AURORA, ILL. — The Boulder Group has arranged $1.4 million sale of a single-tenant, net-leased Tuffy Auto Service Center in Aurora, a suburb of Chicago. The property is located at 3190 N. Aurora Road. Tuffy is the sole occupant of the 3,900-square-foot retail building, built in 2007. There are more than 13 years of primary lease term remaining, which expires in November 2027. The lease features 10 percent rental escalations every five years. Tuffy is a chain of automotive service centers headquartered in Toledo, Ohio. The company is owned by the Tuffy Associates Corp., which also owns about 170 Car-X Tire and Auto stores. There are more that 235 Tuffy locations in 20 states across the eastern United States. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private real estate investor, and the undisclosed buyer, who purchased the property in a 1031 tax-deferred exchange.
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MILWAUKEE — Marcus Hotels & Resorts, a division of The Marcus Corp., has completed renovations on the 176-room Pfister Hotel in Milwaukee. The renovations at the AAA-Four Diamond historic hotel are part of a multi-year, multi-million-dollar reinvestment in the property, which includes the addition of new club floors, a high-tech executive boardroom and a club lounge. Each bathroom features marble vanity tops and flooring, a separate commode stall for privacy and a tiled shower. The Pfister Hotel announced the completion of its VIP Club Lounge in April 2013. The lounge is located on the top floor of the hotel, offering views of the city and Lake Michigan. The new space includes a fireplace, bookshelves, workstations for individuals and small groups, Wi-Fi access, printers and televisions. The club lounge also offers guests breakfast each morning, snacks and beverages throughout the day and hors d’oeuvres and cocktails during the evening. The lounge is open 24 hours a day, seven days a week. Pfister’s new executive boardroom, Twenty 3, was also introduced last year. The upscale, high-tech boardroom incorporates unmatched presentation technology, multiple 4K LED monitors, including 3D, gesture recognition, iPad multi-media controls, surround sound and an iMac lab. The Pfister Hotel was …
NEW YORK CITY — Meridian Capital Group has negotiated a $45 million loan to refinance the Continental Portfolio, a 13-property multifamily portfolio located throughout the Bronx. The five-year balance sheet loan, which was provided by a local community bank, features a competitive LIBOR-based rate. The 597-unit portfolio includes 2442 Morris Avenue, 1711 Morris Avenue, 1704 Morris Avenue, 1685 Morris Avenue, 1721-1729 Walton Avenue, 1715-1717 Walton Avenue, 1170 Gerard Avenue, 1165 Gerard Avenue, 2333 Loring Place North, 2322 Loring Place North, 2226 Loring Place North, 4138 Barnes Avenue and 1236 Grand Concourse. Tal Bar-or and Kyle Kite of Meridian’s New York City office arranged the transaction.
MONTEBELLO, N.Y. — Mack-Cali Realty Corp. has completed the disposition of 400 Rella Blvd. in Montebello for $28.3 million. The three-story, 195,375-square-foot office building, which was Mack-Cali’s sole asset in Rockland County, N.Y., was 75.8 percent leased at the time of sale. Jeffrey Prezant of Cushman & Wakefield represented Mack-Cali in the transaction.
WINDHAM, MAINE — Roosevelt Trail LLC has acquired a NAPA Auto Parts location in Windham for $1.35 million. The 7,930-square-foot property was delivered with a new 10.5-year absolute triple-net lease with options. NAPA has occupied the site since 1996. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed.
MOUNTAINSIDE, N.J. — Vericon Construction has acquired a single-story commercial building at 191 Glen Road in Mountainside for $1 million. The buyer, which also owns the adjacent building, plans to expand its operations into the 11,685-square-foot property. The property is currently 46.5 percent leased to NBD Fitness Center and divisible for multi-tenant use with separate entrances. Jacklene Chesler of Colliers International represented the seller, Caiola Family Trust, in the transaction.
SAN ANTONIO — Laurus Corp. has acquired the Marriott San Antonio Northwest Hotel. The Marriott is located at 3233 Northwest Loop 410 in the Northwest business corridor, just north of the interchange of Interstates 10 and 410. The hotel is the only full-service Marriott-branded hotel outside the San Antonio central business district and features 296 guestrooms, two food and beverage outlets, and approximately 8,500 square feet of meeting and banquet facilities, in addition to various amenities such as an outdoor pool, gift shop, guest laundry and business and fitness centers. Laurus Corp. will be investing approximately $16 million to upgrade the entire property to the new Marriott standards.
OKLAHOMA CITY — Milhaus has closed on financing and will begin construction on a $42 million mixed-use development in midtown Oklahoma City. LIFT, located at the northwest corner of 10th Street and Shartel Avenue, will include 329 units, comprised of eco-suites, studios, and one-, two- and three-bedroom apartments. Some of the features in the units include granite countertops, stainless steel appliances and hard surface flooring. The development will consist of 4,700 square feet of commercial space and a 445-space parking garage. The development will also feature a yoga room, café, bar, game room, fitness studio and children’s play area. Apartment units are set to be available in the summer of 2015. This is Indianapolis-based Milhaus’ first project outside of Indiana. Regions Bank provided construction financing for the project. Milhaus Construction LLC will construct the project, and Milhaus Management LLC will manage the property.
HOUSTON — Developer JPI/TDI has begun construction on a 198-unit luxury multi-family community in Houston, within the Heights submarket along the Washington Corridor. The community, Jefferson Heights, is located at 1520 N. Memorial Way. Construction is expected to be completed in fall 2016. Jefferson Heights is being developed on 1.47 acres adjacent to downtown Houston. Apartment homes will offer one- and two-bedroom floor plans ranging from 607 to 1,253 square feet. Units will feature granite countertops, stainless steel appliances, nine-foot ceilings, large closets, garden tubs, separate showers, as well as washers and dryers. Jefferson Heights will offer amenities that include downtown views, a pool overlooking downtown, three courtyards, fire pits, outdoor kitchen and grill area, Wi-Fi in common areas, coffee bar and a fitness center. JLL LP arranged the remaining capitalization in the form of a mezzanine loan, which Parse Capital and equity financing provided.
HOUSTON — Global Transportation has leased 10,719 square feet at the Norfolk Tower building, located at 2211 Norfolk St. in Houston. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, The Realty Associates Fund IX LP. Phil Arnett represented Global Transportation in negotiations.