Property Type

Dougherty Mortgage Arranges $9.5M Loan for Crosby Pointe Apartments

by Danielle Everson April 16, 2015

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $9.5 million HUD 223(f) loan for the refinancing of Crosby Pointe Apartments, a 73-unit multifamily market rate apartment property located in St. Paul. The 35-year loan includes a 35-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crosby Pointe LLC. Real Estate Equities LLC manages Crosby Pointe Apartments. The property features an outdoor pool, fitness center and an underground parking garage. Units are currently undergoing renovations that include the addition of stainless steel appliances, granite countertops and new finishes.

April 16, 2015

Illinois Midwest Multifamily

M&M Brokers $4.5M Sale of 72-Unit Apartment Building in Chicago Ridge, Ill.

by Danielle Everson April 16, 2015

CHICAGO RIDGE, ILL. — Marcus & Millichap has brokered the $4.5 million sale of Ridge Terrace Apartments, a 72-unit apartment property in Chicago Ridge. Ridge Terrace Apartments is located at 7030-40 West 100th and 9940 Nottingham. The three buildings include one-bedroom and two-bedroom units ranging in sze from 715 to 860 square feet. Each building features storage spaces, off-street parking and on-site laundry facilities. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company and the buyer, a private investor.

April 16, 2015

Florida Mixed-Use Southeast

Axiom Capital Advisors Brokers $16.5M Sale of Mixed-Use Center in Coral Gables

by John Nelson April 16, 2015

CORAL GABLES, FLA. — Aventura, Fla.-based Axiom Capital Advisors has brokered the $16.5 million sale of Riviera Plaza, a 55,161-square-foot mixed-use development located at 1542 S. Dixie Highway in Coral Gables. Roberto Susi of Axiom Capital represented the buyer, Riviera Holdings Plaza LP, a partnership between Gadinsky Real Estate, Echion USA and 13th Floor Investments. The partnership purchased the asset in an off-market transaction. According to Susi, the new ownership is contemplating repositioning Riviera Plaza to include multifamily housing.

April 16, 2015

District of Columbia Loans Office Southeast

HFF Arranges $14.5M Acquisition Loan for D.C. Office Building

by John Nelson April 16, 2015

WASHINGTON, D.C. — HFF has arranged a $14.5 million acquisition loan for a 32,000-square-foot office building located at 1509 16th St. N.W. in Washington, D.C.’s Dupont Circle neighborhood. Dan McIntyre of HFF arranged the 10-year, fixed-rate loan through First National Bank on behalf of the borrowers, MidAtlantic Realty Partners LLC and UberOffices. In addition to the acquisition, the borrowers will use the loan proceeds to fund renovation/lease up costs. Originally built in 1909, the building will be fully renovated by early 2016 for UberOffices, which will occupy the entire office building.

April 16, 2015

District of Columbia Retail Southeast

Divaris Real Estate Brokers $5.5M Sale of Shopping Center in D.C.

by John Nelson April 16, 2015

WASHINGTON, D.C. — Divaris Real Estate Inc. has brokered the sale of Brookland Plaza, an 18,000-square-foot shopping center located at 3730 10th St. N.E. in Washington, D.C. Urban Investment Partners purchased the asset from Jan and Anna Slamen Family Trust for $5.5 million. Joseph Farina, John Camp and Amit Grover of Divaris represented the buyer and seller in the transaction.

April 16, 2015

Industrial South Carolina Southeast

Lyons Industrial Properties Brokers $3.3M Sale of 208,000 SF Industrial Facility in Gaffney

by John Nelson April 16, 2015

GAFFNEY, S.C. — Lyons Industrial Properties has brokered the sale of a 208,000-square-foot industrial facility located at 805 Victory Trail Road in Gaffney. The property is leased to Suminoe Textiles of America, a textile distributor to the automotive industry. Bobby Lyons of Lyons Industrial Properties represented the seller, Anderson Family Associates, in the transaction. Reger Holdings purchased the asset for $3.3 million.

April 16, 2015

Industrial Market Reports Michigan Midwest Midwest Market Reports

Industrial Developers in Grand Rapids are Putting More Shovels in the Ground

by Danielle Everson April 16, 2015

With the industrial real estate market in Grand Rapids nearing critical mass — where demand is strong enough to fill the entire supply of available space — a new challenge has emerged for developers. How do they create enough new, competitive product to keep up with continued market momentum? For the first time in a decade, total inventory in the industrial market must grow. The solution will likely come in the form of new construction and creative repositioning of functionally obsolete facilities. During the Great Recession and slow recovery, many companies consolidated operations. Buildings that had become vacant were repurposed, substantially modified or eliminated altogether. Now, we are beginning to see a trend of new construction. Both speculative and build-to-suit construction has become the logical solution to the lack of inventory. Noteworthy Projects An investment group led by a local building materials supplier, and marketed by the industrial team at Colliers, is developing a 45,000-square-foot light manufacturing speculative building, located at 3838 Soundtech Court in Kentwood, a southern suburb of Grand Rapids. Delivery is expected by June 1. On the city’s southeast side near Gerald R. Ford International Airport, a new industrial building is under construction at 5300 Broadmoor Ave. …

April 16, 2015

New Jersey Northeast Retail

The Azarian Group Acquires The Shoppes at North Brunswick in New Jersey

by Amy Works April 16, 2015

NORTH BRUNSWICK, N.J. — CBRE Group has arranged the sale of The Shoppes at North Brunswick, a shopping center located along Route 1 North Brunswick. A New York-based private equity firm sold the 150,000-square-foot property to Shoppes at North Brunswick LLC, an entity controlled by The Azarian Group, for an undisclosed price. The center is 94 percent leased to a mix of tenants, including Anthropologie, Banana Republic, Five Below, Talbots, NY & Company, Ann Taylor Loft, Charming Charlie, Corner Bakery Café, SuperCuts and Wingstop. Additionally, the retail and office property has 10,000 square feet of space available. Jeffrey Dunne, Casey Rosen, David Gavin and Dennis Carson of CBRE represented both parties in the transaction.

April 16, 2015

Mixed-Use New York Northeast

Affinity Health Plan, Fresenius Medical Care North America Leases Brings Metro Center Atrium to Full Occupancy

by Amy Works April 16, 2015

NEW YORK CITY — Simone Development Cos. has fully leased its new 370,000-square-foot mixed-use complex, Metro Center Atrium in the Bronx. Affinity Health Plan has leased 102,507 square feet at the property and 2,000 square feet of storage space on the Hutch Metro Center campus, and Fresenius Medical Care North America has leased 21,105 square feet at the complex. With these leases the 370,000-square-foot Metro Center Atrium is fully occupied. Retail and healthcare tenants include LA Fitness, Applebee’s, Dunkin Donuts, Children’s Corner, Montefiore Medical Center, Calvary Hospital, Hanger Prosthetics, Parkchester Oral & Maxillofacial Surgery and Ophthalmologist Dr. Eric Wolf. Situated within Simone Development’s Hutchinson Metro Center, Metro Center Atrium features three floors of Class A office and medical space, retail and restaurant space, and a Marriott hotel.

April 16, 2015

Industrial New Jersey Northeast

Roddy Inc. Brokers Acquisition of 109,000 SF Industrial Property in New Jersey

by Amy Works April 16, 2015

DELRAN, N.J. — Roddy Inc. has brokered the acquisition of an industrial property located at 1813 Underwood Blvd. within Millside Industrial Park in Delran. AJ Real Holdings LLC, an entity related to Billows Electric, purchased the 109,000-square-foot property from Vosson LLC for an undisclosed price. The property will be leased, in its entirety, to Billows Electric. Situated on 6 acres, the property features 16 tailgate loading docks, 20-foot ceiling heights sloping to 18-foot clear heights and 5,700 square feet of office space. Sean Durkin of Roddy Inc. represented the buyer in the transaction.

April 16, 2015

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