Property Type

HeadFlyer Brewing to Open at 861 E. Hennepin in Minneapolis

by Christina Cannon July 19, 2016

MINNEAPOLIS — Ackerberg has executed a long-term lease with HeadFlyer Brewing, a newly founded taproom and brewery, to occupy 9,435 square feet in the Miller Textile Building located at 861 E. Hennepin Ave. in northeast Minneapolis. The speculative project is now 61 percent leased. Renovation of the property began in December 2015 as part of the transformation of the former Miller Bag Building into office and retail space. The newly branded Miller Textile Building now includes 10,000 square feet of retail and 38,000 square feet of office space, with 84 free off-street parking stalls in a four-story building. HeadFlyer Brewing will open this fall. According to the Minneapolis Star-Tribune, for decades the Miller Bag Co. produced potato sacks, seed bags and feed bags for the agricultural market, later adding a production line for bags for Toro lawn mowers. In 1999, the Miller Bag Co. merged with another firm and today that entity is known as The Airtex Group, which provides multi-faceted textile design and manufacturing solutions. Ackerberg is developing the project. Additional project partners include general contractor Bainey Construction and project architect RoehrSchmitt. First Western Bank and the City of Minneapolis provided financing. The Metropolitan Council and the Department of …

July 19, 2016

New Jersey Northeast Office

Liberty Property Trust to Develop New Headquarters for American Water in New Jersey

by Amy Works July 19, 2016

CAMDEN, N.J. — Liberty Property Trust has signed an agreement with American Water to develop the company’s new corporate headquarters at One Water Street in Camden. The project is the inaugural commercial development at Liberty’s The Camden Waterfront, a 20-acre, $1 billion mixed-use development master planned by Robert A.M. Stern Architects. Designed to achieve LEED Platinum certification, the five-story One Water Street will feature 222,376 square feet of office space. Construction of the building and an adjacent parking garage is slated to begin this fall subject to the completion of Liberty’s due diligence, and acquisition of the site. The new building is expected to be completed in the second half of 2018.

July 19, 2016

California Multifamily Western

Monterra Ridge Apartments in Santa Clarita Trades for $45.5M

by Nellie Day July 19, 2016

SANTA CLARITA, CALIF. — An unnamed buyer has acquired the 232-unit Monterra Ridge apartment complex in Santa Clarita for $45.5 million. The community is located at 28085 Whites Canyon Road. Monterra Ridge is situated near interstates 14 and 5, which provide access to greater Los Angeles. The property was built in 1985. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller in this transaction.

July 19, 2016

Healthcare New Jersey New York Northeast

NorthMarq Capital Arranges $91.5M in Refinancing for Medical Office Portfolio in New Jersey, New York

by Amy Works July 19, 2016

MORRISTOWN, N.J. — NorthMarq Capital’s Morristown office has arranged $91.5 million in refinancing for a 13-property medical office portfolio with 11 assets in Northern New Jersey, one in New York and one in Florida. Gregory Nalbandian of NorthMarq secured the financing for the borrower, Regent Medical Properties. The five-year, fixed-rate loan was bifurcated between a $81.5 million senior loan placed with Natixis Real Estate Capital and a $10 million mezzanine loan placed with Morrison Street Capital. The portfolio is a 353,000-square-foot core medical office portfolio with several buildings featuring on-site surgery centers within close proximity to major hospitals.

July 19, 2016

Midwest Minnesota Retail

New Dunkin’ Donuts Coming to Roseville, Minnesota

by Christina Cannon July 19, 2016

ROSEVILLE, MINN. — VANTive Group, a franchise company based in Chicago, has signed a 2,000-square-foot lease at 2425 Rice St. in Roseville for a new Dunkin’ Donuts restaurant. It is the first lease in Minnesota for the VANTive Group, which owns five existing Dunkin’ Donuts restaurants in the Chicago area. Roseville is located eight miles northeast of Minneapolis. The restaurant site, owned by Hempel, is under construction and the restaurant is scheduled to open this fall.

July 19, 2016

California Multifamily Western

The Bungalows at Mathilda in Silicon Valley Sells for $22.5M

by Nellie Day July 19, 2016

SUNNYVALE, CALIF. — An unnamed buyer has purchased The Bungalows at Mathilda, a 68-unit apartment complex in the Silicon Valley submarket of Sunnyvale, for $22.5 million. The community is located at 126 Ahwanee Ave. The Bungalows at Mathilda has undergone extensive exterior and interior renovations over the past year. It is situated near major employers, including the new campuses for Google and Apple. Adam Levin and Robert Johnston in Marcus & Millichap’s Palo Alto office represented the buyer and seller, Interstate Equities Corp., in this transaction.

July 19, 2016

Michigan Midwest Retail

Hanna Andersson, American Girl to Open at Twelve Oaks Mall in Metro Detroit

by Christina Cannon July 19, 2016

NOVI, MICH. — Children’s clothing retailer Hanna Andersson and American Girl are set to open new locations at Twelve Oaks Mall, a 550,000-square-foot center located in the Detroit suburb of Novi. Both retailers are slated to open in early August on the mall’s upper level near Nordstrom. The American Girl store will be the retailer’s first in Michigan, and will be a temporary boutique, according to reports by Crain’s Detroit Business.

July 19, 2016

California Retail Western

SRS Real Estate Secures Ground Lease for BMW Service Center in San Francisco

by Nellie Day July 19, 2016

SAN FRANCISCO — SRS Real Estate Partners has secured a ground lease on a 58,040-square-foot property located at 1501 Harrison St. in San Francisco’s South of Market district. The tenant plans to construct a new BMW Service center on the site. Matt Alexander and Andrew Lindsey of SRS Real Estate Partners, along with Chris Hamey of HC&M Commercial Properties, brokered the transaction. The names of the tenant and landlord were not released.

July 19, 2016

Arizona Industrial Loans Western

NorthMarq Arranges $5.2M Acquisition Loan for Ahwatukee 48 Warehouse Property in Phoenix

by Nellie Day July 19, 2016

PHOENIX — NorthMarq Capital has arranged $5.2 million in acquisition financing for Ahwatukee 48, an 87,772 –square-foot office/warehouse property in Phoenix. The space is located at 15905-15915 S. 46th St. and 15920-15930 S. 48th St. The transaction was structured with a 20-year term and 25-year amortization schedule. Shari Stults of NorthMarq arranged the financing through its correspondent relationship with Ohio National. Keller Williams Desert Foothills Realty and Synaptics Inc. are the property’s major tenants.

July 19, 2016

Hospitality Loans Multifamily New Jersey Northeast

The Rockefeller Group Secures $70M Construction Loan for Flexible-Stay Project in New Jersey

by Amy Works July 19, 2016

FLORHAM PARK, N.J. — The Rockefeller Group has secured $70 million in financing on behalf of its joint venture partnership with Korman Communities for the construction of AVE Florham Park. Located within The Green at Florham Park in Florham Park, the flexible-stay community will feature 256 furnished and unfurnished accommodations that are ideal for corporate housing, relocations and long-term stays. The partnership broke ground on the 450,000-square-foot project earlier this year with completion slated for 2017. The property will feature 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, and a community courtyard with a lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbecue area, a movie screen, fire pits and an enclave with cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including a movie theater, café, conference suites, a business center, a yoga studio and fitness center, a spa and 24-hour resident services.

July 19, 2016

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