NEW YORK CITY — Equicap has arranged $5 million in permanent financing for a mixed-use property located in the Chinatown section of New York City. The 20-unit property features four retail units and 16 apartments. The borrower, a large not-for-profit, plans to renovate and re-tenant the retail portion of the property. Daniel Hilpert of Equicap negotiated the five-year loan at a 3.25 percent interest rate.
MURPHY, TEXAS — United Development Co. of Southlake, Texas has closed on a 1.6-acre parcel in Murphy with plans to co-develop a 11,500-square-foot retail center. The property will feature a 4,000-square-foot Sherwin Williams at 420 W. FM 544 near the Brand Road intersection. The center will be complete summer 2016. The project is being co-developed with Stacy McVey of Double Eagle Properties. Shelley Taylor of The Retail Connection is leasing the project, which will include Jimmy John’s, a dentist’s office, and 4,000 square feet of available space. United Development Co., through its investment platforms, has managed more than $500 million of real estate investments over the last 15 years.
SPRING, VICTORIA and LUBBOCK, TEXAS — Cain Brothers has arranged the sale of three Lutheran Social Services of the South (LSSS) senior living facilities for undisclosed prices. A joint venture of Brookdale and HCP acquired two of the communities: The Village at Gleannloch Farms, a 206-unit continuing care retirement community in Spring, and Copperfield Village, an 86-unit independent living facility in Victoria. Prime Life Communities acquired the final community, Wedgewood South, a 49-unit assisted living facility in Lubbock. As a result of the transactions, LSSS was able to retire all of its outstanding debt and retain net proceeds to fund its mission.
DALLAS — Jim Turano of Henry S. Miller Brokerage’s office division represented Park Tree North in the sale of their 46,000-square-foot office building in Dallas. The building is located at 17311 Dallas Parkway, just south of Trinity Mills Road. MYCON General Contractors purchased the building with plans to remodel and use it for their new headquarters. Nora Hogan of Transwestern represented the buyer in the transaction.
AUSTIN, TEXAS — Lone Star Transmission has purchased Building 2 within the New Mesa Oaks Professional Development in southwest Austin. Building 2 consists of 18,500 square feet and is part of a 120,000-square-foot development project. The sale brings the project to 62 percent occupancy, with two new 18,000-square-foot buildings delivering in the coming months available for lease and sale. Jerry Frey with CBRE represented the buyer and Matt Levin and Patrick Ley with Equitable Commercial Realty (ECR) represented the seller.
In what was the most dynamic quarter since the dot-com boom in 2000, tenants in Greater Boston absorbed 2 million square feet of office space in the second quarter of 2015. The activity was driven by a number of high-profile construction completions throughout both the urban and suburban areas of the market. The Boston CBD experienced its ninth straight strong quarter with 861,000 square feet absorbed. Notably the activity occurred mostly outside of the boundaries of the “Big 3” Boston submarkets of Back Bay, Seaport District and Financial District (though the latter did absorb 290,000 square feet in its own right). North Station saw a major bump in occupancy with the completion of Converse’s 230,000-square-foot headquarters, causing the submarket’s largest quarterly absorption number on record. Move-ins by Sonos and Safari Books Online added 200,000 square feet of absorption in Midtown, where vacancy has dropped to nearly half of what it was a year ago after State Street’s departure. And development continues at Boston Landing, where the 245,000-square-foot second phase is currently under construction and is already partially pre-leased to the Boston Bruins. Space continues to be scarce in Cambridge, where vacancy is just 5.8 percent and availability is at an …
COLUMBUS, OHIO — Dougherty Mortgage LLC has closed on an $11 million Fannie Mae acquisition loan for a multifamily property in Columbus. Parkview Apartments is a 216-unit market rate apartment property. Unit amenities include walk-in closets, fully equipped kitchens and washer and dryer connections. A partnership between Old Capital Lending and Dougherty arranged the 10-year term, 30-year amortization loan for Wolfe Diamond Loch LLC.
LAKE FOREST, ILL. — JLL has brokered the sale of a 17,000-square-foot industrial and office property in Lake Forest, approximately 30 miles north of Chicago. North American Herb and Spice Co. purchased the property from Rothbart LLC for an undisclosed price. Technique Engineering formerly occupied the space but will relocate to a 9,600-square-foot space at 968-972 Northpoint Blvd. in Waukegan. The property that North American Herb and Spice Co. purchased is located at 13950 Polo Drive and features 19-foot clear heights and 800 amps of power. Francesca DeAmicis of JLL represented the landlord, Rothbart LLC. North American Herb and Spice Co. was self-represented in the transaction, and Paine-Wetzel TCN Worldwide represented Technique Engineering.
MEQUON, WIS. — Cushman & Wakefield has arranged the recapitalization of Newcastle Place, a 257-unit retirement community located in the affluent Milwaukee suburb of Mequon. Cushman & Wakefield served as an advisor to a venture between Westminster Capital and LCS. ROC Seniors, a private equity real estate fund manager, will replace Westminster Capital in the joint venture with LCS. Terms of that deal were not disclosed. Life Care Services, the management arm of LCS, will continue to manage the community. Newcastle is located on a 48.5-acre campus and consists of 158 independent living units, 36 assisted living units, 16 memory care units and 47 skilled nursing beds. The community was originally built in 2003. Westminster Capital and LCS acquired Newcastle from Milwaukee Protestant Home in late 2012 as a turnaround investment. In addition to the sale, Cushman & Wakefield acted as exclusive debt placement agent to the acquisition group arranging the financing with Bank of America Merrill Lynch. The Cushman & Wakefield team involved in this transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig, Stuart Kim and Caryn Miller. Faegre Baker Daniels LLP served as legal counsel to the Westminster Capital/LCS venture on this transaction.
JANESVILLE, WIS. — CBRE has brokered the sale of a 67,680-square-foot industrial lease in Janesville, approximately 40 miles southeast of Madison. An affiliate of Sara Investment Real Estate sold the manufacturing facility to Backyard Properties of Rock Country LLC for an undisclosed price. The property, located at 2135 Beloit Ave., is 100 percent leaded to Tigre ADS USA Inc., a multinational manufacturer of construction products. Chase Brieman of CBRE represented the seller in the transaction.
