with a sundeck. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged the 10-year loan on behalf of the borrower, The Cornfield Group. The Freddie Mac loan features interest-only payments for the full term and an adjustable interest rate.
MATTHEWS, N.C. — The Memphis office of Financial Federal Bank has arranged a $24.3 million acquisition loan for Legacy Matthews Apartments in Matthews, a suburb of Charlotte. The borrower, a repeat Financial Federal customer, purchased the 288-unit garden-style property, which was 97 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule through an agency lender.
ARLINGTON, VA. — Greysteel has arranged the $13.5 million sale of Whispering Oaks, a 49-unit mid-rise apartment community located at 1310 N. Oak St. in Arlington’s Rosslyn neighborhood. Whispering Oaks’ amenities include covered and uncovered parking, a telephone entry system call box, fitness center, laundry facilities, secluded rear patio sitting area and a renovated lobby. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel’s Washington, D.C., office represented the sellers, 401 Commonwealth LLC and HJL Properties LLC, and procured the buyer.
DURHAM, N.C. — NorthMarq Capital has arranged the $7.3 million refinancing of Hope Valley Commons, a 38,963-square-foot retail property located at 1125 W. NC Highway 54 in Durham. NorthMarq arranged the 15-year loan with a 25-year amortization schedule through an unnamed life insurance company.
The Southeast’s top seaports and their surrounding industrial real estate markets have braced themselves for years for the larger post-Panamax vessels that can now pass through the newly expanded Panama Canal. The 102-year-old canal opened in late June 2016 following its $5.4 billion expansion, creating a shortcut for the larger ocean carriers coming from Asia. The opening of Panama Canal’s expansion was delayed by two years, missing the 100-year anniversary of its 1914 debut. Shipping companies had their larger vessels in place, though, and decided to ship those vessels to the East Coast via the Suez Canal, according to Walter Kemmsies, managing director, economist and chief strategist of JLL’s U.S. Ports, Airports and Global Infrastructure Group. “As the Panama Canal gets through the learning curve, we’re seeing the number of weekly transits increase, and we’re still in that phase and perhaps will be for the next six months,” says Kemmsies, who is currently engaged with three of the top five seaports in the United States on their master plans. “The ocean carriers are starting to scrap their smaller vessels and moving their services back from the Suez Canal to go through the Panama Canal. Right now the East Coast has …
SEATTLE — A joint venture between the Molasky Group and China-based Binjiang Group has secured $325 million in financing to build a 41-story mixed-use multifamily and hotel tower in the Belltown submarket of Seattle. Financing includes a $225 million joint venture partnership, as well as a $100 million construction-to-permanent loan. The project has not been named yet, but will be built on the site of the old Potala Tower. That project was put under the control of a court-appointed receiver, which suspended construction for about one year. The joint venture development partnership, arranged by Newmark, acquired the property from the court-appointed receiver in October 2016. Construction has resumed at the project. PCL will serve as the general contractor and Weber Thompson will act as the architect. The tower will feature 339 apartment units, 142 hotel rooms and 1,824 square feet of ground-floor retail space. It is scheduled for completion in August 2018. The $100 million construction-to-permanent loan was placed with two of Newmark’s correspondent life insurance company lenders, Guardian Life and Voya Investment, with each lender providing $50 million. The seven-year, construction-to-permanent loans will feature interest-only payments for a period of time, and later amortized over 30 years. Newmark will service the loans, …