LOS ANGELES – A 30-unit apartment community in Los Angeles has received a $3.9 million acquisition loan. The community is located at 1135 Grand View Street in the Westlake submarket. It was purchased by the Armor Family Trust. The five-year loan features a fixed interest rate of 3.2 percent. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office. It was provided by Wayne D. McCoy of OneUnited Bank.
LOGAN, UTAH – A Maverik gas station and convenience store has opened on a 1.1-acre pad in Logan. The new spot is located at 300 South Main Street. Maverik is currently expanding in Logan. It has also secured stadium naming rights for Utah State University. Maverik contains more than 270 locations across 10 Western states.
NEW YORK CITY — JMC Holdings has completed the disposition of an office penthouse at 99 Hudson St. in Tribeca. LaSalle Investment Management acquired the three-story 34,724-square-foot property, which is fully leased to Unilever and New York City Regional Center, for $48 million. Renovated by JMC Holdings for $6.5 million, the property features efficient floor plates, 12-foor ceiling heights and unobstructed views of the Hudson River. Kevin Donner of Eastdil Secured represented the seller, while LaSalle Investment Management represented itself in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.
BURLINGTON, N.J. — Clarion Properties and MRP Industrial have selected Des Plaines, Ill.-based Peak Construction to build Building One within Burlington Industrial Park in Burlington. The 545,000-square-foot build-to-suit warehouse will feature 36-foot clear heights, redundant electrical and diesel fuel fire pump sprinkler systems, and LED light fixtures. Designed to achieve LEED Silver certification, the project is slated for completion in April 2016. The distribution warehouse facility is a full build-to-suit tenant improvement for an undisclosed client.
WALLINGTON, N.J. — NorthMarq Capital has arranged $16 million in refinancing for Wallington Plaza, a retail property located at 375 Paterson Ave. in Wallington. ShopRite Supermarket is the major tenant at the 92,823-square-foot retail property. Robert Ranieri of NorthMarq Capital arranged the ground-lease financing, which features a seven-year term and 30-year amortization schedule, through a regional bank. The borrower was not released.
BENSALEM, PA. — Marcus & Millichap has brokered the sale of a net-leased property located at 1837 Street Road in Bensalem. The 100,000-square-foot asset sold for $3.5 million. The property is occupied by a Kmart, which has been at this location since 1983. John Reehil of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company, in the transaction. Mark Taylor, also of Marcus & Millichap, assisted in closing the deal.
In Providence, the Class A office market continues to maintain vacancy rates under 10 percent, with an overall office vacancy of about 14 percent. This trend should continue as there is not any new Class A office development on the horizon for the capital city. There have been a few larger market transactions in Providence over the past 12 months. Waldorf Capital Management, a local real estate investment firm, purchased the Turks Head Building (150,000 rentable square feet) in late 2014. In addition, 170 Westminster Street (65,000 rentable square feet) recently traded; according to local rumor, the property will be converted to residential apartments. If 170 Westminster comes out of circulation, this will have a positive impact on the Class B vacancy rate in the city. Just south of the city on the 195 redevelopment land — dubbed “The Link” by the 195 Commission — work is just about complete to make the 19 available acres “shovel ready.” The 195 Commission has been successful in fully negotiating two purchase and sale agreements. The first is for student housing and the second is mixed-use residential. However, both projects are contingent on an acceptable tax stabilization agreement from the city, which has …
MINNEAPOLIS — RJM Construction has completed a multi-million dollar renovation of RBC Plaza at Nicollet Mall in downtown Minneapolis. The transformation of the 709,690-square-foot Class A office and retail property took nearly 18 months to finish. RJM Construction converted the former four-story retail and food court space on the 3rd and 4th floors of the Nicollet Mall into a two-story atrium within the 40-story office tower located at 60 S. 6th St. New amenities include a state-of-the art conference center, fitness center with locker room, bike storage area, and meeting areas on the lower level and main lobby. The property also features two levels of retail stores and cafés, including D’Amico & Sons, Sprout Salad Company, Caribou Coffee, The Fresh Market, Affinity Federal Credit Union and management consulting firm Joern Samaha & Associates. KBS owns RBC Plaza, which is operated by KBS Capital Advisors. Mark Stevens of Cushman & Wakefield | NorthMarq represents RBC Plaza.
YORKVILLE, ILL. — Greenwood Global Inc. has acquired Kendall Marketplace, a 590,000-square-foot retail center located in Yorkville, approximately 50 miles southwest of Chicago. The purchase price was undisclosed. The Class A shopping center, which opened in 2008, is situated on 192 acres of land and is anchored by a Dick’s Sporting Goods, Marshalls and PetSmart. Other stores include The Home Depot, Kohl’s, and Super Target. Kendall Marketplace has the ability to add as much as 155,000 square feet of retail space through the development of multiple outparcels. Headed by Alex Berman, formerly CEO of EPN Group, Northbrook, Ill.-based Greenwood Global also has acquired residential land adjacent to Kendall Marketplace. The land is zoned for 192 single-family homes and town homes. Kris Cooper of JLL represented the seller, an American multinational banking and financial services corporation, in the transaction. Greenwood Global has selected CBRE as the property manager and leasing agent at Kendall Marketplace.