NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $1 million loan for a retail property located at 3600-3614 White Plains Road in the Bronx’s Gun Hill section. The 6,500-square-foot property features a 5,335-square-foot building consisting of five retail spaces. The loan was placed with a savings bank at a five-year interest rate of 3.2 percent on a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes Realtors arranged the loan for the undisclosed borrower.
NEW YORK CITY — Colliers International has arranged a long-term retail lease for 3,295 square feet at 223 E. 59th St. in New York City’s Upper East Side. London-based Savoir Beds will open its first company-owned store in New York at the location this fall. First created for The Savory Hotel in London in 1905, the company’s tailor-made beds are recognized as one of the world’s most luxurious sleeping systems. Peter Simel, James Emden and Timothy Pond of Colliers represented the tenant in the transaction. The name of the landlord was not released. Savior’s U.S. flagship store opened in SoHo earlier this year.
ROCKY HILL, CONN. — O,R&L Commercial has brokered the sale of an office building located at 2264 Silas Denne Highway in Rocky Hill. The 15,570-square-foot property sold for $610,000. The buyer, NAJO92 Holdings LLC, plans to use the property for its various businesses. Robert Gaucher of O,R&L Commercial represented the seller, 264 SDH LLC, in the transaction. The buyer was self-represented.
ROLLING MEADOWS, ILL. — Leopardo Cos. Inc. has broken ground on the recladding and renovation of an office tower in Rolling Meadows. The 11-story, 315,000-square-foot office building is located at 2850 Golf Road. When complete in the first quarter of 2017, the modernized building will become the global corporate headquarters of Arthur J. Gallagher & Co., which will relocate from Itasca, Ill. Leopardo is serving as general contractor in collaboration with Wright Heerema Architects.
MINNEAPOLIS — Davis Group has acquired 6009 Wayzata Blvd. in Minneapolis for a future medical/office development. Westside Office Park LLC sold the property for $3.2 million. The 33,724-square-foot property consists of office and auto sales space. The acquisition is part of an assemblage of land acquired by Davis Group for its medical/office development. Robert Bayer, Dale Severson and Rafik Moore of Coldwell Banker Commercial Griffin Cos. represented the seller in the transaction.
NEW BRIGHTON, MINN. — Marcus & Millichap has arranged the sale of Main Street Village, a retail property located at 525 Main St. in New Brighton. The 21,045-square-foot property sold for $3.2 million. At the time of closing, the property was 93 percent occupied. Michael Ahles, Cory Villaume, Sean Doyle, Matthew Hazelton and Adam Pins of Marcus & Millichap represented the seller, a developer, in the transaction. Doyle, Prins, Villaume and Hazelton, along with Mike Marzinske, also of Marcus & Millichap, represented the buyer, a private investor, in the deal.
DES PLAINES, ILL. — Cambria Co. has signed a lease for 40,460 square feet of industrial space at a newly constructed warehouse building located at 1780 Birchwood Ave. in Des Plaines. The 140,000-square-foot speculative warehouse and distribution facility features 32-foot clear heights and ample loading, trailer parking and auto parking. Additionally, the property was built to LEED standards. Brennan Investment Group, a private real estate investment firm that acquires, develops and operates industrial facilities, owns the property. Jonathan Kohn and Thomas Rodeno of Colliers International represented the landlord, while Britt Casey and Al Caruana of Cushman & Wakefield represented the tenant in the lease, which will commence in late third quarter 2015. This lease brings the property to 100 percent occupancy.
OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has arranged the lease of 12,744 square feet of industrial space at 330 E. Mahn Court in Oak Creek. Waltco Inc. leased the space from Maggster LLC for an undisclosed price. Samuel Dickman Jr., Samuel Dickman and Cale Berg of The Dickman Company Inc. brokered the transaction.
VALLEJO, CALIF. — Faris Lee Investments has arranged the $4.8 million sale of a 16,500-square-foot single-tenant, triple-net lease CVS/pharmacy located in Vallejo. The transaction has a capitalization rate of 4.3 percent, the lowest recorded for a single-tenant CVS/pharmacy-occupied property. Christopher DePierro and Jeff Conover of Faris Lee represented the seller, Rivers Rock Vallejo LLC, and LemRx Realty Advisors represented the buyer, Calpine Corp., in the transaction. The property is currently under construction, and will open in October.
COVINGTON, WASH. — Seniors housing operator Seniority Inc. and investor Zenith Capital have revealed joint plans for a new 98-unit assisted living and memory care community on three acres in Covington, approximately 25 miles southeast of Seattle. Covington Assisted Living and Memory Care Community include 64 units for assisted living and 34 for memory care. Development cost is estimated at $23.5 million. Construction will start in the second quarter of 2016, with the facility slated to open in summer 2017. This will be the first assisted living and memory care facility in Covington, according to the developers. When completed, Seniority — a subsidiary of American Baptist Homes of the West — will operate the facility. Seattle-based Zenith Capital will oversee the project’s development and financing. The U.S. government’s EB-5 immigrant investor visa program will provide a portion of the project’s overall financing, along with additional equity partners investing into the project.