Property Type

Forest City Ratner Cos. Opens 32-Story Residential Tower in Brooklyn

by Amy Works November 16, 2016

NEW YORK CITY — Forest City Ratner Cos. has opened 461 Dean, the world’s tallest modular tower and only modular residential high rise. Located at Greenland Forest City Partners’ Pacific Park Brooklyn, the 32-story high-rise tower features 363 rental apartments. Designed by SHoP Architects, the tower features 149 studios, 166 one-bedroom apartments and 48 two-bedroom apartments, with 23 original unit configurations. Unit prices for studios start at $2,450, one bedrooms start at $3,125 and two bedrooms start at $4,750. On-site amenities include a 24-hour doorman, modern fitness center, yoga and dance studio, sky lounge and rooftop terrace, game room, and children’s playroom as well as in-unit washers/dryers. The property, which is slated for LEED Silver certification, is the first residential building to open at the 22-acre Pacific Park Brooklyn mixed-use community. Pacific Park Brooklyn is being developed by a joint venture between Greenland USA and Forest City Ratner Cos., which is a wholly owned subsidiary of Forest City Realty Trust.

November 16, 2016

Loans Multifamily New Jersey Northeast Office Retail

HFF Arranges $59.5M in Financing for Two Properties in Manhattan

by Amy Works November 16, 2016

NEW YORK CITY — HFF has arranged two loans on behalf of Short Hills, N.J.-based Garden Homes Development for an office property and a residential property in Manhattan. The firm secured $38 million in financing for the office property totaling 103,389 rentable square feet at 13-15 W. 54th St. and 20 W. 55th St. in Midtown Manhattan and $21.5 million in financing for the six-story residential building with ground-floor retail at 194 E. Second St. in the East Village. Built in 1897, the office properties are two adjacent five-story mansions that were home to John D. Rockefeller and known as the Rockefeller Townhouses. Completed in 1997, the residential building features 8,465 square feet of ground-floor retail space and 61 luxury residential units. Andrew Scandalios and Geoff Goldstein of HFF arranged the financing for the borrower.

November 16, 2016

Northeast Pennsylvania Retail

QuickLiquidity Acquires Partnership Interest in $25M Neighborhood Shopping Center in Pittsburgh

by Amy Works November 16, 2016

PITTSBURGH — QuickLiquidity has purchased a partnership interest in a $25 million neighborhood shopping center in the Pittsburgh metropolitan area. The partnership owns a 275,000-square-foot retail property anchored by Giant Eagle. The property is more than 95 percent occupied by a variety of tenants, including Dollar General, PNC Bank, Chick-fil-A, Starbucks Coffee, MedExpress, Aaron’s and Mattress Firm. The name of the seller was not released.

November 16, 2016

Connecticut Multifamily Northeast Retail

Avison Young Facilitates $4.9M Sale of Retail, Residential Property in Darien, Connecticut

by Amy Works November 16, 2016

DARIEN, CONN. — Avison Young has closed the sale of a mixed-use residential and retail property located at 13 Grove St. in Darien. Day Street Development LLC sold the property to Blackshaw Chriscott LLC for $4.9 million. The 5,726-square-foot property features two ground-level retail spaces, occupied by Le Boudoir and Darien Butcher Shop, and three apartment units. Alison Luisi and Ted Stratigos of Avison Young arranged the deal.

November 16, 2016

Hospitality Northeast Pennsylvania

HREC Arranges Sale of La Quinta Inn & Suites in Pittsburgh

by Amy Works November 16, 2016

PITTSBURGH — HREC Investment Advisors has brokered the sale of La Quinta Inn & Suites Pittsburgh North McKnight, located at 4859 McKnight Road in Pittsburgh. Buffalo, N.Y.-based Hamister Group acquired the 145-room hotel for an undisclosed price. Ketan Patel and Ted Anka of HREC represented the seller in the transaction.

November 16, 2016

Indiana Industrial Midwest

General Mills Sells 455,000 SF Manufacturing Facility in Indiana to Investor Group

by Kristin Harlow November 16, 2016

NEW ALBANY, IND. — General Mills has sold a 455,000-square-foot manufacturing plant in New Albany, just across the state border from Louisville, Ky., to a joint venture of New Mill Capital Holdings and Tiger Capital Group. The sales price was not disclosed. The new owners intend to auction the remaining equipment in early 2017, and remarket the real estate for manufacturing uses. Located at 707 Pillsbury Lane, the plant sits on approximately 34.5 acres. The building has numerous loading docks and access points and can be adapted for a single occupant or multiple tenants. Jeff Counsell of Global Food Properties represented General Mills in the transaction and will continue to represent the new owners.

November 16, 2016

Midwest Nebraska Retail

Cushman & Wakefield/The Lund Co. Negotiates $20.8M Sale of 100,000 SF Shopping Center in Omaha

by Kristin Harlow November 16, 2016

OMAHA, NEB. — Cushman & Wakefield/The Lund Co. has negotiated the sale of West Grayhawk shopping center in Omaha for $20.8 million. The 100,000-square-foot center is located at 150th Street and West Maple Road. West Grayhawk is 100 percent leased to tenants including Fresh Thyme, Ulta, Gordmans Department Store, Shoe Carnival and Husker Hounds. Richard Secor Jr. of Cushman & Wakefield/The Lund Co. represented the buyer, Lumax Realty Corp. and Tomlin Development Corp. Bob Begley of Lockwood Development represented the seller, Royce Grayhawk LLC.

November 16, 2016

Hospitality Midwest Missouri

Midas Hospitality to Manage New Staybridge Suites in Maryland Heights, Missouri

by Kristin Harlow November 16, 2016

MARYLAND HEIGHTS, MO. — Midas Hospitality will manage the new $16 million Staybridge Suites hotel located at 25 Progress Parkway in Maryland Heights, a suburb of St. Louis. The 122-room hotel features one- and two-bedroom suites. MC Hotel Construction, a sister company of Midas Hospitality, built the hotel.

November 16, 2016

Loans Michigan Midwest Multifamily

Pillar Originates $8.2M Fannie Mae Loan for Multifamily Property Portfolio in Grand Rapids, Michigan

by Kristin Harlow November 16, 2016

GRAND RAPIDS, MICH. — Pillar has originated an $8.2 million Fannnie Mae loan for the refinancing of The Heritage Collection, a portfolio of eight multifamily properties in the historic district of Grand Rapids. The 10-year, fixed-rate loan includes a 30-year amortization schedule. The collection includes 131 units, ranging from studios to three-bedroom apartments, and is fully leased. Many of the properties are 19th- and 20th- century mansions that have been converted into apartments. David Wilkins of Pillar originated the loan for Maplegrove Property Management.

November 16, 2016

Midwest Ohio Retail

BestDrive Opens 18,500 SF Retail Location in Cincinnati Enquirer Building

by Kristin Harlow November 16, 2016

CINCINNATI — BestDrive, a commercial tire dealer and retreader, has opened an 18,500-square-foot retail location in Cincinnati in the Cincinnati Enquirer building. Located at 10801 Millington Ct., the building is off I-75 near the I-275 interchange. BestDrive’s new shop and service center will continue to increase expansion of the Continental tire and ContiLifeCycle (CLC) retread service network throughout the Midwest and the United States. Robert Bunton of CBRE represented BestDrive in the transaction.

November 16, 2016

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