PIKESVILLE, MD. — An affiliate of Harbor Group International LLC (HGI) has purchased Annen Woods, a 131-unit, Class B apartment community in Pikesville, a suburb of Baltimore. The property is currently 94 percent leased. HGI plans to invest roughly $1.1 million to complete upgrades to the property. HGI currently owns more than 4,800 multifamily units in the Baltimore/Suburban Maryland metro area.
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AURORA, ILL. — Marcus & Millichap has brokered the $16 million sale of a 63,740-square-foot FedEx freight terminal located in Aurora. The single-tenant, industrial asset is part of a two-property portfolio. The freight terminal is situated on 14.5 acres located at 3883 Butterfield Road. The Aurora FedEx freight terminal features a 55,120-square-foot main building with 6,800 square feet of office space. There is also 48,320 square feet of cross-dock working space, which serves as the customer center. The property contains a 6,550-square-foot, three-bay repair/wash building; a 1,600-square-foot fueling facility; and a concrete scale pit with an axle scale. The freight terminal has 104 loading/unloading doors with custom dock levelers and custom door seals. There are 269 tractor/trailer parking spaces and a separate employee parking lot that can hold up to 91 cars. Nick Manganais of Marcus & Millichap represented the seller, an Illinois-based family partnership. Howard Wiese of Marcus & Millichap represented the buyer, Welbic Investments, a private real estate investment fund.
ELMWOOD PARK, ILL. — Mid-America Asset Management Inc. has arranged the lease of a 6,630-square-foot retail space for Fruitful Yield in Elmwood Park, a northwest suburb of Chicago. The health food store will occupy space at North Tower Plaza, located at the northwest corner of Harlem and North avenues. Tenants at the 26,088-square-foot shopping center include Super Cuts, Great American Bagel and Subway. Liz Krebs and Samantha Spinell of Mid-America represented the undisclosed landlord. Jason Trombley of JLL represented the tenant.
FARMINGTON HILLS, MICH. — Gabriel Ride Control, which designs, engineers, and produces shock absorbers, has acquired a 49,065-square-foot industrial building from CIII Capital for an undisclosed price. NAI Farbman brokered the sale of the property located at 39300 Country Club Drive in Farmington Hills, approximately 23 miles northwest of Detroit. The Class B, flex research and development building is situated on five acres and has access to I-696, I-275 and the M-5 freeways. Doug Fura and Devin Kling of NAI Farbman represented the seller. Lee & Associates represented the buyer.
DEKALB, ILL. — CBRE has arranged a 7,017-square-foot retail lease in DeKalb, about 65 miles west of Chicago. Sleepy’s, a mattress retailer, will occupy space at 2350 Sycamore Road. Founded in 1957, Sleepy’s has more than 800 showrooms and seven distribution centers. The new location is part of the company’s expansion in Illinois. Lynne Brackett and Karen Walsh of CBRE represented the landlord, Arthur Goldner & Associates Inc., in the transaction. Willy Hoag of Mid-America Asset Management Inc. represented the tenant.
NEW YORK CITY — Meridian Capital Group has arranged a $22.5 million loan to refinance a multifamily property located at 680 West End Ave. in Manhattan’s Upper West Side. Provided by a regional balance sheet lender, the five-year loan features a 3.33 percent fixed rate. Carol Shelby of Meridian’s New York City office negotiated the transaction. The 13-story building features 58 apartments and seven professional units.
NEW YORK CITY — White Plains, N.Y.-based Acadia Realty Trust has purchased a two-parcel, 1.38-acre site at 2520 Flatbush Ave. in Brooklyn. Capital One Bank sold the property for $17.1 million. The 30,000-square-foot property is leased to Capital One Bank and Bob’s Discount Furniture. The acquisition also included a sale-leaseback with Capital One Bank for its portion of the property. Corey Gluckstal and Guy Canzoneri of Sabre Real Estate Group represented the buyer in the transaction.
CAMDEN, N.J. — Love Funding has secured a $17.5 million loan for Broadway Townhomes, a 175-unit townhouse community in Camden. The loan is the first of its kind to be approved under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program. The programs allows proven financing tools to be applied to preserve and upgrade at-rise public and assisted housing and provides for a long-term Section 8 rental assistance contract. The property will be renovated using tax-exempt bonds provided by the New Jersey Housing and Mortgage Finance Agency in combination with 4 percent low-income housing tax credits and the proceeds from the loan, which is being insured through HUD’s 221(d)(4) program. Leonard Lucas of Love’s Boston office arranged the transaction.
PARSIPPANY, N.J. — CBRE Group has arranged the purchase of 20 East Halsey Road in Parsippany. GTJ REIT purchased the 75,000-square-foot industrial flex property for $3.3 million. Situated on 7.8 acres, the property has been vacant for more than 20 years. The buyer plans to refurbish the property to accommodate either a single or multiple tenants. Thomas Mallaney and Susan Branch of CBRE represented the buyer in the transaction.
NEW HAVEN, CONN. — The New Haven Register has leased 18,000 square feet at 100 Gando Dr. in New Haven. The New Haven Register will occupy two floors of the building, which is known as the Star Supply Building. The new space will house a modern workspace and offer on-site parking for the company’s 160 employees. Praxis Commercial, along with Tim Fegan and David Hansen of CBRE, brokered the transaction for the New Haven Register.