Property Type

Houlihan-Parnes Arranges $30M Loan for 220,000 SF Office Condo in the Bronx

by Amy Works May 4, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has placed a $30 million first mortgage on a 220,000-square-foot office condominium at 1775 Grand Concourse in the Bronx. The seven-year, non-recourse loan features a fixed rate with interest-only payments for two years and an option to extend. The mortgage covers a commercial condominium interest in the 300,000-square-foot building that shares ownership with Verizon, which owns the first two floors of the building. Current tenants of the property include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Bryan Houlihan and James J. Houlihan of Houlihan-Parnes represented the undisclosed borrower in the transaction.

May 4, 2016

Healthcare Midwest Office Ohio

NGKF Brokers $10M Sale of Medical Office Property in Cleveland Suburb

by Christina Cannon May 4, 2016

INDEPENDENCE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the $10 million sale of a 54,611-square-foot medical office building in Independence, approximately 10 miles south of Cleveland. Dennison Development Group sold the property, located at 6701 Rockside Road, to a healthcare real estate company based in Tennessee. Dennison Development Group built the three-story Rockside Medical Center in 1980. The building features a surgical center, new HVAC system, new roof and recent renovations to common areas. The multi-tenant building is 65 percent leased to St. Vincent Charity Medical Center and The Cleveland Clinic. Bob Nosal and Susan Licciardi of NGKF represented the seller in the transaction.

May 4, 2016

Northeast Office Pennsylvania

Bennett Williams Commercial Brokers $13.1M Sale of Office Park in Pennsylvania

by Amy Works May 4, 2016

LANCASTER CITY, PA. — Bennett Williams Commercial has arranged the sale of an office park located at 1300 Marshall Ave. in Lancaster City. Brook Farms Development acquired the 60,000-square-foot property from Stockyards Development for $13.1 million. Jeff Herr of Bennett Williams Commercial represented the buyer and seller.

May 4, 2016

Illinois Industrial Midwest

Venture One Purchases 21,672 SF Distribution Center in Gurnee, Illinois

by Christina Cannon May 4, 2016

GURNEE, ILL. — Venture One Real Estate LLC has purchased a single-tenant 21,672-square-foot distribution center in Gurnee, approximately 45 miles northwest of Chicago, for an undisclosed price. Chenille Kraft Co. sold the building, which is located on 1.4 acres at 65 Ambrogio Drive. Venture One plans to rehab the property. David Liebman of Merit Partners represented the seller, and Venture One was self-represented.

May 4, 2016

Florida Multifamily Southeast

CIM Group, Falcone Group to Develop Miami Worldcenter’s Seventh Street Apartments

by John Nelson May 4, 2016

MIAMI — CIM Group and Falcone Group will co-develop Seventh Street Apartments, a 450-unit apartment high-rise located along northeast 7th Street in downtown Miami. The tower will be part of the $2 billion Miami Worldcenter and feature 20,000 square feet of ground-floor retail and restaurant space. The tower will connect Miami Worldcenter’s high-street retail promenade to the east with All Aboard Florida’s Central Station and MDM Group’s Marriott Marquis hotel and expo center to the west. The city of Miami has also approved an adjacent 413-unit apartment tower, bringing the total number of entitled units on the site to 863 apartment residences. Designed by Cohen & Friedman, Seventh Street Apartments will feature a pool deck, fitness center, covered parking garage and concierge services. Construction is set to begin in June and be completed in approximately two years.

May 4, 2016

Retail Southeast Virginia

Armada Hoffler Acquires 220,000 SF Retail Center in Metro Richmond

by John Nelson May 4, 2016

COLONIAL HEIGHTS, VA. — Armada Hoffler Properties Inc. has closed on the acquisition of Southgate Square, a 220,000-square-foot retail center located in Colonial Heights, roughly 23 miles south of Richmond. The center was fully leased at the time of sale to tenants such as Burlington Coat Factory, Michaels, Staples, PetSmart, Sleepy’s and Jo-Ann Fabric and Craft Stores. Southgate Square is located in close proximity to Southpark Mall, a Walmart Supercenter and Dimmock Square, a 100,000-square-foot retail center that Armada Hoffler purchased in 2014. The Virginia Beach, Va.-based REIT purchased Southgate Square in exchange for approximately $21.1 million of debt and the issuance of roughly 1.6 million units of limited partnership interest in Armada Hoffler’s operating partnership.

May 4, 2016

Kentucky Loans Multifamily Southeast

KeyBank Closes $31.2M Freddie Mac Loan for Apartment Community in Louisville

by John Nelson May 4, 2016

LOUISVILLE, KY. — KeyBank Real Estate Capital has provided $31.2 million in Freddie Mac financing for Apex on Preston Apartments, a 312-unit apartment community in Louisville. The Class A asset was delivered in 2015. Charlie Williams of KeyBank’s commercial mortgage group arranged the acquisition financing, which features an 8-year loan term.

May 4, 2016

Loans Office Southeast Virginia

NXT Capital Provides $22.3M Loan for 184,000 SF Office Building in Metro D.C.

by John Nelson May 4, 2016

HERNDON, VA. — NXT Capital has provided a $22.3 million loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class B office building located in Herndon, about 25 miles west of Washington, D.C. The building has historically been leased to GSA tenants. The undisclosed borrower plans to use the loan proceeds to renovate the asset. Cary Abod and Robert Carey of HFF’s Washington, D.C., office arranged the loan through NXT Capital.

May 4, 2016

Florida Industrial Southeast

Cite Partners Brokers $10.7M Sale of 300,000 SF Industrial Property in Orlando

by John Nelson May 4, 2016

ORLANDO, FLA. — Cite Partners has brokered the $10.7 million sale of Shader Industrial Park, a 300,000-square-foot industrial property in Orlando. The asset was 90 percent leased at the time of sale. Cite Partners represented the undisclosed buyer in the transaction. Cory Kroeger and Greg Rebman of KR Properties represented the seller, an unnamed entity that has owned Shader Industrial Park since 1983.

May 4, 2016

aeropotale-chapter-11-bankruptcy-store-closing

Retail Top Stories

Aéropostale Inc. Files for Chapter 11 Bankruptcy, Will Close 154 Stores

by Haisten Willis May 4, 2016

NEW YORK CITY — After losing money for 13 consecutive quarters, teen apparel retailer Aéropostale Inc. (OTCQX: AROP) has filed for Chapter 11 bankruptcy protection. Aéropostale will close 113 U.S. locations, as well as all 41 stores in Canada, and could announce more store closures at a later date. Of the 154 stores closing, 117 lost money last year, and the rest generated little profit. Click here to see a complete list of planned store closures. Store closing sales are scheduled to begin in the United States during the weekend of May 7-8, and in Canada during the week of May 9. The company plans to “emerge from the Chapter 11 process within the next six months as a standalone enterprise with a smaller store base, increased operating efficiencies and reduced SG&A [selling, general and administrative] expenses,” according to a press release from the company. Any sale of the company would be announced within the next six months. “While initiatives such as the implementation of our two-chain Factory and Mall strategy and our merchandise repositioning have started to gain traction, the ripple effects of an ongoing dispute with our second-largest supplier put substantial strain on our liquidity while also preventing …

May 4, 2016

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