Property Type

J.C. Anderson Completes 82,000 SF Office Renovations in Chicago

by Danielle Everson January 20, 2015

CHICAGO — J.C. Anderson Inc. has completed an 82,000-square-foot office build-out for Havas Worldwide at 36 E. Grand Ave. in Chicago. The project included renovating the entire third and fourth floors to create an open floor plan. Features of the new space include 17-foot exposed ceilings, a winding staircase to connect the two floors as well as high-end finishes throughout. J.C. Anderson installed a “town hall” area for full company gatherings with expandable bleachers, a broadcast studio, spray-painting station and in-office bike racks. The firm also coordinated the installation of a state-of-the-art AV system throughout the office. Project Executive, Seth Erlich, led the construction team along with Darrel Panfil as project superintendent. Gary Lee Partners provided the architectural services and the construction manager was Mace North America. Founded in 1991, Havas Worldwide is an integrated marketing communications agency headquartered in New York.

January 20, 2015

Illinois Midwest Retail

Quantum Real Estate Advisors Brokers $3.7M Sale of Shopping Center in Belvidere, Ill.

by Danielle Everson January 20, 2015

BELVIDERE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $3.7 million sale of a 23,959-square-foot shopping center in Belvidere. Landmark Crossings is located at 744-782 Beloit Road. The multi-tenant retail building is fully leased to national and local tenants. The seller was a Rockford, Ill.-based development group. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum represented the seller in the transaction.

January 20, 2015

Industrial Texas

M&M Arranges Sale of Self-Storage Facility in Metro Houston

by Haisten Willis January 20, 2015

PEARLAND, TEXAS — Marcus & Millichap has arranged the sale of Pearland Boat & RV Storage, a 97,560-square-foot self-storage facility located in Pearland. Dave Knobler and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based private investor. Roger Hendricks of the firm’s Dallas office represented the buyer, a limited liability company. Pearland Boat & RV Storage is located at 3600 Old Chocolate Bayou.

January 20, 2015

Loans Multifamily Texas

Capital One Provides $63.3M Loan to Acquire Apartment Complex in San Antonio

by Haisten Willis January 20, 2015

SAN ANTONIO — Capital One Multifamily Finance has provided a $63.3 million fixed-rate Freddie Mac loan for the acquisition of Artessa at Quarry Village, a 280-unit luxury apartment community in San Antonio. Brian Sykes of Capital One originated the transaction. Intercontinental Real Estate purchased the property and granted Capital One the rights to represent Freddie Mac. Completed in 2009, Artessa is located in Alamo Heights, located six miles from downtown San Antonio. Artessa offers one-, two-, and three-bedroom units, and was 95 percent occupied as of October 2014. The property features ground-floor retail space, which includes 27 retail suites. The fixed-rate loan has a 10-year term with 10 years of interest-only payments.

January 20, 2015

Office Texas

NAI Arranges 4,000 SF Office Lease in Houston

by Haisten Willis January 20, 2015

HOUSTON — NAI Partners has arranged the lease of 4,000 square feet of office space at 1500 S. Dairy Ashford in Houston. Drew Crawford of NAI Partners represented the landlord, Aque Investment Group, while Wyatt McCulloch and Lucian Bukowski o CBRE represented the tenant.

January 20, 2015

Illinois Midwest Retail

Mid-America Real Estate Arranges $2M Sale of Retail Property in Chicago

by Danielle Everson January 20, 2015

CHICAGO — Mid-America Real Estate Corp. has arranged the $2 million sale of The Columbian Retail Shops in Chicago. Chicago-based Newcastle Limited purchased the 6,600-square-foot, two-tenant retail property for $2 million. The Columbian Retail Shops is located at the northwest corner of S. Michigan Ave. and E. Roosevelt Road. The center features retailers Burger Bar and Elements Therapeutic Massage.Joe Girardi and Carly Gallagher of Mid-America were the exclusive brokers in the transaction on behalf of Boston-based Long Wharf Real Estate Partners LLC.

January 20, 2015

Michigan Midwest Retail

6,800 SF Vassar Theatre Sold in Vassar, Mich.

by Danielle Everson January 20, 2015

VASSAR, MICH. — Gerdom Realty & Investment has arranged the sale of 6,800-square-foot Vasssar Theatre in Vassar. The one-screen, 371-seat movie theater located on Huron Avenue was originally built in 1937 and restored in 2005. The Vasssar Theatre was fully converted to digital movie presentation in 2013. The new owner, Andreas Fuchs of Creative Cinema who is a theatrical exhibition consultant and analyst/reporter, plans to reopen the property this year. Tjader Gerdom of Gerdom Realty & Investment represented the seller’s estate and procured the buyer in the sale.

January 20, 2015

Loans Mixed-Use Multifamily New Jersey Northeast Retail

Kushner Cos., Extell Development Receive $129M in Financing for Pier Village

by Amy Works January 20, 2015

LONG BRANCH, N.J. — Kushner Cos. and Extell Development Co. have closed on two phases of financing in conjunction with their purchase of Pier Village in Long Branch. The companies acquired Pier Village for $180 million in a transaction that closed in two phases over the last quarter of 2014. Pier Village consists of 492 residences and more than 100,000 square feet of retail, including restaurants, shops and a fitness center. Capital One provided bridge financing for the first phase of the acquisition in November 2014. In mid-December, the bank also originated and closed a $97 million long-term fixed-rate financing from Fannie Mae to take out the acquisition loan that it provided a month earlier. Both Capital One financings were arranged by Meridian Capital Group. Additionally, the partnership assumed a 7-year $32 million Freddie Mac loan originated by PNC Bank, which was originated a year and half ago by the prior ownership.

January 20, 2015

Industrial New Jersey Northeast

Bridge Development Acquires 18.03 Acres for Industrial Development in New Jersey

by Amy Works January 20, 2015

UNION, N.J. — Bridge Development has acquired 18.03 acres of land in Union for the development of a Class A institutional-quality industrial building. Industrial Realty Group sold the property for an undisclosed price. The site was originally developed in the 1920s as a milk processing plant operated by Tuscan and Lehigh dairies, but operations at the property ceased in 2006. Bridge Development plans to demolish the existing buildings and develop a speculative 263,415-square-foot industrial building with 36-foot clear ceiling heights. The facility, which will accommodate two tenants, will feature precast concrete construction, ESFR sprinkler systems, T-5 lighting, 50 docks, 55-foot column spacing, 66-foot staging bay at the loading dock and 111 trailer positions. The facility is slated for completion by November.

January 20, 2015

Industrial New York Northeast Retail

2.3-Acre Development Site Sells for $28.3M in Brooklyn’s East Williamsburg

by Amy Works January 20, 2015

NEW YORK CITY — Massey Knakal, now Cushman & Wakefield, has arranged the sale of a development site located at 191-231 Moore St. in Brooklyn’s East Williamsburg neighborhood. The 2.3-acre site sold for $28.3 million, or $167 per buildable square foot, in an all-cash transaction. The site is located in a dual M1-1/M1-2 zone, which permits a total of approximately 169,496 buildable square feet for retail or commercial development. Additionally, the site features more than 1,100 feet of frontage on Moore, Seigel and White streets. The site current consists of five industrial buildings, totaling nearly 47,000 square feet. Brendan Maddigan and Stephen Palmese of Cushman & Wakefield handled the transaction. The buyer and seller were not disclosed.

January 20, 2015

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