Property Type

The Winhall Companies Acquires Two Liberty Square in Boston

by Amy Works September 17, 2015

BOSTON — An affiliate of The Winhall Companies has acquired Two Liberty Square, a 67,609-square-foot office building in Boston. Originally constructed in 1913, the 11-story, Beaux Arts-style building is 82 percent occupied by tenants that include Zipcar, Humana, Arthur J. Gallagher & Co., Copyright Clearance Center and Brill. CenterSquare Investment Management, on behalf of one of its institutional clients, sold the property for an undisclosed price. Coleman Benedict and Ben Sayles of HFF represented the seller in the sale. Additionally, Lauren O’Neil of HFF arranged a 10-year, fixed-rate acquisition loan through SunLife for the buyer.

September 17, 2015

Healthcare New Jersey Northeast

Colliers Arranges Sale of 22,744 SF Medical Office building in New Jersey

by Amy Works September 17, 2015

MOUNT LAUREL, N.J. — An affiliate of Princeton, N.J.-based IBIS Plaza has acquired Larchmont I, a medical office building located at 204 Ark Road in Mount Laurel, for an undisclosed price. Situated on 1.8 acres, the building was constructed in 1981. The buyer plans to renovate the common areas and two of the vacant suites for its IBIS business. Evan Zweben and Marc Islander of Colliers International represented the undisclosed seller in the transaction.

September 17, 2015

Connecticut Healthcare Northeast

O,R&L Commercial Brokers 13,517 SF Lease in Guilford, Connecticut

by Amy Works September 17, 2015

GUILFORD, CONN. — O,R&L Commercial has brokered the lease of 13,517 square feet of medical office space to Guilford Surgery Center LLC (GSC). The space is located at 246 Goose Lane within Innovation Park. GSC is a collaboration between local surgeons and Merritt Healthcare of White Plains, N.Y. The new entity plans to construct an ambulatory surgery center for patients on the site. O,R&L Commercial represented the tenant, while Dow Realty represented the undisclosed landlord in the lease transaction.

September 17, 2015

Midwest Minnesota Retail

Marcus & Millichap Brokers Sale of $7.1M Retail Property in Suburban Minneapolis

by Christina Cannon September 17, 2015

BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $7.1 million sale of a 34,000-square-foot retail property in Brooklyn Park, a northern suburb of Minneapolis. Sean Doyle, Matthew Hazelton, Cory Villaume, and Adam Prins of Marcus & Millichap represented both the undisclosed buyer and seller. Petco anchors the shopping center, and other tenants include Chipotle, Caribou Coffee, Panda Express and Gamestop.

September 17, 2015

Loans Michigan Midwest Multifamily

Love Funding Provides $8.5M in Loans for Age-Restricted Apartments in Haslett, Mich.

by Christina Cannon September 17, 2015

HASLETT, MICH. — Love Funding recently provided three loans totaling $8.5 million to refinance the debt on a group of age-restricted, Section 8 apartments in Haslett targeting persons age 62 and above. Located about nine miles east of Lansing, the three communities serve low-income residents and are all part of the same development, Grange Acres, a 363-unit complex that was built from 1972 to 1982. Grange Acres Non-Profit Housing Corporation owns the properties. Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Part of the loan proceeds will be used to pay for needed repairs and to fund replacement reserves.

September 17, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Three Multifamily Properties for $1.56M in Chicago

by Christina Cannon September 17, 2015

CHICAGO — Interra Realty has brokered the $1.56 million sale of three multifamily properties located in the Woodland and Washington Park neighborhoods of Chicago. Ted Stratman and Dan Byrne of Interra represented both the seller and buyer for all transactions. A six-unit property at 5910 S. Martin Luther King Drive sold for $440,000. The building, which had previously been converted to individual condos, features large three-bedroom, one-and-a-half bath units and has rear parking for all six units. Another six-unit property, located at 6427 S. Drexel Ave., sold for $510,000. The property was completely rehabbed within the last few months and was 100 percent occupied at the time of sale. Lastly, an eight-unit building located at 5156 S. Indiana Ave. sold for $490,000. Six of the units have been rehabbed. Stratman and Byrne negotiated a post-closing construction contract on behalf of the buyer to rehab the other two garden-style units and capitalize on the building’s upside potential.

September 17, 2015

Multifamily Student Housing Washington Western

Capstone, Harrison Street Open Cornish Commons Student Housing in Seattle

by Nellie Day September 17, 2015

SEATTLE — Capstone Development Partners and Harrison Street Real Estate Capital have opened Cornish Commons, a $49 million, 432-bed student housing development located on the Cornish College campus in downtown Seattle. The property features 16,854 square feet of academic space, with the first and second floors devoted to housing administrative offices, studio movement classrooms and a campus “living room.” The top floor contains amenities including a fitness center, media room, community kitchen, gaming area, lounge, laundry room, music practice rooms and a sky deck. The design and construction team for the project consisted of Ankrom Moisan Architects and Howard S. Wright Construction. Capstone Development Partners, Cornish College and Capstone On-Campus Management will manage the property.

September 17, 2015

Colorado Loans Multifamily Seniors Housing Western

CBRE Arranges $36.3M Construction Loan for CCRC Near Denver

by Nellie Day September 17, 2015

LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.

September 17, 2015

Industrial Nevada Western

Cintas Corp. Leases 20,000 SF of Distribution Space in Reno

by Nellie Day September 17, 2015

RENO, NEV. — Cintas Corp. has leased 20,000 square feet of distribution space at the Capital Commerce Center in Reno. The space is located at 1312 Capital Blvd. Cintas supplies corporate identity uniform programs, among other things. J. Michael Hoeck, Dave Simonsen, Steve Kucera and Michael Nevis of the NAI Alliance Industrial Properties Group represented the landlord in the transaction.

September 17, 2015

Arizona Multifamily Seniors Housing Western

Sagewood in Phoenix to Add 24 Luxury Independent Living Units

by Nellie Day September 17, 2015

PHOENIX — Sagewood, a luxury senior living retirement community in northeast Phoenix, plans to add The Estates at Sagewood, a new neighborhood featuring 24 independent living homes. The new homes have multiple floor plans, including villas and duplexes. Sagewood is also expanding its onsite Acacia Health Center. With the addition of The Estates at Sagewood, the community will have 316 independent living residences.

September 17, 2015

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