Property Type

14,560 SF Walgreens Property Sells for $10.4M in New York

by Amy Works July 23, 2015

SMITHTOWN, N.Y. — Marcus & Millichap has arranged the sale of a Walgreens property located at 10 W. Main St. in Smithtown. Situated on the North Shore of Long Island, the property sold for $10.4 million, or $714 per square foot. Constructed in 2006, the 14,560-square-foot building sits on two acres. Simon Jonna and Raymond Jonna of Marcus & Millichap’s Detroit office represented the seller and procured the buyer in the transaction. J.D. Parker of Marcus & Millichap’s Manhattan office is the broker of record for the deal. The names of the seller and buyer were not released.

July 23, 2015

Industrial New York Northeast Retail

Kalmon Dolgin Affiliates Arranges 50,000 SF Lease in Brooklyn for Koppers Specialty Chocolate Co.

by Amy Works July 23, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has arranged a 50,000-square-foot lease at Liberty View Plaza in Brooklyn for Koppers Specialty Chocolate Co. The company is relocating from a 30,000-square-foot space in Greenwich Village to the space at 850 Third Ave. in Brooklyn’s Sunset Park neighborhood. As part of the deal, Empire State Development, New York State’s economic development agency, will provide Koppers with up to $556,000 in performance-based Excelsior Jobs Program Tax Credits, as the company agreed to create at least 27 new full-time jobs over the next five years and keep the position through at least 2025. Neil Dolgin and Jeffrey Unger of Kalmon Dolgin Affiliates, along with Howard Kesseler and Jordan Gosin of Newmark Grubb Knight Frank, represented the landlord, Salmar Properties, in the transaction.

July 23, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $2.4M Multifamily Property Sale in Long Island City

by Amy Works July 23, 2015

LONG ISLAND CITY, N.Y. — Marcus & Millichap has brokered the sale of a multifamily property located at 34-27 37th St. in Long Island City. A private investor acquired the eight-unit apartment building for $2.4 million. Matthew Fotis, Zachary Golub and Lazarus Apostolidis of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

July 23, 2015

Multifamily New York Northeast

ARM Real Estate Brokers $1.6M Sale of Residential Building in Queens

by Amy Works July 23, 2015

NEW YORK CITY — ARM Real Estate has brokered the sale of a 5,150-square-foot residential building located at 17-01 Stanhope St. in the Ridgewood neighborhood of Queens. The three-story, six-unit apartment building sold for $1.6 million in an off-market transaction. Anand Melwani and Harrison Zavala of ARM represented both the seller, a long-term owner, and the buyer, Stanhope Purchaser LLC, in the transaction.

July 23, 2015

Midwest Multifamily Ohio

Hamilton Point Investments Acquires Apartment Property near Columbus for $14.6M

by Jonathan Mehall July 23, 2015

GROVE CITY, OHIO — Hamilton Point Investments LLC has acquired Collier Park, an apartment property in Grove City, about 10 miles southwest of Columbus. The purchase price was $14.6 million. Built in 2001, Collier Park is a 232-unit apartment complex located directly off I-71 and I-270. Collier Park features one- and two- bedroom apartment homes with lake views and a variety of amenities including fully equipped kitchens, washer/dryer connections, air conditioning and spacious closets. Hamilton Point Investments, based in Old Lyme, Conn., has plans to make modest interior and exterior upgrades at the property over the coming year. George Skaff of ARA Newmark represented the seller, Champion Cos., in the transaction.

July 23, 2015

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $3.5M HUD Loan for Affordable Housing Project in Minneapolis

by Jonathan Mehall July 23, 2015

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $3.5 million HUD 221(d)(4) loan for the rehabilitation of The Cameron, a 44-unit affordable housing property located in the North Loop of Minneapolis. Dougherty’s Minneapolis office arranged the 40-year permanent financing loan for Cameron Building Ltd. Partnership. The owner is renovating the 40,000-square-foot building, which is listed on the National Register of Historic Places. The Cameron will offer much-needed workforce housing in a neighborhood where the demand is strong, according to Dougherty. Located just minutes from downtown Minneapolis and Target Field, the site provides convenient access to transportation and neighborhood amenities. When completed, the project will consist of 44 studio, one- and two-bedroom apartments. Rents will range from $596 to $1,100 per month, and units will be set aside for tenants earning 50 percent and 60 percent of area median income. Building amenities will include a fitness room, a Wi-Fi lounge, bicycle storage, and storage lockers. Additional sources of funding include low-income housing tax credits, federal and state historic tax credits, the Hennepin County Affordable Housing Incentive Fund, Minneapolis Community Planning & Economic Development, Minneapolis Affordable Housing Trust Fund, Metropolitan Council Local Housing Incentives Account, Minnesota Housing Finance Agency Challenge, Metropolitan Council Tax …

July 23, 2015

Illinois Industrial Midwest Retail

MB Real Estate To Manage, Lease Illinois Tollway Oases

by Jonathan Mehall July 23, 2015

CHICAGO — MB Real Estate (MBRE) has won the assignment to manage and lease the Illinois Tollway Oases, six properties servicing commuters and travelers along the Illinois Tollway system. The tollway oases offer patrons a variety of convenient food options, a wide range of services and are directly accessible from the tollway with on-off ramps. Properties include the Belvidere Oasis along I-90; the Lake Forest Oasis on I-94; the DeKalb Oasis on I-88; the Chicago Southland Lincoln Oasis along I-80/I-294; the Hinsdale Oasis on I-294; and the O’Hare Oasis, also on I-294. Current tenants of the oases include the Illinois Tollway, McDonald’s, Starbucks, Best Buy Express, Subway, Illinois Lottery and Sbarro, among others. Kathleen Bertrand of MBRE will serve as the leasing representative for the six properties, which offer a variety of spaces available for lease.

July 23, 2015

Industrial Midwest Wisconsin

The Dickman Company Brokers 160,000 SF Industrial Lease in West Bend, Wis.

by Jonathan Mehall July 23, 2015

WEST BEND, WIS. — The Dickman Company Inc./CORFAC International has brokered a 160,000-square-foot industrial lease for Gardner Pet Group Inc. in West Bend, about 38 miles northwest of Milwaukee. A pet food distributor, Gardner is moving its manufacturing operations and up to 60 jobs from China to West Bend, according to the Milwaukee Business Journal. The property is located at 2845 Wingate St. The landlord is Wingate Ventures LLC, care of Phoenix Investors LLC. Gardner selected the location in West Bend to add to its current operations in Juneau, Wis. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman negotiated the lease.

July 23, 2015

Illinois Midwest Retail

Mid-America Real Estate Arranges Sale of 85,002 SF Retail Center in Bradley, Ill.

by Jonathan Mehall July 23, 2015

BRADLEY, ILL. — Mid-America Real Estate Corp. has brokered the sale of Village Square Shopping Center in Bradley, 57 miles south of Chicago. A private California-based buyer purchased the 85,002-square-foot center for an undisclosed price. Village Square Shopping Center is located at the northwest corner of Illinois Route 50 and East North St. The retail center is leased to a diverse mix of both national and local retailers, including Jo-Ann Fabrics, Dollar Tree, Premier Rental, Advance America and Carquest. Carly Gallagher and Ben Wineman of Mid-America Real Estate brokered the transaction on behalf of the seller.

July 23, 2015

Travilah Square Shopping Center Rockville

Maryland Retail Southeast

Finmarc Management Buys Shopping Center in Maryland for $22.4M

by John Nelson July 23, 2015

ROCKVILLE, MD. — Finmarc Management Inc. has purchased Travilah Square Shopping Center, a 61,496-square-foot property located at the intersection of Darnestown and Travilah roads in Rockville. Finmarc purchased the property from Walgreens for $22.4 million. Travilah Square comprises five buildings and includes a freestanding Burger King and 16,000 square feet of commercial office space, which is currently vacant. Built in 1988, the shopping center is in close proximity to the University of Maryland Shady Grove campus. Including this purchase, Finmarc and its partners have acquired or disposed of more than $400 million worth of properties.

July 23, 2015

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