Property Type

Marcus & Millichap Arranges $38.6M Sale of Four-Property Net-Leased Portfolio

by Amy Works October 23, 2014

BOSTON — Marcus & Millichap has brokered the sale of a four-property, net-leased drugstore portfolio. The portfolio sold for $38.6 million. The portfolio consists of a 14,320-square-foot Walgreens in Worchester, Mass., which sold for $9.4 million; a 15,013-square-foot CVS in Foxborough, Mass., which sold for $10.5 million; a 13,612-square-foot Walgreens in Merrimack, N.H., which sold for $7.4 million; and a 14,593-square-foot CVS in Clearwater, Fla., which sold for $11.4 million. Robert Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented the seller, a private New England-based real estate family, and the buyer, a private family completing a 1031 exchange, in the transaction. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida.

October 23, 2014

Healthcare Massachusetts Northeast

Skanska USA Completes $6.7M Fit-Out of BIDMC Urgent Care Facility in Newton

by Amy Works October 23, 2014

NEWTON, MASS. — Skanska USA has completed a $6.7 million, 30,000-square-foot fit-out of the new Beth Israel Deaconess Medical Center (BIDMC) Urgent Care facility at Chestnut Hill Square in Newton. The new 30,000-square-foot center offers a variety of modern medical services and technologies, including orthopedics, sports medicine, physical/occupational therapy, radiology, gynecology, urgent care, surgical specialties and phlebotomy labs. For the fit-out, Skanska worked with BIDMC architect Linea 5 and RDK engineers to apply lean construction techniques to the project, which allowed the team to complete the project in seven months. Lean construction is a production management-based approach to product delivery that streamlines processes to maximize value and reduce waste throughout a project. Extensive off-site prefabrication included prefabricating plumbing fixtures, sink units and in-wall electrical and lighting units, reducing the need for on-site storage.

October 23, 2014

Mixed-Use Multifamily New York Northeast Retail

GHP Office Realty Brokers $4M Sale of Mixed-Use Property Sale in Yonkers

by Amy Works October 23, 2014

YONKERS, N.Y. — GHP Office Realty has arranged the sale of a three-story mixed-use building located at 1179 Yonkers Ave. in Yonkers. Juster Development purchased the property for $4 million or $200 per square foot. The building features 20 rent-regulated apartments and seven retail stores. Jamie Schwartz of GHP Office Realty represented the seller, a private New York City investor, in the deal. Gary Juster and Michael Juster, principals of Juster Development, served as in-house representation for the buyer. John Dunne of Lynn, Gartner, Dunn & Covello LLP provided legal counsel for the seller, while Steven Hirsch of Hirsch & Gibaldi LLP was counsel for the buyer.

October 23, 2014

Michigan Midwest Office

Friedman Brokers Sale of 187,000 SF Office Building in Troy, Mich.

by Danielle Everson October 23, 2014

TROY, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 187,000-square-foot, Class A office building in Troy. The property is located at 840 W. Long Lake Road in the Troy Corporate Center. Situated along I-75 at the corner of Long Lake and Crooks roads, the building is in close proximity to area hotels, restaurants, retail, and is located across from Lifetime Fitness. Barry Swatsenbarg and Rich Deptula of Friedman represented both the undisclosed buyer and seller in the transaction through Auction.com.

October 23, 2014

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $4.8M Financing for Apartment Community in Eden Prairie, Minn.

by Danielle Everson October 23, 2014

EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.

October 23, 2014

Michigan Midwest Retail

Mid-America Brokers Sale of Fraser Shopping Center in Fraser, Mich.

by Danielle Everson October 23, 2014

FRASER, MICH. — Mid-America Real Estate has brokered the sale of a 68,326-square-foot shopping center in Fraser. Fraser Shopping Center is located at the triple intersection of Groesbeck Highway, 13 Mile Road and Utica Road. Oakridge Supervalu and Family Dollar anchor the center. A private investor purchased the property for an undisclosed sales price. Sterling Heights, Mich.-based Showcase One Real Estate Group represented the buyer. Ben Wineman of Mid-America Real Estate Corp., and Daniel Stern of Mid-America Real Estate – Michigan Inc., represented the seller, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust.

October 23, 2014

Multifamily Texas

NorthMarq Arranges $12.4M Refinancing of Apartment Complex in Metro Dallas

by Haisten Willis October 23, 2014

LEWISVILLE, TEXAS — NorthMarq Capital has arranged the $12.4 million refinancing of Oak Tree Village Apartments, a 272-unit multifamily property located at 1595 S. Old Orchard Lane in Lewisville. Brent Blake of NorthMarq’s Kansas City office arranged financing on behalf of the unnamed borrower. The 10-year loan was structured with a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

October 23, 2014

Industrial Texas

HFF Brokers Sale of Industrial Property in North Houston

by Haisten Willis October 23, 2014

HOUSTON — HFF has brokered the sale of Cypress Business Center, a 103,979-square-foot flex distribution center in Houston. HFF marketed the property on behalf of the seller, Cypressbrook Co. Industry Capital, on behalf of an affiliated fund, which purchased the center for an undisclosed amount. Cypress Business Center is located just off I-45 and Cypress Creek Parkway at 301-305 Wells Fargo Drive in north Houston. The property is 74 percent leased to tenants including AutoZone, DKNXT, DynaQual, Charis Bible College, Premiere Safeguard and Speed Printing & Office Supply. Rusty Tamlyn and John Indelli led HFF’s investment sales team.

October 23, 2014

Office Texas

Henry S. Miller Arranges Lease of Office Property in Dallas

by Haisten Willis October 23, 2014

DALLAS — Henry S. Miller has arranged the lease of a 36,092-square-foot office and warehouse building in Dallas. Dan Spika of Henry S. Miller’s Dallas-Fort Worth office worked on behalf of the tenant, Procraft Cabinetry. Mitch Pruitt represented the landlord, Prologis. The building is located in Prologis Dallas Corporate Center One at 2230 LBJ Freeway.

October 23, 2014

Industrial Texas

NAI Houston Arranges 14,700 SF Industrial Lease in Houston

by Haisten Willis October 23, 2014

HOUSTON — NAI Houston has arranged the lease of a 14,700-square-foot industrial space located in Houston to RST Global Solutions Gulf of Mexico LLC. John Ferruzzo and Michael Keegan of NAI Houston represented the landlord, Woodvine Capital Partners LTD. Greg Egan of Leasesquarefeet.com represented the tenant, RST Global Solutions Gulf of Mexico.

October 23, 2014

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