TERRE HAUTE, IND. — Sansone Group has acquired Towne South Plaza, a shopping center located on U.S. Highway 41 in Terre Haute. Creekstone Towne South Plaza LLC sold the 162,285-square-foot property for $18 million. Gander Mountain, Best Buy, PetSmart, Guitar Center and Five Below occupy the property. Sansone plans to eventually expand the center to 213,000 square feet.
BLOOMFIELD HILLS, MICH. — Bernard Financial Group has arranged an $8.6 million loan for the refinancing of New Bloomfield Plaza in Bloomfield Hills. Located on Telegraph Road, the property offers 167,150 square feet of retail space. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, New Blooomfield Plaza LLC. The lender was One America.
CHICAGO — The Boulder Group has completed the sale of a single-tenant Starbucks Coffee property, located at 7101 South Stony Island Ave. in Chicago. A Chicago-based private investor acquired the net-leased property for $1.4 million from a Midwest-based real estate development and investment firm. There are approximately 10 years remaining on the Starbucks lease, which expires in July 2024. The lease features an 8.3 percent rental escalation in the primary term and 7.5 percent in each renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
OAK BROOK AND OAKBROOK TERRACE, ILL. — Chicago-based Bradford Allen Realty Services has been hired as the exclusive leasing agent for two additional office properties in suburban Chicago. The firm was selected by the ownership to lease the 55,729-square-foot office building at 800 Enterprise Drive in Oak Brook and the 56,414-square-foot Oakbrook Terrace Atrium located at 17W220 22nd St. in Oakbrook Terrace. The Oak Brook property features suites ranging from 1,494 square feet to 5,753 square feet and Oakbrook Terrace Atrium offers suites ranging from 1,398 square feet to 10,829 square feet. Ryan Moen of Bradford Allen will handle leasing efforts for both properties.
KIRKWOOD, N.Y. — An affiliate of Blue Bell, Pa.-based Equilibrium Equities Inc. has acquired a distribution center located at One Grosset Drive in Kirkwood, within the Greater Binghampton, N.Y., area. Penguin Random House LLC sold the property for an undisclosed price. The buyer plans to immediately rebrand the 514,000-square-foot center as a multi-tenant distribution facility called Triumph Business Center. Situated on 51 acres, the property features 28- and 29-foot ceiling heights, a 62,000-square-foot rack-support section, and a fully automated storage and retrieval system with an 82-foot ceiling height. Planned renovations include improved exterior aesthetics, lighting and signage upgrades, minor building system repairs and improved truck loading. Pre-leasing activities for the rebranded center have already commenced.
EAST HAVEN, CONN. — TS East Haven LLC, an entity controlled by Ceruzzi Properties, has sold Trolley Square, a retail center in East Haven, to a Manhattan-based private investor for $22 million, as part of a 1031 exchange. Located at the intersection of Hemingway Avenue and Main Street, the 107,921-square-foot shopping center is anchored by a Stop & Shop and fully leased to a variety of national and local tenants. Jeffrey Dunne, David Gavin, Chris Angelone and Nat Heald of CBRE represented the seller and procured the buyer in the transaction. Robert Von Ancken of Newmark Grubb Knight Frank advised the buyer and secured a second mortgage to complete the purchase on behalf of the buyer.
EDGEWATER, N.J. — Mark Scott’s Commercial Mortgage Capital (CMC) has arranged $12.5 million in construction financing for Phase II of The Pearl, a residential project on New Jersey’s Gold Coast in Edgewater. The financing was arranged with CIT on behalf of the borrower and developer, National Resources. Located at 45 River Road, The Pearl will feature 63 condominiums with 10-foot ceiling heights with full-height windows, high-end natural finishes and sustainable energy systems. On-site amenities will include a 24-hour concierge service, state-of-the-art fitness center, an outdoor pool with views of Manhattan, rooftop deck, restaurants, shops and riverside parks. National Resources partnered with Lessard Design Associates and Alan Tanksley Interiors to transform the six-story commercial building, which was originally designed by Skidmore Owings & Merrill for Lever Brothers in 1953, into a residential project.
SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of an industrial property located at 111 Somogyi Court in South Plainfield. Somogyi Holdings LLC purchased the 64,990-square-foot property for $4 million. Situated on six acres, the property features 20-foot ceiling heights, 1,200 amps of electric power, 10 tailboards, seven drive-ins, wet sprinklers and rail service. David Blitt and Robert Sager of Bussel Realty represented the buyer, while CBRE represented the undisclosed seller in the transaction.
EAST HARTFORD, CONN. — Sentry Commercial has brokered the sale and acquisition of an industrial property located at 60 Meadow St. in East Hartford. Arthur J. Hurley Co. purchased the 52,214-square-foot facility for $1.5 million from New Boston Fund. The electrical wire and cable distribution company plans to expand operations into the property this fall. Sentry Commercial was the sole broker in the transaction.
LOS ANGELES — The 379-unit Mariners Bay Apartments in the Los Angeles coastal market of Marina del Rey has received $96.4 million in acquisition financing. The community is located at 14000 Palawan Way. Mariners Bay was built in 1975. It is one of the largest apartment and anchorage properties in Marina del Rey. The community is situated on 19 acres of land. It contains 409 boat slips. The borrower, Legacy Partners Residential, plans to renovate the apartment homes, existing docks, waterfront promenade, common-area amenities and site landscaping. The floating-rate bank loan was secured by CBRE’s Brian Eisendrath and Brandon Smith.
