Property Type

Lakeview Apartments Near Fresno Sells for $17.9M

by Nellie Day July 14, 2016

FRESNO, CALIF. — An undisclosed buyer has purchased the 284-unit Lakeview Apartments in the Fresno submarket of Lemoore for $17.9 million. The community is located at 333 E. Cinnamon Drive. Lakeview Apartments is situated near Cinnamon Elementary School and Rite-Aid. The largest employer in the area, Lemoore Naval Air Station, is also nearby. The new owner plans to renovate the property’s interior and common areas. Jon Mimms and Ron Harris of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented both the buyer and the seller, B.A.G. Investments, in this transaction.

July 14, 2016

Arizona Retail Western

ViaWest Group Acquires Retail Property in Tempe for $2M

by Nellie Day July 14, 2016

TEMPE, ARIZ. — ViaWest Group has acquired a 68,000-square-foot retail site located in Tempe for $2 million.The fully occupied property is home to a single-tenant building leased to Title Max, and a multi-tenant automotive repair building, which is home to tenants including Luxury Legends, Babbitt Motor Werks and Euro Motor Works. Mark Wilcke of NAI Horizon represented the seller, a California-based private owner, and Andrew Fosberg of CBRE represented ViaWest Group in the transaction.

July 14, 2016

Civic Maine Mixed-Use Northeast

University of Maine Selects Harriman, The Cecil Group for Campus Redevelopments

by Amy Works July 14, 2016

PORTLAND, MAINE — The University of Maine has selected Harriman and The Cecil Group, a newly merged architectural firm, to master plan facilities across the seven state campuses in Fort Kent, Presque Isle, Orono, Machias, Augusta, Farmington and Southern Maine, among other locations and sites. The comprehensive suite of documents, which will be created, will guide the future development and management of the university system’s physical campuses. Harriman and The Cecil Group will perform master planning and facilities planning across the university system in a unified effort with all campuses. As part of Maine’s One University Initiative, the planning activities at each individual campus will develop a site-specific identity that integrates with the system as a whole. The university system intends for the master plan to build community engagement, provide opportunity for input and for constituents to have an awareness, understanding and stake in the outcome. Additionally, the comprehensive and long-range plans will be tied to strategic direction and planning of each campus, as well as responsive to current requirements and future development needs. Harriman and The Cecil Group are collaborating with Goody Clancy and Rickes Associates on master planning, campus planning and in-depth facility programming.

July 14, 2016

Hospitality Massachusetts Northeast

Consortium Acquires 273-Room Taj Boston Hotel in Boston’s Back Bay

by Amy Works July 14, 2016

BOSTON — A consortium comprising New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and Highgate has acquired Taj Boston, a historic hotel located at 15 Arlington St. in Boston’s Back Bay neighborhood. Taj Hotels Resorts and Palaces sold the property for an undisclosed price. As part of the transaction, New England Development, Eastern Real Estate and Highgate will serve as asset managers, working closely with the Taj Hotels Resorts and Palaces team, Rockpoint Group and Lubert-Adler. The 90-year-old hotel comprises 273 guestrooms, including 44 spacious suites featuring classic décor and wood-burning fireplaces. The hotel will retain the Taj Hotels Resorts and Palaces brand through a long-term management services agreement. Sentinel Advisors Pte. Ltd. worked closely with Eastern Real Estate in advising the buyers on strategy for the transaction.

July 14, 2016

Connecticut Loans Northeast Retail

NorthMarq Arranges $20M in Refinancing for 212,406 SF Retail Center in Connecticut

by Amy Works July 14, 2016

DANBURY, CONN. — NorthMarq Capital’s Greater Westchester New York/Connecticut office has arranged $20 million in refinancing for North Street Shopping Center in Danbury. Robert Ranieri of NorthMarq secured the 10-year loan through a life insurance company for the undisclosed borrower. The loan also features a 25-year amortization schedule. Located at 1 Padanaram Road, the 212,406-square-foot property is anchored by ShopRite and Burlington Coat Factory.

July 14, 2016

Multifamily New York Northeast

Rosewood Realty Group Brokers $18.3M Sale of Multifamily Building in Brooklyn

by Amy Works July 14, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a six-story multifamily building located at 2147 E. 17th St in Brooklyn’s Sheepshead Bay neighborhood. 2147 LLC acquired the elevator-serviced building from 2147 BKLYN 12 Realty LLC for $18.3 million. Built in 1939, the 57,552-square-foot building features 60 apartments. Aaron Jungreis of Rosewood Realty represented both the seller and buyer in the deal.

July 14, 2016

Industrial New Jersey Northeast

Simon Holdings Acquires 45,100 SF Industrial Building in New Jersey for $2.1M

by Amy Works July 14, 2016

CINNAMINSON, N.J. — Simon Holdings Inc. has acquired an industrial building located at 2303 Garry Road in Cinnaminson. Lynn Bradeen sold the 45,100-square-foot property for $2.1 million. The multi-tenant warehouse facility features 20- to 22-foot ceiling heights, 14 tailgate doors and five drive-in ramps. All American Fasteners and Dade Paper currently occupy the facility. Marc Isdaner of Colliers Southern New Jersey represented the seller, while Scott Mertz of NAI Mertz represented the buyer in the transaction.

July 14, 2016

Healthcare Kansas Midwest

CBC Real Estate Group to Develop $40M Rock Regional Hospital in Kansas

by Haisten Willis July 14, 2016

DERBY, KAN. — CBC Real Estate Group will develop a $40 million community hospital in Derby, a suburb of Wichita. Rock Regional Hospital, a 65,000-square-foot, 30-bed general acute care hospital with a surgical emphasis, will be situated north of Patriot Avenue and west of Rock Road in the proposed Sales Tax and Revenue (STAR) Bond District at the north end of Derby. The project will also include an adjacent 40,000-square-foot medical office building. Rock Regional Hospital will feature 12 inpatient medical beds, 12 surgical beds and six intensive care unit beds, as well as three operating rooms, two procedure rooms, three cath lab rooms and three emergency department rooms. Southlake, Texas-based Candor Healthcare will operate the hospital upon completion. Kansas City, Mo.-based CBC anticipates construction will begin this year, with Rock Regional Hospital fully operational by 2018.

July 14, 2016

tjmaxx-metro-crossing-shopping-center-northbrook-illinois

Iowa Midwest Retail

Pine Tree Acquires 299,578 SF Shopping Center Near Omaha

by Haisten Willis July 14, 2016

COUNCIL BLUFFS, IOWA — Pine Tree LLC has purchased Metro Crossing Shopping Center in the Omaha suburb of Council Bluffs, Iowa. Dick’s Sporting Goods, TJ Maxx, Hobby Lobby, PetSmart, Bed Bath & Beyond, Dollar Tree and Ulta anchor the 299,578-square-foot shopping center. First developed in 2008 with additional construction phases occurring through 2015, the shopping center sits at the intersection of I-29 and Highway 275. George Good of CBRE brokered the acquisition and Bank of America provided financing. The name of the seller was undisclosed. Kimco Realty Corp. was the developer of the shopping center, according to the Omaha World Herald.

July 14, 2016

Illinois Industrial Midwest Office

Meridian Breaks Ground on Build-to-Suit in Metro Chicago

by Haisten Willis July 14, 2016

BARTLETT, ILL. — Meridian Design Build has broken ground on a 67,080-square-foot build-to-suit for Traffic Control & Protection on a 9.5-acre site within Abbott Land & Investment’s Blue Heron Business Park in Bartlett, Ill. Traffic Control & Protection provides traffic signs and other traffic control products. The new facility will include a 10,000-square-foot office/employee facility area, a 13,000-square-foot sign shop/silk screen area, a barricade shop and seven interior vehicle maintenance bays. Construction at the site is underway with occupancy scheduled for the fourth quarter of this year. Harris Architects has been retained by Traffic Control & Protection to provide architectural and structural design services. Mackie Consultants is providing civil design services for the project. Dan Flanagan of Flanagan Realty represented Traffic Control & Protection in the selection and acquisition of the site and coordinated overall planning and approval efforts for the project.

July 14, 2016

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