MAYFIELD HEIGHTS, OHIO — Coldwell Banker Commercial (CBC) Alliance has arranged the $47 million sale of the Golden Gate Shopping Center in Mayfield Heights, a Cleveland suburb. A joint venture betweenHornig Capital Partners LLC, a New York-based real estate firm, and Hutensky Capital Partners of Hartford, Connecticut, purchased the property. Golden Gate, built in 1958, is a 371,748-square-foot center that was renovated in 1995. The center is currently 95 percent occupied. Anchor tenants at the center include Marshalls, PetSmart, Golf Galaxy, H.H. Gregg, OfficeMax and Jo-Ann Fabrics. Cleveland-based Forest City Enterprises Inc. sold the property. Bruce Weissberg of CBC Alliance assisted in closing the off-market deal.
Property Type
LOMBARD, ILL. — NAI Hiffman has arranged the lease of 5,620 square feet of office space for DuPage Senior Citizens Council in Lombard, a suburb approximately 20 miles east of Chicago. The nonprofit firm will relocate from 1919 S. Highland Ave. in Lombard to the new space in the Oak Creek Center, a single-story office building located at 1990 Springer Drive. Aubrey Van Reken of NAI Hiffman represented DuPage Senior Citizens Council in the transaction.
MIDDLETON, WISC. — ALTUS Commercial Real Estate Inc. has brokered the $525,000 sale of a townhome investment property in Middleton, approximately six miles west of Madison. A private investor purchased the property located at 2162-2168 Parmenter St. Chuck Polenz and Dan Roseliep of ALTUS represented the undisclosed seller.
BRIDGEVIEW, ILL. — Peak Construction Corp. has completed the renovation of a 121,900-square-foot manufacturing facility for Pactiv in Bridgeview approximately 13 miles southwest of Chicago’s Loop. Peak completed the renovation on behalf of Darwin Realty & Development Corp., the developer for the project. Renovation of the 50-year-old building included the demolition of the existing boiler and fire protection system, the installation of new energy efficient heating units with a new ESFR fire protection system and new dock equipment, a new 5,500-square-foot link connecting their buildings and new pavement and landscaping. Pactiv is a manufacturer of products for the foodservice industry. The facility will house a dry offset printing process.
CAMBRIDGE, MASS. — King Street Properties has purchased two laboratory buildings near the Alewife MBTA Station in Cambridge for a combined price of $54.5 million. Working on behalf of the buyer, HFF arranged $89 million in acquisition and repositioning financing through Cornerstone Real Estate Advisers. A $22 million, floating-rate loan was secured for 87 Cambridge Park Drive, and a $67 million, floating-rate loan was secured for 200 Cambridge Park Drive. The buyer plans to renovate, reposition and re-lease the properties through Cushman & Wakefield. 87 Cambridge Park Drive is a vacant 62,492-square-foot office/laboratory, and 200 Cambridge Park Drive is a vacant six-story, 221,676-square-foot Class A office/laboratory facility that was most recently renovated in 2004. Greg LaBine led the HFF team representing the borrower in the transaction.
ALTOONA, PA. — HFF has closed the sale of Logan Towne Centre, a 715,819-square-foot shopping center in Altoona. AVR-ALTOONA LP sold the property to a private investor for $101.5 million. Situated on 75 acres at 155 Falon Lane, the grocery-anchored shopping center is 98.4 percent leased to tenants, including Giant Eagle Supermarket, Kohl’s, Best Buy, Staples, Bed Bath & Beyond, Michaels, Ross, Boscov’s and Dick’s Sporting Goods. Jim Koury and Claudia Steeb led the HFF investment sales team that represented the seller in the transaction.
MOUNT VERNON, N.Y. — NAI Friedland has brokered the sale of an industrial building in Mount Vernon for $3.85 million or approximately $48.26 per square foot. 750 South Fulton Storage LLC purchased the multiuse, two- to three-story structure and plans to renovate the property into a mini storage facility. The building’s seller, Wampum LLC, previously used the building for various commercial uses, including retail, office and warehouse space. Andy Grossman of NAI Friedland represented both the buyer and seller in the transaction.
NEW YORK CITY — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided a $24.2 million HUD 232/223(a)(7) loan to refinance an assisted living facility in Queens’ Flushing neighborhood. The 154-unit facility offers 280 beds and a full array of skilling nursing services and amenities, including rehabilitation therapy, hospice and palliative care, as well a beautician/barber and recreational activities. Joshua Rosen of Capital One’s Chicago office originated the financing.
HOUSTON — Cadence McShane Construction will build Phase I of the Airtex Commerce Center industrial park on behalf of co-developers Molto Properties and Generational Commercial Properties. The 166,250-square-foot space is located at 431 E. Airtex Drive in Houston. The project is just east of Interstate 45 and three miles north of Beltway 8 with access to George Bush Intercontinental Airport. Powers Brown Architecture is the project’s architect.
HOUSTON — Dairy Ashford Village, a 43,751-square-foot retail center at 1570 S. Dairy Ashford Road in Houston, has been sold to a Houston-based private equity group. The center is 89 percent leased. Christopher Winters and John Parsley of Colliers International represented the seller, N.J.G. & M. Texas. Keller Williams represented the buyer, DAV Entrepreneurs. The property is located next to a Kroger-anchored shopping center on Briar Forest Drive.