Property Type

Opus Group, USAA Real Estate Co. Arrange Lease of I-88 Gateway Logistics Center

by Danielle Everson February 13, 2015

NORTH AURORA, ILL. — The Opus Group and USAA Real Estate Co. have arranged the lease of a 604,565-square-foot warehouse building in North Aurora. Midwest Warehouse & Distribution System Inc. has signed a long-term lease agreement at the I-88 Gateway Logistics Center. Construction on the speculative industrial building was completed in October 2014. The property is located on 32 acres of land and features 32-foot clear heights, 60 docks, 103 trailer parking spaces, an ESFR sprinkler system and T5 lighting. Midwest Warehouse provides third-party logistics including warehouse and distribution services for companies across the Midwest. The company plans to move into the building during the second quarter. Opus Development Co. was the developer, Opus Design Build was the design-builder, and Opus AE Group was the architect and engineer of record for the project. USAA Real Estate Co. owns the building. Tim Thompson of HSA Commercial Real Estate represented Midwest Warehouse. Brandon Kelly and Todd Heine of Avison Young were the listing brokers.

February 13, 2015

Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $5.1M Fannie Mae Loan for Seniors Housing Community in St. Paul

by Danielle Everson February 13, 2015

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $5.1 million Fannie Mae loan for the refinance of Riverview Highlands, a 54-unit multifamily property in St. Paul. The 12-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower Riverview Highlands LLC. Riverview Highlands is 55-plus seniors community that offers planned activities and events for residents. The property features underground parking, an exercise room and a community room. Floor plans include walk-in closets, washer and dryer connections, oversized kitchens, vaulted ceilings and fireplaces in some of the units.

February 13, 2015

Illinois Midwest Multifamily

M&M Brokers $1.4M Sale of 24-Unit Apartment Building in Midlothian, Ill.

by Danielle Everson February 13, 2015

MIDLOTHIAN, ILL. — Marcus & Millichap has brokered the $1.4 million sale of 14800 Kenton Ave., a 24-unit apartment property located in Midlothian. The property is located at 14800-16 S. Kenton Ave., and includes two-bedroom units. The asset includes off-street parking and on-site laundry facilities in each building. Scott Harris, Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office, represented the seller, a private investor and the buyer, a limited liability company.

February 13, 2015

Illinois Midwest Retail

Carmike Cinemas Inc. Opens New Theater in Bloomington, Ill.

by Danielle Everson February 13, 2015

BLOOMINGTON, ILL. — Carmike Cinemas Inc. has opened Ovation 10 featuring Carmike Cinemas’ new cinematic dining experience in Bloomington. The new movie theater is located at 415 Detroit Drive. The dine-in entertainment complex features 10 large, wall-to-wall screens, all-new stadium seating with accessible service buttons, a projection system, which delivers crystal-clear 2D and 3D images, as well as special services for visually and hearing-impaired guests. The complex also provides kiosks and guest services and a cocktail lounge with a full service bar.

February 13, 2015

Midwest Minnesota Retail

Sports Authority Signs Lease at Minneapolis City Center

by Danielle Everson February 13, 2015

MINNEAPOLIS — Shorenstein Properties LLC has arranged the lease of 21,877 square feet of space for Sports Authority at the Minneapolis City Center. Sports Authority will occupy the ground-floor retail space on the Nicollet Mall and 7th Street side of the property. Sports Authority’s lease of space brings the total retail occupancy at Minneapolis City Center to 86 percent. Additionally, Shorenstein recently signed a lease for more than 40,000 square feet with discount luxury apparel retailer Saks Fifth Avenue OFF 5TH for a store that is slated to open in April 2016. The Sports Authority store is expected to open this fall. Shorenstein Properties acquired Minneapolis City Center in 2012. Minneapolis City Center is the two-story retail portion of a 1.6 million-square-foot mixed-use development.

February 13, 2015

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $65M Construction Loan for Mixed-Use Project in Brooklyn

by Amy Works February 13, 2015

NEW YORK CITY — Madison Realty Capital has provided $65 million in construction financing for the development of a mixed-use property at 19 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The undisclosed borrower plans to transform the vacant 80,000-square-foot site into a 384,000-square-foot mixed-use building offering retail, office and community facility space. Loan proceeds will be used to retire existing debt and fund future construction costs. The development site comprises four adjacent parcels occupying the entire block from Wythe Avenue to Kent Avenue between North 12th Street and North 13th Street. Current development plans call for a eight-story building offering floors ranging in size from 30,000 to 50,000 square feet.

February 13, 2015

Massachusetts Northeast Retail

Bierbrier Development Acquires 45,000 SF Shopping Center in Braintree, Mass.

by Amy Works February 13, 2015

BRAINTREE, MASS. — Bierbrier Development has purchased South Shore Plaza, a shopping center located at the corner of Routes 128 and 37 in Braintree. Carpenter & Co. sold the property for $41.5 million. The 45,000-square-foot retail property is fully occupied by a variety of local and national tenants, including Legal Sea Foods, Starbucks, AT&T, Jos. A. Bank and TGI Friday. Brian Corcoran of Ackman-Ziff arranged $29.6 million in acquisition financing through Wells Fargo for the transaction. Ben Sayles and Coleman Benedict of HFF represented the seller in the deal.

February 13, 2015

Industrial Northeast Office Pennsylvania

Endurance Real Estate Group Buys 190,729 SF Business Center in Pennsylvania

by Amy Works February 13, 2015

UPPER CHICHESTER TOWNSHIP, PA. — An affiliate of Endurance Real Estate Group has acquired Naaman’s Creek Business Center, a five-building, 190,729-square-foot flex portfolio located in Upper Chichester Township, for $9.8 million, or $51.12 per square foot. Situated within Naaman’s Creek Center, the business center’s five buildings range from 25,000 to 60,000 square feet. At the time of acquisition the property was 50 percent occupied. Built in the late 1990s through the early 2000s, the buildings feature all-masonry facades, 19-foot clear ceiling heights and flexible configurations to accommodate a variety of tenant requirements. The seller was not disclosed.

February 13, 2015

Loans Massachusetts Multifamily Northeast

Arbor Funds $2.4M Loan for Multifamily Property in Boston’s Mattapan Neighborhood

by Amy Works February 13, 2015

BOSTON — Arbor Commercial Mortgage has funded a $2.4 million loan for Adams Court Apartments, located at 415 River St. in Boston’s Mattapan neighborhood. Secured under the FHA 223(f) Loan product line, the 35-year refinance loan features a 35-year amortization schedule. The 50-unit property features laundry facilities in each building, off-street parking and balconies for most non-ground-level apartments. Ryan Duff of Arbor’s Boston office originated the loan for the undisclosed borrower.

February 13, 2015

Florida Georgia Multifamily Seniors Housing Southeast

Dominion Partners to Develop Seniors Housing Facilities in Florida, Georgia

by John Nelson February 13, 2015

BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.

February 13, 2015

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