RAVENSWOOD, ILL. — NGKF Capital Markets has arranged $40 million in construction take-out financing for Ravenswood Station, a 123,650-square-foot retail building located in Chicago's Ravenswood neighborhood. A correspondent insurance company lender provided the 20-year, permanent fixed-rate loan. Ravenswood Station, located at 1800 W. Lawrence Ave., is anchored by Mariano's Fresh Market and LA Fitness. The recently built property opened fully pre-leased. Marino’s Fresh Market opened in April. The property includes 364 spaces of surface and structured parking. NGKF represented the borrower, a joint venture between The Taxman Corp. and Barrett & Porto Real Estate. Executive managing director Joel Simmons led the NGKF team in the transaction.
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MILWAUKEE — The Boulder Group has arranged the $1.8 million sale of a single-tenant, net-leased Chipotle restaurant property in Milwaukee. The property is located at 3232 S. 27th St. Chipotle is the sole occupant of the 2,295-square-foot retail building. Chipotle has approximately 10 years remaining on its lease, which was recently extended. The lease includes a 12.5 percent rental escalation in the primary term and a renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private investor. A California-based investor purchased the property in a 1031 tax-deferred exchange.
WATERTOWN, MASS. — Cassidy Turley has arranged the sale of Riverworks Innovation Center at 480 Pleasant St. in Watertown. Farley White Interests sold the three-building office complex to Spear Street Capital for $43 million. Situated along the Charles River, Riverworks is a three- and four-story brick-and-beam office complex offering 200,000 square feet of space. The property was formerly the headquarters to Boston Scientific Corp. until the medical device company vacated the site. Farley White purchased the vacant property in 2010 and renovated it. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.
COLLINGSWOOD, N.J. — Ingerman has topped out The Collings North, the second and final phase of The Collings at The LumberYard in Collingswood. The five-story building will feature 70 apartments, 12,000 square feet of ground-floor office space and 1,500 square feet of retail space. Located along Haddon Avenue, the second phase will feature one- and two-bedroom apartments ranging in size from 800 to 1,300 square feet. The pet-friendly residences will feature gourmet kitchens with quartz countertops, full-size washers and dryers, generous closet space and ENGERY STAR appliances. Additionally, the community features an outdoor courtyard with grill, covered parking, common-area WiFi, a community room and a fitness center. The Collings South, the community’s fully leased first phase, offers 34 apartment homes featuring a mix of one-, two- and three-bedroom units, including seven townhomes with private entrances.
NORWALK, CONN. — InterContinental Hotels Group (IHG) has opened its first EVEN Hotels property for the recently launched EVEN brand. Located at 426 Main Ave. in Norwalk, the 129-room hotel is designed to meet guests’ desire to maintain a healthy lifestyle while traveling. The hotel features a three-zone Athletic Studio, including a flex room for spinning and yoga classes, and healthy food and beverage options from its Cork & Kale Market and Bar. The EVEN Hotel Norwalk is owned and managed by IHG. The brand currently has four hotels in the pipeline: one in Rockville, Md.; one in Brooklyn, N.Y.; and two properties in midtown Manhattan.
NEW YORK CITY — Madison Realty Capital (MRC) has completed the disposition of 150 West 84th Street for $12.28 million. The five-story, 13,260-square-foot building consists of 20 residential units. MRC originally purchased the property in 2012 for $7.13 million and spent the last two years renovating and repositioning the building. The buyer was not disclosed.
NEW YORK CITY — GFI Realty Services has brokered the sale of 205 St. James Place, a four-story, walk-up apartment building in Brooklyn’s Clinton Hill neighborhood. The eight-unit property sold for $3.95 million or $494,000 per unit, which translates to 17.5 times the rent roll. Constructed in 1930, the 9,316-square-foot building is located within walking distance to the Clinton-Washington Avenues and Franklin Avenue subway stations, which service the C, G and S lines. Shlomo Antebi of GFI represented the seller and Joseph Landau of GFI represented the buyer. Both the seller and buyer are local investors.
DALLAS, TEXAS — Crescent has broken ground on its 530,000-square-foot McKinney & Olive project in Dallas. The development will include 480,000 square feet of office space and 50,000 square feet of retail space, including a coffee shop and three restaurants. Law firm Gardere Wynne Sewell LLP will lease 109,000 square feet and occupy four floors. Crescent will begin construction immediately, and completion is anticipated in summer 2016. The project team includes Crescent Real Estate Equities LP as developer; Pelli Clarke Pelli Architects as design architect; Kendall/Heaton Associates as executive architect; Office of James Burnett as landscape architect; and Beck Group as general contractor.
AUSTIN, TEXAS — Lucent Capital has arranged $29.25 million in permanent non-recourse financing secured by Met Center 10, a 345,600-square-foot Class A flex office building in Austin. The property was built in 2001 and is 100 percent occupied by two tenants: the State of Texas Department of Insurance and Pharmaceutical Product Development. The non-recourse loan enabled the borrower, a tenant-in-common investment group formerly sponsored by Breakwater Equity Partners, to refinance its existing debt and complete a structural upgrade program that remediated prior movement to the property’s foundation. The loan has a fixed interest rate of 4.85 percent for 10 years and includes a capital improvement holdback that will allow the borrowers to reconfigure a parking lot and create an additional 100 parking spaces for the tenants over the next several months. Challenges facing this transaction included the roll up of a tenant-in-common structure, special use build out, binary nature of the cash flow and recent structural property issues.
HOUSTON — Colvill Office Properties has closed an 11,574-square-foot office lease to Laredo Energy at CityCentre Four, a six-story, new Class A office building situated in the CityCentre mixed-use complex in west Houston. The signed deal completes lease-up of the entire 120,052-square-foot building, which is located at the corner of Interstate 10 and Sam Houston Parkway. Michael Anderson, Marilyn Guion and Connor Saxe of Colvill Office Properties represented landlord Midway in the lease transaction. André Granello and Gary Lawless of Cresa represented the tenant. Midway recently broke ground on CityCentre Five. The new 15-story building will add another 200,000 square feet of office product to the CityCentre development. Delivery is projected for summer 2015. The building will offer 18-foot ceilings on three of the floors and will include retail and restaurant space on the ground level.