NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 524 Lorimer St. in Brooklyn. A limited liability company acquired the 3,384-square-foot building for $4 million. The purchaser was a 1031 exchange buyer from the Upper East Side. Shaun Riney, James Saros, Michael Salvatico and Matthew Steinberg of Marcus & Millichap’s Brooklyn office represented the seller and buyer in the transaction.
LOS ANGELES — Goodman Birtcher has purchased a 130-acre logistics portfolio that spans two infill sites in the Los Angeles submarkets of Santa Fe Springs and El Monte. The sites were purchased for a reported $240 million. The Santa Fe Springs site contains a six-building logistics campus that totals about 1 million square feet of space over 75 acres. The facility includes 18 acres of trailer parking and ambient refrigerated and freezer facilities suitable for food users, last-mile logistics and ecommerce companies. The transaction also includes a 55-acre site in El Monte that will be developed into a 1.2 million-square-foot, Class A logistics facility. It will be constructed with a flexible and sustainable design for logistics and ecommerce customers. The redevelopment efforts will commence once the sites’ current leases expire. JLL’s Louis Tomaselli, Zach Niles and Mark Detmer executed the transaction.
DETROIT — Image Capital LLC has purchased two out of three buildings belonging to the luxury Riverfront Towers property in Detroit for $79.5 million, according to Crain’s Detroit. Riverfront Tower Holding LLC was the seller. Tower 100, built in 1992, is 26 stories and contains 271 units. Tower 200, built in 1983, is 29 stories and contains 282 units. Tower 300, which was converted into 285 condominiums between 2005 and 2007, is not included in the sale. The property is situated on 11.7 acres and totals 571,831 square feet. Amenities include a fitness center, tennis and volleyball courts, a running track, indoor pool and spa, a dog run, jogging trails, a restaurant, picnic and grilling areas and a 722-space parking deck. Riverfront Towers offers a mix of one- and two-bedroom units that average 1,034 square feet. Apartment Management Professionals Residential will manage the property. Rick Vidrio and Rick Brace of Berkadia brokered the transaction.
LOS ANGELES — Bridge Development Partners has announced plans to build a 429,840-square-foot warehouse and office facility in the City of Industry, a submarket of Los Angeles. The facility will be located near the 60 Freeway. The Class A property is scheduled for completion on Dec. 1. A 260,000-square-foot warehouse on the site will be demolished to make way for the new facility. Bridge Development is targeting high-tech tenants. Premier Design + Build will build the facility. HSA & Associates will provide engineering services, while HPA will deliver architectural services. Stuart Milligan of Cushman & Wakefield and Tony Phu of Colliers International will act as the building’s leasing agents. JP Morgan Chase Bank provided financing.
CHICAGO — Harrison Street Real Estate Capital LLC, a private equity firm, has purchased the “Nellie Black” property at the former Children’s Memorial Hospital in the Lincoln Park neighborhood of Chicago. Harrison Street plans to partner with operator Belmont Village Senior Living to convert the property into a seniors housing facility named Belmont Village Lincoln Park. The new community will feature 160 assisted living and memory care units and will be part of the larger Lincoln Common mixed-use development. Co-developed by McCaffery Interests and Hines, when completed Lincoln Commons will consist of two 19-story luxury apartment buildings with a total of 540 units, up to 60 low-rise condominiums, and approximately 160,000 square feet of retail and commercial space. The developers plan to break ground on Belmont Village Lincoln Park in early 2017. The project is set for completion in 2018.
GRIMES, IOWA — The Opus Group has completed the construction of the Gateway Industrial Center, an 182,000-square-foot industrial warehouse and office facility in Grimes, approximately 15 miles northwest of Des Moines. The speculative facility is already 100 percent leased to tenants such as Owens & Minor, American Contract Systems and Laser Resources. Gateway Industrial Center, which is situated on 16 acres, features an ESFR sprinkler system, 23 dock doors, two drive-in doors and 32-foot clear heights. Opus Development Co. and Founders Properties LLC own the Gateway Industrial Center.
MERRILLVILLE, IND. — McShane Construction Co. has completed the construction of Merrillville Memory Care, a 48-unit memory care community in Merrillville, approximately 40 miles southeast of Chicago. Dete Development hired McShane on behalf of Whiteco Industries, the land owner. The 33,760-square-foot, single-story complex is located on a nine-acre site.
KETTERING, OHIO — Bernard Financial Group has arranged a $5.4 million loan to refinance Fox Hunt Apartments in Kettering, approximately six miles south of Dayton. The 250-unit complex consists of 17 two-story buildings. Fox Hunt Apartments was built in 1975 and is situated on 14.3 acres. Amenities at the property include a business center, fitness center, laundry facility, clubhouse, playground and swimming pool. Fox Hunt Owner LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender.
SIMI VALLEY, CALIF. — Marcus & Millichap has arranged the sale of the Shops at Target Center, a retail center in Simi Valley. A 1031 exchange investor acquired the 22,812-square-foot property for $10.1 million, or $445 per square foot. Located at 2931-2941 Cochran St., the retail center features a mix of 12 tenants, including restaurants, a private gym and service-oriented shops. Aria Pournazarian, Mike Malick and Carol Song of Marcus & Millichap represented the seller, a development firm based in Los Angeles, and procured the buyer.
GLENDORA, CALIF. — Champion Real Estate Co. has acquired a grocery-anchored neighborhood retail center in Glendora for an undisclosed price. Located at 655 S. Grand Ave., the existing 85,615-square-foot property is a vacant grocery building. Champion plans to reconfigure and reposition the property as a smaller 70,500-square-foot, grocery-anchored neighborhood shopping center that will include several national credit tenants. Additionally, the center will include two retail pads in the existing parking field, plus additional supporting retail to expand the tenant base and meet community needs. The name of the seller was not released.