HAZEL CREST, ILL. — American Street Capital has arranged $3.8 million in financing for Homewood Court, a multifamily property located in Hazel Crest, a southwest suburb of Chicago. The loan features a 20-year term and was funded through the Freddie Mac Small Balance Program. Built in 1988, the 90-unit property consists of 15 buildings and offers a mix of one- and two-bedroom units. Igor Zhizhin of American Street Capital originated the loan for the undisclosed borrower.
CHICAGO — Cushman & Wakefield is consolidating its corporate headquarters and Chicago operations at 225 W. Wacker Drive in Chicago’s West Loop submarket. The firm plans to occupy 83,033 square feet of office space at 225 W. Wacker Drive in the second quarter of 2017. Dan Maslauksi, Michael Sessa and Scott Shelbourne provided in-house representation for Cushman & Wakefield, while Brian Atkinson and Mark Anderson of Hines represented the landlord, Mirae Asset Global Investments.
HORSHAM, PA. — Horsham-based Workspace Property Trust has completed the its previously announced acquisition of 108 office and flex buildings, along with 26.7 acres of land, in five markets. Liberty Property Trust sold the portfolio for $969 million. The acquisition was made in partnership with Safanad, a global principal investment firm, and affiliates of Square Mile Capital Management, a diversified real estate investment firm. The portfolio includes 14 buildings and 18.1 acres in Arizona, 45 buildings and 8.6 acres in Florida, 19 properties in Minnesota and 30 facilities in Pennsylvania. FTI Consulting, Eastdil Secured and JMP Securities served as advisors to Workspace Property Trust, while J.P. Morgan Securities served as advisor to Liberty in the transaction.
NEW HAVEN, CONN. — Capital One has provided a $32.5 million fixed-rate loan under Fannie Mae’s near-stabilization program to Cooper Church LLC. The borrower used the funds to refinance The Union, a 137-unit apartment building in New Haven. Paul Kesicki of Capital One’s Commercial Real Estate Group originated the transaction. The 10-year loan has three years of interest-only payments followed by amortization on a 30-year schedule and 9.5 years of yield maintenance.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Roosevelt, a mixed-use property located at 40-07 73rd St. in the Jackson Heights neighborhood of Queens. An undisclosed buyer acquired the property for $29.3 million. The building features 31 residential units, 10 commercial tax lots and a parking garage. Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.
WALTHAM, MASS. — Transwestern has arranged the sale of a three-building portfolio totaling 65,200 square feet of office, laboratory and research and development space in Waltham. Taurus Investment Holdings sold the portfolio to a joint venture between Parsada Ventures and KHS Management for $14 million. The buildings are located at 150 and 335 Bear Hill Road and 300 Second Ave. within the Bear Hill Business Park. Chris Skeffington and Roy Sandeman of Transwestern represented the seller and sourced the buyer in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a former daycare facility, located at 1057 Fulton St. in the Clinton Hill neighborhood of Brooklyn. An undisclosed buyer acquired the building for $5.1 million, or $493 per square foot. The buyer plans to convert the 10,337-square-foot property, which was vacant at the time of sale, into a mixed-use building. Ofer Cohen, Dan Marks and David Algarin of TerraCRG were the sole brokers in the transaction.
DALLAS — Balfour Beatty has been selected by Highland Park Independent School District (HPISD) to serve as the district’s construction partner for a $110 million elementary construction and renovation program. A result of HPISD’s 2015 bond election, the program includes the construction of four elementary schools and renovation of a fifth elementary school. The project’s first phase is underway as Balfour Beatty manages construction of a 100,000-square-foot campus, which is the district’s first new elementary school since 1948. Situated on 4.6 acres, the new elementary school will provide flexible learning spaces, outdoor classrooms and a one-story underground garage with 90 parking spaces. This facility will serve as the “swing” school to accommodate the faculty and students who are subsequently displaced while their new schools are constructed over the following three years. Upon completion of the first school in summer 2017, Balfour Beatty will commence with the demolition and construction of replacement campuses for the three remaining schools. As each new school is completed in 13-month windows, the project team will move to the next campus. Each of the 100,000-square-foot replacement campuses will also include underground parking garages. In addition to the four new elementary schools, the district’s fifth elementary school …
KATY, TEXAS — The first round of retailers will open Oct. 28 in the 89-acre Grand Morton Town Center, including a 125,531-square-foot Kroger Marketplace. The NewQuest Properties project, being developed in phases, ultimately will bring 600,459 square feet of retail, restaurants and medical offices to the neighborhood. Opening in tandem with Kroger Marketplace will be Ideal Dental, Supercuts, T-Mobile and Today’s Vision, totaling 7,700 square feet. Rebecca Le and Josh Friedlander of Houston-based NewQuest will handle leasing. Grand Morton Town Center includes more than three-quarters of a mile of frontage along Grand Parkway. About 60 percent of the project is pre-leased, leased or under negotiation for a lease. The project also includes 16 pad sites, four of which will be occupied by McDonald’s, Taco Bell, Chick-fil-A and Whataburger.
WILDOMAR, CALIF. — R&V Management Corp. has purchased the 312-unit Oak Springs Ranch in Wildomar for $78.5 million. The community is located at 24055 Clinton Keith Road, just north of Temecula. Oak Springs Ranch was built in 2014. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia executed the sale. The seller was Oak Springs Ranch LLC, which is composed of developer GLJ Partners and affiliates of Sarofim Realty Advisors.
