MINNEAPOLIS — Marcus & Millichap has arranged the sale of a 13-unit apartment property in Minneapolis for $2.4 million. The property is located at 2118 Dupont Ave. S. A Japanese investor purchased the asset from an undisclosed buyer. Bill Bailey and John Bailey of Marcus & Millichap listed the property on behalf of the seller who was a private investor. A Chicago-based investment fund represented the buyer in the transaction.
KENOSHA, WIS. — Continental Properties has purchased land for the future development of an apartment project in Kenosha, approximately 40 miles south of Milwaukee. North Shore Bank sold a 48.5-acre land parcel to Continental Properties for $2.6 million. Continental Properties plans to develop 280 units in Phase I and an additional 200 units in Phase II. Phase I is scheduled to start this spring. Upon completion, the project can be accessed from 125th Avenue or 71st Street. Andrew Stefanich of CBRE was the sole broker for the land parcel transaction.
GLEN ELLYN, ILL. — SVN | Chicago Commercial has brokered the sale of a 10,300-square-foot retail building for $1.1 million. GTC Investments sold the asset, which is located at 530 Crescent Blvd. in Glen Ellyn, approximately 25 miles west of Chicago. Tenants at the building include Dunkin’ Donuts and Thipi Thai Cuisine. Craig Franzen of SVN | Chicago Commercial represented GTC Investments in the transaction. The buyer, an undisclosed individual investor, was self-represented.
NORTHBROOK, ILL. — Bradford Allen Realty Services has arranged a 7,700-square-foot lease renewal in Northbrook, approximately 25 miles northwest of Chicago. Lubin-Bergman Organization Inc. will continue occupying its headquarters in a building located at 5 Revere Drive. One Northbrook Place is a Class A office building that features food service within the building and underground parking. Laurence Elbaum of Bradford Allen represented Lubin-Bergman in the transaction. Dan Fernitz of JLL represented the building’s ownership.
LOS ANGELES — BH Properties has received a $13 million refinancing for an office and retail portfolio it owns. The portfolio contains five office and retail properties for a total of about 231,000 square feet. The assets are situated in California, Tennessee and Florida. The semi-permanent bridge financing replaces short-term financing associated with the recent acquisition of these properties. The assets have a combined occupancy rate of 60 percent.
HOUSTON — HFF has arranged $60.7 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet, plus a standalone retail site across from the Galleria Mall in Houston. HFF arranged the loan on behalf of the borrower, LPC Realty Advisors I, an affiliate of Lincoln Property Co. LPC Realty Advisors closed the loan on behalf of a pension fund client. HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital. HFF also arranged the sale of the property earlier in 2015. Galleria Place consists of Galleria Place I, an 11-story, 217,006-square-foot office building; Galleria Place II, a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and IHS. The properties occupy six acres bounded by Sage and Westheimer roads and West Alabama Street directly across from the Houston Galleria shopping and dining district. Susan Hill led HFF’s debt placement team representing the borrower.
HOUSTON — Marcus & Millichap has arranged the sale of a corner land parcel located in Houston. Justin Miller and Derek Hargrove of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a family trust. A local investor bought the property and plans to redevelop it. The property is located at 2105 Yale St. in the Houston Heights area of Houston.
ROWLETT, TEXAS — Armstrong Development Properties, in partnership with Briarwood Capital Corp., has completed construction of a 28,000-square-foot Sprouts Farmers Market with 7,500 square feet of adjacent restaurant and retail space in Rowlett. Construction commenced January 2015 and was completed in November. The grand opening date for the New Sprouts Farmers Market was Dec. 30. Phase II of the project consists of 10 acres, including five pad sites and up to 50,000 square feet of additional anchor or junior anchor space.
PLANO, TEXAS — Berkadia has arranged $18.4 million in financing for H Mart Town Center, a grocery-anchored retail property in Plano. Joseph Hevey Jr. of Berkadia’s Dallas office secured the refinancing through Morgan Stanley Bank, N.A. The loan features a 4.8 percent fixed interest rate with three years of interest-only payments, followed by a 30-year amortization schedule for the remaining seven years. The borrower, RPI H Mart Town Center, will use the loan to refinance existing debt on the location. Located at 3420 K Ave., the property was 94 percent leased at the time of sale to tenants including H Mart, Fresenius and Prime Overstock. The 211,718-square-foot property sits on 17.5 acres less than two miles north of downtown Plano.
AUSTIN, TEXAS — CBRE has negotiated a 10,534-square-foot lease expansion for GateHouse Media, one of the largest publishers of newspapers in the country. The company’s Center for News & Design will expand its existing 18,444-square-foot office at Northview Business Center, which is located at 9001 N. Interstate Highway 35 in Austin. Opened since May 2014, the center offers a range of content services to GateHouse Media newspapers and commercial clients, including centralized copy editing and page design, web development and training. Today, the print editions of more than 200 GateHouse Media newspapers are designed and edited at the center, alongside product development for their companion web and mobile sites. More than 225 people work at the center. W. Gaines Bagby with CBRE’s Austin office represented GateHouse Media in the lease transaction. Luke Wheeler with Transwestern represented the landlord.