PALATINE, ILL. — Adelphia Properties has arranged the sale of a single-tenant, absolute net-leased property located in Palatine, northwest of Chicago. The 6,173-square-foot property is occupied by Kindercare Learning Center, which has 4.5 years remaining on its lease with two five-year extension options. A private investor acquired the property for $1.6 million. Simeon Spirrison of Adelphia Properties represented the seller, a private investor, in the transaction.
You can hardly open the local paper lately without reading that “Downtown is hot right now; urban living is great.” Yes, downtown is booming. The suburbs are also riding the wave of new mixed-use development and could see more success. It may surprise some, but office vacancy rates and rental rates along I-394 and I-494 rival, and sometimes trump, downtown Minneapolis. The message is clear: convenience has value. The idea of a mixed-use neighborhood where people are living, working, shopping and having fun in one place is a relatively new concept to the Twin Cities. Minneapolis no longer turns into a ghost town after 6 p.m., but many people don’t want to live downtown. They find it too congested and far from work, with little green space and few parking options. If only there was a way to have the vitality of a mixed-use neighborhood without the drawbacks of the concrete jungle, right? Today that question is answered all around the metro area. West End’s Advantages In particular, the West End region of the Twin Cities shares that same long-term vision. With a strong office market long in place, Duke Realty’s addition in 2009 of The Shops at West End, …
NEEDHAM, MASS. — Cushman & Wakefield has brokered the sale of TripAdvisor | Needham, a newly constructed office building located in Needham. An entity controlled by U.S. Realty Advisors LLC purchased the six-story, 280,892-square-foot LEED Gold property for an undisclosed price. The property, which features a café, fitness center, outdoor amphitheater and structured parking, will serve as the global headquarters for TripAdvisor. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller, Normandy Real Estate Partners, in the transaction. Additionally, Jay Wagner and Timothy Hosmer of Cushman & Wakefield placed the acquisition financing with a national life insurance company for the transaction.
EDGEWATER PARK, N.J. — New York City-based Nassimi Realty LLC has acquired Edgewater Park Plaza, a shopping center in Edgewater Park. A&P, which previously operated a Pathmark store at the location, sold the property for an undisclosed price. Located at 2110 Route 130, the 115,000-square-foot center is tenanted by Big Lots, Dunkin Donuts and a Getty gas station. Winbrook Management LLC represented the buyer in the transaction, while Metro Commercial Real Estate Inc. represented the seller.
GROTON, MASS. — New England Shirdi Sai Parviaar (NESSP) has hired Reading, Mass.-based NM Construction Corp. as general contractor to build the first phase of a Shirdi Sai Baba Temple at 719 Great Rd. in Groton. Designed by BD Nayak Architects, the two-story, 40,000-square-foot temple will be constructed in two phases and, once complete, will be the largest Shirdi Sai Baba Temple in North America. The first phase will include the temple building, a kitchen, a large dining hall and community rooms. The second phase will include three residential units for priests and a 500-seat auditorium. Construction will begin this month, with completion slated for July 2016.
NEW YORK CITY — The Kaufman Organization has brokered a 10-year lease for 46,000 square feet of office space at 111 West 19th St. in New York City. Law360, a LexisNexis company, is relocating to the space from its Union Square offices at 860 Broadway and 200 Park Avenue South. The company’s new space can accommodate up to 300 staffers, including reporters and business professionals. Steven Kaufman, Barbara Raskob and Yvonne Chang of the Kaufman Organization represented the landlord, 19th Street Associates LLC, while Paul Ippolito of Newmark Knight Grubb Knight represented the tenant in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a 15-year, 1,400-square-foot lease for the Eatery in Hell’s Kitchen. The popular restaurant is relocating to 788 Ninth Ave. from another location on the block. James Famularo and Jeff Geoghegan of Eastern Consolidated represented the owner, while Ravi Idnani, also of Eastern Consolidated, represented the tenant in the transaction.
CYPRESS AND LEAGUE CITY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has secured the $74.5 million refinancing of Stonegate Apartments and Avenues at Tuscan Lakes. The two multifamily assets are located at 11111 Grant Road in Cypress and 1805 S. Egret Bay Blvd. in League City, respectively. The transaction for Stonegate Apartments was structured with a seven-year ARM with three years of interest-only payments. Avenues at Tuscan Lakes was financed with a 10-year, fixed-rate loan with five years of interest-only payments. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
HOUSTON — Churchill Capital has arranged a $12.7 million loan for the acquisition of 770 S. Post Oak, a six-story, 92,723-square-foot, Class B office building located in the “magic circle” business district and Memorial Park area of Houston. The property is two miles from the Galleria and 10 miles from downtown Houston. Tenants include Love Advertising, HF Christmann & Associates, Prolamsa, Berie Lamberth Mgmt, Sechrist Duckers LLP, Ensyte Energy Software and Zimmerman & Lavine. Duke Stone and Steve Forson of Churchill Capital arranged the 10-year, fixed rate, non-recourse financing through J.P. Morgan Chase Bank NA on behalf of the borrower, Pillar Income.
CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Fox Creek Apartments, a 172-unit apartment property located in Carrollton. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office secured the buyer, a limited liability corporation based in New York. Fox Creek Apartments is located at 1910 S. Josey Lane. The complex includes apartment homes with four floor plans ranging from 712 to 1,000 square feet. Constructed in 1969, Fox Creek features a total of five two-story buildings under flat roofs. The construction consists of brick siding with asphalt surface parking. The rentable square footage is 142,456 and the total lot size is 6.2 acres. The previous owner spent more than $1.08 million renovating the property in the past 16 months. The exterior renovations include roof replacement, exterior paint, a resealed and restriped parking lot, landscaping upgrades, wrought iron perimeter fence and plumbing and electrical improvements. The interior renovations include new appliances, faux wood flooring, new carpet, resurfaced countertops and new plumbing fixtures in select units.
