DAYTON, OHIO — Namdar Realty Group has acquired Salem Plaza, a 141,616-square-foot shopping center in Dayton, for an undisclosed price. Garrison Investment Group sold the property, which is located at 45-15 Salem Ave. Burlington Coat Factory occupies 70 percent of the shopping center. Family Dollar is another tenant at Salem Plaza. Marcus & Millichap represented the seller in the transaction, and Joel J. Gorjian of Namdar Realty Group represented the buyer internally.
SALINE, MICH. — Colliers International has brokered the sale of a 107,780-square-foot industrial building in Saline, approximately 10 miles south of Ann Arbor, for an undisclosed price. PICC Properties LLC sold the facility to American Soy Products, which will use the location as its new headquarters. The warehouse was formerly occupied by Associated Spring. The buyer plans to move into the space during the first quarter of 2017 after the building undergoes renovations. Peter E. Kepic and Peter J. Kepic of Colliers International represented the seller in the transaction. The property is located at 1445 Barnes Court.
CHICAGO — MB Real Estate Services Inc. has arranged a lease expansion and renewal for the Alzheimer’s Association in Chicago. The Alzheimer’s Association has occupied 62,043 square feet at Michigan Plaza since 2003 and has inked a deal to occupy 78,517 square feet of space until 2030 — a 16,474-square-foot expansion. Michigan Plaza is a two-building, Class A office complex that totals 2 million square feet. The property consists of 205 N. Michigan Avenue, a 44-story tower, and 225 N. Michigan Avenue, a 25-story tower. Fujikawa Johnson & Associates designed the complex, which features amenities such as a 10,000-square-foot fitness center, a 4,000-square-foot conference center, an emergency child care facility, access to the East Loop ped-way and indoor access to over 25 restaurants. Kathleen Bertrand and Mark Buth of MB Real Estate represented the undisclosed landlord in the transaction, and John Goodman and Richard Schuham of Savills Studley represented the Alzheimer’s Association.
NEW YORK CITY — Tahl Propp Equities, Bellwether Enterprise Real Estate Capital and Enterprise Community Investment have announced the closing of a deal to finance the acquisition and renovation of five affordable housing communities in Harlem. The deal allows for the rehabilitation of all 18 buildings, totaling 549 units, keeping the apartments as affordable to low-income housing for the next 40 years. Additionally, all buildings have federal project-based Section 8 contracts, which will further preserve affordability through rental subsidies for the property owners. The five properties are Gladys Hampton Houses (2144 Frederick Douglas Blvd. and 400 St. Nicholas Ave.), New West I and II (8-56 W. 111th St.) and Riverside I and II (602-622 W. 135th St.). Costs, including acquisition and rehabilitation, total nearly $135 million. New York City Department of Housing Preservation and Development provided a $15.2 million loan and Low-Income Housing Tax Credits resulting in $35.9 million in equity; and New York City Housing Development Corp. provided $62.3 million in Tax Exempt Bonds for construction financing through Bellwether Enterprise. Other sources of funding include a seller note, transfer of existing reserves, deferred developer fee and income from operations. Enterprise Community Investment syndicated the tax credit equity to finance the …
BOSTON — Clarion Partners has completed the sale of a 13-story office and retail building located at 535-545 Boylston St. in Boston. An undisclosed buyer acquired the 184,642-square-foot building for $100.5 million. At the time of sale, the property was 87 percent leased to a variety of tenants, including TD Bank, GNC and three restaurants. Robert Griffin, Edward Maher, Matthew Pullen, Jim Brady and Jason Cameron of NGKF Capital Markets represented Clarion Partners in the deal.
NEW YORK CITY — Eastern Union Funding has arranged a $4.8 million loan for the refinancing of a five-story, mixed-use brownstone in Tribeca. The borrowers are two private owners. Located at 78 Franklin St., the property has undergone a $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade, and new stairs, elevator, HVAC and roof. The property’s commercial tenant is Aqua Studio, an underwater cycling studio. David Betesh and Ted Matalon of Eastern Union arranged the financing, which was provided by First American International Bank.
MIAMI — Hilton Worldwide and Baptist Health South Florida have signed a franchise license agreement to open Hilton Miami/Dadeland, a 184-room hotel located on the Baptist Hospital campus in Miami. Interstate Hotels and Resorts will operate the hotel, which is slated to open at 9100 N. Kendall Drive in late 2018. CallisonRTKL Inc. designed the hotel, which will feature Cuban tile and pineapple-themed wall art and textiles, which complements the motifs of the Baptist Hospital campus. The hotel will feature a 6,200-square-foot ballroom, 2,000 square feet of meeting space, 24/7 business center and a health and wellness center with a fitness room and heated outdoor pool.
NEW BRITAIN, CONN. — Chozick Realty Inc. has arranged the sale of Main Place Apartments, a multifamily property located on West Main Street in New Britain. Allen-Main LLC sold the 72-unit property to 923 West Main St LLC for $4.7 million. Constructed in 1969, the property features 64 two-bedroom units and eight one-bedroom apartments. Rick Chozick and Steve Pappas of Chozick Realty represented the seller in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-story apartment building located at 83-05 34th Ave. in the Jackson Heights section of Queens. Pd 34th LLC sold the property to a private investor for $3.6 million. Built in 1928, the 13,179-square-foot building features 16 apartment units. Michael Guttman of Rosewood represented the seller and buyer in the deal.
HOUSTON — Dick’s Sporting Goods plans to open six stores this fall for its entrance into metro Houston. The sporting goods retailer will open 105,000-square-foot stores at the Shoppes at ParkWest, located at 24600 Katy Freeway in Katy, and at Baybrook Mall at 1132 Baybrook Mall Drive in Friendswood. Traditional single- and bi-level stores will open in Deerbrook Mall at 20131 Highway 59 N. in Humble; First Colony Mall at 16535 Southwest Freeway in Sugar Land; The Woodlands Mall at 1201 Lake Woodlands Drive in The Woodlands; and at Willowbrook Mall at 2000 Willowbrook Drive in Houston. The stores range from 50,000 square feet to 83,000 square feet. The Pittsburgh-based chain operates more than 645 stores in 47 states.
