SAN FRANCISCO – A two-story mixed-use property in a San Francisco Bay submarket has sold to an East Bay developer in a 1031 exchange for $9.5 million. The property is located at 329 Primrose Road in Burlingame. It is currently occupied by the U.S. Post Office and One Medical. The mixed-use asset’s interiors were fully renovated in 2012 and 2015. It is known around town as the Postcard Building. The buyer was represented by Eduardo Vergara of Marcus & Millichap. The seller was represented by Thomas Doglio and Richard Reisman of Marcus & Millichap’s National Land Group.
PHOENIX – DLS Worldwide has leased 78,843 square feet of office space at a new speculative building in Phoenix. The third-party logistics provider will use the space for its new headquarters, light manufacturing, and as an assembly and distribution facility. It will be situated in Building B. Phase I of the Airport I-10 speculative project will contain 600,000 square feet. It is being developed by Wentworth Property Company and Clarion Partners. The developer was represented by JLL’s Pat Harlan, Steve Sayre and Kyle Westfall. DLS was represented by Mike Gordon of Cresa.
BROOKFIELD, WIS. — Land assembly at The Corners of Brookfield mixed-use development in Brookfield is now complete. Brookfield Corners LLC, a joint venture between IM Properties, Bradford Real Estate and The Marcus Corporation, is developing the $200 million project. The development, which is bordered by West Bluemound Road, North Barker Road and I-94 in Brookfield, will serve as a destination for luxury shopping, dining and entertainment. Plans call for 400,000 square feet of retail and restaurant space anchored by Wisconsin’s first ever Von Maur Department Store, as well as 235 luxury apartments that will be managed by Milwaukee-based Mandel Group. With the entire 19-acre site now under ownership of Brookfield Corners LLC, the project will move toward a groundbreaking, which is set for mid-April. Demolition of the former Menards buildings and the former Marcus Theater is complete, with demolition of the adjoining strip mall also near completion.
RYE, N.Y. — Meridian Capital Group has arranged $30 million in financing for the acquisition of The Highlands at Rye, a multifamily property located in Rye. The seven-year loan, provided by a regional balance sheet lender, features a fixed rate, two years of interest-only payments, a 30-year amortization schedule and a five-year extension option. The borrower is the Kessner family. Located at 131-151 Purchase St., the two-building property features 108 residential units and 7,600 square feet of commercial space. Tal Bar-Or of Meridian Capital arranged the financing.
NEW HAVEN, CONN. — Hamden, Conn.-based Highville Charter School has acquired an office building located at 1 Science Park in New Haven. AT&T sold the 108,000-square-foot property for $5.8 million. Highville plans to convert the property’s open layout into classrooms to meet its expanding needs. Alan Fischer of Fischer Real Estate Inc. represented the buyer, while Cushman & Wakefield represented the seller in the deal.
HOPKINTON, MASS. — R.W. Holmes has negotiated the sale of a multi-tenanted flex building, located at 227-233 South St. in Hopkinton. 227-229 South Street LLC purchased the 43,000-square-foot property for $5.35 million from Mar S. Maple Realty Trust. Precision Digital Corp. will renovate and occupy 21,000 square feet of the property. Craig Johnston of R.W. Holmes procured and represented the buyer, while John Eysenbach, also of R.W. Holmes, represented the seller in the transaction.
GRAND RAPIDS, MICH. — Cohen Financial has arranged $10.3 million in loans through Pillar’s lending program for the acquisition of two Grand Rapids multifamily properties. Cathy Bronkema of Cohen Financial secured an $8.2 million HUD 223(f) loan for the acquisition of Richmond Hills Apartments, a 222-unit property. Bronkema also secured a $2.16 million Fannie Mae loan for the acquisition of Eagle Nest Apartments, a 48-unit property. The borrower is Trillium Ventures MSV, a Grand Rapids-based multifamily owner/operator.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 355 Stockholm St. in Brooklyn. The six-unit property sold for $1.6 million. Shaun Riney, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Said Boukhalfa, also of Marcus & Millichap, represented the buyer, a fund manager, in the transaction.
DECATUR, ILL. — Block & Co. has brokered the $4.6 million sale of a 45,114-square-foot retail strip center in Decatur. The property is located at 4202-4298 N. Prospect at the southeast corner of I-72 and 51 Highway. A Walmart Supercenter and Sam’s Club anchor the center. Other tenants at the center include Jo-Ann Fabric and Craft, RadioShack and Sally Beauty Supply. David Block and Max DiCarlo of Block & Co. represented the sellers, Bloomfield 2005 LLC and Metcalf Arlington SPE LLC.
PARSIPPANY, N.J. — Securitas Security Services USA has signed a new 15-year lease for 81,282 square feet of space at 9 Campus Drive within Mack-Cali Business Center in Parsippany. The company’s new location, which will serve as its North American headquarters and Eastern Operations Center, will house a data center and 24/7 call center and approximately 225 employees. With this lease, the four-story, 156,495-square-foot office building is now 89.2 percent leased. Joseph Messina, formerly of Savills Studley, along with Daniel Foley and Christopher Marx of Savills Studley, represented the tenant, while Diane Chayes and Brian Decillis provided in-house representation for Mack-Cali Realty Corp.