Property Type

J.C. Anderson Undertakes 170,000 SF Office Renovation for Verizon in Rolling Meadows, Ill.

by Jonathan Mehall August 18, 2015

ROLLING MEADOWS, ILL. — General contractor J.C. Anderson Inc. will complete a 170,000-square-foot office renovation for Verizon Communications at 1701 E. Golf Road (Continental Towers) in Rolling Meadows. Headquartered in New York City, Verizon employs approximately 178,500 workers and maintains offices nationwide. The firm is relocating its office in Elgin, Ill., to Continental Towers. J.C. Anderson will complete the 170,000-square-foot build-out of new space, which will include the addition of offices on seven floors of the building; a call center with up to 305 positions per floor; as well as training rooms and conference rooms. The target date for completion is April 2016. William Burfeind and John Angelovich are leading the construction team for J.C. Anderson.

August 18, 2015

Midwest Missouri Office

DTZ Arranges 117,618 SF Office Lease for Centene in Chesterfield, Mo.

by Jonathan Mehall August 18, 2015

CHESTERFIELD, MO. — DTZ has arranged a 117,618-square-foot office lease for St. Louis-based Centene Corp. at Timberlake Corporate Center II, located at 1370 Timberlake Manor Parkway in Chesterfield. Centene provides a portfolio of services to government-sponsored healthcare programs. Built in 1999 and owned by Franklin Street Properties, Timberlake Corporate Center II is one of three buildings on the campus. Timberlake II features custom-designed suites and covered parking. Before the end of the year, the landlord expects the property to feature a full amenity package, including food service, conference/training room and a fully equipped fitness center. DTZ serves as the property manager. Scott Bazoian of DTZ represented Centene in the lease transaction. Jim Mosby, D.J. Fuchs, and Danielle Grubbs represented Wakefield, Mass.-based Franklin Street Properties.

August 18, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Brokers Sale of Apartment Building in Minneapolis for $9.1M

by Jonathan Mehall August 18, 2015

MINNEAPOLIS — Marcus & Millichap has brokered the sale of Second Street Lofts, located at 129 N. 2nd St. in the historic North Loop neighborhood of Minneapolis, for $9.1 million. The property consists of 39 apartments and three ground-level office suites. Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins of Marcus & Millichap’s Minneapolis office represented the buyer, a private investor, and the seller, a limited liability company.

August 18, 2015

Michigan Midwest Retail

Armada Real Estate Arranges 21,209 SF Retail Lease at Marysville Plaza in Michigan

by Jonathan Mehall August 18, 2015

MARYSVILLE, MICH. — Armada Real Estate Services has negotiated a 21,209-square-foot retail lease in Marysville Plaza in Marysville, about five miles south of Port Huron. Tractor Supply Co. plans to open a new store in the retail center, located at 3200 Gratiot Ave., in September. The lease is for 10 years. Harry Barash of Armada Real Estate Services represented the landlord, Marysville Plaza LCC, in the transaction. Derek Marine and Chris Kettler of Kettler Real Estate in Norton Shores represented Tractor Supply Co.

August 18, 2015

Loans Multifamily New Jersey Northeast Seniors Housing

HFF Closes Sale, Arranges $33.2M Loan for 142-Unit Seniors Housing Property

by Amy Works August 18, 2015

TEANECK, N.J. — HFF has closed the sale of, and secured financing for, Heritage Pointe of Teaneck, a 142-unit independent living facility located at 600 Frank W. Burr Blvd. in Teaneck. The firm marketed the property on behalf of the seller, Lowe Enterprises Investors, to an undisclosed buyer. Additionally, HFF secured a $33.2 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Co. FSB. Completed in 2004, the four-story property features 45 one-bedroom, 94 two-bedroom and three three-bedroom units, averaging 1,045 square feet. On-site amenities include a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon, and tennis courts. The property was 97.2 percent occupied at the time of sale. Ryan Maconachy, Chad Lavendar, Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF brokered the transaction, while Steven Klein, also of HFF, arranged the financing.

August 18, 2015

Mixed-Use New Hampshire Northeast Office Restaurant Retail

Encore Retail Acquires Land for Mixed-Use Development in New Hampshire

by Amy Works August 18, 2015

BEDFORD, N.H. — Encore Retail LLC, a subsidiary of Dallas-based Encore Enterprises Inc., has acquired land in Bedford to develop a high-density mixed-use development on more than 16 acres. At greater than 200,000 square feet, the Class A property will feature fashion, recreation, fitness, dining and office space on South River Road. A Whole Foods is currently under construction contiguous to this site and is scheduled to open in spring 2016. Construction on the mixed-use project is slated to begin in the fourth quarter of 2016. Prellwitz Chilinski Associates is providing architectural services for the project. Theodore Chryssicas of Newmark Grubb Knight Frank brokered the land transaction. Terms of the transaction were not released.

August 18, 2015

Mixed-Use Multifamily New York Northeast Retail

Brooklyn Standard Properties Buys Mixed-Use Building in Brooklyn for $5.2M

by Amy Works August 18, 2015

NEW YORK CITY — Brooklyn Standard Properties (BSP) has acquired a four-story, mixed-use building located at 116 Bedford Ave. in Brooklyn’s Williamsburg neighborhood. FAO Corp. sold the 6,000-square-foot property for $5.2 million. The building features eight apartment units, which BSP plans to convert into four two-bedroom units, one three-bedroom unit and a one-bedroom unit. BSP also plans to extend the rear of the building by 1,000 square feet on the first floor, converting the ground-floor space into a 2,500-square-foot commercial space. Brendan Maddigan of Cushman & Wakefield represented the seller in the transaction.

August 18, 2015

California Retail Western

Codding Enterprises Sells Shopping Center in Santa Rosa for $16.3M

by Nellie Day August 18, 2015

SANTA ROSA, CALIF. — Codding Enterprises LP has completed the disposition of the fully leased Cleveland Shopping Center in Santa Rosa to Hornstein Investments for $16.3 million. Situated on 3.5 acres, the two-building, 52,340-square-foot retail center is leased to Dick’s Sporting Goods and Patelco Credit Union. Dan Wald, Eric Kathrein, Justin Sharp and John Schaefer of DTZ represented the seller, while Bob Tuller of DTZ represented the buyer in the transaction.

August 18, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges Sales of Two New Jersey Shopping Centers

by Amy Works August 18, 2015

PARAMUS, N.J. — Marcus & Millichap has arranged the sales of two shopping centers in Paramus. In the first transaction, Sprout Brook Shopping Center traded for approximately $14.8 million, or $680 per square foot. The multi-tenant property offers 21,875 square feet of retail space. In the second transaction, Franklin Commons, a 43,327-square-foot shopping center and medical office building, sold for $14.8 million, or $342 per square foot. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the undisclosed sellers in the two separate transactions and procured the undisclosed buyer for Sprout Shopping Center. John Abuja, also of Marcus & Millichap, secured the undisclosed buyer of Franklin Commons. Both assets were acquired as part of a 1031 exchange transaction.

August 18, 2015

California Multifamily Seniors Housing Western

CBRE Arranges Sale of Assisted Living Community in California for $8.2M

by Nellie Day August 18, 2015

LONG BEACH, CALIF. — CBRE Group Inc. (NYSE: CBG) has arranged the sale of the Bellagio Manor, a 208-bed assisted living facility located in Long Beach, to Glen Park at Long Beach Inc. for $8.2 million. The two-story property is 51,000 square feet, situated on 1.16 acres. The price per bed was $39,423. The facility was only 53 percent occupied at the time of sale, but the buyer saw opportunity in high demand in the area, according to CBRE. CBRE healthcare team members Bryan Lewitt and Chris Isola represented the seller, Bellagio Manor Inc.

August 18, 2015

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