OKLAHOMA CITY — Precision Parts & Remanufacturing Co. has signed a lease for 40,225 square feet of industrial space at 5201 W. Reno Ave. in Oklahoma City. Kris Davis of Newmark Grubb represented the landlord, Greene Ranch Enterprises Inc., while Randy Lacey of CBRE’s Oklahoma City office represented the tenant.
CAMBRIDGE, MASS. — Alexandria Real Estate Equities has closed its acquisition of One Kendall Square in Cambridge. The company acquired the office and lab space property for $725 million from an undisclosed seller. The campus includes seven buildings with a total of almost 645,000 square feet of rentable office, lab and retail space.
NEW YORK CITY — Rosewood Realty Group has arranged the acquisition of Noonan Plaza, an affordable housing complex located at 105 W. 168th St. in the South Bronx’s Highbridge neighborhood. Spencer Equity acquired the property for $42 million. The seven-story, 335,000-square-foot asset features 283 residential units and eight retail units. Aaron Jungreis of Rosewood Realty Group represented the buyer and the seller, Joel Leder (Noonan Plaza LLC), in the transaction.
HAUPPAUGE, N.Y. — Waramaug LS Hotels has purchased the Holiday Inn Express Hauppauge Long Island in Hauppauge for an undisclosed price. Opened in 2001, the seven-story, 133-room hotel recently underwent a comprehensive renovation that upgraded the entire property to latest brand standards. The hotel features an indoor swimming pool, business center, fitness center, sundry shop, complimentary breakfast, free high-speed wireless internet and two meeting rooms. The name of the seller was not released.
NEW YORK CITY — Eastern Union Funding has secured a $15 million non-recourse loan to refinance an office building located at 201 Edward Curry Ave. in Staten Island. The borrower, Addwel LLC, occupies 40 percent of the three-story, 82,528-square-foot office building. Additional tenants include ADCO Electric, IDB Bank, TCE Insurance Services and Vaslas Lepowsky Hauss & Danke. Meir Kessner of Eastern Union Funding arranged the financing, which was provided by Bethpage Federal Credit Union.
NORWALK, CONN. — Fischer Commercial Real Estate has arranged the sale of a retail property located at 233 E. Ave. in East Norwalk. An entity that owns and operates laundromats acquired the property for $1.1 million. The buyer plans to convert the 7,450-square-foot property into a state-of-the-art laundromat. Alan Fischer of Fischer Commercial Real Estate Inc. represented the seller and procured the buyer.
BEVERLY HILLS, CALIF. — Sterling Organization has purchased a retail building located at 315-319 N. Beverly Drive in Beverly Hills’ Golden Triangle. The property was purchased off-market on behalf of the firm’s institutional fund Sterling Value Add Partners II for $23.5 million. The 4,700-square-foot property is expected to be vacant in the first quarter of 2017. Justin Mendelson of Charles Dunn Company represented the buyer. Darrell Levonian and Brian Jensen of Charles Dunn Company represented the seller, a private investor partnership based in California and Texas.
DOWNEY, CALIF. — A joint venture between Alberta Development Partners and Pacific Coast Capital Partners has completed Phase I and II of Promenade at Downey, a 656,000-square-foot shopping center and entertainment district located in Downey, roughly 12 miles outside Los Angeles. A movie studio and a NASA plant previously occupied the property. The center’s entertainment court will feature educational reading stations and themed elements associated with the space program, as well as a walkway honoring space missions. Retailers opening in Phase I and II of the development include TJ Maxx, HomeGoods, Ulta Beauty, Famous Footwear, Dress Barn, Carter’s, Oshkosh, Five Guys, Chipotle Mexican Grill, Mod Pizza, California Fish Grill, Benihana, 24 Hour Fitness, Floor & Décor, Cinemark, Lazy Dog, Ruby’s Diner, Bar Louie, Skechers, AT&T and Gaucho Grill. Dallas-based Falcon Construction Advisors is building the project.
CHICAGO — Cohen Financial has closed a $20.7 million development loan for new ground-up construction of a 105-unit multifamily property at 710 W. Grand Ave. in the West Loop neighborhood of Chicago. The property will feature a mix of one- and two-bedroom units, convertibles and studios. Construction of the property is expected to be completed in the fourth quarter of 2017. Dan Rosenberg, Matt Terpstra and Jason Keith of Cohen Financial secured the loan with TCF Bank. Outlook Development Group and Wicker Park Apartments were the borrowers.
MADERA, CALIF. — Highpoint Capital Group LLC has acquired Hallmark Town Center, an 85,066-square-foot, grocery-anchored shopping center located in Madera, for an undisclosed price. Bryan Ley and Justin Kundrak of HFF represented the seller, Weingarten Realty Investors, in the disposition. Peter Smyslowski and John Churchward of HFF also worked on Highpoint’s behalf to place a 10-year, fixed-rate CMBS loan with a banking and financial services holding company. Food 4 Less anchors the center, which is 96 percent leased to tenants including Thrive Fitness, Taco Bell, Furniture Town, Supercuts, Little Caesars, Blooming Fashion and Deli Delicious.