AURORA, ILL. — HSA Commercial Real Estate represented Denver-based Industrial Income Trust Inc. in a long-term, 147,625-square-foot lease with Casio America Inc. at 1203 Bilter Road in Aurora, a suburb of Chicago. Casio, a manufacturer and seller of consumer electronic devices, will relocate from Glendale Heights, Ill., and will utilize the Aurora facility for its regional distribution operations. HSA Commercial developed the 294,740-square-foot Bilter Road facility in 2007 and sold the property to Industrial Income Trust Inc. as part of a $100 million portfolio sale in 2010. The facility features 30-foot clear heights and is near I-88. Andy Corken of The Modal Group represented Casio America Inc. in the lease transaction. Timothy Thompson of HSA Commercial represented Industrial Income Trust.
RAHWAY, N.J. — Gebroe-Hammer Associates has brokered the sales of two multifamily properties, River Place at Rahway and Alden Apartments, in Rahway. In the first transaction, an undisclosed buyer acquired River Place, located at 190 Lewis St., for $36 million. Built in 2005, the two-building property features 60 one-bedroom and 76 two-bedroom units. Each apartment features ceramic tile kitchens and bathrooms, nine-foot ceiling heights, washer and dryers, fully equipped kitchens and private balconies. On-site amenities include a fitness center, media room, outdoor courtyard, parking and attached garages. Joseph Brecher and Gehane Triarsi of Gebroe-Hammer represented the undisclosed owner, while Ken Uranowitz, also of Gebroe-Hammer, represented the undisclosed buyer in the deal. Additionally, Greg Pine, David Jarvis and Gehane Triarsi of Gebroe-Hammer brokered the sale of Alden Apartments for an undisclosed price. Alden Apartments Complex LLC sold the 32-unit apartment complex to an undisclosed buyer.
NEW YORK CITY — Meridian Capital Group has negotiated a $15.5 million mortgage for the refinancing of an office and retail property located in First Avenue in New York City. The borrower is First Broadway Acquisition LLC, an affiliate of Himmel + Meringoff Properties. The seven-year loan, provided by a local commercial bank, features a 3.75 percent fixed-rate and one year of interest-only payments. Allan Lieberman, Jeffrey Berkes and Asher Half of Meridian Capital Group arranged the financing. Located at 1114 First Ave., the 45,000-square-foot building is occupied by Hartstrings, a children’s apparel store, and Memorial Sloan Kettering Cancer Center.
CHICAGO — Mid-America Real Estate Corp. has arranged a new retail lease at 4718 N. Broadway in Chicago’s Uptown neighborhood. First Ascent Climbing and Fitness will occupy 14,000 square feet on the second floor of the former Borders Bookstore building. The space will feature 10,000 square feet of bouldering walls, which range from 15 to 18 feet in height. The gym will feature yoga, weights and other fitness equipment. First Ascent is a Chicago-based community-focused climbing gym. This will be First Ascent’s second location. The other location is currently under construction in Avondale, Ill. Both facilities are expected to open this summer. Paul Bryant and Andrew Becker of Mid-America represented the landlord, Josh Mintzer of Saxony Capital, in the transaction. The tenant was self-represented.
ISLIP, N.Y. — The town of Islip has sold an 18-acre land parcel on Carleton Avenue in Central Islip for a total of $3.5 million. The property was divided and sold to InvaGen Pharmaceuticals and AlphaMed. The buyers plans to relocate and expand operations at the site with two separate facilities — one for manufacturing and distribution and one for bottling, packaging and distribution. The companies will receive substantial financial benefits from Islip’s Industrial Development Agency, enabling InvaGen to construct a 260,000-square-foot facility and AlphaMed to build a 80,000-square-foot facility. InvaGen plans to invest as much as $37 million in its project, which will result in the retention of 390 jobs and the creation of 100 more, while AlphaMed plans to spend nearly $10 million and retain 15 jobs and create an additional 20. InvaGen manufactures a variety of pharmaceuticals for the medical industry, including cardiovascular, anti-inflammatory and anti-diabetic medicines. AlphaMed manufactures and distributes bottles for the pharmaceutical industry.
EDISON, N.J. — The Goldstein Group has brokered five new leases, totaling 10,400 square feet, at Inman Grove Shopping Center, which is located at 1083 Inman Ave. in Edison. With these leases, the 112,404-square-foot retail center, which is anchored by a Stop & Shop, is fully occupied. The new leases include Allstate Insurance (1,600 square feet), Planet Wings (1,600 square feet), Discovery Christian Montessori (3,200 square feet), Nala Bheeman Indian Restaurant (2,400 square feet) and W.S. Rich & Son (1,600 square feet). Matthew Flath of The Goldstein Group represented the undisclosed landlord in the transactions.
MIAMI — CBRE has brokered the $140 million sale of 777 Brickell Ave., a 288,485-square-foot office tower located in Miami’s Brickell neighborhood at the intersection of Brickell Avenue and S.E. 8th Street. The 13-story asset also features an adjacent five-story parking garage. An unnamed private investment group from South America purchased the waterfront office tower from an institutional investor advised by CBRE Global Investors. The office building is currently 93 percent leased to 29 tenants. Christian Lee, Charles Foschini, Christopher Apone, Amy Julian and Jose Lobon of CBRE Capital Markets represented the seller in the transaction. Brian Gale and Andrew Trench of Taylor & Mathis helped the CBRE Capital Markets team market 777 Brickell Ave.
RALEIGH, N.C. — Wood Partners LLC will soon begin development on Six Sixteen, a $40 million, 207-unit luxury apartment community located at 616 Oberlin Road in Raleigh. The asset will be located on the site of a vacant office building next door to Cameron Village Shopping Center. Wood Partners’ property management division, Wood Residential Services, will manage the community. The property will begin leasing in May 2016 with completion set for November 2017. JDavis Architects designed the community to wrap around a central courtyard that will feature a swimming pool, bocce ball courts, barbecue areas and an outdoor TV-viewing lounge. Other amenities will include an indoor TV lounge, billiards lounge, poker and wine-tasting room, fitness center, bike repair/maintenance room, dog-grooming room, parking garage, rooftop clubroom/patio and indoor storage units. Jim Anthony of Colliers International brokered the land sale for the site of Six Sixteen.
NASHVILLE, TENN. — Proffitt Dixon Partners will soon begin construction on Fountains Germantown, a 249-unit luxury apartment community located at 1407 Third Ave. North in Nashville’s Germantown neighborhood. The multifamily developer will break ground on Feb. 26 with an estimated completion date set for summer 2016. Nashville-based Smith Gee Studio designed the five-story community to standards set by the National Association of Home Builder’s Green Building Program. HFF arranged construction financing through Synovus Bank on behalf of Proffitt Dixon. The project team includes general contractor Doster Construction Co., management firm Matrix Residential and landscape architects Land Design and Civil Site. Civil Site is also the project’s civil engineer.
CLEARWATER, FLA. — The RADCO Cos. has purchased the 228-unit Bay Park Apartments in Clearwater for $29.6 million. This is the first transaction for the Atlanta-based multifamily investor in 2015, as well as the company’s first asset in Florida. RADCO financed the acquisition with a mixture of private capital and Freddie Mac financing arranged by Walker & Dunlop. Constructed in 1990 by Atlanta-based REIT Post Property, the apartment units average 1,010 square feet and the property’s amenities include a pool, putting green, dog park, lake, tennis courts, movie theater, meeting rooms and a fitness center. RADCO plans to invest $2.1 million to upgrade the complex, which will be rebranded as City Park Clearwater.