Property Type

iHerb Leases 19,993 SF of Office Space in Pasadena

by Nellie Day March 29, 2017

PASADENA, CALIF. — iHerb has signed a five-year lease for 19,993 square feet of office space in Pasadena. The space is located at 301 N. Lake Ave. iHerb is a California-based retailer with more than 35,000 natural products. It will occupy the entire sixth floor. The Class A building offers access to the 210 and 134 freeways. It is directly adjacent to Lake Avenue Gold Line. Carl Anderson of NAI Capital represented the landlord, pension fund owner Operating Engineers Funds, while the firm’s Robert Stover represented iHerb in this transaction.

March 29, 2017

Hospitality Midwest Missouri

$12M Hampton Inn Opens in Wentzville, Missouri

by Kristin Harlow March 29, 2017

WENTZVILLE, MO. — Hampton Inn St. Louis Wentzville has opened near St. Louis. The $12 million hotel features 64,000 square feet and 109 rooms. The hotel is located at 150 Wentzville Bluffs Drive in the new Wentzville Bluffs development. Amenities include a fitness center, indoor pool, meeting rooms and outdoor grill area. Midas Hospitality is managing the hotel. MC Hotel Construction, the sister company of Midas, was the general contractor.

March 29, 2017

Industrial Loans Midwest Missouri

Ready Capital Arranges $13.3M Loan for Acquisition of Industrial Portfolio in Kansas City, Missouri

by Kristin Harlow March 29, 2017

KANSAS CITY, MO. — Ready Capital Structured Finance has arranged a $13.3 million loan for the acquisition of an industrial portfolio in Kansas City. The portfolio includes Rivergate Center, a five-building, 238,976-square-foot industrial property located at 1500-1634 N. Topping Road, and Midtown Park, a four-building, 320,400-square-foot property consisting of two office/warehouse buildings and two distribution buildings. The fixed-rate loan features a 60-month term and will also be used for the renovation and stabilization of the portfolio. The borrower was not disclosed.

March 29, 2017

Healthcare Indiana Loans Midwest

Strawberry Fields Receives $4.4M HUD Loan for Refinancing of Skilled Nursing Facility in Scottsburg, Indiana

by Kristin Harlow March 29, 2017

SCOTTSBURG, IND. — Strawberry Fields REIT LLC has received a $4.4 million HUD guaranteed loan for the refinancing of The Waters of Scottsburg, a skilled nursing facility in southern Indiana. The 99-bed facility is currently 69 percent occupied. Strawberry Fields, which owns 57 facilities largely located in the Midwest, acquired the building in 2014. The fixed-rate loan features a 35-year term.

March 29, 2017

Illinois Industrial Midwest

Bridge Completes Phase I Expansion of Freezer Facility in Northlake, Illinois

by Kristin Harlow March 29, 2017

NORTHLAKE, ILL. — Bridge Development Partners LLC has completed the Phase I expansion of the freezer facility at Bridge Point Northlake, a 55-acre business park on the site of a former distribution facility for Dominick’s grocery chain in Northlake. Phase II of the expansion, a 61,469-square-foot build-to-suit for candy maker Fannie May, is currently underway. Located at 555 Northwest Ave., Phase I is now available for lease and features a 162,000-square-foot cooler facility and a 256,752-square-foot freezer facility. Each property features clear ceiling heights of 32 to 40 feet. Bridge Development Partners acquired the site in partnership with Hunt Realty Investments and Akard Street Partners. John Suerth and Jason Lev of CBRE, who represented the previous owner in the sale, have been retained to market all three properties at Bridge Point Northlake.

March 29, 2017

Industrial Mixed-Use Multifamily New Jersey Northeast Office Retail

Construction Set to Begin on The Hub @ New Brunswick Station in New Brunswick, N.J.

by Haisten Willis March 29, 2017

NEW BRUNSWICK, N.J. — New Brunswick Development Corp. (Devco) has begun site preparation on the Ferren Mall Parking Deck for The Hub @ New Brunswick Station in New Brunswick. Devco expects site construction of the 1.7 million-square-foot mixed-use redevelopment project to begin in April. JLL is Devco’s marketing agent for The Hub, which will be located on four acres in downtown New Brunswick directly across from the New Brunswick train station. When completed, The Hub @ New Brunswick Station will encompass multiple buildings with a flexible design to meet office or lab requirements including technology, office or research use. The development is slated to include high-rise residential units and retail at street level.

March 29, 2017

Healthcare New York Northeast Office

Cushman & Wakefield Arranges $14.7M Sale of Medical Office Building in Nassau County

by Haisten Willis March 29, 2017

NORTH HILLS, NEW YORK — Cushman & Wakefield has arranged the $14.7 million sale of a two-story medical office building located at 3111 New Hyde Park Road in North Hills. Cushman & Wakefield’s Ben Efraimov, Jonathan Hageman and Patrick Yannotta handled the transaction. The property traded at a 6 percent cap rate. The building spans 24,600 square feet and is 100 percent occupied by three medical tenants. Integrated Medical Professionals occupies the front of the building and leases 13,800 square feet. Northern OBGYN and Aesthetic Dermatology are located in the rear of the property and occupy a combined 10,800 square feet. The property features 115 parking spaces and sits on 1.8 acres between Hollow Lane and Dakota Drive.

March 29, 2017

Industrial New Jersey Northeast

CBRE Brokers Trio of Industrial Leases in Secaucus, N.J.

by Haisten Willis March 29, 2017

SECAUCUS, N.J. — CBRE’s Global Port Logistics Group has brokered three lease transactions at two separate industrial properties in Secaucus. In the first transaction, CBRE represented VER, a provider of audio, video, lighting, rigging and media services, in a 223,000-square-foot lease at 50 Meadowlands Parkway. The space is part of Harmon Cove Industrial Park. VER will operate in an office and showroom featuring 30-foot ceilings and ESFR sprinklers. The CBRE team that facilitated the transaction included William Waxman, Mike Shellow, Mindy Lissner, Kevin Dudley, Steven Beyda, Robert Pine, David Gheriani and Kyle Saviano. In the second and third transactions, the same CBRE team represented landlord Bhasin Properties in lease transactions with David Donahue and Jay Joshua Inc. David Donahue, a menswear retailer, signed a 27,440-square-foot lease, while Jay Joshua Inc., an import business, signed on for 9,195 square feet at 1 County Road. JLL represented David Donahue, while Jay Joshua Inc. negotiated with CBRE directly.

March 29, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $18.2M in Financing to Preserve Affordable Housing in Troy, N.Y.

by Haisten Willis March 29, 2017

TROY, N.Y. — KeyBank has provided a total of $18.2 million in financing for the Martin Luther King Revitalization Apartments in Troy. The Troy Housing Authority partnered with Beacon Communities Development to renovate and preserve 104 units of affordable housing through HUD’s Rental Assistance Demonstration Program. The property was built in 1971. Key’s Community Development Lending & Investing group (CDLI) provided a $6.2 million construction loan and will also invest up to $12 million in Low Income Housing Tax Credits (LIHTC) direct equity to finance the first phase, which includes the preservation of 46 units for residents earning between 30 and 80 percent of the area median income. Joe Eicheldinger and Victoria O’Brien of Key’s CDLI team helped arrange the financing, made possible by an allocation of LIHTC from New York State Homes and Community Renewal. Additionally, the project required the approval and support of the U.S. Department of Housing and Urban Development.

March 29, 2017

Connecticut Mixed-Use Northeast Office Retail

RHYS Negotiates $10.3M Sale of Mixed-Use Portfolio in Stamford, Conn.

by Haisten Willis March 29, 2017

STAMFORD, CONN. — RHYS has negotiated the $10.3 million sale of two office/retail buildings located at 111 and 123 High Ridge Road in Stamford. Combined, the three-story buildings offer 40,000 square feet of office and retail space. The 100 percent leased portfolio sits on just over an acre, with more than 150 parking spaces on site. Christian Bangert of RHYS represented the buyer, A & E High Ridge, in the transaction. Karen Dome and Robert Haile of Coldwell Banker Commercial represented the seller, High Ridge Plaza LLC.

March 29, 2017

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