Property Type

Henry Ford Health System Plans $110M Cancer Center in Detroit

by Christina Cannon October 1, 2015

DETROIT — The Henry Ford Health System has begun planning a new $110 million cancer center as part of its $500 million expansion and improvement of 300 acres in Detroit. The 144,000-square-foot cancer center will be five stories and include a rooftop garden and skywalk to connect it to Henry Ford Hospital. Completion is slated for summer 2018. Site planning for the facility will be completed by the end of the year. Groundbreaking is slated for spring of 2016. The cancer center will anchor Henry Ford Hospital’s South Campus expansion project. The 10- to 15-year vision for the expansion project includes adding green space and commercial, retail and housing developments. Clinical and support services for each type of cancer diagnosis will be located on the same floor in the new facility, offering a multidisciplinary experience to patients. Surgery will continue to be performed at Henry Ford Hospital. The facility will be funded by internal and philanthropic support.

October 1, 2015

Indiana Midwest Office

Cushman & Wakefield Arranges Sale of 113,545 SF Office Portfolio in Indianapolis

by Christina Cannon October 1, 2015

INDIANAPOLIS — Cushman & Wakefield / Summit Realty Group has arranged the sale of an 113,546-square-foot office portfolio located at 8935 – 9011 N. Meridian St. in Indianapolis. Keystone Realty Group sold Waterplace Park to Evergreen Investment Corp. Alex Cantu and Alison Melton of Cushman & Wakefield represented the seller. The property was developed in 1980 and is currently 69 percent leased. Tenants of Waterplace Park include Mid America Clinical Laboratories, Omnisource and GoldPoint Clinical Research.

October 1, 2015

Michigan Midwest Office

Lear Corp. Acquires 35,000 SF Office Building in Detroit

by Christina Cannon October 1, 2015

DETROIT — Lear Corp. has acquired a historic six-story, 35,000-square-foot building located at 119 State St. in Detroit from Bedrock Real Estate Services for an undisclosed price. Lear Corp. has plans to turn the building in Capitol Park into an innovation and design center described as a “think tank.” The building was constructed in 1887 and originally housed Brown Brothers Cigar Manufacturers. Construction will begin soon, and the project is slated for completion in 2016.

October 1, 2015

Illinois Industrial Midwest Retail

Lee & Associates Arranges 24,253 SF of Leases in Illinois

by Christina Cannon October 1, 2015

GLENVIEW AND NAPERVILLE, Ill. — Lee & Associates has arranged 24,253 square feet of leases in Illinois. Andersen Corp. renewed their lease for 21,847 square feet of industrial space at 2300 Ridge Drive in Glenview, approximately 20 miles northwest of Chicago. Michael Plumb of Lee & Associates represented the landlord who is a private investor. Cushman & Wakefield represented Anderson Corp. Naperville Family Chiropractic has leased 2,406 square feet of retail space in a strip mall that is located at 3027 English Rows Ave. in Naperville, about 20 miles outside of Chicago. Joe Herron of Lee & Associates represented the tenant. Caton Commercial Real Estate represented the landlord.

October 1, 2015

Illinois Midwest Mixed-Use

Centrum Partners Begins Development on 36-Unit Mixed-Use Apartment Building near Chicago

by Christina Cannon October 1, 2015

LAKEVIEW, ILL. — Centrum Partners LLC has broken ground on a five-story, 36-unit apartment building, Centrum Lakeview, located at 3400 N. Lincoln Ave. in Lakeview, a Chicago suburb. The project is slated for completion in 2016, and the 40,000-square-foot building will offer one- and two-bedroom apartments ranging from 535 to 1,036 square feet. Unit amenities include floor-to-ceiling windows, modern kitchens and upgraded bathrooms. Community amenities include a fitness room, billiard room, secure bike storage, same-day dry cleaning and package storage. The complex will have 6,000 square feet of retail space on the first floor. The property is located adjacent to the ‘L’ Brown Line stop at Paulina. All building materials have been sourced locally, and Centrum has plans to add a green roof, electric car charging station and a recycling program. Centrum acquired the property from KF Lakeview LLC in 2014. The building was vacant at the time of sale. Centrum Lakeview is one of the first developments approved under the city’s 2013-revised TOD (Transit Oriented Development) ordinance.

October 1, 2015

Multifamily New York Northeast

Megalith Capital, Urban Realty Launch Sales for 200 Water Street in Brooklyn

by Amy Works October 1, 2015

NEW YORK CITY — Megalith Capital Management and Urban Realty Partners have launched sales for 200 Water Street, a six-story boutique residential building in Brooklyn’s historic DUMBO neighborhood. The property includes 15 gallery-style condominiums featuring two, three or four bedrooms with expansive windows and up to 14-foot high ceilings. Converted from a former 1950s Brillo steel wool factory, 200 Water was designed by Gil Even-Tsur’s Architecture Workshop and Aufgang Architects. The building’s penthouse feature roof decks, terraces and floor-to-ceilings windows. On-site amenities include a fitness center, landscaped garden, bike storage and a doorman.

October 1, 2015

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $13.5M Loan for Massachusetts Apartment Building

by Amy Works October 1, 2015

NEW BEDFORD, MASS. — Fantini & Gorga has arranged $13.5 million in permanent financing for Riverbank Lofts, a former mill that was converted to an apartment property in New Bedford. Situated on 6.5 acres, the three-story property features 126 units in a mix of one-, two- and three-bedroom layouts, a 160-vehicle garage, a fitness center and a common room. The units feature high ceilings, exposed wide plank hardwood floors and stainless steel appliances. Derek Coulombe and Jason Cunnane of Fantini & Gorga secured the financing for the undisclosed borrower.

October 1, 2015

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers Sales of Three Apartment Buildings

by Amy Works October 1, 2015

DUMONT, PALISADES PARK AND BELLEVILLE, N.J. —Redwood Realty Advisors has brokered the sales of three apartment buildings, totaling 49 units and $6.5 million, in New Jersey. In Dumont, a 22-unit apartment building sold for $3 million and a cap rate of 5.9 percent. In Palisades Park, an 11-unit property sold for $2 million, or $184,000 per unit, and a cap rate of 5.7 percent. Finally in Belleville, a 16-unit garden complex property sold for $1.4 million and a cap rate of 6.5 percent. Michael Scrima and Jeremy Wernick of Redwood Realty Advisors handled the transactions. The names of the sellers and buyers were not released.

October 1, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.6M Sale of Apartment Building in New York

by Amy Works October 1, 2015

ASTORIA, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 25-22 38th St. in Astoria. The three-unit apartment building sold for $1.6 million. Shaun Riney, James Saros and Daniel DeGiovanni of Marcus & Millichap’s Brooklyn office represented the seller, a developer, while Riney, Saros, DeGiovanni and Robert Hunter, also of Marcus & Millichap, secured and represented the buyer, a developer, in the transaction.

October 1, 2015

New York Northeast Retail

Kalmon Dolgin Affiliates Brokers 9,000 SF Lease in Brooklyn

by Amy Works October 1, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has arranged a 9,000-square-foot lease for Izzy Rodriguez at 2302 Neptune Ave. in Brooklyn’s Coney Island neighborhood. The asset is comprised of a 5,000-square-foot building and a 4,000-square-foot parking lot. The property, which renovated after Superstorm Sandy, also features two portable lifts and air compressors. Izzy Rodriguez specializes in the restoration and refurbishing of exotic cars. Robert Klein of Kalmon Dolgin Affiliates represented the owner, Jeff Cohen, and the tenant, Izzy Rodriguez, in the transaction.

October 1, 2015

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