Property Type

Axcelis Technologies Sells HQs for $49M in Massachusetts

by Amy Works February 9, 2015

BEVERLY, MASS. — Axcelis Technologies has sold its corporate headquarters facility located at 208 Cherry Hill Dr. in Beverly. An affiliate of Northbrook, Ill.-based Middleton Partners purchased the property for $49 million. Built in 1984 and situated on 37 acres, the facility consists of 417,313 square feet high-end office and industrial space. Axcelis is will lease the property on a long-term, triple-net lease. Ed Wlodarczyk and James Halepis of DTZ represented the seller and procured the buyer in the transaction.

February 9, 2015

Midwest Minnesota Retail

JV Inland Real Estate Corp., PGGM Acquire Shopping Center for $26.3M

by Danielle Everson February 9, 2015

LAKEVILLE, MINN. — Inland Real Estate Corp. in a joint venture with Dutch pension fund advisor PGGM has acquired Argonne Village, a 113,000-square-foot neighborhood shopping center, located in Lakeville, a suburb of Minneapolis, for $26.3 million in cash. Argonne Village is anchored by a 71,800-square-foot Cub Foods grocery store with a mix of co-tenants that include Dollar Tree, Taco Bell, Starbucks, FedEx Kinko’s, Little Caesars Pizza, Great Clips and others. The 100-percent-leased center is approximately 20 miles south of Minneapolis. The Class-A property is located off of County Road 50 and I-35W.

February 9, 2015

Loans Massachusetts Multifamily Northeast

Greystone Provides $52.5M Fannie Mae Loan for Quincy Point Apartments in Massachusetts

by Amy Works February 9, 2015

QUINCY, MASS. — Greystone has provided a $52.5 million Fannie Mae loan as part of a $66 million total financing package for Quincy Point Apartments, a 640-unit affordable housing complex in Quincy. Greystone worked in conjunction with MassHousing to provide a financing structure that included a $66 million MassHousing conduit construction loan with a 17-year Fannie Mae-backed permanent loan and the use of low-income housing credits to help finance the acquisition and rehabilitation of the property. 1000 Southern Artery Renewal Development Limited Partnership, a partnership between Quincy Point Congregational Church Homes Inc., and the National Foundation for Affordable Housing Solutions Inc., acquired Quincy Point Apartments. As a result of the loan structuring, a minimum 90 percent of the apartments will remain affordable to residents earning at or below 60 percent of the area median income for at least 30 years. The owners plan renovations for the property, including exterior improvements, the installation of Energy Star-rated windows and sliding doors, a new fire alarm control panel, high-efficiency boilers and chillers, improved LED lighting throughout the property, and upgrades to the common areas and resident amenities. Individual unit improvements include new kitchens with Energy Star-rated appliances, new high-efficiency baseboard heaters, new bathrooms …

February 9, 2015

Loans Multifamily New York Northeast

HFF Closes Sale, Arranges Financing for The Montrose in Manhattan’s Murray Hill

by Amy Works February 9, 2015

NEW YORK CITY — HFF has arranged the sale of and financing for The Montrose, a multifamily building located in Manhattan’s Murray Hill. Gaia Real Estate Investments LLC purchased the property for an undisclosed price. Located on 308 East 38th St., the 22-story building offers 97 residential units, a 24-hour attendant, a sundeck with views of the Manhattan skyline and East River, a fitness center and tenant lounge with billiards and a flat-screen television. Built in 2001, the building is currently 100 percent leased. Andrew Scandalios, Eric Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller, while Steven Klein and Christopher Peck, also of HFF, arranged the financing for the transaction.

February 9, 2015

Delaware Loans Multifamily Northeast

Colliers International Arranges $18.3M Loan for Two Multifamily Properties

by Amy Works February 9, 2015

WILMINGTON, DEL. — Colliers International has arranged $18.3 million in financing for a two-property multifamily portfolio in Wilmington. The properties, Limestone Terrace and Mill Creek Apartments, offer a total of 292 residential units. The 12-year loan features a fixed term and a 30-year amortization schedule. The loan features an 80 percent loan-to-cost ratio and a rate of 4.64 percent. Kris Wood, John Banas, Dean Costalas and Alex Hails of Colliers negotiated the non-recourse loan.

February 9, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers $1.2M Sale of Retail Property in New Jersey

by Amy Works February 9, 2015

HOLMDEL, N.J. — Marcus & Millichap has brokered the sale of a retail property in Holmdel. The 2,000-square-foot property, which is net leased to Sun National Bank, sold for $1.2 million. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller and buyer, both private investors, in the 1031 exchange.

February 9, 2015

Illinois Midwest Multifamily Seniors Housing

Walker & Dunlop Provides $20M Financing to Assisted Living Facility in New Lenox, Ill.

by Danielle Everson February 9, 2015

NEW LENOX, ILL. — Walker & Dunlop has provided a $20 million loan for the refinancing of Cottages of New Lenox, an 80-unit, 100-bed assisted living and memory care facility in New Lenox. The loan was structured with three years of interest-only payments using Walker & Dunlop¹s interim loan program. The borrower is an affiliate of a joint venture between Chicago-based Focus Healthcare Partners LLC and Artemis Real Estate Partners LLC. John Pantone led the Walker & Dunlop team that structured the loan. Located 42 miles southwest of Chicago, Illinois, Cottages of New Lenox features five stand-alone, 20-resident cottages, including one building that provides assisted living. Additional amenities include personalized care, health care coordination, chef prepared meals, housekeeping, and secure courtyards.

February 9, 2015

Multifamily Texas

ARA Arranges Sale of Apartment Complex in Austin

by Haisten Willis February 9, 2015

AUSTIN, TEXAS — Atlanta-based ARA has arranged the sale of the Reserve at Walnut Creek, a 284-unit, value-add apartment complex located in Austin. Pat Jones of ARA’s Austin office represented the seller, a Delaware Statutory Trust, in the transaction. Houston-based Tradewind Properties was the buyer. The company plans to upgrade the units. Premium Property USA Inc., headquartered in Switzerland, provided equity in the transaction. Constructed in 2002, Reserve at Walnut Creek is a garden-style apartment community comprised of one- and two-bedroom units. The Class A community features amenities including a resort-style pool, a poolside barbecue area with a gas grill, a fitness center, gym, business center, limited access gates and remote controlled detached garages. Reserve at Walnut Creek is located near employment, retail and entertainment centers. Occupancy at the time of sale was 94 percent.

February 9, 2015

Hospitality Midwest Wisconsin

First Hospitality Group to Manage New Hotel in Kenosha, Wis.

by Danielle Everson February 9, 2015

KENOSHA, WIS. — Rosemont, Ill.-based First Hospitality Group Inc. will manage the brand new Fairfield Inn & Suites by Marriott in Kenosha/Pleasant Prairie. Construction on Fairfield Inn & Suites by Marriott Kenosha is scheduled for later this year, with plans to open in 2016. Located in the southeast quadrant of highway 165 and I-94, the Fairfield Inn & Suites by Marriott Kenosha will feature 108 guest rooms throughout four stories and convenient amenities including an indoor pool, exercise room and business center. Along with the hotel, the owner of the property, Varin/Kenosha Hotel Partners II, is also interested in developing two adjacent restaurants on site.

February 9, 2015

Hospitality Texas

Stage Equity Partners Acquires Medical Office Building in Houston

by Haisten Willis February 9, 2015

HOUSTON — Chicago-based healthcare real estate investment company Stage Equity Partners LLC has acquired a 24,075-square-foot multi-tenant medical office building in Houston. The single-story, Class A building was acquired in an off-market transaction from a local investment group. The property, located at 5650 E. Sam Houston Pkwy. (Beltway 8) in east Houston, is 100 percent leased by seven established medical practices. These include anchor tenant Texas Children’s Pediatrics (Texas Children’s Hospital), Bayshore Medical Center (HCA), Houston Eye Associates and Diagnostic Radiology of Texas. The property is within 20 minutes of Texas Children’s Hospital’s main campus, as well as other hospitals, for those patients requiring acute procedures.

February 9, 2015

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