LINCOLNWOOD, ILL. — The Missner Group has renovated a 15,500-square-foot building into a new medical office for the Illinois Bone & Joint Institute (IBJI) in Lincolnwood. The property is located at 6540 N. Lincoln Ave. A former auto dealership, the new medical clinic features private offices, meeting and conference rooms, medical exam rooms, physical and occupational therapy facilities, X-ray suites and medical storage space. Debb Kosich LLC was the developer for the project. Glen Missner, Drue Stoehr, Uros Stojakovic and Len Corso led the construction team for The Missner Group. Stephen Rankin & Associates provided architectural services. IBJI specializes in the diagnosis, treatment and management of injuries and diseases of the musculoskeletal system. This was The Missner Group’s fourth project for IBJI. Additional projects were completed in Chicago, Des Plaines and Wilmette.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $66 million in financing for a 100,500-square-foot retail and office property, a 24,000-square-foot retail condominium and an 88-car parking garage in Flushing, Queens. The properties are located adjacent to one another at the corner of Main Street and Sanford Avenue, including the three-story office/retail building at 41-60 Main Street and commercial/parking property at 133-38 Sanford Avenue. The borrower plans to use the loan to recapitalize the properties from the special servicer who was managing the assets.
NEW YORK CITY — RKF has arranged the $32.3 million sale of 102 Green Street, a retail/residential property located in Manhattan’s SoHo district. SL Green purchased the property from BLDG Greene Street LLC. The acquisition includes the 9,200-square-foot building and 5,500 square feet of air rights for future commercial development. Galeria Melissa, a high-end designer shoe salon, currently occupies the 2,000-square-foot retail component within the property. The asset also features two residential units on the second and third floors. Jeff Fishman and Ross Berkowitz of RKF represented the seller and procured the buyer. Additionally, Fishman represented BLDG Green Street LCC in its purchase of the property for $11.9 million in June 2012.
NEWTON, MASS. — Calkain Companies has arranged the sale of a three-tenant retail building located at 215-217 Needham St. in Newton. Northland 215 Needham LLC purchased the property for $13 million, or $533 per square foot, from JPMCC 2007-CIBC19 Needham Retail LLC. The 24,930-square-foot property is occupied by Five Guys Burgers & Fries, Men’s Wearhouse and PetSmart. Patrick Nutt and Michael O’Mara represented the seller in the transaction.
TINTON FALLS, N.J. — HFF has arranged a $10.4 million loan for a freestanding A&P supermarket and Sonic Drive-In ground lease in Tinton Falls. HFF worked on behalf of The Hampshire Companies to secure the 10-year, fixed-rate loan through Spencer Savings Bank. Loan proceeds were used to acquire the fee interest and refinance existing debt on the leasehold interest. The 56,304-square-foot grocery store and fast-food restaurant are located at 994 Shrewsbury Ave. Jon Mikula, Michael Klein and Michael Cerulo of HFF represented the borrower in the deal.
NEW YORK CITY — TerraCRG has brokered the sale a commercial loft building located at 46 Old Fulton St. in the Dumbo/Fulton Ferry district of Brooklyn. The four-story, 17,864-square-foot loft building sold for $6.7 million or $375 per square foot. The property has a total of 22,330 gross usable square feet and 42 feet of frontage on Old Fulton Street. The existing building is configured as nine commercial units with a full basement. The 3,466-square-foot retail space and the entire fourth floor was delivered vacant. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented both the buyer and seller in the transaction.
HOOVER, ALA. — Berkadia has brokered the $63.4 million sale of a three-property, 825-unit multifamily portfolio in Hoover known as the “Hoover 3 Portfolio”. The properties — Park at Galleria, Place at Galleria and Renaissance at Galleria — sold for $76,784 per unit. David Oakley, David Etchison and Royce Emerson of Berkadia represented the seller, CLK Properties, in the transaction. The buyer was Chicago-based Intercapital Partners Ltd.
MIAMI — Grass River Property has commenced construction on Grove Station Tower, a transit-oriented apartment community located a half-block from the Coconut Grove Metrorail station in Miami. The 184-unit project will be located at 2700 SW 27th Ave. upon completion in early 2016. Grove Station Tower will comprise one-, two- and three-bedroom apartments averaging 1,000 square feet. The property will also feature 6,000 square feet of ground-floor retail space. The design team includes architect Behar Font & Partners and general contractor Ortega Juneau Construction Co.
FORT MYERS, FLA. — Marcus & Millichap has brokered the sale of Bella Rosa Apartments and Park Place Apartments in Fort Myers. Located directly across the street from each other, the two assets sold for approximately $19.3 million. The 160-unit Bella Rosa Apartments features two on-site laundry facilities, a fitness center, playground, dog walking area, picnic areas, business center, clubhouse and a swimming pool. The 177-unit Park Place Apartments includes an on-site laundry facility, fitness center, playground, picnic areas and two swimming pools. Michael Regan and Frank Carriera of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction.
SANDY, UTAH – A partnership between Pacific Retail Capital Partners, Silverpeak Real Estate Partners and the Merchant Banking Division of Goldman Sachs has acquired the 1.3 million-square-foot South Towne Center Mall and adjacent Marketplace in Sandy for $205 million. The 966,000-square-foot South Towne Center Mall is a two-level, enclosed regional mall that contains about 150 shops and restaurants. The mall’s anchors include Macy’s, Dillards, JCPenney and Utah’s largest Forever 21. The 312,000-square-foot Marketplace is anchored by Super Target. The properties are situated about 16 miles south of Salt Lake City. The partnership plans to execute a large-scale mall renovation. Gensler Associates will create the new design. Current plans feature upgrades to the mall’s infrastructure, including lighting, flooring, restrooms, a new children’s play area and a revamped food court with expanded food offerings. Pacific Retail will oversee all operations at South Town Center, including its renovation. The seller was Macerich. The sale is consistent with the company’s strategy of selling non-core assets and redeploying the proceeds into its development pipeline.