NEW YORK CITY — Eastern Consolidated has arranged the sale of a three-building, mixed-used portfolio located in the Hamilton Heights neighborhood for $15.5 million. The portfolio includes a 19,150-square-foot building at 3600 Broadway, an 11,500-square-foot property at 3604 Broadway, and a 13,053-square-foot asset at 3610 Broadway. The portfolio, which totals 43,703 square feet, is occupied by Dunkin’ Donuts, Baskin-Robbins and The Chipped Cup, among others. Matthew Sparks of Eastern Consolidated represented the seller and procured the buyer for the transaction. Jeffrey Goldberg of Sadis & Goldberg LLP provided legal counsel for the buyer, while Robert Teitelbaum of Konner Teitelbaum & Gallagher provided legal counsel for the seller.
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NEW YORK CITY — San Francisco-based The Swig Company and New York City-based Himmel + Meringoff Properties have created a partnership to acquire the remaining 49.9 percent interest in 1460 Broadway, a 16-story commercial office tower located in Manhattan’s Times Square. The partnership plans to redevelop and reposition the 215,000-square-foot office and retail property located on the corner of 41st Street and Broadway. Once the interest of The Blackstone Group is acquired, The Swig Company will be the majority owner of the property and Himmel + Meringoff will act as operating partners to oversee the redevelopment process. The repositioning of the building is made possible by the vacating of all the office space by next March and the ability to deliver the entire 35,000-square-foot flagship retail space by the end of 2015.
WALTHAM, MASS. — Vantage Builders, a general contracting and construction firm based in Waltham, has begun construction on a new worship center for New England Sikh Study Circle (NESSC). Located at 168 Flanders Road, the 21,000-square-foot temple, known as a Gurduara Sahib, will become the principal place of worship for the New England Sikh community. The facility will feature classrooms, meeting places of various sizes, a community kitchen able to serve up to 400 people, a library and residences for the community’s leaders. The project team includes JG Associations, AKAL Engineering Inc., Waterman Design Associates and Rivermoor Engineering. The facility is slated for completion by the first quarter of 2015.
BROOKLYN, OHIO — American Greetings has sold its world headquarters, a 1.6 million-square-foot facility in Brooklyn, a suburb of Cleveland, for $15.5 million. Industrial Realty Group, an Ohio-based commercial and industrial property owner, purchased the property, which is situated on more than 150 acres north of Tiedeman Road. Allegro Realty Advisors, a commercial real estate brokerage and consulting firm, facilitated the transaction. The sale involved a complex set of lease agreements, a diverse set of land uses, including office, industrial and vacant land, as well as third-party tenants. American Greetings initially retained Allegro in the fall of 2011 to provide strategic corporate real estate advisory services to determine the most appropriate reuse of the property and the best approach to its disposition strategy, according to Michael Cantor, a managing director and principal at Allegro. Industrial Realty Group will reposition and re-tenant the property. American Greetings will remain as a tenant at the property until it is ready to relocate to its new world headquarters. According to Crain’s Cleveland Business, American Greetings will begin construction on a new $350 million headquarters at Crocker Park in Westlake in September.
NORTHLAKE, ILL. — Chicago-based Bridge Development Partners LLC has purchased a 55-acre business park in Northlake, a suburb of Chicago. According to Crain’s Chicago Business, Bridge Development Partners paid more than $40 million for the property located at 555 Northwest Ave. The facility formerly served as a distribution campus for the Dominick’s Finer Foods grocery chain. Safeway Inc. closed 72 Dominick’s stores in the Chicago area in December 2013. Bridge is marketing the park as Bridge Point Northlake. The firm plans to retain two existing buildings in the park: a 162,000-square-foot cooler facility and a 135,000-square-foot freezer facility that will be expanded by 104,120 square feet. Each property features 32-foot clear heights and each is available for lease with immediate occupancy. Additionally, Bridge will raze obsolete buildings to make way for a new state-of-the-art, 588,284-square-foot distribution center featuring 36-foot heights; a power feed of 4,000 amps; an ESFR sprinkler system; 85 dock positions (expandable to 170); 200 parking spaces, also expandable; and 112 trailer stalls. The new building will be delivered in the third quarter of 2015. John Suerth and Jason Lev of CBRE represented Safeway in the sale of the park and have been retained for the marketing of …
EAGAN, MINN. — Dougherty Mortgage LLC has arranged an $11.7 million HUD 223(f) loan to refinance Cedar Villas Townhomes, a 104-unit, mixed-income townhouse property located in Eagan, Minn. Dougherty’s Minneapolis office arranged the 35-year, fully amortizing loan for the borrower, Cedar Villas LP. Built in 2004, the property consists of 18 residential buildings with 60 two-bedroom units and 44 three-bedroom units. The Section 8 project requires that at least 20 percent of the units accommodate residents whose income does not exceed 50 percent of the area median income. The townhomes include attached garages and feature washers and dryers, fireplaces, patios or balconies, vaulted ceilings, dishwashers and more. Amenities include an outdoor pool, a playground, community room and a fitness center.
LEE’S SUMMIT, MO. — American Healthcare Investors and Griffin Capital Corp., co-sponsors of Griffin-American Healthcare REIT III Inc., have entered into a purchase agreement to acquire Lee’s Summit Medical Office Building, a 39,000-square-foot property in Lee’s Summit, an affluent suburb of Kansas City. The purchase price was $6.75 million, plus closing costs, according to an SEC filing. Grand Street Co. LLC was the seller. Located at 301 Northeast Mulberry St., Lee’s Summit Medical Office Building is 89 percent leased to multiple tenants, including Diagnostic Imaging Centers, Saint Luke’s East Hospital and Ostetrix Medical Group. Built in 2007, the Class A building is a few miles from the 141-bed Saint Luke’s East Hospital and within 10 miles of three other area hospitals.
GALLIPOLIS, OHIO — New York-based Time Equities Inc. (TEI) has acquired Ohio River Plaza, an 87,373-square-foot shopping center located at 1-61 State Route 7 in Gallipolis in southeast Ohio for $4.9 million in an all-cash transaction. Peebles and Dollar Tree anchor the property, which is 80 percent occupied. Renovated in 2007, the retail property features ample parking space and visibility from highly trafficked roadways. The center is home to 15 tenants including Hallmark, Rent-A-Center, GNC, Papa John's and Citi Financial. This acquisition marks TEI’s first shopping center in Ohio. Since January, TEI has acquired three retail shopping centers across the country, adding roughly 500,000 square feet to the firm’s national retail portfolio. To date, TEI’s portfolio is comprised of more than 3 million square feet of retail space. Al Taf of Marcus & Millichap facilitated the transaction for both parties. Colliers International will manage the property.
SAN FRANCISCO – A 305,260-square-foot office building in San Francisco has received $120 million in financing. The waterfront building is located at 500 Terry A. Francois Blvd. in Mission Bay. It is situated near the 3rd Street Light Rail, and sits adjacent to the site of the future arena for the NBA’s Golden State Warriors. Major tenants at the building include Cisco, Wix and Cengage. An affiliate of the Sobrato Organization acquired the building in May 2011. The loan features a 15-year term and 30-year amortization schedule. It was arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s correspondent relationship with Allianz Real Estate of America LLC.
FREMONT, CALIF. — Ashford Hospitality Trust has acquired the 357-room Fremont Marriott Silicon Valley hotel for a reported $50 million. The hotel is located at 46100 Landing Parkway in the Silicon Valley submarket of Fremont. The hotel also contains 15,000 square feet of meeting space spread throughout 19 flexible meeting rooms. It will be managed by Remington Lodging. Cushman & Wakefield Global Hospitality served as the exclusive advisor to AIG. The team also served as exclusive advisor to AHT in arranging the $37.5-million financing for the hotel’s acquisition. The floating-rate loan was provided by a money center bank. Daniel MacDonnell, James Escarzega and Steve Michels served as advisors to AIG in the sale. MacDonnell and Michels also served as advisors to AHT in the acquisition’s financing.