Property Type

Joint Venture to Rebrand New England Executive Park in Burlington

by Amy Works June 10, 2015

BURLINGTON, MASS. — A joint venture between National Development, AEW Capital Management and Charles Rivers Realty Investors is rebranding New England Executive Park in Burlington, which the partnership acquired in June 2013, as The District Burlington. The rebranding is part of a multi-phase redevelopment to revamp the 13-builting complex into a walkable, urban-style destination. The planned redevelopment will include a 170-room hotel, restaurant and retail space and a 350-car parking garage, as well as upgrades and renovations for select buildings to create state-of-the-art workspace. Scheduled to begin this summer, the upgrades include the construction of a new parking structure, renovation of Building 7, which will consist of a 54,000-square-foot addition to create 80,000 square feet of modern workspace, a green roof deck and glass exterior that will form the new terminus to the main street. Additional enhancements will include walking trails and utility, paving, lighting, signage and landscape improvements throughout the buildings and along the frontage. The complex features a build-to-suit opportunity of up to 180,000 square feet. AEW owns the property on behalf of the AEW Core Property Trust (U.S.), an open-end core real estate fund. Jones Lang LaSalle is the leasing agent for the property. The project team …

June 10, 2015

Hospitality Massachusetts Northeast

Ground Breaks for Courtyard by Marriott in Littleton, Mass.

by Amy Works June 10, 2015

LITTLETON, MASS. — Marriott has broken ground on Courtyard by Marriott at The Point, a $100 million, 540,000-square-foot mixed-use retail destination in Littleton. The four-story hotel will feature 115 rooms with flexible workspaces, casual meeting space, a business center, a 24/7 market, free WiFi, GoBoard Touchscreens, a breakfast area, gym, pool, outdoor courtyard seating and a first-floor restaurant. The hotel joins O’neil Cinemas, The Paper Store and numerous restaurants at The Point. The Courtyard by Marriott is slated to open in Spring 2016. Boston-based Sam Park & Co. is developing The Point, a mixed-used retail center in Boston’s MetroWest area.

June 10, 2015

Industrial Loans New Jersey Northeast

Cronheim Mortgage Arranges Two Loans Totaling $13.5M in New Jersey

by Amy Works June 10, 2015

RIDGEFIELD AND NORTH BERGEN, N.J. — Cronheim Mortgage has arranged two loans totaling $13.5 million for two warehouse and distribution facilities in New Jersey. In the first transaction, Cronheim secured $10 million in financing for a 325,340-square-foot warehouse in Ridgefield. The 10-year loan features four years of interest-only payments and a 32-year amortization schedule. The property features 20-foot clear height ceilings, 24,000 square feet of office space, truck loading space and vehicle parking. Additionally, Cronheim arranged a $3.5 million loan for a 235,000-square-foot industrial facility in North Bergen. The 10-year loan features a 30-year amortization schedule. Leased by a wine and spirits company, the facility features 20-foot ceiling heights, ample truck and car parking, and 6,500 square feet of office space. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing in both deals.

June 10, 2015

Georgia Industrial Southeast

Colliers Brokers Sales of Two Industrial Assets in Metro Atlanta Totaling $42.1M

by John Nelson June 10, 2015

ATLANTA — Colliers International has brokered the sale of two industrial assets in metro Atlanta totaling 1.2 million square feet for a combined $42.1 million. Dennis Mitchell and Matt Wirth of Colliers International’s Atlanta office represented the seller, DCT Industrial, in both transactions. The properties included Eagles Landing Trade Center III, a 505,000-square-foot distribution building located at 301 Eagles Landing Parkway in Stockbridge that sold for $21 million, and a five-building industrial portfolio totaling 712,763 square feet in Atlanta’s I-20 West/Fulton industrial submarket that sold for $21.1 million.

June 10, 2015

Illinois Midwest Multifamily Seniors Housing

Providence Life Services, Ryan Companies US Develop Seniors Housing Project in Illinois

by Amy Works June 10, 2015

LISLE, ILL. — Providence Life Services and Ryan Companies US Inc. are developing Arbor Place of Lisle, an 80-unit, age-restricted affordable senior living community in Lisle, located about 25 miles west of Chicago. The $20.6 million project features 60 one-bedroom/one-bath and 20 two-bedroom/two-bath units, ranging from 756 square feet to 1,008 square feet. On-site amenities include a living room and common kitchen, a multi-purpose room, a TV/library room, on-site laundry facilities, a private courtyard with gazebo and fitness center. Additionally, the facility features 94 exterior parking spaces. Pioneer Property Management will provide on-site property management services for the property, which is slated to open in July. Residents at Arbor Place of Lisle must be 55 or older.

June 10, 2015

Illinois Loans Midwest Multifamily

NorthMarq Capital Secures $19.4M Refinance Loan for Multifamily Towers in Chicago

by Amy Works June 10, 2015

CHICAGO — NorthMarq Capital has secured $19.4 million in refinancing for Twin Towers Apartments in Chicago. The two 22-story multifamily buildings total 253 units. Sue Blumberg of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through NorthMarq’s Fannie Mae DUS platform.

June 10, 2015

Hospitality Midwest Wisconsin

Paramount Lodging Advisors Arranges Sale of Wisconsin Holiday Inn

by Amy Works June 10, 2015

NEENAH, WIS. — Paramount Lodging Advisors has arranged the sale of Holiday Inn Neenah Riverwalk, located at 123 E. Wisconsin Ave. in Neenah, near the Fox Cities area of Wisconsin. The hotel includes 107 rooms, 13,000 square feet of meeting and banquet space, a full-service restaurant and a sports bar. The buyer, a regional hotel company, plans to renovate and rebrand the property. Adam Montufar, Brent Clemens and Bennett Webster of Paramount Lodging Advisors represented the undisclosed seller in the transaction, which utilized the Auction.com platform. The sales price was not disclosed.

June 10, 2015

Midwest Retail Wisconsin

Faris Lee Investments Brokers $4.6M Sale of Wisconsin Retail Center

by Amy Works June 10, 2015

KENOSHA, WIS. — Faris Lee Investments has brokered the sale of Windsor Pointe, a multi-tenant retail center in Kenosha. San Diego-based Windsor Pointe Investors sold the 13,965-square-foot property for $4.6 million to Connecticut-based REI Advisors. Situated on 2.2 acres at 7201 120th Ave., the property is occupied by Best Buy, Woodman’s Markets and Gander Mountain, as well as other regional and national tenants. Jeff Conover of Faris Lee Investments represented the seller in the transaction. The buyer was self-represented.

June 10, 2015

Retail Southeast Virginia

Wheeler REIT Purchases Shopping Center in Richmond for $18.5M

by John Nelson June 10, 2015

RICHMOND, VA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased Brook Run Shopping Center, a 147,738-square-foot shopping center located in Richmond. Wheeler REIT acquired the asset for roughly $18.5 million from an undisclosed affiliate. Built in 1990, the property was 91.2 percent leased at the time of sale to tenants such as Martin’s Food Market, CVS/pharmacy, Crunch Fitness, Hair Cuttery and H&R Block. Wheeler REIT funded the purchase using proceeds from a recent financing, debt and issuance of operating partnership units.

June 10, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $9.8M Sale of Shopping Center in Coral Springs

by John Nelson June 10, 2015

CORAL SPRINGS, FLA. — Marcus & Millichap has brokered the $9.8 million sale of Sample Row, a 90,552-square-foot retail property located at 7355 W. Sample Road in Coral Springs. Built in 2001, Sample Row comprises three one-story buildings housing home goods stores, medical providers and DaVita Dialysis. Douglas Mandel, Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Miami Beach. The buyer was a limited liability company based in North Miami.

June 10, 2015

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