Property Type

Mid-America Brokers Sale of 114,102 SF Retail Center in Bismarck, North Dakota

by Kristin Harlow January 12, 2017

BISMARCK, N.D. — Mid-America Real Estate Corp. has brokered the sale of Pinehurst Square East in Bismarck. The sales price was not disclosed. The 114,102-square-foot shopping center is located at the northeast quadrant of Interstate 94 and Tyler Parkway. Tenants include TJ Maxx, Old Navy and Shoe Carnival. Fargo, N.D.-based Dakota REIT purchased the property. Joe Girardi of Mid-America and Jill Dumeland of Dumelands Commercial Real Estate brokered the transaction on behalf of the undisclosed seller.

January 12, 2017

Healthcare Loans New York Northeast Office

Cronheim Mortgage Closes $12.7M in Refinancing for Two Medical Office Buildings in Long Island

by Amy Works January 12, 2017

LONG ISLAND, N.Y. — Cronheim Mortgage has arranged $12.7 million in refinancing for two medical office buildings located at 520 Franklin Ave. in Long Island’s Garden City. The properties total 100,141 square feet. The loan was structured with an initial five-year fixed-rate period locked at 3.875 percent followed by a five-year extension option. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the financing for the undisclosed borrower.

January 12, 2017

Illinois Industrial Midwest

Conor Commercial Finalizes Tenants at New Industrial Business Park in Bolingbrook, Illinois

by Kristin Harlow January 12, 2017

BOLINGBROOK, ILL. — Black Horse Carriers and Trane U.S. Inc. have signed leases at Conor Commercial’s new Fountain Square Commerce Center. The 70-acre industrial business park is located at Remington Boulevard and South Schmidt Road in Bolingbrook, a suburb of Chicago. Black Horse Carriers, a provider of dedicated fleet and private fleet replacement services for companies that require specialized trucks and equipment, has leased all 109,354 square feet in Building 1. Trane U.S., which specializes in air-conditioning systems, has leased 44,179 square feet within Building 3. The building totals 162,394 square feet. George Pappas of Hartford Associates represented Black Horse Carriers in the lease transaction, while Jim Cummings and Brian Carroll of Newmark Grubb Knight Frank and Jim Estus and David Bercu of Colliers International represented the owner. Mike Magliano of Cushman & Wakefield represented Trane U.S., while Bercu and Estus represented Conor Commercial. McShane Construction Co. and Ware Malcomb, the original design/build team for the industrial business park, will complete the interior build-outs on behalf of both tenants.

January 12, 2017

Industrial Midwest Minnesota

Meritex Acquires 101,600 SF Industrial Building Near Minneapolis

by Kristin Harlow January 12, 2017

FRIDLEY, MINN. — Meritex has acquired Osborne Commerce Center in Fridley, approximately 10 miles north of Minneapolis. The purchase price was $5.5 million. The 101,600-square-foot industrial building is located at 197 Osborne Road. The Class A property is 100 percent leased. Steve Dorff of Meritex will manage the property. Meritex is a private real estate investment and management company.

January 12, 2017

Illinois Loans Midwest Mixed-Use

ASC Arranges $4.1M Acquisition Loan for Mixed-Use Property in Chicago

by Kristin Harlow January 12, 2017

CHICAGO — American Street Capital has arranged a $4.1 million loan for the acquisition of a mixed-use property in Chicago’s Lincoln Park. Originally built in 1889, the building was recently renovated and consists of one ground-floor retail unit and eight residential units. The 20-year loan includes a 30-year amortization schedule and was funded through the Freddie Mac small balance program. Igor Zhizhin of ASC originated the loan.

January 12, 2017

Industrial Office Washington Western

Boeing Employee Credit Union Purchases Buildings at Gateway Corporate Center in Tukwila

by Nellie Day January 12, 2017

TUKWILA, WASH. — Boeing Employee Credit Union (BECU) has purchased eight buildings at the Gateway Corporate Center office and industrial park in Tukwila for an undisclosed sum. The 11-building center is situated at a junction between State Route 599 and Interstate 5 in the Seattle submarket. BECU previously owned two buildings at Gateway Corporate Center. The credit union built its corporate headquarters at the center in 1990. The new purchase has allowed BECU to increase its holdings in the office park to 589,000 square feet. Bill Frame and Richard Davidson of Kidder Mathews represented BECU. The firm’s Andy Miller and Matt Wood also represented the seller, a global investment manager, in this transaction.

January 12, 2017

Multifamily Washington Western

Apartment Building Near Reno Sells for $15.5M

by Nellie Day January 12, 2017

SPARKS, NEV. — A San Francisco Bay Area-based private investor has acquired a 230-unit apartment building in the Reno submarket of Sparks for $15.5 million. The community, known as 1100 Place Apartments, is located at 1100 15th St. The asset underwent major renovations in 2015 that included new siding, exterior painting, enclosed carports, new asphalt, new landings, landscaping and signage. The community is now 96 percent occupied. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented both the buyer and seller, a special servicer, in this transaction.

January 12, 2017

California Office Western

Shopoff Acquires Office Building in Newport Beach for $15.4M

by Nellie Day January 12, 2017

NEWPORT BEACH, CALIF. — Shopoff Realty Investments has purchased a 44,434-square-foot office building in Newport Beach for $15.4 million. The three-story building is located at 4440 Von Karman Ave. The space was 56 percent occupied by tenants like CommerceWest Bank, DynTek and Johnson Attorneys Group. The asset was purchased through a co-investment structure.

January 12, 2017

California Industrial Western

RAF Pacifica Buys San Diego Manufacturing, Distribution Center for $3.7M

by Nellie Day January 12, 2017

SAN DIEGO — RAF Pacifica Group has purchased a 31,246-square-foot manufacturing and distribution center in the San Diego submarket of San Marcos for $3.7 million. The center is located at 1880 Diamond St. Known as La Costa Meadows, the facility features office space and HVAC production areas, as well as dock- and grade-level loading and 26-foot-clear heights. Isaac Little, Marko Dragovic and Chuck Hardy of Lee & Associates represented both the buyer and the seller, DonMar LLC, in this transaction.

January 12, 2017

California Office Western

Belvedere Place Office Building in Marin County Changes Hands

by Nellie Day January 12, 2017

MILL VALLEY, CALIF. — A partnership between ScanlanKemperBard and Angelo, Gordon & Co. has acquired the 103,000-square-foot Belvedere Place office building in the Marin County city of Mill Valley for an undisclosed sum. The Class A office building is located at 1 and 2 Belvedere Place, about 14 miles north of San Francisco. It was built in 2000. The partnership plans to update the building’s exterior and landscaping. It will also add a gym with showers, as well as lockers, bike lockers and bike storage. Belvedere Place was 60 percent leased at the time of sale. Notable tenants linclude UBS and Merrill Lynch Wealth Management. Haden Ongaro, Mac Cranford and Mark Carrington of Newmark Cornish & Carey represented both the buyer and the seller, Bently Holdings, in this transaction. The team is also serving as the property’s leasing agents.

January 12, 2017

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