Property Type

M&M Arranges Sale of Retail Property in Metro Austin

by Haisten Willis November 24, 2014

ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of K2 Plaza, a 9,600-square-foot retail property located in Round Rock. Michael Buckner and Richard Mireles of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Gus Lagos and Nik Kapetanakis of the firm’s Houston office represented the buyer, also a partnership. K2 Plaza is located at 399 W. Louis Henna Blvd. in Round Rock, a quarter-mile west of I-35. The property was built in 2001 on one acre.

November 24, 2014

CBRE Group Brokers $3.78M Sale of Multifamily Building in Brooklyn

by Amy Works November 24, 2014

NEW YORK CITY — CBRE Group Inc. has brokered the sale of an apartment building located at 3208-3210 Boardwalk West in Brooklyn’s Coney Island neighborhood. The 11-unit property sold for $3.78 million. The 16,336-square-foot oceanfront property is newly renovated after suffering severe damage from Hurricane Sandy. The apartments feature granite countertops, kitchen islands, stainless steel appliances, tiled bathrooms, beautiful hardwood floors and floor-to-ceiling windows. Additionally, all units are equipped with washer and dryer hook-ups and designated parking spaces. Charles Berger, Elli Klapper, Matthew Giordano and Justin Aronson of CBRE Group represented the seller in the transaction.

November 24, 2014

New Jersey Northeast Retail

MJ Partners Self Storage Group Sells 565-Unit Storage Facility for $2.97M in New Jersey

by Amy Works November 24, 2014

BURLINGTON, N.J. — MJ Partners Self Storage Group has sold the Planet Self Storage facility, which is located at 555 Mitchell Ave. in Burlington. Winter Garden, Fla.-based iStorage purchased the property for $2.97 million. The property consists of 54,165 square feet of rentable space and 565 storage units. At the time of sale, the facility was approximately 70 percent occupied. The property will be rebranded as an iStorage self storage facility. iStorage operates 60 self-storage facilities in 11 states across the country. David Kohn of MJ Partners represented both parties in the transaction.

November 24, 2014

Illinois Midwest Retail

The Missner Group, Baker Development Break Ground on Fitness Center in Chicago

by Danielle Everson November 24, 2014

CHICAGO — The Missner Group and joint-venture partner, Baker Development Corp. have broken ground on a new 25,000-square-foot fitness facility for First Ascent at 3516 N. Spaulding in Chicago. First Ascent is a local, community-focused climbing gym catering to climbers of all levels. The new building, constructed by The Missner Group, will feature climbing, yoga and fitness facilities. The center will also include a café, pro-shop, locker rooms and community spaces. A groundbreaking ceremony for the project was held in October.

November 24, 2014

New Jersey Northeast Office

Vornado Leases 470,000 SF to Amazon in Paramus’ Penn Plaza District

by Amy Works November 24, 2014

PARAMUS, N.J. — Vornado Realty Trust has leased 470,000 square feet of office space to Amazon at 7 West 34th St. in the Penn Plaza District of Paramus. Amazon has inked a 17-year lease for the office space. Vornado, a fully integrated real estate investment trust, owns approximately 9 million square feet of commercial space in the Penn Plaza District.

November 24, 2014

Loans Multifamily Texas

Berkadia Secures $55M Loan for Construction of New Apartment Complex

by Haisten Willis November 24, 2014

LEWISVILLE, TEXAS — Berkadia Commercial Mortgage LLC has secured a $55 million loan for the construction of Discovery at the Realm, an apartment complex that will be located in Lewisville. Joseph Hevey of Berkadia worked with the borrower, Bright Realty, to secure the three-year, interest-only loan through Mutual of Omaha Bank. The bank provided $43 million in senior debt financing. Great Southern Bank of Springfield, Mo., also participated in the construction loan, and Cornerstone Real Estate Advisers LLC provided $12 million in mezzanine debt financing. Construction will begin on Discovery at the Realm in December. The property will be located at the southeast corner of Windhaven Parkway and Castle Hills Drive, 25 miles north of Dallas. The complex will consist of 423 units located across three buildings on more than 20 acres of land. The total cost for the project will be more than $75 million. BB&M Architecture is providing architectural services, while Andres Construction of Dallas will serve as the general contractor.

November 24, 2014

New York Northeast Retail

HLC Equity Sells 27,699 SF Retail Property in Bronxville

by Amy Works November 24, 2014

BRONXVILLE, N.Y. — HLC Equity, a national real estate investment holding group and property manager, has sold a retail property located at 12-14 Cedar St. in Bronxville. The 27,699-square-foot building sold for an undisclosed price. The retail property currently houses a longtime tenant, A&P, under the terms of a triple-net lease. Lawrence Porter and George Valliades of Newmark Grubb Knight Frank Capital Markets represented HLC Equity in the transaction. The buyer was not disclosed.

November 24, 2014

Industrial Midwest Missouri

Cushman & Wakefield Arranges 10,481 SF Industrial Lease

by Danielle Everson November 24, 2014

ST. ANN, MO. — Cushman & Wakefield | Gateway Commercial has arranged the lease of a 10,481-square-foot industrial building in St. Ann, approximately 16 miles northwest of St. Louis. Customer Direct LLC will occupy space at 500 Northwest Plaza Drive. Jim Loft of Cushman & Wakefield | Gateway Commercial represented Customer Direct LLC in the lease. Balke Brown of Transwestern represented the landlord, Gadwall LLC.

November 24, 2014

Indiana Midwest Retail

Forest Park Plaza Shopping Center in Brazil, Ind. Sells for $8.2M

by Danielle Everson November 21, 2014

BRAZIL, IND. — Cassidy Turley has arranged the $8.2 million sale of Forest Park Plaza shopping center in Brazil, approximately 60 miles southwest of Indianapolis. Forest Park Master LLC Tenants In Common (TIC) sold the property to Whitehouse, Ohio-based Devonshire REIT Inc. The 104,248-square-foot shopping center is located at 825 E. National Ave. and U.S. Highway 40. Jacque Haynes of Cassidy Turley represented the seller. Kroger anchors the shopping center. The plaza is 96 percent occupied by tenants such as Dollar General, Dollar Tree, Carquest Auto Parts, RadioShack, Family Video and Papa John’s Pizza.

November 21, 2014

Hospitality Indiana Midwest

Paramount Lodging Advisors Arranges Sale of Clarion Inn & Suites, Super 8

by Danielle Everson November 21, 2014

TERRE HAUTE, IND. — Paramount Lodging Advisors has arranged the sale of Clarion Inn & Suites and Super 8 in Terre Haute. The 142-room Clarion Inn & Suites is located at 3053 S. U.S. Highway 41, and the adjacent 117-room Super 8 located at 3089 S. 1st St. PLA was engaged by the court appointed receiver as the exclusive representative in the sale of the Clarion Inn & Suites. Bennett Webster and Brent Clemens of PLA led the marketing efforts. In the second transaction, PLA’s Clemens and Webster exclusively represented Supertel Hospitality in the sale of the Super 8.

November 21, 2014

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