Property Type

OZ Architecture to Design DriveTrain Mixed-Use Development in Denver

by Nellie Day June 6, 2016

DENVER — Developers Tom and Brooke Gordon have chosen OZ Architecture to design DriveTrain, a mixed-use development to be built in Denver’s RiNo neighborhood. The development is projected to cost between $75 million and $90 million, according to reports by the Denver Business Journal. The project will include pedestrian-friendly, interconnected residential, retail, restaurants, incubator space for local chefs and artists, underground parking and a 120-room boutique hotel. The property’s residential component will include condominiums ranging from penthouses, to micro-units and affordable housing. Groundbreaking is expected to take place in early 2017, with completion scheduled for late 2018.

June 6, 2016

California Industrial Western

LRSAC, Cutting Edge Sports Training to Open 3,500 SF Training Center in Ladera Ranch

by Nellie Day June 6, 2016

LADERA RANCH, CALIF. — Ladara Ranch Strength and Conditioning (LRSAC) and Cutting Edge Sports Training have partnered to open a sports and fitness training center at Ladera Sports Center in Ladera Ranch. The training facility will occupy 3,500 square feet of space at the $35 million, solar-powered multi-use facility, which is slated to open this summer. Located on Terrace Road, Ladera Sports Center will feature a 60,000-square-foot gymnasium with 48,750 square feet of court spaces, including eight basketball and volleyball courts, that have air conditioning, noise decibel reduction systems, superior wood flooring and ceiling-mount volleyball nets with ample spectator seats per court.

June 6, 2016

California Retail Western

Nunes California Properties LLC Sells 4,400 SF Retail Building in Madera

by Nellie Day June 6, 2016

MADERA, CALIF. — Nunes California Properties LLC has completed the disposition of a retail building located at 2300 W. Cleveland Ave. in Madera. NIKI Madera LLC acquired the 4,400-square-foot property for an undisclosed price. Nick Frechou of Retail California, a division of Pearson Realty, represented the seller and buyer in the deal.

June 6, 2016

Indiana Michigan Midwest Retail

Marcus & Millichap Brokers $36M Sale of Two Midwest Retail Properties

by Christina Cannon June 6, 2016

HOLLAND, MICH. AND GOSHEN, IND. — Marcus & Millichap has brokered the sale of two Midwest retail properties for $36 million. In the first deal, the buyer purchased Felch Street Shopping Center, a 164,181-square-foot property in Holland, Mich. The Felch Street Shopping Center is shadow-anchored by Lowe’s. Other tenants include Barnes & Noble, Bed Bath & Beyond, Office Max, Old Navy, Party City, Shoe Carnival, T.J. Maxx, JoAnn Fabrics, Ulta and Jonathan Stevens Mattress. In the second deal, Willow Lakes Plaza was sold. The 139,141-square-foot center is located in Goshen, Ind. Willow Lakes Plaza is situated on a 14.8-acre site and features tenants such as Bath & Body Works, Kohl’s, Michaels, OfficeMax and Rue21. The center is shadow-anchored by Target. Simon Jonna and Raymond Jonna of Marcus & Millichap represented the seller in the transactions. The buyers and sellers in both transactions were undisclosed.

June 6, 2016

Michigan Midwest Multifamily Seniors Housing

CareTrust REIT Acquires Four Assisted Living Communities in Michigan for $30.8M

by Christina Cannon June 6, 2016

FLINT, MICH. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired a portfolio of four assisted living and memory care communities in the greater Flint area for a total of $30.8 million. Flint is located approximately 70 miles northwest of Detroit. The four properties include The Pines of Clarkston, a 46-unit community in Clarkston; The Pines of Goodrich, a recently completed, 40-unit community in Goodrich; The Pines of Burton, a 62-unit community in Burton; and The Pines of Lapeer, a 40-unit community in Lapeer. Premier Senior Living LLC took over operations of all four communities effective June 1. The communities were added to an existing master lease with CareTrust, which already included two recently acquired communities in North Carolina. The $30.8 million purchase price included transaction costs. The communities produce approximately $2.7 million per year under the terms of the lease. CareTrust funded the acquisition with proceeds from its recent 8.5 million-share equity offering in March.

June 6, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $20.9M Loan to Refinance Seniors Housing Community in Chicago

by Christina Cannon June 6, 2016

CHICAGO — Capital One has provided a $20.9 million fixed-rate HUD 232/223(f) loan to refinance a 318-bed skilled nursing facility in Chicago. The loan features a 35-year term. The facility was built in 1975 and offers on-site dialysis and can accommodate patients with a diagnosis of dementia. Joshua Rosen of Capital originated the transaction.

June 6, 2016

Illinois Loans Midwest Multifamily

Pembrook Capital Management Provides $16.6M Loan for Chicago Apartment Property

by Christina Cannon June 6, 2016

CHICAGO — Pembrook Capital Management LLC, through its third commercial real estate debt fund, has provided a $16.6 million loan to The NHP Foundation for the acquisition of 152 affordable housing units. The Mark Twain Hotel is a single-room occupancy property in the Gold Coast neighborhood of Chicago. The NHP Foundation will maintain the property, located at North Clark and West Division streets, as affordable units. The 58,000-square-foot Mark Twain Hotel was built in 1932 as a residential hotel and features over 9,000 square feet of ground-floor retail space. The NHP Foundation plans to add kitchens to each unit and community space to the property. The renovation is anticipated to begin in 2017. The property will be included in the National Register’s proposed Residential Hotels in Chicago, 1900–1930 group designation, which recognizes this class of accommodation from this era as historically significant. The Chicago Community Loan Fund, Bellwether Enterprise Real Estate Capital, US Bank and the City of Chicago Department of Planning and Development also contributed financial resources to the acquisition and renovation of the property.

June 6, 2016

Midwest Retail Wisconsin

The Barre Code Signs 2,300 SF Lease for Retail Space near Milwaukee

by Christina Cannon June 6, 2016

VERNON HILLS, WIS. — The Barre Code, a women’s fitness center, has signed a five-year, 2,300-square-foot lease for space at Hawthorn Center in Vernon Hills. Joe Padorr of Seneca Real Estate arranged the transaction for The Barre Code, which will be located at the northwest corner of Milwaukee Avenue and Townline Road. Hawthorn Center is a 55,000-square-foot former office building that has been converted into a mixed-use property. Other tenants at the property include Northwestern Medicine, Uncle Julio’s Mexican Restaurant and T-Mobile.

June 6, 2016

Industrial New York Northeast Office

Kalmon Dolgin Arranges $12.1M Sale of Commercial Building in Brooklyn

by Amy Works June 6, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of commercial building located at 5718 Second Ave. in Brooklyn’s Sunset Park neighborhood. NYU/Lutheran Medical Center acquired the 32,000-square-foot property from S.I.B.R. Realty LLC for $12.1 million. The two-story building features 20-foot ceilings, a 7,000-square-foot mezzanine and 12,500-square-foot floor plates. Jeffrey Unger and Robert Klein of Kalmon Dolgin represented the buyer and seller in the deal.

June 6, 2016

Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 21,500 SF Industrial Building in New Jersey

by Amy Works June 6, 2016

SOUTH HACKENSACK, N.J. — NAI James E. Hanson has arranged the sale of an industrial building located at 60 Romanelli Ave. in South Hackensack. Main Event-Mauzone Caterers acquired the 21,500-square-foot property from 60 Romanelli LLC for an undisclosed price. The buyer is relocating from Englewood, N.J., and plans to use the space for a commercial kitchen. The property features 14-foot ceiling heights, one loading dock, two drive-in doors, 17 private parking spaces and 2,800 square feet of office space. Tom Vetter and Jeff DeMagistris of NAI Hanson represented the seller in the deal.

June 6, 2016

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