Property Type

Houlihan-Parnes Realtors Arranges $2M Loan for Multifamily Property in New York

by Amy Works September 3, 2015

MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged a $2 million first mortgage loan for a multifamily property located at 33 Williams St. in Mount Vernon’s Fleetwood section. Built in 1932, the seven-story property, which is situated on 1.1 acres, features 116 apartments, 26 on-site outdoor parking spots, 60 garage spots, gardens and a courtyard. The self-liquidating loan was placed with a savings bank at a 15-year fixed interest rate of 3.6 percent. Jeremiah Houlihan of Houlihan-Parnes arranged the financing for the undisclosed borrower.

September 3, 2015

Industrial New Jersey Northeast

Binswanger Negotiates Long-Term Lease for Iberia Foods in New Jersey

by Amy Works September 3, 2015

SOMERSET, N.J. — Binswanger has arranged the long-term lease of 82,181 square feet of distribution space in Somerset for Iberia Foods of New York. The company plans to use the facility at 95 Clyde Road to support the more than 10,000 supermarkets, club stores, wholesalers and distributors on the East Coast that the company serves. Constructed in 1980, the property features 24-foot clear ceiling heights, a wet sprinkler system, T-8 lighting, eight dock-high doors, one drive-in door and parking for 100 vehicles. Andy Grabis and Jim Panczykowski of Binswanger represented the tenant in the transaction. The landlord is Cabot II-NJ M01 LLC.

September 3, 2015

New Jersey Northeast Office

Colliers Arranges Relocation, Expansion for Babe Ruth League Headquarters

by Amy Works September 3, 2015

HAMILTON, N.J. — Colliers International has arranged the sale of a property located at 1670 White Horse-Mercerville Road in Hamilton to Babe Ruth League Inc., a non-profit educational, baseball organization. The stand-alone property features 8,500 square feet of office space, including a showroom of Babe Ruth memorabilia, and a 1,500-square-foot warehouse. The national organization plans to relocate its headquarters to the property from its former location at 1770 Brunswick Pike in Lawrence, N.J. Vinny Di Meglio and Thomas Romano of Colliers represented Babe Ruth League in the $712,000 transaction. The seller was Hamilton Park Associates LP.

September 3, 2015

Michigan Midwest Retail

Agree Realty Corp. Sells Ferris Commons in Michigan for $5.8M

by Amy Works September 3, 2015

BIG RAPIDS, MICH. — Agree Realty Corp. has sold Ferris Commons, a shopping center located in Big Rapids, about 60 miles north of Grand Rapids. The 173,557-square-foot center sold for $5.8 million to an undisclosed buyer. Agree Realty Corp. originally developed the property, which was 99.5 percent occupied, in 1990. The company has increased its 2015 disposition guidance to a range of $40 million to $50 million, with anticipated dispositions of both non-core shopping centers as well as select net-lease assets. Including this sale, Agree Realty has disposed of approximately $15 million year-to-date.

September 3, 2015

Loans Midwest Multifamily Ohio Seniors Housing

RED Mortgage Capital Closes $3.5M Loan for Skilled Nursing, Assisted Living Facility in Ohio

by Amy Works September 3, 2015

POLAND, OHIO — RED Mortgage Capital has closed a $3.5 million FHA 232/241(a) loan for Woodlands at Hampton Woods, a skilled nursing and assisted living facility located in Poland near Youngstown. The loan will fund the addition of a new skilled nursing building to the existing 121-bed campus. The Rehabilitation Center at Hampton Woods will include 26 private beds designed for short-term rehabilitation care and a 5,000-square-foot therapy gym. The project is owned and operated by affiliates of Woodland LLC, a locally owned provider of senior care services.

September 3, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 13-Unit Apartment Building in Chicago

by Amy Works September 3, 2015

CHICAGO — Marcus & Millichap has arranged the sale of an apartment building located at 926 W. George St. in Chicago. The 13-unit property sold for $3.8 million. Kyle Stengle of Marcus & Millichap’s Chicago office represented the buyer, a private investor, in the transaction. The name of the seller was not released.

September 3, 2015

Healthcare Michigan Midwest Office

NAI Wisinski Brokers Sale of Former Urgent Care Facility in Michigan

by Amy Works September 3, 2015

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a former urgent care facility, located at 5378 Plainfield Ave. in Grand Rapids. Dr. Russ Curtis acquired the 5,000-square-foot facility from Spectrum Health for an undisclosed price. A portion of the facility has been renovated to serve as Northview Eye Care, while the remainder is available for lease. Doug Taatjes and Hillary Taatjes-Woznick represented the seller and buyer in the transaction.

September 3, 2015

Midwest Restaurant Retail Wisconsin

4,800 SF Panera Bread Location Sells for $2.3M in Southeast Wisconsin

by Amy Works September 3, 2015

DELAVAN, WIS. — An undisclosed developer has acquired a 4,800-square-foot building net leased to Panera Bread in Delavan, approximately 49 miles west of Kenosha, Wis. The purchase price of the property, located at 1905 Geneva St., was $2.3 million. Dominic Sulo and Chad Lieber of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer in the transaction.

September 3, 2015

Florida Office Southeast

CBRE Brokers $111M Sale of Suburban Office Park in Tampa

by John Nelson September 3, 2015

TAMPA, FLA. — CBRE has arranged the $111 million sale of a portfolio of five Class A office properties within Highland Oaks office park in Tampa. The properties total 575,852 square feet and include Highland Oaks I, Highland Oaks II, Highland Oaks III, Highland Oaks IV and Highland Oaks V. Located off of I-75 one exit south of the I-4 interchange, Highland Oaks comprises eight office buildings totaling 1 million square feet and a 150-room Hilton Garden Inn hotel. The other three office properties in Highland Oaks are owned by J.P. Morgan Chase. Originally developed by Duke Realty between 1999 and 2008, the portfolio was 96 percent leased at the time of sale to 46 tenants, including Cognizant, McDonald’s, Mosaic, ConAgra, J.M. Smucker Co., First American Title and John Deere. Dale Peterson, Christian Lee, Amy Julian, Charles Foschini, Jose Lobon and Chris Apone of CBRE represented the undisclosed seller in the transaction. The buyer was undisclosed, but industry sources are saying Prudential Real Estate Investors acquired the portfolio.

September 3, 2015

Hospitality Texas

Sam Moon Group Breaks Ground on New Renaissance Hotel

by Katie Sloan September 3, 2015

PLANO, TEXAS — Developer Sam Moon Group has broken ground on a new 15-story, 304-guestroom Renaissance hotel in Plano. Part of the new 250-acre Legacy West master development, the hotel will include more than 100,000 square feet of conference and meeting space, restaurants, an outdoor bar terrace and a third-floor amenity deck with a swimming pool, bar, spa and fitness center. An attached parking garage will provide 470 parking spaces for guests. Brasfield & Gorrie will serve as general contractor and HKS Hospitality Group will serve as architect on the project. Other project team members include Looney & Associates, Blum Engineering, Brockett/Davis/Drake Inc., Bancorp South and Jones Lang LaSalle. Construction of the hotel is expected to be complete in spring 2017.

September 3, 2015

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