Property Type

Faris Lee Brokers $7.9M Sale of Hobby Lobby Store in North Carolina

by John Nelson April 13, 2015

JACKSONVILLE, N.C. — Faris Lee Investments has brokered the $7.9 million sale of a single-tenant retail property occupied by Hobby Lobby at 1290 Western Blvd. in Jacksonville. Hobby Lobby has just begun its triple-net, 15-year lease at the newly constructed 55,000-square-foot property. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private equity fund based in New York, in the transaction. Mousavi and Luther also represented the seller, the North Carolina-based developer of the Hobby Lobby store. The buyer purchased the store at a 6.5 percent cap rate.

April 13, 2015

Illinois Midwest Office

NAI Hiffman Signs New Lease at One Oakbrook Terrace

by Danielle Everson April 13, 2015

OAKBROOK TERRACE, ILL. — NAI Hiffman has signed a new lease for its corporate headquarters at One Oakbrook Terrace, located at the intersection of Butterfield Road and 22nd Street in Oakbrook Terrace. The provider of commercial real estate services has occupied space in the building for more than 10 years. The new lease consolidates NAI Hiffman’s brokerage, management, marketing and research, and accounting services onto an entire floor, taking up more than 20,000 square feet. Jim Adler and Michael Flynn of NAI Hiffman’s office services group represented NAI Hiffman in the transaction. Brian Edgerton of NAI Hiffman represented the institutional owner.

April 13, 2015

Midwest Office Wisconsin

Siegel-Gallagher Arranges 17,432 SF Office Lease in Milwaukee

by Danielle Everson April 13, 2015

MILWAUKEE — Siegel-Gallagher has arranged a 17,432-square-foot office lease in Milwaukee. Robertson Ryan & Associated Inc. will occupy space within Plaza East Office Center located at 330 E. Kilbourn Ave. Shaun Dempsey and John Kuhn of Siegel-Gallagher represented the tenant in the transaction. Tishman Speyer was the landlord.

April 13, 2015

Multifamily New York Northeast Pennsylvania

Marcus & Millichap Arranges $88M Sale of Manufactured Housing Portfolio

by Amy Works April 13, 2015

PITTSFORD, N.Y. — Marcus & Millichap has brokered the sale of an 11-property manufactured housing portfolio located in western New York and Pennsylvania. Federal Capital Partners and Horizon Land Co. purchased the 2,413-site portfolio from Pittsford-based Morgan Management. Jonathon McClellan, Kyle Baskin, J.D. Parker and Mark Taylor of Marcus & Millichap represented the seller in the transaction.

April 13, 2015

Connecticut Industrial Northeast

Binswanger Brokers Sale of 166,330 SF Industrial Facility in Connecticut

by Amy Works April 13, 2015

MERIDEN, CONN. — Binswanger has brokered the sale of a manufacturing/warehouse facility located at 119 Empire Ave. in Meriden. 119 Empire Avenue LLC purchased the 166,330-square-foot property for an undisclosed price from Atlas Container LLC. Situated on 12.42 acres, the property features an open layout, 26.8-foot clear ceiling heights, heavy power and an active railroad spur. The buyer plans to take occupancy this spring. Jim Panczykowski of Binswanger’s New Haven, Conn., office arranged the transaction.

April 13, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $11.2M Trade of Shore Hill Apartments in New Jersey

by Amy Works April 13, 2015

MOUNT ARLINGTON, N.J. — Gebroe-Hammer Associates has arranged the $11.2 million sale of Shore Hill Apartments, an apartment community located at 500-501 Bensel Dr. in Mount Arlington. The 80-unit community features 64 one-bedroom and 16 two-bedroom units. The undisclosed buyer plans to implement a capital improvement program to renovate and upgrade the property. Stephen Tragash and Joseph Brecher of Gebroe-Hammer represented the seller, the original developer, and procured the buyer.

April 13, 2015

Connecticut Loans Northeast Office

Meridian Capital Arranges $28.1M Acquisition Loan for Connecticut Office Property

by Amy Works April 13, 2015

HARTFORD, CONN. — Meridian Capital Group has arranged a $28.1 million CMBS loan for the acquisition of an office property located at 100 Pearl St. in Hartford. The borrowers are SGS Pearl LLC and Shelbourne Pearl LLC. The 10-year loan, which was provided by a CMBS lender, features a 70 percent loan-to-cost ratio and a fixed rate with two years of interest-only payments. Built in 1989, the 17-story property features 281,000 square feet of office space. On-site building amenities include a parking garage, a fitness center, conference rooms, a food service lounge with seating, an art gallery, building concierge and 24-hour security. Shaya Ackerman, Steven Adler and Jacob Schmuckler of Meridian Capital Group negotiated the transaction.

April 13, 2015

Massachusetts Northeast Office

RK Centers Buys 42,000 SF Office Building in Massachusetts

by Amy Works April 13, 2015

NEEDHAM, MASS. — RK Centers has purchased a two-story office building, located at 50 Cabot St. in Needham. An affiliate of The Bulfinch Companies sold the 42,000-square-foot property for $9.8 million. KC Centers plans to use the property as its new corporate headquarters. Andrew Sacher of AIS Development represented the buyer in the transaction.

April 13, 2015

California Multifamily Western

Pacific Reach Properties Buys Blu Beverly Hills Apartment Building

by Nellie Day April 13, 2015

LOS ANGELES – Pacific Reach Properties has acquired the 37-unit Blu Beverly Hills apartment building for an undisclosed sum. The luxury high-rise apartment building is located at 8601 Wilshire Blvd. in Los Angeles. It includes a fitness center, rooftop lounge, media room, business center and 24-hour concierge and valet. The building also includes 650 square feet of ground-floor retail space. Andrew Kirsh, Mark Nicoletti and Michael Floryan of Sklar Kirsh LLP advised Pacific Reach on the purchase, financing and reverse 1031 Exchange associated with this acquisition.

April 13, 2015

California Industrial Western

Intercontinental Real Estate Buys PennySaver Building in Brea

by Nellie Day April 13, 2015

BREA, CALIF. – Intercontinental Real Estate has acquired the 101,420-square-foot corporate headquarters of PennySaver USA Publishing in Brea for an undisclosed sum. The space is located at 2830 Orbiter Street. The facility is adjacent to Imperial Highway, less than 30 miles from Downtown Los Angeles. It contains 52,069 square feet of office space throughout two floors, as well as 49,351 square feet of industrial manufacturing, assembly and distribution space. The facility houses the operations for the weekly PennySaver pamphlet, web-based advertising systems and salesforce. The seller, a joint venture between Cohen Asset Management and American National Insurance Company, was represented by HFF’s Anthony Brent and Ryan Martin.

April 13, 2015

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