WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.
CEDAR RAPIDS, IOWA — T.W. Sather Co. Inc. has broken ground on the $9.7 million Kingston Village Apartments in downtown Cedar Rapids. The apartment complex located at 200 Diagonal Drive includes 64 units and features a mix of one-, two- and four-bedroom apartments. Amenities at the four-story property include management offices, a fitness center, a business center and community room. The project involved Section 42 financing from the Iowa Finance Authority (IFA), Iowa Economic Development Authority (IEDA), the city of Cedar Rapids and Bank Mutual. The project is part of major redevelopment efforts following the Iowa flood of 2008, a hydrological event that involved most of the rivers in eastern Iowa.
PORTAGE, IND. — STREAM Capital Partners has arranged the $6.9 million sale of a 135,000-square-foot retail building in Portage. The property is located at 6425 Daniel Burnham Drive and is under a long-term lease to Bass Pro Shops. A private owner/developer sold the property to the buyer, a public REIT. Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners represented the seller. STREAM Capital Partners is a boutique net lease and sale-leaseback advisory group.
NORTHBROOK, ILL. — Millennium Properties R/E has brokered the sale of seven office condominiums totaling 19,567 square feet in the Sky Harbor Business Park in Northbrook, a suburb of Chicago. The units were part of a recently developed two-story office building located at 304 Wainwright St., which included nine properties totaling 23,958 square feet. A medical user purchased the office condos for an undisclosed sales price. The new owner plans to occupy several units and lease the rest of the space. The seven units range from vanilla-box condition to move-in ready with two units leased at the time of sale. The Sky Harbor Business Park is located near Edens Expressway Spur (I-94) and the Tri-State Tollway (I-294).
BROOKLINE, MASS. — HFF has arranged the $50.15 million sale of a 136-unit multifamily property located at 1440 Beacon St. in the Coolidge Corner neighborhood of Brookline. Additionally, the firm arranged $21.2 million in financing for the acquisition. HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Co. An affiliate of Visconsi Cos. Ltd. purchased the asset, which will be managed by Samuel & Associates. The 15-year, fixed-rate acquisition loan was arranged through New York Life Real Estate Investors. The transit-oriented residential community, which has direct access to MBTA’s Green Line, features a mix of studio and one-bedroom apartments. On-site amenities include a parking garage, patio area with gas grills, and a fitness center. Mark Campbell, Coleman Benedict, Ben Sayles and Jackie Meagher of HFF represented the seller in the deal. Greg LaBine, also of HFF, led the firm’s debt placement team that arranged the financing.
NEW YORK CITY — Fosun Property Holdings has rebranded One Chase Manhattan Plaza as 28 Liberty effective immediately as part of a comprehensive repositioning program for the property. Designed by Gordon Bunshaft, the 60-story, 2.2-million-square-foot office tower will undergo a renovation, including upgrades to the lobby, elevators, critical infrastructure and plaza. When complete, the redeveloped property will offer 1 million square feet of modern office space and more than 200,000 square feet of high-end retailers. Forsun acquired the property in December 2013. JLL has been tapped as the leasing agent for the building.
MAHWAH, N.J. — Marcus & Millichap has brokered the sale of an industrial facility located at 370 Franklin Turnpike in Mahwah. The 44,000-square-foot asset sold for $3.9 million. The building features 12,000 square feet of newly refurbished office space and 32,000 square feet of industrial space with 24-foot clear heights. The office space is broken up into four 3,000-square-foot sections, with three of the sections being leased by office users and the fourth space being leased by the tenant occupying the warehouse space. David Thurston of Marcus & Millichap represented the both the buyer and seller in the transaction.
DE PERE, WIS. — Ogden & Co. Inc. has arranged the $3.9 million sale of a 56-unit apartment complex in De Pere, a suburb of Green Bay. Trumpeter Trail is located at 605-665 Trumpeter Trail. Trumpeter Trail Associates LLC sold the property to the buyer, a Wisconsin-based investor group. David Tighe and Tim Dwyer of Ogden & Co. were the brokers involved in the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building, located at 546 East 182nd St. in the Little Italy section of the Bronx. A local investor purchased the asset for $2.8 million, or $112,000 per unit. Built in 1913, the five-story building features 25 apartment units. Shulem Paneth and Eli Matyas of GFI represented the buyer, while Wilfred Matias, also of GFI, represented the seller, a local investor, in the deal.
BETHLEHEM, PA. — Lancaster, Pa.-based High Associates has arranged the sale of a multifamily property located at 532 Second Ave. in Bethlehem. The 18-unit property sold for $2.48 million, or $137,500 per unit, in a 1031 exchange. The property features 1,200-square-foot, two-bedroom apartments with upgraded amenities, including hardwood floors, granite counter tops and stainless steel appliances. Additional amenities include off-street parking and a fitness center. Matthew Wolf of High Associates represented both the buyer and seller in the transaction.
