FARMINGTON, CONN. — CBRE has negotiated the sale of 1690 New Britain Avenue, an office building located along Route 6 in Farmington. S&I Realty Associates (AFI Inc.) sold the 165,264-square-foot property to Boston-based Albany Road Real Estate Partners for $20.5 million or $124 per square foot. Originally built in 1961, the office property is currently occupied by Allied World Assurance Co. and Moore Medical and AIG. Patrick Mulready and John McCormick of CBRE/New England’s Hartford office collaborated with Jeff Dunne and Steven Bardsley of CBRE’s Institutional Properties Group to represent both the seller and buyer in the transaction.
Property Type
MATAWAN, N.J. — Cushman & Wakefield, on behalf of an affiliate of Denholtz Associates, has arranged $20.7 million for the recapitalization of Metro Park South in Matawan. Located at 100 Matawan Road, the five-story, 132,000-square-foot office building offers first-class amenities and a modern interior. The $20.7 million transaction involved securing joint venture equity from Palatine Capital Partners. John Alascio, Chris Moyer, John Spreitzer and Suraj Ravi of Cushman & Wakefield Equity, Debt & Structured Finance served as exclusive advisor to Denholtz Associates.
BOSTON — Boston-based EagleBridge Capital has brokered $6.5 million in permanent mortgage financing for a portfolio of three properties in the Brighton section of Boston. The portfolio comprises the two-story, 15,000-square-foot Brighton Heights located at 167 Corey Road; Three Washington Street, which is leased to Brighton Auto Clinic; and Five Washington Street, which is leased to U.S. 1 Petroleum. Tenants of the Brighton Heights property include medical, medical-related, educational, software and real estate firms. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a leading regional bank.
ALTOONA, PA. — Marcus & Millichap has brokered the sale of a Sheetz gas/convenience store in Altoona. The 6,902-square-foot, net-leased property sold for $1.8 million. Located at Frankstown Road and Amelia Avenue, Sheetz recently executed a 20-year corporately guaranteed absolute-net ground lease with rental increases in the option period on the 3.1-arce property. Matthew Gorman and Michael Shover of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as secured the represented the buyer, in the transaction.
BLOOMFIELD, N.J. — Colliers International has arranged a long-term lease for the new headquarters of Reverse Mortgage Investment Inc. in Bloomfield. The company will occupy 16,606 square feet at located at 1455 Broad St. within BroadAcres Office Park. The office park is owned by BR/Prism Central Park Owner LLC and operated by Prism Capital Partners LLC. BroadAcres recently underwent a major capital improvement program to upgrade the campus grounds and lobbies. Amenities at the office park include an on-site café, conference center and outdoor parking. Richard Madison of Colliers International represented Reverse Mortgage in the transaction, while Edwin Cohen provided in-house representation for Prism Capital Partners.
CHICAGO — The Blackhawk Investment Group LLC has acquired 2730 N. Ashland Ave. in Chicago for $6.3 million. The building is fully leased and consists of 18 luxury apartment units and a heated parking garage. Each unit features granite countertops, stainless steel appliances, Jacuzzi bathtubs and crown moldings. Units on the upper floors have views of the Chicago skyline. Blackhawk acquired the property with 1031 tax-deferred exchange proceeds from a shopping center recently sold in Minnesota.
OMAHA — NorthMarq Capital has secured a $1.6 million loan for the refinancing of Alliance Group Office Building, a 24,304-square-foot office building in Omaha. The property is located at 2566 Leavenworth St. Gary Rifkin of NorthMarq Capital’s Omaha regional office structured the 15-year loan with a 15-year amortization schedule. NorthMarq arranged financing for the borrower, 2566 Leavenworth LLC through its relationship with Assurity Life Insurance Co. Alliance Group is the major tenant of the property.
ROSEMONT, ILL. — Morgan / Harbour has completed a 26,000-square-foot office build-out for Resolution Life, a life insurance company, in Rosemont. The new offices are within the Columbia Centre I building located at 5600 N. River Road. The construction features full-floor improvements including new private offices, focus rooms and conference rooms. Morgan / Harbour also designed and engineered all new mechanical, electrical and plumbing systems to optimize the building’s performance. The new space also features a new training room and large open office areas. Morgan / Harbour’s construction team was led by Ben Warriner, Andy MacMillan and Mike Costanzo. INTERFORM provided architectural services for the project.
LEE’S SUMMIT, MO. — Lee & Associates has arranged a long-term lease for a 28,000-square-foot industrial site in Lee’s Summit, approximately 19 miles southeast of Kansas City. The 10-acre property is located at 221 Chipman Road. Ben Boyd and Nathan Anderson of Lee & Associates Kansas City represented the Landlord, RL Sweet Lumber. Kessinger Hunter Commercial Real Estate represented the tenant, Boise Cascade Building Materials, a producer of engineered wood products and plywood.
FOUNTAIN HILLS, ARIZ. — Four Peaks Plaza, a 140,390-square-foot power retail center in Fountain Hills, has sold to an affiliate of Sandor Development, NSHE Los Gatos LLC for $9.9 million. The center is located at 16735-16845 East Shea Blvd. It was built in 2002. Four Peaks was 74 percent occupied at the time of sale. Notable tenants include Pier One Imports, Hi-Health, Starbuck’s, Subway and O’Reilly Automotive. The center is anchored by Target, which was not part of the sale. The seller, Retail Properties of America, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.