Property Type

Tulfra Real Estate, Hamsphire Cos. Acquire 202,000 SF Distribution Facility

by Amy Works April 10, 2015

CLIFTON, N.J. — Tulfra Real Estate has partnered with Hampshire Cos. to acquire a distribution facility located at 65 Industrial St. South in Clifton for an undisclosed price. The former Glaxo SmithKline building, features 202,000 square feet of space, including 28,000 square feet of office space, as well as 16 loading docks and 200 on-site parking spaces. The buyers have launched a major repositioning program for the former manufacturing plant to convert the property to a single-tenant use and increase the ceiling height to 27 feet. Additional renovations include a new ESFR sprinkler system, new exterior skin, T5 lighting, epoxy floors and new electrical and mechanical systems, as well as 22,000 square feet of space for lab and/or office use. The name of the seller was not released.

April 10, 2015

Hospitality New York Northeast

Muss Development Launches $43M Renovation of New York Marriott at the Brooklyn Bridge

by Amy Works April 10, 2015

NEW YORK CITY — Muss Development LLC has launched a $43 million renovation and repositioning program for the 667-unit New York Marriott at the Brooklyn Bridge, located at 333 Adams St. in downtown Brooklyn. The first phase of renovation, including The Bar, front desk and M Club Lounge, will be revealed in May. The renovation of the hotel’s ballroom and meeting rooms is slated for completion in September. Additionally, the redesign of the guestrooms will be revealed this spring, with renovations expected to be complete in 2016.

April 10, 2015

Northeast Retail Rhode Island

RK Centers Acquires 98,575 SF Retail Center in Rhode Island for $16.7M

by Amy Works April 10, 2015

MIDDLETOWN, R.I. — RK Centers has acquired Middletown Village, a retail center located on Route 114 in Middletown, for $16.7 million. The 98,575-square-foot center is occupied by a variety of national tenants, including Barnes & Noble, Sports Authority, Michaels and Petco. The name of the seller was not released.

April 10, 2015

Kansas Loans Midwest Multifamily

NorthMarq Arranges $32.6M Acquisition Loan for Apartments in Overland Park, Kan.

by Danielle Everson April 10, 2015

OVERLAND PARK, KAN. — NorthMarq Capital’s Kansas City office has arranged acquisition financing of $32.6 million for Corbin Crossing Apartments, a 298-unit multifamily property in Overland Park. The property is located at 6801 W. 138th Terrace. Greg Duvall of NorthMarq arranged the seven-year loan that includes two-year interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

April 10, 2015

Midwest Minnesota Retail

Marcus & Millichap Arranges Sale of 98,157 SF Shopping Center in Stillwater, Minn.

by Danielle Everson April 10, 2015

STILLWATER, MINN. — Marcus & Millichap has arranged the $8.9 million sale of Oak Park Ponds, a 98,157-square-foot shopping center in Stillwater. Oak Park Ponds is located at 5801 Neal Ave. N. Kowalski’s Markets is a long-term anchor at the property. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office, along Sean Doyle and Cory Villaume of the firm’s Minneapolis office, represented the seller, a limited liability company. Matt Hazelton, Adam ‘AJ’ Prins and Michael Marzinske of Marcus & Millichap’s Minneapolis office represented the buyer, another limited liability company.

April 10, 2015

Illinois Industrial Midwest

Impact Strategies Completes Expansion Project for Chelar Tool & Die in Belleville, Ill.

by Danielle Everson April 10, 2015

BELLEVILLE, ILL. — IMPACT Strategies has completed a $1.1 million expansion project for Chelar Tool & Die Inc., a Belleville-based tool manufacturer. Construction of the 12,000-square-foot addition began in October 2014 and completed in March. IMPACT Strategies built a single-story, pre-engineered metal building. The facility is equipped for making metal stamping dies, metal stampings, specialty precision machinery and Blanchard grinding. IMPACT Strategies collaborated on the project with architect EWR Associates Inc. of Fairview Heights.

April 10, 2015

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of 740-Unit Apartment Property in South Bend, Ind.

by Danielle Everson April 10, 2015

SOUTH BEND, IND. — Tikijian Associates has brokered the sale of Castle Point Apartments in South Bend. The property is located at 18011 Cleveland Road and is less than two miles away from Notre Dame University’s campus. The property includes 740 units and is known for its castle-like architecture. Tikijian Associates represented the seller, Zidan Management Group. Metonic Real Estate Services, an Omaha-based real estate investment management company, purchased the property for an undislosed sales price. Metonic plans to complete a renovation at Castle Point to include a comprehensive clubhouse rehab, exterior updates such as a new paint scheme, interior unit upgrades, additional landscaping and more. Omaha, Neb.-based Seldin Co. will serve as property manager.

April 10, 2015

Industrial Michigan Midwest

Friedman Arranges Sale of Two Industrial Buildings in Southfield, Mich.

by Danielle Everson April 10, 2015

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of two industrial buildings in Southfield. The properties include a 19,350-square-foot building and a 21,500-square-foot building. The properties are located within the Southfield Research Park at 21644 Melrose Ave. and 21666 Melrose Ave. The seller, RREF KB-MI STRI LLC, sold the building to Nexcess, which provides web-hosting solutions. Dan Verderbar and Rick Tabbi of Friedman represented the seller and the buyer in this transaction.

April 10, 2015

Loans Multifamily Texas

HFF Arranges $6.2M in Financing for Class A Apartment Complex in Metro Houston

by Haisten Willis April 10, 2015

KINGWOOD, TEXAS — HFF has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A apartment complex in Kingwood. HFF worked on behalf of the borrower, Mark-Dana Corp., to secure the loan through an affiliate of Prime Finance. Amegy Bank provided the senior construction loan in a non-HFF related transaction. Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each with attached garage parking. Situated on 12.6 acres at 331 Forest Center Drive, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, 24 miles north of downtown Houston. Colby Mueck led HFF’s equity placement team.

April 10, 2015

Multifamily Texas

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis April 10, 2015

GRAND PRAIRIE — The Greysteel Co., a Washington, D.C.-based real estate investment services firm, has arranged the sale of Rose Garden, a 57-unit apartment community located at 2718 Sherman Street in Grand Prairie. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented NYE LLC in the sale of Rose Garden to Series C of Intelligent Investments LLC. Built in 1968, Rose Garden is a six-building, 43,670-square-foot property consisting of 33 one-bedroom units and 24 two-bedroom units. The property is located near prominent entertainment hubs, retailers and restaurants, and offers access to nearby amenities.

April 10, 2015

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