BROOKS, KY. — Mumford Co. has brokered the sale of Baymont Inn-Louisville South in Brooks, a suburb of Louisville. Kishu Inc., a local investor group, purchased the 65-unit hotel from Supertel Hospitality. David Mumford and Burton Brooks of Mumford Co. represented the seller in the transaction. The hotel is the 49th disposition that Mumford Co. brokered on behalf of Supertel.
Property Type
MCCOOK, ILL. — The PrivateBank has provided a $27.2 million construction loan to the Bridge Development Group to finance a 365,369-square-foot distribution center in McCook. The property located at 8201 W. 47th St. is a build-to-suit property for Freeman Decorating Services Inc., a tradeshow exhibit company. The PrivateBank served as the administrative agent in the transaction. Associated Bank served as the joint lead arranger.
WOODBURY, MINN. — The Boulder Group has arranged the $2.3 million sale of a single tenant Chuck E. Cheese’s ground lease in Woodbury. The newly constructed 15,762-square-foot retail building is located at 445 Commerce Drive on a 2.3-acre parcel. The new building is adjacent to a SuperTarget and is the most recent addition to the Commerce Hill Shopping Center, which also includes a McDonald’s, Bruegger’s Bagels, European Wax, Great Clips and CorTrust Bank. Chuck E. Cheese’s is the sole occupant of the building and has 15 years remaining on the ground lease, which features 10 percent rental escalations every five years. The entertainment franchise operates a system of 567 stores located in 47 states and nine foreign territories. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a private investor from the West Coast.
HOMER GLEN, ILL. — Marcus & Millichap has arranged the $3.1 million sale of Chili's, a 5,557-square-foot net-leased property located in Homer Glen. The restaurant, located at 14205 S. Bell Road, is a 20-year, absolute net-lease property that includes four, five-year option periods with 1.5 percent annual rental increases throughout the lease. ERJ Dining guarantees the lease.Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor. Sharko and Weisenbeck also represented the buyer, also a private investor.
COLUMBUS, OHIO — The Gilbert Group Inc. has been selected by a California-based owner to provide property management and project leasing services for the Georgesville Center, a shopping center in Columbus. Located at 1355-1397 Georgesville Road, the property consists of two retail buildings totaling approximately 26,390 square feet of space. The center is visible from I-270 and is shadow anchored by a Walmart Supercenter. Tenants at the center include Starbucks Coffee, Jimmy Johns Subs, Davita Dialysis and Verizon Wireless. There are currently four spaces available at the center, which range from 1,365 square feet to 5,506 square feet.
NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Triangle Equities have executed a lease for a long-vacant, three-acre site in the St. George neighborhood of Staten Island. This transaction paves the way for the construction of the $200 million mixed-use Lighthouse Point development. Situated adjacent to the St. George Ferry Terminal and the Stapleton waterfront, Lighthouse Point will include 85,000 square feet of retail, restaurant and entertainment space; a 12-story, 94,000-square-foot residential building with 100 units; an approximately 160-room hotel; a communal-style workspace for local start-up businesses; an urban beach; and outdoor recreational areas. Twenty of the residential housing units will be designated as permanently affordable for New Yorkers earning 60 percent or less of the area median income. Construction is scheduled to commence this fall with completion slated for late 2019. Project construction will be phased with each portion of the project opening to the public as it is completed.
BEAVER, PA. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of Friendship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh. A private consortium of owners and investors based in New York and New Jersey purchased the property for $33.5 million from Beaver County, Pa. Situated on 25 acres at 246 Friendship Circle, the nursing home facility has been in operation since 1959. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia office, represented the seller in the transaction.
MEDFORD, MASS. — Lexington, Mass.-based Bierbrier Development has completed the $22.8 million refinancing of Wellington Circle Plaza in Medford. Located at the junctions of Routes 16 and 28, the property is a 55,000-square-foot shopping center with national tenants, including CVS/pharmacy, Men’s Wearhouse, LenCrafters and Chipotle. The borrower purchased the property in 1985. Matthew Kirsch at Bank of America provided the 10-year financing. Brian Cororan and Lee Norman of Ackman-Ziff represented Bierbrier in the transaction.
CLARK, N.J. — Garden Communities, a subsidiary of Garden Homes, has opened the first apartment building at Woodcrest at Clark, an active-adult residential community in Clark. Located in Central Jersey, the four-building property will offer one- and two-bedroom units ranging from 900 to 1,630 square feet. The apartment units feature granite countertops, breakfast bars, stainless steel appliances, custom walk-in closets, master bathrooms with soaking tubs and double vanities, private balconies, controlled central heat and air conditioning, and utility rooms with washers and dryers. Additional property amenities will include a clubhouse with fireplaces, a fitness center, a card room and a TV lounge, which are slated for completion this summer. Garden Communities is currently preleasing the second apartment building, which is expected to be available for move-in by July. Completion for the entire project is slated for 2015.
MONROE, CONN. — Maplewood Senior Living LLC, an assisted living and memory care facility, has leased warehouse space at 580 Pepper St. in Monroe. The company will occupy 10,000 square feet of warehouse space the building leaving approximately 12,000 square feet of flex space available. Jon Angel of Southport, Conn.-based Angel Commercial LLC represented both the tenant and the landlord in the transaction. Terms of the lease were not disclosed.