Property Type

The Missner Group Acquires 138,000 SF Office Property in Chicago Suburb

by Kristin Harlow January 11, 2017

LAKE FOREST, ILL. — The Missner Group has acquired Cadence at Conway Park in the Chicago suburb of Lake Forest. The sales price was not disclosed. The 138,000-square-foot Class A office building is located at 300 N. Field Drive along I-294. The building was originally constructed in 2007 and was developed by Duke Realty. The property features 34,500-square-foot floor plates with layouts including multiple conference and training spaces, a two-story atrium-style lobby, commercial kitchen, game room and Wi-Fi lounge. The Missner Group purchased the property from Hospira, which was acquired by Pfizer in 2015. Hospira purchased the property for $28.8 million in 2007. Jason Simon and Darryl Silverman of Colliers International will market the property on behalf of The Missner Group. Barry Missner and Ed Adler of The Missner Group led the acquisition for the firm. James Ward, Jonathan Metzl and Adam Showalter of Cushman & Wakefield represented the seller in the transaction.

January 11, 2017

Midwest Minnesota Office

Colliers Negotiates Sale of 32,799 SF Office Building in Edina, Minnesota

by Kristin Harlow January 11, 2017

EDINA, MINN. — Colliers International has negotiated the sale of a 32,799-square-foot office and warehouse facility located at 7625 Cahill Road in Edina, a southern suburb of Minneapolis. Apres Party and Tent Rental sold the facility to Buhl Investors LLC. Apres is relocating to a larger facility in Minnetonka. Buhl plans to redevelop the building into mini-storage and construct a second level of space. Nick Leviton and Brian Netz of Colliers represented Apres in the sale, while Brian Pankratz of CBRE represented Buhl. Leviton also assisted Apres with the acquisition of their new facility in Minnetonka.

January 11, 2017

Illinois Industrial Midwest

Realty Metrix Brokers Sale of 24,600 SF Industrial Building in West Chicago

by Kristin Harlow January 11, 2017

CHICAGO — Realty Metrix Commercial has brokered the sale of a 24,600-square-foot industrial building located at 450 Wegner Drive in West Chicago. The sales price was not disclosed. The property consists of a 24,600-square-foot industrial building situated on 1.3 acres. Siegwerk Environmental Inks, a German-based manufacturer of water-based inks, occupies the space. Dave Schmidt and Linda Kost of Realty Metrix represented the buyer, LMK LLC. Tom Bosshart of Norwood-O’Hare Realty Group Inc. represented the seller.

January 11, 2017

New Jersey Northeast Office

HFF Brokers Sale of 161,217 SF Office Building in Somerset, New Jersey

by Amy Works January 11, 2017

SOMERSET, N.J. — HFF has arranged the sale of an office building located at 220 Davidson Ave. in Somerset. A private buyer acquired the four-story, 161,217-square-foot property from an affiliate of NextBridge Group and Two Kings Real Estate Co. for an undisclosed price. Situated on 9.2. acres, the property was 85 percent occupied at the time of sale by a variety of tenants, including McKesson, Berkshire Hathaway and the American Arbitration Association. Renovated in 2007, the property features an atrium lobby with marble finishes, full-service café and fitness center with showers and lockers. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the transaction.

January 11, 2017

Industrial Loans Massachusetts Northeast Office

Colliers Closes $19.7M in Financing for Manufacturing, Office Property in Lowell, Massachusetts

by Amy Works January 11, 2017

LOWELL, MASS. — Colliers International Boston has arranged $19.7 million in financing for Calare Properties’ acquisition of MACOM Technology Solutions Inc.’s 150,000-square-foot headquarters, located in Lowell. The seller, MACOM Technology Solutions, has leased back the property for a 20-year term. Proceeds of the financing will be used to purchase the manufacturing facility at 100-144 Chelmsford St., as well as construct a connected 58,000-square-foot office addition to serve MACOM’s expanded headquarters. The financing consists of a first mortgage acquisition and construction loan from Boston Private Bank and Rockland Trust as well as subordinate debt from a community loan fund. Tom Welch, Adam Coppola and John Poole of Colliers secured the financing.

January 11, 2017

Massachusetts Northeast Retail

Joint Venture Acquires 7,000 SF Retail Property in Boston for $13.1M

by Amy Works January 11, 2017

BOSTON — UMNV 346 Newbury LLC, a joint venture between UrbanMeritage and Novaya Real Estate Ventures, has purchased a retail property located at 346 Newbury in Boston. Studio Realty Trust sold the property for $13.1 million. Patagonia occupies the two-story 7,000-square-foot property. Michael Carucci of Gibson Sotheby’s International Realty represented the seller and identified the buyer in the deal.

January 11, 2017

Industrial Loans New Jersey Northeast Office Pennsylvania

G.S. Wilcox & Co. Arranges $13.8M in Financing for Two Properties in New Jersey, Pennsylvania

by Amy Works January 11, 2017

TOTOWA, N.J., AND BETHLEHEM, PA. — G.S. Wilcox & Co. has arranged $13.8 million in financing for two separate properties in New Jersey and Pennsylvania. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing in both transactions. In the first transaction, the firm secured a $7 million loan for a 252,000-square-foot former manufacturing facility in Totowa. The borrower, The Hampshire Cos., will be convert the property into a 383,000-square-foot single-tenant warehouse distribution facility. Provident Bank provided the financing for the borrower. In the second loan, the company arranged $5.8 million in financing for an office call center in Bethlehem. Thrivent Financing provided the financing for the borrower, J.G. Petrucci Co.

January 11, 2017

Connecticut Multifamily Northeast

Chozick Realty Facilitates $6.7M Sale of 97 Condo Units in Connecticut

by Amy Works January 11, 2017

EAST HARTFORD, CONN. — Chozick Realty has brokered the sale of 97 condominium units, along with controlling and managing interest, in the 156-unit Gateway Estate Condominiums complex in East Hartford. Up Realty LLC acquired the units for $6.7 million, or $69,072 per unit for the 97 units. Following the acquisition, Chozick Realty sourced and facilitated the acquisition of an additional 39 units from individual unit owners within the property, bringing the buyer’s total common ownership to 136 units in the complex. The initial 97-unit acquisition includes a mix of two studios, 37 one-bedroom, 40 two-bedroom and 19 three-bedroom units. The additional condos purchased include a variety of layouts at a range of prices. The three-building complex was constructed in two phases between 1969 and 1976. Rick Chozick and Steve Pappas of Chozick Realty represented seller, 231 Ellington LLC, and the procured the buyer in the deal.

January 11, 2017

California Office Retail Top Stories Western

Kilroy Realty Corp. Buys The Sunset Mixed-Use Project in West Hollywood for $210M

by Nellie Day January 11, 2017

LOS ANGELES — Kilroy Realty Corp. has purchased The Sunset, a 179,000-square-foot mixed-use development in the West Hollywood submarket of Los Angeles, for $210 million. The property is located at 8560-8590 Sunset Blvd. on the famous Sunset Strip. The seller, Broadreach Capital Partners, acquired the asset from Apollo Real Estate in 2006 for $105 million. The Sunset occupies 2.2 acres along Sunset Boulevard. It features a 72,000-square-foot office tower and a three-building retail plaza atop a 107,000-square-foot subterranean parking structure. The transaction also includes three billboards atop the retail buildings that were fully leased in December 2016. The complex is 88 percent leased with a large fashion and health/fitness presence, including Equinox, SoulCycle, H&M and Oliver Peoples. The site previously held the headquarters for Playboy Entertainment. The Sunset is adjacent to CIM’s $365 million Sunset La Cienega mixed-use project, which will include residential units, a hotel and ground-floor retail space. HFF’s Ryan Gallagher, Michael Leggett, Bryan Ley, Andrew Harper and Tim Geiman represented Broadreach in the transaction. — Nellie Day

January 11, 2017

Multifamily Texas

Greysteel Arranges Sale of Multifamily Property in Dallas

by Amy Works January 10, 2017

DALLAS — Greysteel has brokered the sale of Herschel Manor, a multifamily property located at 4107 Herschel Ave. in Dallas. 4107 Herschel LLC sold the property to WHA Yugen Sekinin Jigyou Kumiai LLP for an undisclosed price. Built in 1930, the property total 12 apartments and underwent a renovation and upgrade in 2015 and 2016. Renovations included upgrades to bathrooms and kitchens, installation of granite countertops and designer backsplashes in kitchens, stainless steel appliance packages throughout, upgraded hardware, fixtures and ceiling fans, refinished original hardwood flooring and new interior paint. Exterior renovations included painting the entire façade, new HVAC units and drought-resistant landscaping. The property also features a cookout area, covered parking and an on-site laundry facility.

January 10, 2017

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