Property Type

Passco Acquires Temescal Village Shopping Center in Corona for $16.9M

by Nellie Day May 17, 2017

CORONA, CALIF. — Passco Cos. has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, for $16.9 million. The Corona market has a retail vacancy rate of 4.4 percent, limiting opportunities for expansion in the area, and making retail space in demand, according to Todd Siegel, vice president of retail acquisitions at Passco. The center is current 93.5 percent leased to 19 tenants, including CVS/pharmacy, Citibank, Carl’s Jr., Wells Fargo, The UPS Store and Metro PCS. Passco plans to modernize the property through strategic renovations and capital improvements. Additions include redesigned landscaping and updating the facade of the center. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, a private investor, in the sales transaction. Architecture Design Collaborative will design renovations for the center. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged acquisition financing for Passco through Fannie Mae.

May 17, 2017

California Office Western

Help U Buy Purchases Bayfront Office Building in San Diego for $5.2M

by Nellie Day May 17, 2017

SAN DIEGO — Help U Buy LLC has acquired the 8,656-square-foot Bayfront office building in San Diego for $5.2 million. The building is located at 2877 Historic Decatur Road within Liberty Station. Central SD Real Estate States anchors the space. The office features a conference room and board room with full audio/visual capabilities, plus a “bull pen” style layout surrounded by private offices with view of the bay. Kelly Nicholls of Lee & Associates – North San Diego County and Peter Quinn of McKinney Advisory Group, represented both the buyer and the seller, Sea Pro LLC, in this transaction.

May 17, 2017

Company News Northeast Pennsylvania Retail

Rue21 Files Chapter 11 Bankruptcy

by Haisten Willis May 17, 2017

WARRENDALE, PA. — Teen apparel retailer Rue21 filed Chapter 11 bankruptcy on Monday, May 15 with plans to reorganize and restructure its assets and debts. In April, the company began to close approximately 400 underperforming stores of the 1,179 stores that it operates. The company stated Monday that it may evaluate further store closures as it continues to manage its real estate lease portfolio. The company expects to emerge from Chapter 11 in fall 2017 with a significantly deleveraged balance sheet. The company has obtained $125 million in debtor-in-possession financing, enabling it to continue day-to-day operations, including payment of employee wages, payment of vendors and honoring customer programs, such as gift cards. Kirkland & Ellis LLP is Rue21’s legal advisor, Rothschild Inc., as its investment banker and financial advisor and Berkeley Research Group as its restructuring advisor.

May 17, 2017

Illinois Midwest Mixed-Use

McShane Completes 84-Unit Mixed-Use Property in Chicago

by Kristin Harlow May 17, 2017

CHICAGO — McShane Construction Co. has completed Clybourn 1200, an 84-unit mixed-use property in Chicago’s Old Town neighborhood. The seven-story building is located at the corner of Clybourn Avenue and Division Street and offers mixed-income housing. The property is within walking distance to several shops, restaurants and entertainment options as well as the CTA Clark/Division Red Line Station. The infill site is also easily accessible to the Kennedy Expressway. Clybourn 1200 also features 17,000 square feet of ground-floor retail space and a 25,295-square-foot parking garage. Studio, one-, two- and three-bedroom floor plans are available. Amenities include a community room, computer lab, party room and fitness center. The rooftop features a vegetable garden and bee keeping area. Brinshore-Michaels was the developer, while Pappageorge Haymes Partners served as the project architect.

May 17, 2017

Loans Midwest Missouri Multifamily

Meridian Capital Arranges $29M Bridge Loan for Acquisition of Multifamily Property in Creve Coeur, Missouri

by Kristin Harlow May 17, 2017

CREVE COEUR, MO. — Meridian Capital Group has arranged a $29 million bridge loan for the acquisition of Vanguard Heights in Creve Coeur, a western suburb of St. Louis. The luxury multifamily property consists of 174 units and is located at 10362 Old Olive St. Amenities include a fitness training studio, valet dry cleaning service, car charging station, heated salt water swimming pool and fire pit lounge area. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the 15-month loan, which features a floating rate of 250 basis points over the 30-day LIBOR rate and full-term, interest-only payments. Strategic Properties of North America was the borrower.

May 17, 2017

Loans Midwest Multifamily Wisconsin

KeyBank Provides $11.3M Loan for Refinancing of Workforce Housing Property in Madison, Wisconsin

by Kristin Harlow May 17, 2017

MADISON, WIS. — KeyBank Real Estate Capital has provided an $11.3 million loan for the refinancing of The Villages, a 193-unit workforce housing community in Madison. The property is currently leased to tenants at rent levels that qualify as being affordable to people who make 60 percent or less of the area median income. Dirk Falardeau and Robert Ray of KeyBank arranged the 10-year loan through Fannie Mae. Sundance Bay Multifamily, the multifamily development affiliate of San Diego-based Sundance Bay, was the borrower.

May 17, 2017

Indiana Midwest Retail

Yale Realty Acquires 47,663 SF Shopping Center in Terre Haute, Indiana

by Kristin Harlow May 17, 2017

TERRE HAUTE, IND. — Yale Realty Services Corp. has acquired the Sycamore Terrace shopping center in Terre Haute, 77 miles southwest of Indianapolis. The purchase price was not disclosed. The 47,663-square-foot retail center is located at the intersection of I-70 and U.S. 41 and is shadow-anchored by a Walmart Supercenter. Other tenants include Dollar Tree, Pet Supplies Plus, Rent A Center, Maurices, Monical’s Pizza, GameStop, GNC and Fantastic Sams. Sycamore Terrace is the company’s first acquisition in the state of Indiana as it continues to focus on acquiring shopping centers anchored by Walmart Supercenters in growing secondary and tertiary markets. Based in Westchester County, N.Y., the firm owns and operates a portfolio of high-yield retail properties in the eastern United States.

May 17, 2017

Michigan Midwest Retail

Watson’s to Open 25,000 SF Retail Store in Portage, Michigan

by Kristin Harlow May 17, 2017

PORTAGE, MICH. — Watson’s has signed a 25,000-square-foot retail lease for its first location in the Kalamazoo area. The national home living retailer will occupy the space at 6695 S. Westnedge Ave. in Portage, just south of Kalamazoo. Renovations to the former ABC Warehouse space are nearing completion, as Watson’s expects to open on May 27. The store will feature one of the largest displays of indoor and outdoor furniture, home recreation, pools and hot tubs in the area. Kara Schroer of NAI Wisinski of West Michigan brokered the lease transaction.

May 17, 2017

Multifamily New York Northeast

Strategic Capital Forms Joint Venture for Multifamily Development in NYC

by Haisten Willis May 17, 2017

NEW YORK CITY — Strategic Capital has made a $140 million equity investment for a multifamily development in the Hudson Square neighborhood of Manhattan. Strategic’s investment consists of equity and mezzanine components invested in a joint venture with Cape Advisors and Forum Absolute Capital Partners (FACP). Strategic Capital will co-develop the property with Cape Advisors. Strategic Capital is the investment arm of China Construction America (CCA), which is the American subsidiary of China State Construction and Engineering Company (CSCEC). The site is located at 110 Charlton St. and 537 Greenwich St. When complete, the project will span 280,000 square feet with 170 residential units, ground-floor retail and parking. Plaza Construction, an affiliate of Strategic Capital is the general contractor for the project. Construction will begin in June and sales for the condominiums will begin in spring 2018.

May 17, 2017

New York Northeast Office

$15M Library Expansion Completed at LaGuardia Community College

by Haisten Willis May 17, 2017

LONG ISLAND CITY, N.Y. — A $15 million, 21,000-square-foot expansion of the LaGuardia Community College library is now complete. The college, part of the City University of New York (CUNY), has an enrollment of more than 50,000. The expansion converted a section of the second floor of the college’s E-Building into additional space for the library. The work makes the library 58 percent larger and doubles its capacity to 732 seats. The expansion also includes media rooms, 11 group study rooms, reading rooms, a media lab, faculty suites, archive space and 50 offices.

May 17, 2017

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