WARREN, N.J. — Deerwood Real Estate Capital has closed an $11 million non-recourse bridge loan for an office building located in Warren. The loan was funded at nearly 80 percent of the purchase price with an additional future funded amount of 100 percent of leasing cost and capital expenses. The 120,000-square-foot property is occupied by multiple tenants. Yaakov Leiser of Deerwood negotiated the loan for the undisclosed borrower.
WALPOLE, MASS. — RK Centers has acquired a 12.5-acre ground lease of a Stop & Shop in Walpole for $6.3 million. Located at 565 Main St., the ground-lease property includes a freestanding 75,096-square-foot Stop & Shop grocery store. Constructed in 2002, the building also features an in-store Citizens Bank and the site has 398 parking spaces. Geoffrey Millerd and Justin Smith of NGKF Capital Markets represented the buyer in the deal. The name of the seller was not released.
OAK BROOK, ILL. — Oak Brook-based Inland Real Estate Acquisitions, acting on behalf of an Inland affiliate, has arranged the acquisition of 24 newly developed CVS/pharmacy properties across 14 states for $116 million. Totaling 276,466 square feet, the properties are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. Joe Cosenza of The Inland Real Estate Group and Inland Real Estate Acquisitions facilitated the acquisition for the buyer.
CHICAGO — HFF, acting on behalf of University of Chicago, has arranged the sale of a housing portfolio that includes 11 properties and five land sites in Chicago. Pioneer Acquisitions LLC acquired the 394-unit housing portfolio free and clear of existing debt for an undisclosed price. The portfolio includes six graduate student housing properties, four faculty/staff buildings, one retail property and five land sites. The properties have a total of 520 beds and approximately 272,593 square feet with residential units averaging 692 square feet. Located in Chicago’s Hyde Park, the properties are within walking distance of campus and six miles south of Chicago’s central business district. Michael Higgins and Brian Kelly of HFF represented the seller in the deal.
DETROIT — Motown Museum will undergo a $50 million expansion to increase the size of the museum to 50,000 square feet in Detroit. The expansion will be designed and built around the current museum space and the Hitsville U.S.A. house, the first headquarters for the legendary recording label. The new facility will feature interactive exhibits, a state-of-the-art performance theater, recording studios, an expanded retail area and meeting spaces. The project team includes Perkins + Will, Hamilton Anderson Associates, Brinker Group and Gallagher & Associates.
CHICAGO — American Street Capital has secured $6.6 million in acquisition financing for a seven-story, multifamily portion of a mixed-use property located in Chicago’s South Loop. Provided by a correspondent life insurance company lender, the non-recourse, 15-year loan includes a 30-year amortization schedule. The recently renovated property features 30 apartment units in a mix of one- and two-bedroom layouts. Igor Zhizhin of American Street Capital originated the loan for the undisclosed borrower.
NORMAL, ILL. — Podolsky|Circle CORFAC International has arranged the sale of College Plaza Shopping Center, a retail center located in Normal’s primary retail trade area near Bloomington. Phillips Edison acquired the property from Normal Properties of Illinois LLC for an undisclosed price. In 1999, the single-tenant property was redeveloped into a 100,000-square-foot multi-tenant retail center. Alissa Adler, John Homsher and Steven Tick of Podolsky|Circle CORFAC International represented the seller in the transaction.
AUSTIN, TEXAS — Mesa West Capital has provided KBS Realty Advisors with a $90.5 million first mortgage loan to recapitalize its all-cash acquisition of Stonebridge Plaza I & II, a 386,000-square-foot office campus in Austin. The five-year, floating-rate loan is secured by two nine-story office buildings and a seven-story parking garage at 9600 and 9606 N. MoPac Expressway. The property is situated at the intersection of Highways 183 and 360. Completed in 1999 and 2001, the two office buildings are 96.5 percent leased. Mesa West Capital originated the loan from its Mesa West Core Lending Fund, which provides first mortgage loans up to $300 million.
HOUSTON — Ziegler Cooper Architects and Basic Builders are renovating 5300 Memorial Drive, an 11-story, 153,000-square-foot office building in Houston. Built in 1983 and renovated in 1993, the building’s common areas, including its entry, ground floor lobby, elevator lobbies and cabs, corridors and restrooms will be remodeled and modernized. Improvements will include a new building monument sign, lobby coffee bar, hotel-grade restroom finishes and LED lighting in common areas. Owner Equus Capital Partners has retained Ziegler Cooper and Basic Builders as the design-build team on the project, which is slated for completion in the first quarter of 2017. 5300 Memorial is located in the Midtown submarket between Memorial Park and Buffalo Bayou Park. JLL’s Jessica Ochoa and Russell Hodges recently completed two lease renewals at 5300 Memorial on behalf of Equus Capital Partners. The Shanks Law Firm, represented by Morgan Relyea of Cushman & Wakefield, renewed an 8,463-square-foot lease, and A. Randall Camacho, represented by Lee & Associates’ Travis Taylor, renewed a 3,523-square-foot lease.
SAN ANTONIO — The Tobin Endowment has closed on the sale of 44 acres surrounding the original residence of the late Robert L. B. Tobin. Dallas-based Rosewood Property Co. purchased the property and plans to build a mixed-use development on the tract. The property is in the Oakwell Farms area of north-central San Antonio. The sale will preserve the residence, which was designed by Tobin, a San Antonio arts patron, philanthropist and businessman. Two surrounding acres will also be preserved. Before his death in 2000, Tobin converted the residence to the offices of The Tobin Endowment.
