CLEVELAND — First Market Properties LLC has purchased the first lien mortgage on a Class B, mixed-use complex in Cleveland. The property, Playhouse Square, is located at 1220 Huron Road N.E. The building includes 100,800 net rentable square feet and is currently 30 percent occupied. The loan was originated in 2011 and matured in June 2013 with an unpaid balance of approximately $1.7 million. Miami-based First Market Properties is a fully integrated real estate investment firm that originates first lien debt, purchases loans and REOs nationwide.
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BUFFALO, N.Y. — Williamsville, N.Y.-based Ciminelli Real Estate Corp. has topped off Conventus, a seven-story medical office building located at 1001 Main St. in Buffalo. Situated on the Buffalo Niagara Medical Campus, the 350,000-square-foot building is scheduled for completion in spring 2015. Located at the Northern Gateway to the medical campus, the building will be physically connected via enclosed walkways to the new John R. Oishei Children’s Hospital, the new University at Buffalo School of Medicine and Bioinformatics, and the University at Buffalo Research Institute on Addictions. Tenants will include Kaleida Health, UBMD, AMRI and First Niagara Bank.
NEW HAVEN, CONN. — C. Cowles & Co. has acquired a manufacturing/warehouse facility located at 100 Kenna Dr. in North Haven from The Freedom Group Family of Companies for an undisclosed price. Situated on 23.5 acres, the 226,000-square-foot warehouse/manufacturing property offers 206,000 square feet of manufacturing space and 20,000 square feet of office space. Built in the 1960s, the facility also features 18-foot clear ceiling heights, 40- by 40-foot column spacing and a wide-open floor plan. The buyer, a precision metal stamping company, plans to consolidate two business units in one facility. Jim Panczykowski of Binswanger’s New Haven office handled the transaction.
SOUTH BRUNSWICK, N.J. — Colonna Brothers Inc. has acquired 319 Ridge Road in South Brunswick for an undisclosed price. The 121,361-square-foot industrial facility features sections of 20- to 30-foot high ceilings, 42- by 42-foot column spacing, 17 tailboards and one drive-in. Mark Tannen of United Realty Advisors represented the buyer, while Robert Sager and David Blitt of Bussel Realty Corp. represented the seller, 319 Ridge Road Associates LLC, in the transaction.
NORTH BERGEN AND PARSIPPANY, N.J. — Cushman & Wakefield has brokered deals to facilitate the relocation of Hudson News Distributors from North Bergen to Parsippany. Bergen Logistics purchased Hudson News’ 23-acre, 475,000-square-foot headquarters located at 5903 Westside Ave. in North Bergen for an undisclosed price. In conjunction with the disposition, Cushman & Wakefield arranged the lease of 701 Jefferson Road in Parsippany for Hudson News. The company will use the 135,000-square-foot former Coca-Cola distribution facility as its new headquarters. Scott Perkins of NAI James E. Hanson represented the landlord, Jofra Realty, in the lease transaction. Bonni Heller, Richard Baumstein, Andrew Merin and Gary Gabriel of Cushman & Wakefield represented Hudson News in the transactions.
NEW YORK CITY — Delshah Capital has refinanced its existing debt on 1356 First Ave., located in New York City’s Upper East Side, for $11.5 million. The 20,000-square-foot property offers 26 one-bedroom condominium units and one retail unit. Petaluma, the Italian restaurant retail tenant, is being completely renovated and will reopen in this fall with C.J. Bivona as chef. Santander Bank originated the loan, which features a 4.05 percent interest rate with a 7-year term. Simon Rosenfeld of Meridian Capital Group represented both sides in the transaction.
HOUSTON — HFF has brokered the sale of a three-property multifamily portfolio in Houston. The properties include the 192-unit El Mundo Park, located at 8300 El Mundo St.; the 66-unit Plaza del Oro, located at 2700 Holly Hall St.; and the 212-unit San Marin, located at 8181 El Mundo St. Combined, the complexes’ 470 apartments were 96 percent leased at the time of the sale. All three communities are situated within two miles of the Texas Medical Center. Todd Stewart, Todd Marix, Chris Curry and Tre Banks of HFF marketed the portfolio on behalf of the seller, LeCesse Development Corp. Entities owned by JMG Realty Inc. purchased the assets.
FARMERS BRANCH, TEXAS — Cassidy Turley has arranged a 30,000-square-foot industrial lease in the Dallas/Fort Worth suburb for PIRCH Inc., a provider of kitchen, bath, laundry and homeware products. The tenant will occupy distribution center space at 4521 Simonton Road, in proximity to the NorthPark Mall project, which is the future site of a PIRCH showroom. The warehouse facility, situated near the interchange of I-635 and the Dallas North Tollway, features 2,000 square feet of office space and four dock-high doors. Blake Anderson, David Eseke and Tom van Betten of Cassidy Turley represented PIRCH in the negotiations. Peter Yates of Lincoln Property Co. represented the landlord, The Realty Associates Fund.
HOUSTON — NAI Houston has brokered the sale of a 14,000-square-foot industrial building in Houston. The facility is located on a 1.6-acre parcel at 3741 Trailmobile Drive, in proximity to I-610. Chris Caudill of NAI Houston represented the seller, Patrick Walton, in the transaction. Reese Brown of Miramont Interests LC represented the buyer, Phillip Collins.
SAN FRANCISCO – The 106,777-square-foot commercial property in San Francisco that serves as the broadcast and office base of KRON Channel 4 television has sold to a partnership between South Beach Partners and Oryx Partners. The price was not disclosed. The space is located at 1001 Van Ness. KRON has occupied the building since 1967. The station will be relocating to a new facility in North Waterfront later this year, which will allow the new owners to redevelop the property. The seller, Media General, was represented by Daniel Cressman, Mike Taquino and Kyle Kovac of Newmark Knight Frank Cornish & Carey Commercial.