CHICAGO — Meridian Capital Group has arranged $70.5 million in financing for the acquisition and renovation of 19 off-campus housing properties and two land parcels near the University of Chicago in the city’s Hyde Park neighborhood. Meridian arranged the financing for the buyer, Pioneer Acquisitions. The seller, the University of Chicago, acquired the properties over many decades and has operated this portfolio solely as student and faculty housing. The rental units are located in 19 non-contiguous multifamily properties on Hyde Park Boulevard, Dorchester Avenue, Kenwood Avenue, Blackstone Avenue and Woodlawn Avenue. While the recent revitalization and heavy new commercial development within Hyde Park have created strong demand for market rate housing in this submarket, the intent of Pioneer Acquisitions is to continue catering to students and faculty. A national debt fund provided the three-year, interest-only loans that include future funding for improvements, floating rates with weighted average spreads in the high 300s in basis points over the 30-day LIBOR rate, and two one-year extension options. The renovations, which are expected to begin immediately, will include upgrades to kitchens, bathrooms and common areas at all properties. Seth Grossman and Andy Strauss of the Carlsbad, Calif., office of Meridian Capital negotiated the …
OVERLAND PARK, KAN. — Mainstreet has opened The Healthcare Resort of Shawnee Mission in Overland Park, a southwest suburb of Kansas City. The 85,635-square-foot property, located at 7600 Antioch Road, features 125 beds and provides transitional care such as short-stay rehabilitation and therapy. The $19.8 million, three-story Healthcare Resort of Shawnee Mission includes a large therapy gym, a spa, a movie theater, an on-site chef and more. Mainstreet developed the project and The Ensign Group Inc. operates it.
FRANKLIN PARK, ILL. — Colliers International has arranged a 55,251-square-foot, long-term flex lease for Tax Air Freight. The 142,447-square-foot building is located at 10700 Waveland Ave. in Franklin Park, a northwest suburb of Chicago. Tax Air Freight will join two other tenants and will bring the facility to 100 percent occupancy. The building is situated on 8.2 acres and offers immediate access to I-294. Tax Air Freight’s facility includes 3,500 square feet of office space, 23 dock positions, 27 trailer stalls and room for 14 truck-parking stalls. Tax Air Freight will occupy the space starting March 2016. Tom Rodeno of Colliers International represented Tax Air Freight in the transaction. Jim Estus of Colliers International represented the landlord, CenterPoint Properties.
CAHOKIA, ILL. — The Kase Group has arranged the $5.25 million sale of Camp Jackson, a 108,979-square-foot shopping center located in Cahokia, five miles south of St. Louis. Jeff Gates of The Kase Group’s San Francisco office worked on behalf of the seller and procured the buyer, both undisclosed private investors, in the transaction. The 76 percent occupied center is home to tenants including Schnucks, Dollar General, Rent A Center, AutoZone, H&R Block, Cricket Wireless, Little Caesars and Mission Thrift.
ANN ARBOR, MICH. — Signature Associates has brokered the sale of a 23,000-square-foot industrial property in Ann Arbor. CSFB 2005-C6 Highland Industrial LLC sold the building located at 4260 Varsity Drive to Budget Truck Lease LLC for an undisclosed price. Jay Chavey of Signature Associates represented the seller in the transaction. Cody Bowlds of Sperry Van Ness/Stewart Commercial represented the buyer.
ALLENTOWN, PA. — The Waterfront Development Co. has broken ground for a $400 million mixed-use development along the western banks of the Lehigh River in Allentown. Spanning 26 acres, the project will include six office buildings, including the 157,498-square-foot 615 Waterfront Drive and the 131,457-square-foot 645 Waterfront Drive; three residential complexes, totaling 425 market-rate apartments; three parking structures; a main street and half-mile River Walk. Additionally, each of the 12 new buildings will offer retail and restaurant space. The development company comprises Jaindl Properties LLC, Dunn Twiggar Company LLC and Michael Dunn Co. LTD. Site-wide infrastructure is slated to take approximately 18 months, though building construction will be phased in and begin at any time during that timeframe. The project is expected to take approximately eight years for full build-out.
NEW YORK CITY — Brooklyn Navy Yard Development Corp. has unveiled its plans for Building 77, a $140 million renovation of a 1 million-square-foot industrial building at the Brooklyn Navy Yard. The repositioned property will feature a ground-floor public food hall, space for food manufacturing and a collaboration hub for the growing base of businesses in the area. Upon completion, the renovated building will increase overall employment at the Yard by more than 40 percent, creating 3,000 manufacturing and innovation jobs. Completion is slated for early 2017.
ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided a $6.4 million construction loan to Conifer Realty LLC for the development of Market Apartments at Corpus Christi. Located on East Main Street in Rochester’s Market neighborhood, the affordable housing development, which is tailored for local artists, will feature 42 energy-efficient apartments, including one- and two-bedroom units; art studio and work space; and plans to add a rehearsal space for musicians in a neighboring building. Additionally, the property is located within walking distance to public transportation and retailers. Conifer-LeChase Construction, a partnership between Conifer and LeChase Construction Services, is serving as general contractor for the project.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1481 York Ave. on Manhattan’s Upper East Side. The five-story building sold for $7.3 million, or $980 per square foot, in an all-cash transaction. The 7,500-square-foot property features one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free-market units were delivered vacant. The property also offers 11,250 square feet of unused air rights. Thomas Gammino Jr. and Brett Weisblum of Cushman & Wakefield negotiated the transaction. The names of the buyer and seller were not released.
TEANECK, N.J. — CBRE Group Inc. has brokered the sale of a former data center, located at 1500 Queen Anne Road in Teaneck. The fully fenced, 55,000-square-foot center features three buildings and electric gates on more than three well-landscaped acres sold for an undisclosed sum. After being vacant for approximately eight years, the property will be repositioned as He’atid Yeshivat Day School, which is slated to open in January 2016. The repositioning will include rehabilitation of the existing buildings, construction of an additional floor to one building and the creation of 20 classrooms at the site. Elli Klapper, Charles Berger and Bill Hassan of CBRE represented both parties in the transaction. The names of the seller and buyer were not released.