ELGIN, ILL. — Darwin Realty has brokered the sale of a 42,000-square-foot industrial property for an undisclosed price in Elgin, approximately 40 miles northwest of Chicago. First Community Bank sold the building to Simplomatic Manufacturing, which is relocating from a site on Kostner Avenue in Chicago. The 42,000-square-foot building sits on 3.3 acres and features 7,500 square feet of office space, 20-foot clear heights, four exterior dock doors, two drive-in doors and expandable parking. Noel Liston and Brendan Sheahan of Darwin Realty represented First Community Bank in the transaction. Ed Brandt of Transwestern represented the buyer, Simplomatic.
MOUNT PROSPECT, ILL. — Entre Commercial Realty LLC has arranged a 51,211-square-foot lease of flex space in Mount Prospect, approximately 25 miles northwest of Chicago. Novomatic Americas Sales, a manufacturer and distributer of casino gaming machines, is leasing the property located at 1050 E. Business Center Drive. The lease term is for three years. The building will be the site of Novomatic’s corporate headquarters and features 15,000 square feet of office space. Mike DeSerto, Dan Benassi and Dan Jones of Entre Commercial represented the tenant in the transaction. Kelly Joyce and Jonathan Kohn of Colliers represented the landlord, Colony Capital Inc.
BATTLE CREEK, MICH. — Bernard Financial Group has completed a $10 million loan for River Apartments and River Oaks Apartments located in Battle Creek. There are 288 units between the two properties. BC River Oaks Apartments LLC is the borrowing entity. Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender. River Apartments is a five-building, 120-unit property that was built in 1980. River Oaks Apartments is a seven-building, 168-unit complex that was built in 1976.
BEDFORD PARK, ILL. — Paine/Wetzel TNC Worldwide has arranged the 30,000-sqaure-foot industrial lease of a property located in Bedford Park, a southwestern suburb of Chicago. Midway Windows and Doors Inc. will lease the space at 5321 W. 65th St. Bill Kerrins of Paine/Wetzel TNC Worldwide represented the tenant in the transaction. Phil Mumford represented 5321 W. 65th LLC.
NEW YORK CITY — Related Companies and Oxford Properties Group have closed on $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre Hudson Yards mixed-use development on Manhattan’s West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 stories, as well as 106 rental units. The property will offer unobstructed views of the city and Hudson River. Hudson Yards is being developed by Related Cos. and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the …
NEW YORK CITY — Heritage Equity Partners and Lichtenstein Group have partnered to redevelop five vacant warehouses into Bushwick Generator. The interconnected buildings at 215 Moore St. in Brooklyn will be transformed into a 75,000-square-foot light industrial, office and retail property, offering space office or workspaces ranging from 1,500 square feet to 20,000 square feet. Brooklyn-based ABS Partners has been retained as the office leasing agent for the property, which is geared toward new economy industries, including tech, creative arts and food production.
PENFIELD, N.Y. — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed a $17.6 million value-add loan for a multifamily property in Penfield. The loan features a three-year term with a one-year extension and is structured in the stretch senior loan program up to 85 percent loan-to-cost. The property, Penbrooke Meadows, features 350 apartment units. Ready Capital originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.
ROCKY HILL, CONN. — Colliers International has brokered the sale of an industrial facility located at 51 Belamose Ave. in Rocky Hill. MF Discala & Co. acquired the property from Fifty One Belamose LLC for $2.3 million. The 35,000-square-foot property is fully occupied and will provide a long-term cash flow for the new owner. Nicholas Morizio and Ian Hunt of Colliers represented the seller and buyer in the transaction.
SOUTHINGTON, CONN. — O,R&L Commercial has brokered the lease of 85,000 square feet at 200 Executive Blvd. in Southington to Webster Bank. The bank is consolidating its Cheshire and Wallingford, Conn., offices into the four-story, 150,000-square-foot office building. Webster Bank will occupy the first, second and third floors of the building, which was formerly occupied by The Hartford. Jay Morris and Robert Gaucher of O,R&L represented the landlord, Executive 200 LLC, while Drew Saunders of Jones Lang LaSalle represented the tenant in the transaction.
DALLAS — Carey Watermark Investors Inc. (CWI 1) has acquired Le Meridien Dallas, The Stoneleigh, a 176-room hotel in Uptown Dallas. Originally built in 1923, Le Meridien Dallas, The Stoneleigh is an Art Deco-style hotel that is listed on the National Register of Historic Places. The hotel underwent a $36 million renovation in 2008. Since then, $4.5 million has been spent to further upgrade the property, and in early 2016, an additional $4 million renovation is planned for guestroom and corridor updates, the addition of an outdoor courtyard event space, a pool and other enhancements. Le Meridien, a Starwood Hotels & Resorts brand, is a global hotel brand with a portfolio exceeding 100 hotels in more than 50 countries. The hotel will continue to be managed by Merritt Hospitality, an affiliate of HEI Hotels & Resorts, a hospitality owner and operator that owns and manages 48 hotels and resorts throughout the United States. Merritt Hospitality manages the Westin Pasadena, Westin Minneapolis, Sheraton Austin at the Capitol and the Boca Raton Marriott at Boca Center for CWI 1. Le Meridien Dallas, The Stoneleigh includes 8,900 square feet of meeting and event space, a three-meal restaurant, lobby bar, outdoor pool and event …