WESTBOROUGH, MASS. — W. P. Carey Inc. has acquired a facility within Westborough Technology Park in Westborough, a suburb 30 miles west of Boston. The 250,813-square-foot office property sold for $47 million. The property is currently leased to Bose Corp. for a period of 11 years. The seller was Columbia Property Trust. W. P. Carey is a global net-lease REIT specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties.
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PORT JEFFERSON, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has approved benefits to a proposed 74-unit rental apartment complex in Port Jefferson. Port Jefferson-based Rail Realty LLC is planning to construct a two-building, 74-unit rental apartment at the northeast and southeast corners of Texaco Avenue and Linden Place. The complex will feature studio, one- and two-bedroom apartments with rents ranging from $1,400 to $1,975 per month. The IDA has approved economic incentives for the development. The project will create 69 construction jobs and five permanent positions.
NEW YORK CITY — Servcorp, a global provider of equipped executive offices and virtual office space, has signed a 15-year lease for 34,775 square feet at One World Trade Center. The Australia-based company will occupy the entire 85th floor of the 3 million-square-foot office tower. Founded in 1978, Servcorp currently has 140 locations in North America, Europe, Asia and Australia. The company’s One World Trade Center location is scheduled to open in first quarter 2015. One World Trade Center, which will celebrate its official opening later this year, is being developed as a joint venture of The Port Authority of New York and New Jersey and The Durst Organization.
MINNEAPOLIS — NorthMarq Capital has arranged a $15.7 million loan for the refinancing of the BLN Office Park I & II, a 336,294-square-foot property in Bloomington, Minn. The property is located at 2001 and 2051 Killebrew Drive. Dan Trebil of NorthMarq Capital’s Minneapolis office originated the non-recourse bridge loan for the borrower through its correspondent relationship with a life insurance company.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Suncrest Apartments, a 140-unit community located in west Indianapolis. The property was built in 1986 and is located just inside I-465 about fifteen minutes west of the downtown central business district. The community is also near the Indianapolis International Airport. Tikijian Associates represented the seller, JVM Realty Corp., a privately held real estate investment and management firm based in Oak Brook, Ill. JVM’s portfolio consists of more than 7,000 units in four Midwestern states. ?A Geneva, Ill.-based investment group purchased the property for an undisclosed price. The buyer plans to upgrade the kitchens and bathrooms in the units to include granite counter and vanity tops, upscale flooring and appliances.
CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged a $1.2 million loan for Icon Industrial, a 91,620-square-foot light industrial park consisting of 10 one-story buildings in Clinton Township. The property is situated on the west side of Groesbeck Highway, south of Hall Road. Neil Gorosh of Bernard Financial Group arranged the loan for the borrower, Icon Industrial Park Group LLC. The lender, Ameritas Life Insurance Corp., is a correspondent of Bernard Financial Group.
SKOKIE, ILL. — The Boulder Group has completed the $960,000 sale of a single tenant, 7-Eleven property in Skokie, approximately 15 miles north of Chicago. The property is located at 5363 Lincoln Ave. The corporately guaranteed 7-Eleven property has successfully operated at this location since 1967. There are six years remaining on the absolute net lease that expires Sept. 30, 2020. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a family partnership based in California in the transaction. A high-net-worth individual investor from the east coast purchased the property. 7-Eleven has more than 53,000 locations throughout the world.
LOS ANGELES — Broadway Trade Center, a 1-million-square-foot, mixed-use building in Los Angeles’ Broadway Corridor, has received a $140-million senior bridge loan. It is located at 830 S. Hill Street. The loan will finance the acquisition and redevelopment of the center, which was originally built in 1908. Once completed, the center will include large-plate creative office space, as well as ground- and second-floor flagship retail spaces. Broadway Trade Center is located near the Ace Hotel, Urban Outfitters, Gap and Alma restaurant. The center is owned by a joint venture between Waterbridge Capital and Jack Jangana. The loan was provided by Canyon Capital Realty Advisors LLC and partner Hudson Pacific Properties.
CHANDLER, ARIZ. – MIG Real Estate has acquired the 234-unit Symphony Apartments in Chandler for $35.5 million. The community is located at 2225 W. Frye Road. Symphony was built in 1999. Amenities include two resort-style pools with a spa, wood-burning fireplace, veranda with bar seating and televisions, and barbeque grills; clubhouse with wet bar, coffee station, and conference room; and a fitness center with a private yoga room.
TUCSON, ARIZ. – The 188-unit Mountain View Retirement Village in Tucson has received a $20-million refinance. The retirement community is located at 7900 N. La Canada Drive. Amenities at the community include restaurant-style dining, housekeeping and maintenance services, scheduled transportation, customized assistance, and recreational and wellness activities. The 10-year loan features a fixed rate and a 30-year amortization schedule. It was originated by Brandon Harrington and Matt Steffen of Walker & Dunlop. The loan was provided by a life insurance company.