WAYLAND, MICH. — Integra Real Estate Capital has secured a $5.6 million acquisition loan for Chambers Corners, a neighborhood shopping center located at Reno Drive off Highway 131 in Wayland, approximately 21 miles south of Grand Rapids. Meyer Perlman of Integra Real Estate Capital negotiated the 10-year, non-recourse loan provided by an undisclosed lender. Built in 2000, the 99,600-square-foot Chambers Corners is anchored by Harding’s Market and Family Dollar.
CHICAGO —Marcus & Millichap brokered the sale of a 4,050-square-foot plot located in Lincoln Park at 738 W. Schubert Ave. in Chicago. The property sold for nearly $1.1 million. The lot is 25 feet wide by 162 feet deep and has RT-4 zoning (three flat, townhouses). The buyer plans on demolishing a vacant building currently on the land. Kyle Stengle of Marcus & Millichap’s Chicago office had the listing to market the property on behalf of the seller, a private investor. Stengle also secured the buyer, a local developer.
PHOENIX — Phoenix Children’s Hospital has leased 27,265 square feet of space at Biltmore Commerce Center in Phoenix. The Class A complex is located at 3200 E. Camelback Road within the Camelback Corridor. The new lease brings the center to nearly 96 percent occupancy. Other notable tenants include HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company, DeRito Partners and Miller Russell & Associates. Scott Maxwell of CRESA represented the hospital in the transaction. Bill Blake, Craig Coppola, Andrew Cheney and Colton Trauter of Lee & Associates represented the landlord, Lincoln Property Company.
FONTANA, CALIF. — The Bascom Group LLC has acquired Courtyard Senior Apartments, a 344-unit independent living community in Fontana, for $31.2 million ($90,552 per unit). Built in 1989, Courtyard Senior Apartments consists of four three-story buildings on 8.5 acres. Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing, with One West Bank providing the new loan. Stephen Peters of Melody West was the broker for the sale. This marks Bascom’s 14th recent California acquisition and comes on the heels of the closing earlier this month of The Square Apartments, a 112-unit garden style apartment community in Downey, Calif., for $25.5 million. Bascom is a Irvine, Calif.-based private equity firm specializing in multifamily, commercial, and non-performing loans and real estate related investments and operating companies.
NEWCASTLE, WASH. — Seniors housing developer Aegis Living has broken ground on Aegis Gardens in Newcastle near Seattle, marking the Pacific Northwest’s first senior living community for Chinese-Americans. Situated on a 7.5-acre waterfront site with access to Lake Boren, the resort-style, 110-home community is slated to open in 2017. When completed, Aegis Gardens’ activity center will host civic activities and cultural exhibitions. The center will also provide daycare services to promote multigenerational engagement. According to Nielson, 92,000 Chinese-Americans live within a 25-mile radius of the Newcastle location. Aegis Gardens’ community programming will include celebrations of Chinese holidays, traditional cuisine representing major regions of China, mahjong, calligraphy, cribbage, Tai Chi classes, a central Zen garden and a tearoom. Staff fluent in Cantonese, Mandarin and English will provide 24-hour care. The development site in Newcastle, a block from the Bellevue city line, is culturally relevant for Chinese-Americans because immigrants from China mined coal there in the late 1800s, contributing to Seattle’s rise to prominence.
LIVERMORE, CALIF. — NorthMarq Capital has arranged the $10 million refinance of Livermore Valley Shopping Center, a 78,377-square-foot retail property located in Livermore. Dennis Williams of NorthMarq secured the loan, which is structured with a 10-year term and 30-year amortization schedule. Tenants of the center include Dollar Tree, Fitness 19 and O’Reilly Auto Parts.
BROCKTON, MASS. — Bierbrier Development has completed the disposition of Montello Plaza, a freestanding retail property located at the intersection of routes 28 and 37 in Brockton. VEREIT, successor to American Realty Capital, acquired the 64,500-square-foot property for $18.7 million. The property is occupied by Stop & Shop. Frank Giso and David Currie of Choate, Hall & Stewart represented Bierbrier Development. VEREIT handled the transaction on behalf of the entity owner, Cole Credit Property Trust IV Inc. Todd Trombley and Robert Horwath of Marcus & Millichap brokered the transaction.
SMITHTOWN, N.Y. — Damianos Realty Group LLC has acquired an office building located at 50 Route 111 in Smithtown. The three-story, 50,000-square-foot property sold for $10.6 million. Built in 1984, the property is 96 percent occupied by a variety of corporate and medical tenants, including Merrill Lynch, New York Commercial Bank, Devitt Spellman Barrett LLP and State Assemblyman Michael Fitzpatrick. The buyer plans to renovate and upgrade portions of the property, and has engaged Mancini Architecture PLLC to redesign the building’s exterior and lobby. John LaRuffa of NAI Long Island represented the seller, while John Finn of Damianos Realty Group provided in-house representation for the buyer.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 718 W. 171st St. in Manhattan’s Washington Heights neighborhood. Heritage Realty Services acquired the 21,735-square-foot walk-up property for $7 million. The building contains 22 apartments, with an average rent of $1,490 per month. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller, Haven Holding LLC, in the transaction.
PARSIPPANY, N.J. — CBRE Group Inc.’s Capital Markets Debt & Structured Finance team has arranged a $5 million short-term bridge loan for One Gatehall Drive, a 113,220-square-foot office property in Parsippany. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a local commercial bank for the borrower, GLB Gatehall LLC. The borrower is a partnership of Glenborough, a privately held full service real estate firm, and a large institutional real estate investor.
