Property Type

HFF Secures $29.5M Construction Loan for Seniors Housing Condo Community in Long Island

by Amy Works November 22, 2016

NEW YORK CITY — HFF has arranged $29.5 million in construction financing for Phase II of The Vineyards at Blue Point, an active adult condominium community restricted to residents age 55 and older in Long Island’s Blue Point area. Evan Pariser of HFF arranged the construction loan through Bank of the Ozarks for the borrowers, Ornstein Leyton Co. and Latus Partners. Upon completion, the 280-unit property will encompass 44 buildings with townhomes and single-level flats. The units will feature oversized master bedrooms, in-unit washer/dryers and attached garages. Situated on 65 acres, the community features a heated outdoor swimming pool and bocce club, along with the Vineyards Club, which includes a fitness center, social rooms and lounge space.

November 22, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $29.4M Sale of Two-Building Multifamily Property in Manhattan

by Amy Works November 22, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of The Clarke, two contiguous buildings located at 222-224 W. 21st St. in Manhattan’s Chelsea neighborhood. Slate Property Group sold the property to a local investor for $29.4 million. The five-story buildings contain a total of 22,437 square feet and 27 free-market apartment units, including two Section 8 units, in a mix of one-, two-, three-, four- and five-bedroom layouts. Brock Emmetsberger and James Nelson of Cushman & Wakefield, along with David Schechtman, Lipa Lieberman and Abie Kassim of Meridian Capital Group, represented the seller. Jingying Wu of Sagewood Equity represented the buyer in the deal.

November 22, 2016

Industrial Loans New Jersey Northeast Office Retail

Cronheim Closes $27.8M Refinancing for Six Properties in Central, Northern New Jersey

by Amy Works November 22, 2016

MORRIS, SOMERSET AND MERCER COUNTIES, N.J. — Cronheim Mortgage has arranged a cash-out refinance of $27.8 million for six northern and central New Jersey properties. The assets include office, industrial and retail properties in Morris, Somerset and Mercer counties. The undisclosed borrower will use proceeds to cash out some of the significant equity of the property. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the financing.

November 22, 2016

Industrial New York Northeast

Seagis Property Group Acquires Two Warehouses at JFK Airport

by Amy Works November 22, 2016

NEW YORK CITY — Seagis Property Group has acquired two warehouse buildings adjacent to JFK International Airport in Queens. The properties total 60,000 square feet. The name of the seller and acquisition price were not released. The acquisition complements Seagis’ existing JFK holdings, which total 850,000 square feet in 45 buildings.

November 22, 2016

Industrial Northeast Retail Rhode Island

Sweeney Real Estate Brokers $1.3M Sale of Redevelopment Site in Rhode Island

by Amy Works November 22, 2016

CUMBERLAND, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a four-acre redevelopment site located at 15 Jones St. in Cumberland. Civic RI Central Falls Charter I LLC acquired the property for $1.3 million. Existing structures on the site include a 13,960-square-foot retail space and a 10,000-square-foot warehouse space. The buyer plans to demolish both buildings for the construction of a new charter school. Thomas Sweeney of Sweeney Real Estate & Appraisal brokered the deal.

November 22, 2016

Midwest Retail Wisconsin

Marcus Theatres Acquires All 14 Wehrenberg Theatres Locations in Four Midwestern States

by Kristin Harlow November 22, 2016

MILWAUKEE — Marcus Theatres, a division of The Marcus Corp. (NYSE: MCS) has acquired the assets of St. Louis-based Wehrenberg Theatres in four Midwestern states. Terms of the transaction were not disclosed. Wehrenberg Theatres is the oldest family-owned and operated theater circuit in the United States with 197 screens at 14 locations in Missouri, Iowa, Illinois and Minnesota. Upon completion of the transaction, Marcus Theatres will increase its number of screens by 29 percent, operating 885 screens at 68 locations in eight states. In conjunction with the acquisition, Marcus Theatres will also acquire the underlying real estate for six of the theater locations, as well as Ronnie’s Plaza, an 84,000-square-foot retail center located at 5320 S. Lindbergh Blvd. in St. Louis. Peter J. Solomon Co. assisted Marcus Theatres in the transaction. The Fortune Group served as advisor for Wehrenberg Theatres.

November 22, 2016

Illinois Midwest Retail

Thor Equities Closes $44.2M Sale of 12,000 SF Retail Building in Chicago

by Kristin Harlow November 22, 2016

CHICAGO — Thor Equities has closed on the sale of 26-34 S. State St. in Chicago for $44.2 million. The retail space is home to the first dedicated Jordan Brand store, which opened in October 2015. Thor leased approximately 12,000 square feet of retail space to the athletic apparel store in 2014. The two-level location sells sneakers and apparel, and features a basketball gym and consumer lounge. The buyer was not disclosed. Michael Marks of Cushman & Wakefield brokered the transaction.

November 22, 2016

Midwest Retail Wisconsin

HSA Commercial, Innovative Capital Advisors Acquire 217,346 SF Shopping Center in Brookfield, Wisconsin

by Kristin Harlow November 22, 2016

BROOKFIELD, WIS. — A partnership between HSA Commercial Real Estate and Innovative Capital Advisors has acquired the 217,346-square-foot Brookfield Fashion Center in Brookfield, a western suburb of Milwaukee. The sales price was not disclosed. Stein Mart, Jo-Ann Fabrics, Pier 1 Imports and Ulta Beauty anchor the regional shopping center located on Bluemound Road near Brookfield Square Mall. The center is currently 97 percent leased.

November 22, 2016

Michigan Midwest Office

Colliers International Arranges 1,728 SF Office Lease in Detroit

by Kristin Harlow November 22, 2016

DETROIT — Colliers International has arranged a 1,728-square-foot office lease in the Grand Park Centre building, a 20-story office tower, in Detroit. Nowak & Fraus Engineers, an engineering, surveying and planning company, will occupy the space at 28 W. Adams St. The company headquarters will remain in Pontiac, Mich. Nowak & Fraus expect its move into the Grand Park Centre building to be complete in January 2017. Peter McGrath of Colliers International Detroit represented Nowak & Fraus in the lease transaction.

November 22, 2016

Florida Multifamily Southeast Student Housing

Colliers Arranges $24M Sale of Student Housing Community Near the University of South Florida

by John Nelson November 22, 2016

TAMPA, FLA. — Colliers International has arranged the $24 million sale of University Lake Apartments, a 401-bed student housing community located near the University of South Florida campus in Tampa. The property offers one- and two-bedroom units with bed-to-bath parity, granite countertops and washers and dryers. Community amenities include a 24-hour fitness center, three saltwater pools, a five-acre lake, sundeck with lounge chairs and a technology center. Travis Prince of Colliers represented the seller, CREI-Tampa LLC, in the disposition of the property to FPA Multifamily LLC.

November 22, 2016

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