FARIBAULT, MINN. — Marcus & Millichap has brokered the $3 million sale of Western Avenue Marketplace, a 16,564-square foot retail property located in Faribault, approximately 50 miles south of Minneapolis. The property is located at 300 Western Ave. Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a limited liability company. Brian Klancke and Sean Doyle, also of Marcus & Millichap, represented the buyer, a private investor.
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NOVI, MICH. — Bernard Financial Group has arranged a $2.6 million CMBS loan for Briar Pointe Plaza in Novi, a city approximately 30 miles northwest of Detroit. The shopping center includes 29,908 square feet of retail space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Briarwood of Novi Investors LLC.
TROY, MICH. — Colliers International has arranged the lease of a 24,062-square- foot industrial property in Troy. The property is located at 194 E. Maple Road. Ryan Brittain, Peter E. Kepic and Peter J. Kepic of Colliers International represented the tenant, Cadillac Coffee Company, in this lease transaction.
MARLBOROUGH, MASS. — FF Realty II LLC, an affiliate of Fairfield Residential, has acquired a 28-acre development site located on Ames Street in Marlborough for an undisclosed price. The buyer plans to develop the land into a 225-unit luxury apartment community of four multi-level buildings.The complex will offer 117 one-bedroom units, 96 two-bedroom units and 12 three-bedroom units. Additionally, the community will feature a clubhouse with pool. Construction is expected to begin later this year. Simon Butler and Biria St. John of CBRE/New England’s capital markets team represented the seller, Marlborough/Northborough Realty Trust, an affiliate of The Gutierrez Company, and the buyer in the transaction.
LARCHMONT, N.Y. — Byron Place Associates plans to start construction this month on The Cambium, a multifamily development in Larchmont.Located at 10 Bryon Place, the property will feature 149 one- and two-bedroom apartment units and a three-level parking garage with more than 270 spaces. The apartments feature custom flooring, gourmet kitchens with stainless steel appliances, and bathrooms with marble and limestone. Community amenities include a 24-hour doorman and onsite concierge, courtyard, fitness center, clubroom and a two-story lobby. Ceres Realty Group will manage the property, which is slated for completion in 2015.
CARLSTADT, N.J. — Sitex has purchased five industrial buildings located on Barell Avenue in Carlstadt for an undisclosed price. The buyer plans to modernize and reposition the buildings to attract companies seeking space in the Meadlowlands submarket. Two of the five buildings are currently occupied. Jeffrey DeMagistris, Thomas Vetter and Nicholas Herrick of NAI Hanson represented the seller, R.J. Purcell Associates, in the transaction. Additionally, NAI Hanson has been retained to oversee leasing of the facilities, which range in size from 23,400 to 39,832 square feet.
NEW YORK CITY — GFI Realty Services has brokered the sale of 18 West 125th Street in the Central Harlem South section of Manhattan. The five-story, walk-up building offers eight apartment units and a ground-level commercial unit. A local investor bought the property for $3 million, or $375,000 per unit. The property was constructed in 1909 and is within close proximity to the 125th Street subway stations. Jonathan Burland of GFI represented the seller, a local investor, and Ohad Babo, also of GFI, represented the buyer.
NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has brokered six leases for a total of 25,000 square feet at the Empire State Building in New York City. Glenn Markman and Joseph Cirone of Cushman & Wakefield represented Qatar Airways in its 6,152-square-foot lease; Jeff Hersch of Prime Manhattan Realty arranged a 3,778-square-foot lease for Taurasi Capital Management; and Ethan Silverstein and Brian Zoubek of Cushman & Wakefield brokered a 3,272-square-foot lease on behalf of RKY Services (USA). Additionally, Esther Zar of MHP Commercial Brokerage Services and Lior Politi of The Corcoran Group arranged a 2,879-square-foot lease for BioSynthema Inc.; Jonathan Anapol of Prime Manhattan Realty brokered a 5,192-square-foot lease for Moses & Ziegelman; and Erik Alberti of EFA Realty LLC represented Community Options Inc. in its 3,617-square-foot expansion. Ryan Kass and Fred Posniak of Empire State Realty Trust and William Cohen, Jon Tootell and Shanae Ursini of Newmark Grubb Knight Frank represented the landlord in the six transactions.
HOUSTON — Fountain Residential Partners has broken ground on Campus Vue, a 465-bed off-campus student housing property to serve the University of Houston. The five-story community, which is being constructed on the former site of the Beall Village apartment complex, will offer one-, two- and four-bedroom units, as well as a parking garage, swimming pool, fitness room and fifth-floor overlook of the university campus. Centerpoint Builders is serving as general contractor on the project, and the design team includes 5G Studio Collaborative, Domus Studio Group and Kimley-Horn Associates. Campus Vue is Fountain Residential’s second off-campus student housing property serving the University of Houston, the first being Vue on MacGregor, which is fully preleased for the fall semester of 2015.
PLANO, TEXAS — Mainstreet, Greenbrier Development LLC and Adolfson & Peterson Construction have commenced construction of a new 100-unit, 66,500-square-foot seniors housing property in Plano. Designed by PRDG Architecture, the two-story facility will feature a community room, movie theater, salon, fitness center, game room, spa and four different dining venues. Ninety percent of the community’s apartments will be one-bedroom, private-bath residences. Indiana-based Mainstreet and Dallas-based Greenbrier are partnering on the development, while Adolfson & Peterson Construction is serving as general contractor. The Ensign Group will operate the soon-to-be-named property upon its completion in the first quarter of 2015.