BOSTON — New York City-based Ashkenazy Acquisition Corp. (ACC) has filed a master plan with the City of Boston for Faneuil Hall Marketplace. Designed by Elkus Manfredi Architects, Faneuil Hall Marketplace will include an enhanced public realm, glass retail pavilions, a new colonnade, rotunda space and a new boutique hotel, as well a redesigned exterior streetscape. Tenants that have already signed on for Faneuil Hall Marketplace include Uniqlo’s Boston flagship location, Ghirardelli Café and the children’s book-themed Make Way for Ducklings store. The project team includes Biederman Redevelopment Ventures and Watertown, Mass.-based Sasaki Associates.
Property Type
KING OF PRUSSIA, PA. — Cronheim Mortgage has arranged a $12 million loan for an office building located in King of Prussia. The 102,204-square-foot building was converted into a multi-tenant office building in 2007. The property features high ceilings, large open floor plates, low loss factor and easy access from an oversized parking field. At the time of closing, the property was 85 percent leased to four tenants. David Turley and Janet Proscia of Cronheim Mortgage arranged the three-year, fixed-rate loan. The debt was sourced from a regional bank, which funded a 65 percent LTV loan on a non-recourse basis.
BRAINTREE, MASS. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has secured two lease extensions at Granite Woods Corporate Center in Braintree. Law firm Smith & Brink has leased 15,861 square feet and VHA Inc. signed for 7,500 square feet. New Boston Fund acquired the office center, which comprises two office buildings totaling 168,000 square feet, in June 2008. Since the acquisition, New Boston Fund has spent $3.2 million in building upgrades. David Goodhue and Caleb Hudak of Colliers International represented New Boston Fund in both transactions. Stephen Woelfel, also of Colliers, and J.R. McDonald of Cushman & Wakefield represented Smith & Brink in the transaction.
MERRIAM, KAN. — Pillar has originated a $16.3 million Fannie Mae DUS loan for the refinancing of Georgetown Apartments. The 395-unit garden-style multifamily property is located in Merriam, 11 miles southwest of downtown Kansas City. The property features both two- and three-story apartment buildings as well as a two-story clubhouse. The property is more than 95 percent leased. Adam Klingher and Brooke Jackson of Pillar’s Chicago origination team originated the low, fixed-rate loan. The sponsor is Malkin Properties, an owner/operator of multifamily properties across the country, which intends to utilize the refinancing to conduct capital improvements across the property.
ROYAL OAK AND DEARBORN, MICH. — Bernard Financial Group has arranged a $3.1 million CMBS loan to refinance Urbane on Main Apartments and Oakwood, two apartment complexes located in the Detroit suburban cities of Royal Oak and Dearborn. Combined, both complexes consist of 62 total units. Kevin Kovachevich of Bernard Financial originated the loan for the borrowers, Urbane on Main LLC and Urbane on Oakwood LLC.
STREETSBORO, OHIO — Marcus & Millichap has arranged the $1.4 million sale of the leasehold interest in Streetsboro Market Square, a retail and office property located in Streetsboro. Streetsboro Market Square is located on State Route 14. The property features national tenants such as Staples, Fresenius Medical Care and Edward Jones. Scott Wiles, Craig Fuller, and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a Northeast Ohio-based limited liability company. An Ohio registered LLC whose investors are based in New York purchased the property.
ROSEVILLE, MINN. — Grandbridge Real Estate Capital has provided a $3 million first mortgage refinance loan for a 77,000-square-foot office/warehouse property in Roseville. Tony Carlson of Grandbridge’s Minneapolis office originated the acquisition financing for the undisclosed borrower through a life insurance company. The 15-year loan includes a 15-year amortization schedule, and closed with a competitive fixed interest rate. The loan required no personal guaranty and allowed the borrower to refinance its existing debt.
BUCKEYE, ARIZ. — Interstate Holdings has acquired Watson Marketplace, a 90,000-square-foot retail center in Buckeye, for $22 million. The center is located at 441 – 733 S. Watson Road, about 30 minutes west of Phoenix. The transaction included 55,153 square feet of property on nearly eight acres that is leased to 15 tenants, including Goodwill, Denny’s, the UPS Store, Dunkin Donuts and Firehouse Subs. It also included two retail pads that are ground leased to McDonald’s and Bank of America. Chris Tramontano and Tom Chichester of Faris Lee Investments represented the all-cash buyer, which was also in a 1031 Exchange. The seller and property developer, Desert Troon Companies, was represented by Chris Tramontano, Matthew Mousavi and Patrick Luther of the same firm.
DENVER – The 77-unit Hilltop Apartments in Denver has sold to a local, low-income housing owner and operator for $7.3 million. The community is located at 1554 Logan Street and 1705 Franklin Street. The two buildings were built in 1990 and 1909, respectively. The property falls under Project Based Section 8 Housing. Jules Hochman and Justin Brockman of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
SIMI VALLEY, CALIF. — Auto World Center, an 18,875-square-foot auto retail center in Simi Valley, has sold to Khajerian Family Trust for $3.9 million. The center is located at 2170-2190 First Street in the Los Angeles submarket. First Street is also known as “Auto Center Drive.” Auto World Center is fully leased to a range of automotive service providers. The property, which was developed in 1986, contains three free-standing buildings. Ken Simons of NAI Capital’s Westlake Village office represented both the buyer and seller, the Pick Family Trust, in this transaction.