Woonsocket, R.I. — KeyPoint Partners has negotiated a lease with Aerosports Trampoline Parks for nearly 35,000 square feet of space at Walnut Hill Plaza in Woonsocket. Don Mace of KeyPoint negotiated the transaction on behalf of the landlord. Walnut Hill Plaza is a 298,600-square-foot shopping center on Diamond Hill Road (Route 114) in Woonsocket. Tenants at the center include Sears, Ocean State Job Lot, Savers, Olympia Sports, Payless, and the Walnut Hill Bowl.
BERKELEY, CALIF. — EdR has completed the $45 million renovation and modernization of Bowles Hall at the University of California, Berkeley. The residence hall features renovated residential suites, each with an attached bathroom; in-house dining facilities; library; individual and dedicated study and seminar rooms; main lounge; game room; and in-residence faculty and graduate student advisors.
REVERE, MASS. — CBRE/New England’s Debt & Structured Finance team has arranged $50 million in construction financing for Beach House, a 234-unit luxury apartment development located in Revere, for borrower Baystone Development. The project is located across from Revere Beach and will offer panoramic views of the Atlantic Ocean and Boston’s skyline. Units will feature open layout floor plans; amenities include a resort-style heated outdoor pool, roof deck with views of the Boston skyline, fitness center, resident club area with full kitchen and an entertainment package featuring a theater room. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the loan with First Niagara Bank’s David Yesue and Doug MacLean.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a six-story elevator office building with ground-floor retail space at 84 Bowery for $9.38 million. The 14,250-square-foot building is encumbered by a long-term master lease at substantially below-market rent. Peter Carillo and Adelaide Polsinelli represented the seller, Richard Shongut Realty Corp., and Carillo procured the buyer, a private investor. Chris Matousek of Eastern Consolidated served as the analyst for the deal. “The deal was challenging because it required an extremely patient and knowledgeable investor willing to accept a minimal yield for an extended period of time,” Carillo said. “However, the new owner will be able to recognize substantial upside upon the expiration of the lease. Floors two through six consist of offices leased to medical professionals and additional office space is available on the lower level. The ground floor and mezzanine are occupied by a jewelry store. The property also enjoys 25 feet of frontage along the Bowery as well as 2,700 square feet of unused development rights.”
LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the $19.8 million sale of Livonia Plaza, a 137,391-square-foot shopping center located in the Detroit suburb of Livonia. Kroger anchors the center, which is also home to TJ Maxx, Red Wing Shoes, Sally Beauty Supply and Subway. Ben Wineman and Daniel Stern of Mid-America represented the seller, Ramco-Gershenson Properties Trust, in the sale of the property to Phillips Edison Grocery Center REIT II.
NEW YORK CITY — Besen & Associates has arranged the $7.4 million sale of a four-building package in central Brooklyn. The price translates to just shy of $400 per square foot. The properties, which feature multifamily and retail space, include 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue. Each was fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units. 907 Nostrand Avenue has approximately 4,547 square feet of retail space, leased to a fitness center; 739 Church Avenue has 3,300 square feet, leased to a bar; 196 Utica has a retail tenant which occupies the storefront and finished basement. The two-story building with 80 feet of frontage at 1080-1082 Utica Avenue was recently gut renovated and repositioned to contain seven retail stores. Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group represented the seller and also procured the purchaser, a local private investor.
MINNEAPOLIS — RJM Construction, a Minneapolis-based general contractor, will oversee construction of Legacy Lofts, a condominium project in downtown Minneapolis’ mill district. Led by Jim Stanton, the 1 million-square-foot project will include a 14-story and an 18-story tower with underground and aboveground parking along with 374 individually owned units. Plans call for a playground, pet exercise area, fitness room, pool and spa, bike racks, community room, game room and a green roof with lawn bowling. RJM Construction will manage the core and shell construction. Riverdale Ventures LLC, which Stanton owns, will complete the units. Site preparations are underway, with the building scheduled for completion in summer 2018. In addition to RJM, project partners include Oertel Architects and BKBM Engineers.
Middletown, R.I. — Leicester Associates has sold 875 Aquidneck Ave. in Middletown to Middletown Self-Storage LLC for $1.8 million. The property is a 15,000-square-foot office and distribution center that is located along Route 138A on 1.66 acres of land. Thomas Sweeney of Sweeney Real Estate & Appraisal was the exclusive broker on this transaction.
CHICAGO — Chris Irwin, Adam Napp and Mark Jones of Jameson Commercial have arranged the sale of 1311 and 1317 W. North Ave. in Chicago. Both properties were part of the estate of James Bielarz, longtime owner of Nortown Automotive who passed away in December 2015. The combined purchase price for the two properties was $3.6 million or $156 per square foot. The property includes an 8,800-square-foot automotive repair building and an 8,862-square-foot building leased to Showtime Audio, an automotive sound system installer.
PARMA, OHIO — Gordmans has opened a new store in The Shoppes at Parma in the Cleveland suburb of Parma. The value-priced department store joins a JCPenney, Walmart, Dick’s Sporting Goods and Marc’s grocery store at the 750,000-square-foot, mixed-use redevelopment. The new Gordmans totals 45,000 square feet.