ROCKY HILL, CONN. — Colliers International has arranged the sale of Worthington Arms, a 41-unit garden-style apartment complex located at 100 and 200 Laura Lane in Rocky Hill. Sunset Hill Restoration acquired the asset for $3.8 million. The complex features a mix of one- and two-bedroom apartments will full basement storage in each building. Philip Gagnon of Colliers represented the undisclosed seller, while Bob Pagani, also of Colliers, represented the buyer in the transaction.
WATERBURY, CONN. — Drubner Commercial Real Estate Services has arranged the sale of a retail property located at 1262 W. Main St. in Waterbury. The Lauren Investment Group of Monroe, N.Y., purchased the property for $2 million. David Theroux of Drubner Commercial, along with Property West LLC, developed the site in 2007. The property is currently leased to TD Bank for the foreseeable future. Theroux handled both the sale and lease transactions.
NEW BEDFORD, MASS. — Congressional Bank’s Healthcare Lending group has closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a skilled nursing facility in New Bedford. The revolving line of credit will fund the ongoing working capital needs of the 107-bed facility. Congressional Bank will close its merger with American Bank on January 1, 2016, and the company’s lending capacity will exceed $10 million, allowing it to expand its lending platform.
WOODSIDE, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 37-35 64th St. in Woodside. The six-unit property sold for $1.3 million. Shaun Riney, Michael Salvatico and Aryaan Azarbarzin of Marcus & Millichap’s Brooklyn office represented the seller, an individual/private trust, and the buyer, a limited liability company, in the transaction.
MADISON, WIS. — Marcus & Millichap has brokered the $10 million sale of a 94,120-square-foot retail building occupied by Shopko on a triple-net lease basis in Madison. The building, originally built in 1988, was renovated in 2004. The department store is located at 2201 Zeier Road and is situated on approximately eight acres. Nearby retailers include Kohl’s, DSW Shoe Warehouse, Burlington Coat Factory and Payless Shoes. Glen Kunofsky of Marcus & Millichap represented the seller in the transaction. Jeff Rowlett and Jeremy Osting of Marcus & Millichap procured the buyer, a private investor.
SPRINGFIELD, ILL. — Developer Bluffstone II LLC has broken ground on The Villas Downtown Springfield, a mixed-use student housing development containing 72 units and 92 beds near the University of Illinois Springfield. Living quarters at The Villas will include studio suites, one-bedroom/one-bathroom suites and two-bedroom/two-bathroom suites. Each suite will be fully furnished with full-size beds, living room furnishings and more. Kitchens will feature full-size Energy Star appliances. The Villas development will be a four-story building and will include more than 6,000 square feet of commercial and retail space. The common indoor area of The Villas will consist of the manager’s office, mailboxes, social room and recreation center, study rooms and laundry facilities. Catalyst Construction Inc. is building the development, which has a projected total cost of $8.9 million.
CLARKSTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 105,717-square-foot office building in Clarkston, approximately 40 miles north of Detroit, for $6.6 million. Mid-Oakland Medical Center is located at 6770 Dixie Highway and was purchased by Esox Exploration LLC. The property is a three-story, Class B building that features an on-site pharmacy. The facility was built in 1995. Tenants include McLaren Health Care Corp., DaVita Healthcare Partners Inc. and Trinity Health. Rich Deptula of Friedman represented the seller, a CMBS special servicer, in the transaction. Friedman also represented the buyer in the transaction.
CHICAGO — CBRE has arranged a 40,254-square-feet office lease for Harrison Street Real Estate Capital LLC, which will occupy a 52-story tower currently under construction in Chicago. Harrison Street will relocate its headquarters from 71 S. Wacker Drive to River Point, located at 444 W. Lake St. The developer, Ivanhoe Cambridge & Hines, will deliver the building in 2016. Harrison Street will nearly double its current footprint when it begins occupying the space in the first quarter of 2017. Cal Wessman and Mark Cassata of CBRE represented the tenant in the transaction. Greg Van Schaack and Laura Hines of Hines represented Ivanhoe Cambridge & Hines.
CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.
LOUISVILLE, KY. — Molto Properties and Verus Partners have broken ground on Phase II of a 1.2 million-square-foot industrial complex in Air Commerce Business Park in Louisville. Phase II will consist of a 645,840-square-foot cross-dock industrial facility featuring 36-foot clear heights, trailer parking and car parking. Molto Properties pre-leased 74 percent of Phase I to Hillsdale Furniture and is seeking to lease the balance of the 622,426-square-foot building. Doug Butcher and Kevin Grove of CBRE are handling leasing for Molto, Pepper Construction is the general contractor on the project and Verus Partners is the local development partner. Phase I is scheduled to be completed by year-end, and Phase II is set to be delivered by October 2016.
