NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at W. 204th and W. 207th streets in Manhattan’s Inwood neighborhood. The 49-unit property sold for $15.8 million, or $375 per square foot, in an all-cash transaction. The six-story, 42,108-square-foot building consists of 44 rent-stabilized units, three free-market apartments, one rent-controlled unit and one superintendent’s unit. Robert Shapiro of Cushman & Wakefield handled the transaction.
DEDHAM, MASS. — Holliday Fenoglio Fowler (HFF) has brokered the $7 million sale and arranged $4.7 million in acquisition financing for a 39,391-square-foot office building located at 20 Carematrix Drive in Dedham. Coleman Benedict and Ben Sayles of HFF represented the seller, an affiliate of The Bulfinch Companies Inc. Lauren O’Neil, also of HFF, led the debt placement team that arranged the acquisition financing for the buyer, an affiliate of NorthBridge CRE Advisors. The financing was arranged through Country Bank.
YORK, PA. — Marcus & Millichap has brokered the sale of Stonybrooke Shopping Center, a retail center located in York. The 63,955-square-foot shopping center sold for $3.6 million, approximately 97 percent of asking price. Situated on 10.4 acres at 3609 E. Market St., the center is occupied by Food Lion, Avis Rent-A-Car, local restaurants and Monro Muffler and Brake. The Food Lion recently underwent a $2 million renovation. Christopher Burnham, Derrick Dougherty and Dean Zang of Marcus & Millichap represented the seller, a group of Baltimore-based investors. The name of the buyer was not released.
CHICAGO — The restoration and conversion of the Old Colony office building, located at 37 W. Van Buren St. in Chicago, into luxury student apartments is nearly complete. The building, renamed The Arc at Old Colony, is in the last stages of its $58 million update by CA Ventures LLC and MCJ Development. The building was originally constructed in 1894 and is on the National Register of Historic Places. This qualifies the building for a $10 million federal historic landmark tax credit, which is being guided by MacRostie Historic Advisors. McHugh Construction has completed the renovation and conversion of interior offices to 137 apartment units, which are 75 percent leased. The vintage 17-story building, originally designed by famed architects Holabird and Roche, was among the tallest buildings in Chicago at the time of its construction in 1894. The Old Colony Building was one of the first of its kind to employ a unique structural portal wind-bracing system, allowing for open floor plates and thinner masonry exterior cladding. The structure’s innovative design, dating back to the Columbian Exposition of 1893, reflects the evolving structural steel technology of the era. The building’s most distinctive features are the round oriel corner bays, oversized windows and upper level terra …
DETROIT — Triton Properties has sold The Van Dyke Manor for $1.9 million to Paul Zulewski of 1000 Van Dyke Investments LLC. Commercial Property Advisors was the listing broker for the seller. The Van Dyke Manor features 38 units, which sold for $50,000 per unit.
ROCHESTER, MICH. — Bernard Financial Group has arranged a $3.4 million life company loan for M150 LLC for a retail property located at 3175 S. Rochester Road, a 15,400 square-foot property in Rochester. Dave Dismondy originated the loan, and the lender, Genworth Financial, is an exclusive correspondent of Bernard Financial Group, which will be partially servicing the loan.
MUNCIE, IND. — Dean Weidner, founder of Weidner Property Apartment Homes, donates $1 million to Ball State University, which recently unveiled its Weidner Center for Residential Property in Muncie. The donation will expand the university’s residential property management (RPM) program that began in 1999 and was the country’s second university-based RPM program. The newly renovated Applied Technology Building features interview rooms, a resource desk and a lobby with video monitors for marketing purposes.
CLEVELAND, OHIO — HREC Investment Advisors has arranged the sale of the 242-room Sheraton Cleveland Airport Hotel at 5300 Riverside Drive for an undisclosed price. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, advised the buyer, Lakshmi Narayan Hospitality Group LLC. Anka also advised the seller, Hopkins Partners. The property contains over 16,000 square feet of meeting and banquet space.
ONTARIO, CALIF. — A new industrial park that will be situated adjacent to Ontario International Airport has received a $16 million construction loan. The funds will finance the development’s ground-up construction. The borrower was Mission Grove Partners. The loan was provided by Partners Capital Solutions.
CORONA DEL MAR, CALIF. — Corona Del Mar-based Hanley Investment Group has arranged the sale of two retail centers totaling nearly 250,000 square feet for $13 million. Properties included Blaine International, a 130,448-square-foot grocery-anchored shopping center located in Blaine, Washington; and Cedar South Shopping Center, a 118,319-square-foot shopping center located in Cedar City, Utah. A Texas-based investment company acquired the properties from Phillips Edison. Eric Wohl, Edward Hanley and Kevin Fryman of Hanley Investment Group represented the seller and buyer in the sale of Blaine International. Eric Wohl represented the buyer in the purchase of Cedar South Shopping Center.