Property Type

Third Coast Development, PK Development Group Break Ground on $42M Mixed-Use Project in Grand Rapids, Michigan

by Kristin Harlow January 30, 2017

GRAND RAPIDS, MICH. — Third Coast Development and PK Development Group have broken ground on the $42 million Diamond Place project in Grand Rapids. Diamond Place is a 2.8-acre development that sits on land formerly used by Proos Manufacturing at Michigan Street. The development will offer 165 apartments, consisting of one- and two-bedroom units. Approximately 100 of the units will be designated as income-restricted. Ground-floor retail spaces will also be available. The project is slated for completion in summer 2018. Pioneer Construction is the construction manager and Progressive AE is the architect. Other partners in the project include Michigan Good Food Fund, JPMorgan Chase Bank, Cinnaire, Mercantile Bank, Capital Impact Partners, Michigan Economic Development Corp., Michigan State Housing Development Authority, Opportunity Resource Fund and the City of Grand Rapids.

January 30, 2017

Illinois Loans Midwest Retail

Integra Negotiates $3.2M Loan for Acquisition of Shopping Center in Collinsville, Illinois

by Kristin Harlow January 30, 2017

COLLINSVILLE, ILL. — Integra Real Estate Capital has negotiated a $3.2 million non-recourse loan for the acquisition of Orchards Shopping Center in Collinsville, 15 miles east of St. Louis. Dollar General, Asia Gardens and HSHS Medical Group anchor the 65,143-square-foot center. Meyer Perlman of Integra secured the 10-year, fixed-rate loan through a CMBS lender on behalf of the borrower, a New York-based investment group.

January 30, 2017

Industrial Midwest Ohio

Kosei Signs 48,000 SF Industrial Lease in West Chester, Ohio

by Kristin Harlow January 30, 2017

WEST CHESTER, OHIO — Kosei, a distributor of aluminum wheels, has signed a lease to occupy 48,000 square feet in Building E at Port Union at Union Centre. The speculative warehouse building, owned by Becknell Industrial, is now fully leased. Port Union E includes 28-foot clear heights, ESFR sprinkler system, 14 docks and two drive-in doors. Polymet Corp. will occupy 90,750 square feet at the 138,750-square-foot building, which is scheduled for completion in early spring. Tony Sorgi of Plante Moran CRESA represented Kosei, while Jeremy Kraus of CBRE represented Becknell.

January 30, 2017

Industrial Michigan Midwest

Signature Associates Arranges Sale of 27,420 SF Industrial Building in Holly, Michigan

by Kristin Harlow January 30, 2017

HOLLY, MICH. — Signature Associates has arranged the sale of a 27,420-square-foot industrial building in Holly, south of Flint. The sales price was not disclosed. The building is located at 4101 E. Baldwin Road. Zito Construction, a local construction company, was the buyer. Paul Saad and Joe Banyai of Signature Associates represented the seller, LN Real Estate LLC.

January 30, 2017

New Jersey Northeast Office

Vision Real Estate Partners Acquires 610,000 SF Office Portfolio in Roseland, New Jersey

by Amy Works January 30, 2017

ROSELAND, N.J. — Vision Real Estate Partners has purchased a three-building office portfolio, located at 101, 103 and 105 Eisenhower Parkway in Roseland. Mack-Cali Realty Corp. sold the portfolio for an undisclosed price. The buyer plans to rebrand and renovate the 610,000-square-foot portfolio, which is situated on 51 acres. Brach Eichler LLC, Orloff Lowenbach S. & S., Lum, Drasco & Positan LLC, FTI Consulting and Marcum LLP are among the 57 tenants of the portfolio. John Alascio and John Spreitzer of Cushman & Wakefield arranged acquisition financing for the buyer, while Nicholas Karali, also of Cushman & Wakefield, advised the buyer on the transaction.

January 30, 2017

Loans Multifamily New Jersey Northeast

Pillar Originates $59.4M in Refinancing for 138-Unit Multifamily Property in Hoboken, New Jersey

by Amy Works January 30, 2017

HOBOKEN, N.J. — Pillar, a subsidiary of SunTrust Banks, has originated a $59.4 million Freddie Mac loan for the refinancing of The North Constitution at The Shipyard. Jessica McGuire of Pillar originated the fixed-rate, 10-year loan, which features a 30-year amortization schedule and 60 percent loan-to-value, for the sponsors, Michael Barry and David Barry of Hoboken-based Ironstate Holding Co. Built in 1999, the 14-story multifamily property features 138 apartments in one-, two- and three-bedroom layouts. On-site amenities of the waterfront property include views of the Hudson River, a waterfront park, elevated courtyards, a fitness center and parking garage.

January 30, 2017

Loans Multifamily New Hampshire Northeast

NorthMarq Arranges $4.8M in Acquisition Financing for Multifamily Property in New Hampshire

by Amy Works January 30, 2017

MANCHESTER, N.H. — NorthMarq Capital has arranged $4.8 million in acquisition financing for the purchase of an apartment complex located in Manchester. Mark Whelan of NorthMarq secured the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower. The multifamily property features 67 apartment units.

January 30, 2017

Office Southeast Virginia

Navy Federal Credit Union Starts Construction on $100M Office Building in Virginia

by John Nelson January 30, 2017

WINCHESTER, VA. — Navy Federal Credit Union, the world’s largest credit union, has broken ground on its new 180,000-square-foot office building in Winchester. Navy Federal has invested $100 million to expand into the three-story facility, which is expected to be fully operational by the end of 2018. The Winchester facility will house about 1,400 employees, which are currently spread between two different facilities in Virginia’s Frederick County. Vienna, Va.-based Navy Federal has more than $79 billion in assets, 6 million members and 296 branches.

January 30, 2017

Hospitality Northeast Pennsylvania

JV Acquires 155-Room Holiday Inn Express & Suites in King of Prussia, Pennsylvania

by Amy Works January 30, 2017

KING OF PRUSSIA, PA. — A joint venture between Ayer Capital Advisors, Ashwin Pandya and The Wankawala Organization has acquired a Holiday Inn Express & Suites in King of Prussia for an undisclosed price. The hotel features 155 guest rooms. Chatham, N.J.-based Cronheim Hotel Capital secured financing for the acquisition. The name of the seller was not released.

January 30, 2017

Connecticut Northeast Retail

O,R&L Commercial Arranges 26,460 SF Retail Lease in East Haven, Connecticut

by Amy Works January 30, 2017

EAST HAVEN, CONN. — O,R&L Commercial has arranged a long-term lease for 26,460 square feet of retail space at Foxhaven Plaza, located on Foxon Road in East Haven. Flippin Out, dba Rockin’ Jump Trampoline Park, will open a location at the shopping center in early February. Rich Guralnick of O,R&L Commercial represented the landlord, Foxhaven Plaza LLC, while David Gorback of Colonial Properties represented the tenant in the deal.

January 30, 2017

Newer Posts

Older Posts