Property Type

HFF Arranges $38.1M in Equity for Manhattan Office Property

by Amy Works May 22, 2015

NEW YORK CITY — HFF has arranged a $38.1 million preferred equity investment in an office property located at 95 Morton St. in Manhattan’s Midtown South neighborhood. HFF worked on behalf of the owner, Brickman, to secure the preferred equity through a national REIT for the 205,000-square-foot Class A property. The capital will be used to complement existing low-leverage financing, support further lease-up and allow for additional base building capital improvements. Originally built in 1911, the property was renovated in 2000 and is 88 percent occupied by a variety of technology, advertising, media and information tenants. Jay Marshall, Christopher Peck and David Fowler of HFF secured the financing for the borrower.

May 22, 2015

Massachusetts Northeast Office Retail

ELV Associates Sells Long Wharf in Boston to Capital Properties for $34M

by Amy Works May 22, 2015

BOSTON — ELV Associates has sold the Long Wharf, a two-building office and retail property in Boston, to Capital Properties for $34 million. Totaling 77,600 square feet, Long Wharf comprises the five-story Custom House Block and the adjacent four-story Gardiner Building. At the time of sale, the property was 98 percent occupied by a variety of tenants, including AECOM and Chart House restaurant. Robert Griffin, Edward Maher, Matt Pullen, Geoffrey Millerd and Justin Smith of Cushman & Wakefield represented the seller in the transaction.

May 22, 2015

Mixed-Use New York Northeast

Cushman & Wakefield Brokers $20M Sale of Mixed-Use Building in Manhattan

by Amy Works May 22, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building at 1004-1008 Second Ave. in Manhattan’s Midtown East neighborhood. An undisclosed buyer acquired the five-story property in an all-cash transaction for $20 million, or $1,282 per square foot. The 15,605-square-foot property features two commercial units, occupied by restaurants, and 25 residential units, of which 19 are free market, four are rent stabilized and two are rent controlled. Clint Olsen of Cushman & Wakefield represented the undisclosed seller, while Ricky Braha of JTRE Holdings represented the buyer in the transaction.

May 22, 2015

Illinois Industrial Midwest

PCCP, Panattoni Acquire 51-Acre Site for Industrial Development in Illinois

by Amy Works May 21, 2015

LOCKPORT, ILL. — PCCP LLC has partnered with Panattoni Development Co. to acquire a fully entitled 51-acre land parcel in Lockport, a southwest suburb of Chicago, for an undisclosed sum. The joint venture plans to develop Lockport 355, a four-building industrial park totaling 846,510 square feet, on the site. Construction of the first phase of the park is slated to begin in June, with completion scheduled for the first quarter of 2016. The first phase will include the two largest buildings at 274,040 square feet and 228,690 square feet. Upon completion, the park will offer four Class-A warehouse and distribution buildings that can accommodate single-user or multi-tenant occupancy.

May 21, 2015

Healthcare Indiana Midwest Multifamily Seniors Housing

Mainstreet, Symphony Post Acute Network Break Ground for Chesterton Medical Resort

by Amy Works May 21, 2015

CHESTERTON, IND. — Mainstreet and Symphony Post Acute Network have broken ground on Symphony of Chesterton, a post-acute care facility located at 2775 Village Point in Chesterton. The 76,701-square-foot property will feature 106 bed and provide short-stay rehabilitation and therapy services, as well as senior living options. Mainstreet is developing the project, which will be operated by Symphony Post Acute Network. The $18.8 million project is expected to bring approximately 360 construction jobs and 150 permanent jobs to the area. The construction is expected to be complete by December.

May 21, 2015

Methodist-Physicians-PlazaII-San-Antonio

Office Texas

Rendina Acquires On-Campus MOB in San Antonio

by Haisten Willis May 21, 2015

SAN ANTONIO — Rendina Healthcare Real Estate has acquired Physicians Plaza II, a 63,905-square-foot medical office building on the campus of the Methodist Specialty & Transplant Hospital (MSTH) in San Antonio. The facility is located within the 900-acre South Texas Medical Center. Rendina’s immediate plans for the property include suite and common area renovations. MSTH, which has direct access to Physicians Plaza II via a covered walkway, is home to the Texas Transplant Institute, the busiest kidney transplant program in Texas and among the top 10 in the nation.

May 21, 2015

Indiana Midwest Multifamily Seniors Housing

McShane to Construct Memory Care Residence in Indiana

by Amy Works May 21, 2015

MERRILLVILLE, IND. — McShane Construction Company has been selected to build Merrillville Memory Care, a 50-bed memory care community in Merrillville, a small town in the northwest corner of Indiana. Developers Whiteco Industries and Dete Development selected McShane for the 33,760-square-foot facility, which is planned for a 9.3-acre site at 7900 Rhode Island St. McShane will complete all site work, including landscaping and an on-site paved parking lot for 37 vehicles. Architectural Design Consultants will provide the architectural services.

May 21, 2015

Retail Texas

Sperry Van Ness/Visions Commercial Arranges Sale of Retail Center in Metro Dallas

by Haisten Willis May 21, 2015

FORNEY, TEXAS — Bloomfield Frontline Forney Commercial Retail LLC has purchased a retail center located at 104 and 108 E. U.S. Highway 80 in Forney. Bloomfield is a syndication partnership set up by managing partners and promoters Steve Fithian with Sperry Van Ness/Visions Commercial and Thomas Wilson with Wilson Investment Properties. Forney Group Ltd. sold the retail center to Bloomfield for an undisclosed price. Sean Byrne with the Byrne Co. represented the seller, while Fithian represented the buyer. Sperry Van Ness/Visions Commercial will manage the retail center, which is located on 3.5 acres on the westbound U.S. Highway 80 Frontage Road just before Pinson Road (FM 740.) Forney is a suburb 19 miles east of downtown Dallas. Phase I of the retail center was built in 2006 and Phase II was built in 2008. Current tenants include 20/20 Sight, Time Out Sports Café, Merle Norman Cosmetics, Peak Physical Therapy, Angels Care Home Health, My Spa, H&R Block, Conaway Homes and Forney Family Dentistry. According to the Forney Economic Development Corp., Forney is the 15th-fastest growing town in the DFW area and has experienced 225 percent population growth since 2000.

May 21, 2015

Industrial Michigan Midwest

Bernard Financial Group Arranges $4.7M Loan for Detroit Industrial Property

by Amy Works May 21, 2015

DETROIT — Bernard Financial Group has arranged a $4.7 million non-recourse loan for Clark Street Industrial, a 147,000-square-foot industrial property located in Detroit. The borrower is Clark Street Redevelopment One LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the CMBS loan.

May 21, 2015

Mixed-Use Retail Texas

J. Beard Arranges Sale of Development Tract in Metro Houston

by Haisten Willis May 21, 2015

MAGNOLIA, TEXAS — The J. Beard Real Estate Co. has arranged the acquisition of an 11-acre development tract at the northeast corner of Research Forest Drive and Egypt Lane in Magnolia, a suburb of Houston. Egypt Land Developments purchased the land for mixed-use retail, medical and commercial development.

May 21, 2015

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