BLACKWOOD, N.J. — Integra Real Estate Capital has arranged a $3.6 million mortgage for the refinancing of Scenic Falls Apartments, a 100-unit multifamily property located in Blackwood. The 7-year loan, provided by a New Jersey portfolio lender, features a 3.75 percent fixed rate. Igor Goldenberg of Integra negotiated the financing on behalf of a New York-based borrower.
BARRINGTON, ILL. — Cohen Financial has arranged a $9 million acquisition loan for The Shops at Flint Creek, an upscale retail shopping center located at 500 N. Hough St. in Barrington. Heinen’s Grocery Store anchors the shopping center, which is fully leased. Dan Rosenberg of Cohen Financial’s Chicago office secured the fixed-rate CMBS loan, which is structured with a 10-year term and a 75 percent loan-to-value ratio. Rosenberg secured the loan with Citigroup Global Markets Inc. The borrower is a venture of Next Realty, a national owner of retail properties.
MASON, OHIO AND NORTH VERNON, IND. — DTZ has brokered the $8.3 million sale of two single-tenant industrial properties located in Mason and North Vernon. The Cincinnati Fan property, situated on 17.6 acres, is located at 7697 Snider Road in Mason, northeast of Cincinnati. The 122,898-square-foot industrial manufacturing facility was sold to Robinson & Sons LLC for $4.7 million. Cincinnati Fan and Ventilator will continue to operate in the property. In the other transaction, Agracel Inc. acquired a manufacturing facility in North Vernon from Martinrea Industries. The 140,960-square-foot building, situated on 11.5 acres, sold for $3.6 million. Martinrea Industries, a Tier I automotive supplier, will continue to operate in the facility on a long-term lease. DTZ’s capital markets and industrial leasing teams represented owners Cincinnati Fan and Martinrea Industries in both investment sales transactions.
ELMHURST, ILL. — Entre Commercial Realty has arranged the $2 million sale of a 40,180-square-foot industrial property in Elmhurst. Jimenus, a distributor of steel rule dies, tools, jigs, boards and fixtures, purchased the property located on 1.8 acres at 727 Larch Ave. The firm is relocating to this space from 220 Gateway Drive in Bensenville, Ill. The property features 18-foot ceiling heights, four docks and 3000 amp of power. Improvements planned for the building include 4,000 square feet of newly designed office with additional upgrades to the exterior facade and landscaping starting in spring of 2015. The facility is located off York Road along the Eisenhower Expressway, with access to I-290, I-294 and the O’Hare submarkets. John Gazzola and Mike Gazzola of Entre Commercial Realty represented Jimenus. Mark Barbato of Nicolson Porter & List represented the seller.
GLEN CARBON, ILL. — Holland Construction Services Inc. began work on the new Father McGivney Catholic High School in Glen Carbon. The new 53,000-square-foot, two-story facility is located at the corner of Old Troy and Bouse roads. The new school includes classrooms, commons area, a chapel, library, gymnasium and a student lounge. Hurford Architects Inc. designed the new school, which is scheduled to open in August for the 2015-2016 school year.
BERWYN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $945,000 sale of a single-tenant medical office building located at 3300 S. Oak Park Ave. in Berwyn. Vanguard Health Systems, a wholly owned subsidiary of Tenet Healthcare, occupies the freestanding, 5,990-square-foot building. A Pennsylvania-based real estate fund was the seller. The buyer was a private real estate investor based in Scottsdale, Ariz. Chad Firsel of Quantum Real Estate Advisors Inc. was the sole broker in the transaction.
DALLAS — Trademark Property Co., the operating partner for The Shops at Highland Village, will complete a multi-million dollar renovation of the 352,000-square-foot shopping center located in Dallas. The project will include common area improvements, upgraded landscaping, the addition of new amenities for adults and children, updated facades and new signage throughout the property. Trademark conducted a design meeting last summer at The Shops at Highland Village with numerous architects, the onsite management team and city officials to collaborate and formulate a strategic plan and direction for the property.
PLANO, TEXAS — Venture Commercial Real Estate has arranged a long-term lease for Northern Tool + Equipment in Plano. The new lease will add 5,040 square feet to its 15,000-square-foot store at 99 Ranch Marketplace located at 111 W. Spring Creek Pkwy. Venture’s Clay Mote represented the tenant in lease negotiations. Oliver Robinson of Centennial Real Estate Services LLC represented the landlord, Spring Creek Retail LLC.
SAN ANTONIO — Mason Joseph Co. Inc., a San Antonio-based FHA multifamily lender, has secured a combination substantial rehab/construction and permanent loan for Western Hills Apartments. The property’s 41 single-story buildings include 148 units. The property, built in the 1960s, will undergo renovations to include the addition of new kitchens, appliances, bathrooms, electrical work, various external improvements and improvements to meet accessibility standards. MJC obtained an $8.2 million, 40-year construction and permanent loan using HUD’s 221(d)(4) mortgage insurance program. Financing was arranged for Alamo Community Group, a private nonprofit housing organization founded in 1990.
AUSTIN — HFF has arranged the sale of Lakeway Resort and Spa, a 168-room hotel and spa located at Lake Travis in northwest Austin. The property is located at 101 Lakeway Drive and is 21 miles from downtown Austin. HFF marketed the property on behalf of the seller. Ashford Hospitality Trust purchased the property, which was originally built in the 1960s. The Lakeway Resort and Spa was expanded in 1992, 2001 and 2007 and recently underwent renovations in 2014. The four-building property features 24,174 square feet of meeting space, the San Saba Spa and Fitness Center, three swimming pools, a swim-up bar, heated whirlpool, outdoor pool deck with cabanas and lounge chairs, Kid Zone and full-service restaurant. In addition to the 168 rooms, there are eight luxury condominium units available through a rental pool agreement. The property overlooks Lake Travis, is adjacent to the Lakeway Marina and is near four 18-hole championship golf courses. Daniel Peek, John Bourret and Austin Brooks led HFF’s investment sales team.
