LOMBARD, ILL. — CBRE has arranged the lease of a 5,300-square-foot retail space for Troika Brewing Co. in Lombard, a western suburb of Chicago. The brewing company will occupy space at 800 E. Roosevelt Road in Lombard Square, a 60,843-square-foot shopping center. Lynne Brackett and Marisa Roussel of CBRE represented the landlord. Chris Schramko of Schramko Real Estate Corp. represented the tenant in the transaction.
Property Type
JOHNSON CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of two industrial buildings totaling 53,800 square feet in Johnson Creek, a city situated approximately 46 miles west of Milwaukee. The properties are located at 258 and 260 Grell Lane. RJ Roehl Investments LLC purchased the buildings from Ashland Inc. Samuel M. Dickman Jr., Samuel D. Dickman and Dave Hazenfield of the Dickman Co. Inc. were the brokers in the transaction.
BOSTON, NEW JERSEY AND CONNECTICUT — HFF has closed the sale of a 24-property, 1.4 million-square-foot retail portfolio with properties located in the greater Boston area, New Jersey and Connecticut. Kimco Realty Corp. (NYSE: KIM) purchased the portfolio for $270 million, including the assumption of approximately $121 million of debt, from G.P.B. Holdings LLC. The portfolio was 96 occupied at the time of sale and anchored by a variety of national and regional tenants, including Walmart, Kohl’s, Lowe’s Home Improvement Warehouse, Whole Foods, Trader Joe’s, Petco, Pier 1 Imports, Walgreens and CVS/pharmacy, as well as Kings and Aldi supermarkets. Twenty-one properties are located in Massachusetts, two in New Jersey and one in Connecticut. Jim Koury and John Fowler led the HFF investment sales team representing the seller.
NEW YORK CITY — Hersha Hospitality Trust, an owner of upscale hotels in urban gateway markets, has closed on the sale of Hotel 373 in Midtown Manhattan. The hotel sold for $37 million or approximately $529,000 per key. The sales price valued the hotel at $1,680 per square foot and represented an economic capitalization rate of 5.2 percent based on the hotel’s net operating income for the year ending in December 2013. New York City-based Solid Rock Advisors East represented Hersha in the previously announced transaction.
NEW YORK CITY — Madison Realty Capital has closed a $13 million loan to finance the acquisition and redevelopment of a townhouse located at 39 East 72nd Street in New York’s Upper East Side neighborhood. The undisclosed borrower plans to reposition the five-story townhouse as a residential development. Architect and developer Robert B. Lynd constructed the building in 1881 as his personal residence. A mix of commercial tenants, including two art galleries, currently occupies the building.
Boston — Samuels & Associates and its partner Weiner Ventures have completed project financing for Barry’s Corner Residential and Retail Commons in Boston’s Allston neighborhood. The project is the first private development undertaken on Harvard University land in Boston and is subject to a long-term ground lease. Situated at the corner of North Harvard Street and Western Avenue, the site will be redeveloped as a LEED Gold-certified, mixed-use project for non-academic uses. The project will include 325 rental apartment units, 35,000 square feet of ground-floor retail space, approximately 180 below-grade parking spaces and 40 on-street parking spaces on two new to-be-created streets within the development. Construction is underway and residential units will be available in August 2015. HFF, on behalf of Samuels & Associates, secured joint venture equity with American Realty Advisors and a construction loan through Northwestern Mutual.
GREAT NECK, N.Y. — The Nassau County Industrial Development Agency has approved an economic development package, including tax breaks, for AvalonBay Communities’ proposed apartment community in Great Neck. The company will construct a multifamily project on a now-defunct petroleum storage facility located at 240 E. Shore Road, which will generate $56.4 million in local economic benefits to the community. The project will offer 191 apartment units with 10 percent of the units designated as affordable workforce housing. Construction is slated to start in December, with completion scheduled for January 2016.
DALLAS — Presbyterian Village North, a continuing care retirement community (CCRC) in north Dallas, is expanding with the construction of two new independent living buildings, a fitness center and transitional care unit, as well as an addition to its existing assisted living building. The project, valued at $93 million, will add approximately 350,000 square feet to the campus, allowing Presbyterian Village North to house and serve the needs of about 200 more seniors each year. The independent living buildings will include the 48-unit Leonard Rose Villas and the 56-unit Martins Landing. The fitness center will feature a swimming pool, spa, locker rooms and café. The 60-bed transitional care unit will connect to the existing rehab unit. Joyce Hall, the assisted living building, will expand with 71 new apartments. Construction is slated to begin in June. Presbyterian Village North is a development of faith-based nonprofit organization Presbyterian Communities and Services.
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of two multifamily properties in Amarillo, the 195-unit Lighthouse Apartments and the 216-unit Canyon Ranch. Lighthouse Apartments is located at 4515 S. Virginia St., and Canyon Ranch is located at 4615 S. Virginia St., both in proximity to I-27, I-40, Amarillo College and West Texas A&M University. Both complexes are of garden-style construction and offer one- and two-bedroom residences. Tommy Lovell III and Kim Westcott of Marcus & Millichap marketed the assets on behalf of the seller, a financial institution. Lovell and Westcott also procured the buyer, a limited liability company.
DALLAS — Cassidy Turley has arranged a 99,811-square-foot industrial lease in Dallas for Bigs Packaging & Lumber LLC, a service provider for the logging and lumber industries. The tenant will occupy space within City Warehouse, a 65-acre industrial park located at 5200 E. Grand Ave. Blake Anderson and David Eseke of Cassidy Turley represented Bigs Packaging & Lumber in the negotiations. Canon Shoults and Joshua Barnes of Holt Lunsford Commercial manage leasing at City Warehouse.