Property Type

Ready Capital Structured Finance Arranges $11M Loan for Mixed-Use Building in Miami

by John Nelson June 6, 2017

MIAMI — Ready Capital Structured Finance has closed an $11 million loan for a 47,000-square-foot, Class B building located at 3415 N.E. 2nd Ave. in Miami’s Edgewater neighborhood. The property features street-level retail space, offices on the second and third floors and 104 parking spaces. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term with one extension option and flexible pre-payment options. The loan includes facilities to provide future funding for capital improvements, leasing costs and interest and carry reserves.

June 6, 2017

139-Fredericksburg-Road-Fredericksburg-PA

Industrial Northeast Pennsylvania

Ace Hardware Leases 1.1 MSF Distribution Facility in Fredericksburg, Pennsylvania

by Amy Works June 6, 2017

FREDERICKSBURG, PA. — Ace Hardware has signed a long-term lease for 1.1 million square feet of distribution space at Lebanon Valley Distribution Center, located at 139 Fredericksburg Road in Fredericksburg. The lease involves a 1.1 million-square-foot cross-docked, 36-foot clear height distribution facility. The existing 874,126-square-foot facility will be expanded by 225,875 square feet and delivered to Ace Hardware for occupancy by year’s end. Joseph McDermott, Jake Terkanian, Vincent Ranalli and David Lind of CBRE represented Ace Hardware. The property is owned by USAA Real Estate Co. and is being developed by Trammell Crow Co.

June 6, 2017

Loans Multifamily Northeast Pennsylvania

Square Mile Originates $91M Loan for High-Rise Multifamily Property in Philadelphia Suburb

by Amy Works June 6, 2017

JENKINTOWN, PA. — Square Mile Capital Management has originated a $91 million whole loan for Metropolitan Properties of America. The loan is secured by 100 York, a 588-unit high-rise multifamily property located in Jenkintown. The property features a tennis court, outdoor swimming pool and an 8,000-square-foot amenity center with a fitness center, aerobics/yoga studio, cardiovascular room, billiards and game rooms, business center, theater and resident lounge. The Boston-based borrower recently renovated the property to Class A standards. Brad Johnson of CBRE arranged the financing.

June 6, 2017

Illinois Midwest Multifamily

JRK Acquires 504-Unit Apartment Community in Lombard, Illinois

by Kristin Harlow June 6, 2017

LOMBARD, ILL. — JRK Property Holdings has acquired the Clover Creek apartment complex in Lombard, a suburb of Chicago. The purchase price was not disclosed. The 504-unit community was built in 1986. Clover Creek features a variety of one-, two- and three-bedroom floor plans on a 34-acre site. Common area amenities include a swimming pool, playground, soccer field, volleyball court, bark park and clubhouse with Internet café, fitness center and business center. JRK MF Opportunities II LP fund was used to purchase the property. Sean Fogarty, Marty O’Connell and Amanda Friant of HFF represented both JRK and the undisclosed seller in the transaction.

June 6, 2017

Michigan Midwest Retail

Mid-America Arranges Sale of 141,354 SF Shopping Center in Monroe, Michigan

by Kristin Harlow June 6, 2017

MONROE, MICH. — Mid-America Real Estate Corp. has arranged the sale of Telegraph Plaza in Monroe, about 40 miles south of Detroit. The sales price was not disclosed. The 141,354-square-foot shopping center is located at the northwest corner of Telegraph and Mall roads. Kohl’s, TJ Maxx and PetSmart anchor the center. A private investment group purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, a public REIT.

June 6, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $59.8M HUD Loan for Skilled Nursing Facility in Queens

by Amy Works June 6, 2017

NEW YORK CITY — Greystone has provided a $59.8 million HUD-insured permanent loan for The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in Queens. The borrower is Kennedy Management. Fred Levine of Greystone’s Monsey, N.Y., office originated both the bridge and permanent FHA loan for the property. The HUD-insured financing for The Pavilion represents a permanent self-amortizing exit. In 2015, Greystone arranged a bridge-to-HUD loan to finance the acquisition, renovation and rebranding of the 302-bed facility, which includes an onsite 40-bed ventilator-dependent unit and a 12-chair dialysis center.

June 6, 2017

Indiana Industrial Midwest

GLC to Develop 100,000 SF Industrial Building in Noblesville, Indiana

by Kristin Harlow June 6, 2017

NOBLESVILLE, IND. — Great Lakes Capital (GLC) is developing Indiana Technical Center, a 100,000-square-foot industrial building in Noblesville, about 25 miles north of Indianapolis. The build-to-suit facility will be leased to BorgWarner, a manufacturer of technology solutions for combustion, hybrid and electronic vehicles. The facility will help BorgWarner consolidate its two existing locations in Anderson and Pendleton. Construction will begin this month with completion slated for April 2018. The Hagerman Group will serve as general contractor, while MSKTD & Associates Inc. will serve as architect and engineer.

June 6, 2017

Industrial New Jersey Northeast

Sheldon Gross Realty Facilitates $2.7M Sale of Manufacturing Facility in New Brunswick, New Jersey

by Amy Works June 6, 2017

NEW BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a manufacturing facility located at 1007 Jersey Ave. in New Brunswick. Macritchie Storage acquired the 50,000-square-foot building, which sits on 3.8 acres, for $2.7 million. Jonathan Glick of Sheldon Gross Realty represented the undisclosed seller in the deal.

June 6, 2017

Industrial Michigan Midwest

Wolverine Breaks Ground on 100,000 SF Industrial Facility in Hastings, Michigan

by Kristin Harlow June 6, 2017

HASTINGS, MICH. — Wolverine Building Group has broken ground on a 100,000-square-foot industrial facility in Hastings, about 26 miles north of Battle Creek. Hastings Fiberglass, a fiberglass tool designer and manufacturer, will occupy the property. The $8 million development is located approximately a quarter-mile from the company’s current headquarters, which spans 70,000 square feet and is located at 770 Cook Road in Hastings. Completion of the property is slated for February 2018.

June 6, 2017

Illinois Midwest Office

Snapsheet Signs 52,000 SF Office Lease in Chicago

by Kristin Harlow June 6, 2017

CHICAGO — Snapsheet has signed a 52,000-square-foot office lease at 1 N. Dearborn St. in Chicago. The company provides auto insurance carriers with a virtual claims technology that streamlines the claims process for customers. Snapsheet will be moving from 55 W. Monroe St., where it currently occupies 21,000 square feet. Snapsheet will occupy the new facility starting in January 2018. Brad Serot, Paul Reaumond and Todd Lippman of CBRE represented Snapsheet in the lease transaction. Jack O’Brien and Caroline Colnon of Telos Group represented the landlord, Beacon Capital Partners.

June 6, 2017

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