Property Type

Boston Housing Authority Selects IBA for West Newton/Rutland Revitalization Project

by Amy Works December 7, 2015

BOSTON — The Boston Housing Authority has selected IBA – Inquilinos Boricuas en Acción as the developer for its West Newton/Rutland Streets properties, including the revitalization of 146 units of public housing in Boston’s South End. IBA will lead the redevelopment of 24 historic brick residential buildings, containing existing units of federally subsidized housing, along West Newton and Rutland streets. The two-year project is slated to begin in 2016. As part of the project, IBA will complete the renovation while protecting current residents from displacement and preserving affordability for extremely low-income households over the long term.

December 7, 2015

Massachusetts Multifamily Northeast

TGM Associates Acquires 240-Unit Multifamily Property in Massachusetts

by Amy Works December 7, 2015

SOUTH LAWRENCE, MASS. — TGM Associates has acquired TGM Andover Park, a 240-unit multifamily property located at 100 Hawthorne Way in South Lawrence, for an undisclosed price. Constructed in 2000 and 2001, the eight-building community features a two-story clubhouse with an outdoor pool and a mix of one- and two-bedroom apartments with attached garages in select units. TGM plans to renovate the apartment interiors, including new cabinets, countertops, appliances, light fixtures and hardware. Additionally, the company plans to upgrade the common area amenities with the addition of a fitness center, media center and café lounge area. The name of the seller was not released.

December 7, 2015

Healthcare Loans Mixed-Use New Jersey Northeast Retail

Procida Funding Closes Three Loans Totaling $6.3M in Central New Jersey

by Amy Works December 7, 2015

RANDOLPH, MIDDLESEX, LONG BEACH, ELIZABETH AND MARLBORO, N.J. — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, has closed three loans totaling $6.3 million for properties in Central New Jersey. In the first deal, Procida Fund secured a $1.3 million first mortgage for the acquisition and pre-construction work of a development site. The borrower, ER Real Estate Management LLC, plans to build a 12,500-square-foot medical office property on the site in Randolph. In the second transaction, the fund provided a $2.7 million bridge loan to Naval Crest Associates I & II LLC to pay off an existing mortgage loan and modify and amend a mortgage on two properties in Middlesex and Long Beach. In the final deal, Procida provided a $2.3 million bridge loan for the acquisition of three gas stations in Elizabeth and Marlboro. With these three transactions, Procida Funding has closed 19 debt investments totaling more than $100 million year-to-date.

December 7, 2015

Restaurant Retail Texas

Hunington Properties Arranges Sale of 4,826 SF Shopping Center in Brownsville

by Haisten Willis December 7, 2015

BROWNSVILLE, TEXAS — Hunington Properties Inc. has arranged the sale of a 4,826-square-foot Burger King restaurant located at 925 US-77 in Brownsville. The restaurant was rebuilt in 2014. The tenant is one of the largest franchisees in the Burger King system, operating 275 Burger King restaurants in Texas and Florida. The tenant occupies the property subject to a long-term triple net lease.

December 7, 2015

Loans Michigan Midwest Multifamily

Pillar Originates $15.4M Construction Loan for 80-Unit Apartment Property in Downtown Detroit

by Christina Cannon December 7, 2015

DETROIT — Pillar has closed a $15.4 million HUD 221(d)(4) construction and permanent financing loan for a multifamily development in Detroit. The Griswold will be an 80-unit market-rate property located downtown. Roxbury Group is the project developer. The apartment building will sit on top of an existing 10-story parking structure that is adjacent to the Westin Book Cadillac Detroit. The Griswold will be the first newly contructed market-rate multifamily development in downtown Detroit in more than 20 years. The property will feature one-, two- and three-bedroom apartments that will range from 750 to 1,600 square feet. Mark Wiedelman of Pillar originated the loan. The construction loan will convert to a fixed-rate, 40-year fully amortizing loan. Leasing for The Griswold will begin at the end of 2016.

December 7, 2015

Illinois Midwest Multifamily Seniors Housing

Senior Living Investment Brokerage Arranges Sale of Skilled Nursing Facility in Illinois for $13.4M

by Christina Cannon December 7, 2015

OSWEGO, ILL. — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of The Tillers, a 106-bed skilled nursing facility in Oswego, approximately 50 miles southwest of Chicago, for $13.4 million. The community was built in 1972 and was 93 percent occupied at the time of sale. The Tillers was expanded in 1985 and 2008, and renovated in 2009. Symphony Post Acute Network purchased the property from a family-owned business looking to exit the long-term care industry. Symphony plans to further expand the facility. Ryan Saul of SLIB arranged the transaction.

December 7, 2015

Illinois Industrial Midwest Office

Avison Young Arranges Sale of 63,305 SF Flex Space in Chicago Suburb

by Christina Cannon December 7, 2015

NORTHBROOK, ILL. — Avison Young has brokered the sale of a 63,305-square-foot showroom and warehouse in Northbrook, approximately 25 miles northwest of Chicago. The asking price for the property was $4.6 million, but the final sales price was not disclosed. Underwriter Laboratories acquired the property located a 750 Anthony Trail from Damar Natural Stone, which previously occupied the building. The asset is situated on a 4.2-acre site in the Sky Harbor Industrial Park. The building includes 12,000 square feet of office space, 34-foot clear heights and 72-foot deep loading docks. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the seller in the transaction. Al Caruana and Britt Casey of Cushman & Wakefield represented the buyer.

December 7, 2015

Illinois Midwest Retail

Baum Realty Brokers $4.2M Sale of Retail Property Net Leased to McDonald’s in Schaumburg, Illinois

by Christina Cannon December 7, 2015

SCHAUMBURG, ILL. — Baum Realty Group LLC has brokered the sale of a single-tenant retail property net leased to McDonald’s in Schaumburg, a northwestern suburb of Chicago, for $4.2 million. The property, located at 955 E. Golf Road, set a record low capitalization rate under 4 percent for a property net leased to McDonald’s in the Midwest and one of the lowest in the country for a deal size over $4 million. Patrick Forkin, Brad Teitelbaum and Allen Joffe of Baum Realty represented the undisclosed seller in the transaction, a national tenant-in-common group with over 45 investors. Baum Realty Group procured the buyer, a private East Coast investor, prior to construction of the McDonald’s restaurant. The new 20-year ground lease features rent increases every five years.

December 7, 2015

Industrial Midwest Wisconsin

Dickman Co. Arranges Sale of 54,500 SF Industrial Building in Milwaukee

by Christina Cannon December 7, 2015

MILWAUKEE, WIS. — The Dickman Company/CORFAC International has arranged the sale of a 54,500-square-foot industrial building in Milwaukee for an undisclosed price. 81 Street Industrial LLC purchased the building, located at 7940 N. 81st St., from The Equitable Bank SSB. Samuel M. Dickman Jr. and Samuel D. Dickman represented the buyer in the transaction. JC Capital represented the seller.

December 7, 2015

Industrial Market Reports Southeast Southeast Market Reports Virginia

Richmond’s Industrial Market Fires on Most Cylinders, Save for Large Spec Projects

by John Nelson December 7, 2015

Greater Richmond’s industrial market is as strong as it has been in a generation. Given the overall growth of the economy, including industrial employment and investment, it appears that the engines driving industrial economic growth will remain steady and the need for industrial real estate will continue to be steady. Greater Richmond’s industrial market is moving fast and on most cylinders, with the only laggard being pure speculative development of high-bay large block industrial and small incubation flex product. All other cylinders are pumping, including industrial and flex leasing, design build-to-suits, land sales, freestanding occupier building sales and investment sales. Absorption and general growth activity is coming not only from local existing companies and start-ups, but also by companies outside of the area looking to relocate or open additional facilities here. The flavor of the demand has been relatively diverse reflecting the Greater Richmond area’s stable economy and Mid-Atlantic location with its superior logistic opportunities. Economic Trends Greater Richmond’s population is nearly 1.3 million people, and total employment is more than 650,000 in the Richmond metro area. The diverse economy includes 10 Fortune 1000 headquarters; pharmaceutical, chemical, biotech and other 21st century manufacturers; financial and information technology services; Fifth District …

December 7, 2015

Newer Posts

Older Posts