Property Type

Rosewood Realty Group Brokers $18.4M Sale of Mixed-Use Property

by Jaime Lackey October 6, 2014

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story mixed-use building located at 183-187 Avenue C in Manhattan’s Alphabet City neighborhood. Darwin Management sold the 24,534-square-foot building to Nader Shalom, a private investor, for $18.4 million. Built in 1910, the property features 43 residential units and three commercial units, which are occupied by Cafetico, a dry cleaner and a bodega. Additionally, the building features 1,090 square feet of air rights. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the deal.

October 6, 2014

Indiana Midwest Mixed-Use Multifamily

Milhaus Opens $31M Circa Apartments in Indianapolis

by Danielle Everson October 6, 2014

INDIANAPOLIS — Milhaus Construction LLC has opened Phase I of Circa, a new Chatham-Arch historic district apartment development in Indianapolis. The $31 million project was built on the site of the former Mitchel & Scott Machine Co. at 617 N. College Ave. Circa includes 265 units, which consist of a mix of studios, one-, two- and three- bedroom units in five new apartment buildings. Three of the buildings are four stories high with private tuck-under parking garages. The other two buildings are five stories and include first floor open-air parking garages. Rents range from $900 to $2,500 per month. Construction on Phase II began earlier this summer on a half-acre site just north of Phase I. The four-story building will feature 29 apartments and 1,000 square feet of ground floor commercial space. Construction is expected to be complete by early summer of 2015. Milhaus Management LLC will manage the property. Milhaus Construction built the project. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Regions Bank provided the construction loan.

October 6, 2014

Midwest Minnesota Retail

Shingobee Builders Inc. Begins Construction of Paradise Car Wash in Maple Grove, Minn.

by Danielle Everson October 6, 2014

MAPLE GROVE, MINN. — Shingobee Builders Inc. has begun construction of a Paradise Car Wash and Detail Center in Maple Grove. The facility will be located at the former Champp’s restaurant site on Elm Creek Boulevard. The 15,600-square-foot building will provide a tunnel wash, three detail bays, customer lounge and support areas. Construction started in mid-August and is scheduled for completion early in 2015. The site is visible from I-94 and is located near the Maple Grove shopping area. Loretto, Minn.-based Shingobee Builders is a national commercial construction and development company that provides general contracting, project management and real estate services.

October 6, 2014

Loans New Jersey Northeast Office

Cushman & Wakefield Arranges $18M Loan for New Jersey Office Building

by Amy Works October 6, 2014

PRINCETON, N.J. — Cushman & Wakefield has arranged an $18 million loan for 750 College Road East in Princeton. The three-year, non-recourse loan, which was provided by Square Mile Capital Management LLC, features a floating rate. Built in 2001, the three-story, 100,000-square-foot office building is fully leased to two tenants. Gideon Gil, Sridhar Vankayala and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance represented the borrower, an affiliate of ML7.

October 6, 2014

Industrial Midwest Missouri

Hilliker Corp. Arranges Sale of 37,000 SF Industrial Building in Bridgeton, Mo.

by Danielle Everson October 6, 2014

BRIDGETON, MO. — Hilliker Corp. has arranged the $890,000 sale of a 37,000-square-foot industrial building located in Bridgeton. Merged companies Tri-State Equipment Co. and Ergonomic Partners will move to the property located at 4000 Fee Fee Road. Powell Kalish of Hilliker Corp. represented the buyer, Tri-State Equipment. Andy Port and Pat Reilly of Gateway Commercial Real Estate represented the seller, Justus Holdings LLC. The combined company, which supplies lifting devices, currently has 19 employees. Tri-State Equipment plans to add three to five employees within the upcoming six months due to the new building’s increased production capacity.

October 6, 2014

Midwest Minnesota Office

Meritex Brokers Sale of Office Building in St. Paul

by Danielle Everson October 6, 2014

ST. PAUL, MINN. — Meritex has brokered the sale of a 282,565-square-foot office building in St. Paul to an undisclosed buyer. The property, located at 444 Lafayette Road, is fully leased to the State of Minnesota-Department of Human Services. The marketing and sale of the property was part of a 677,500-square-foot, four-building portfolio sale coordinated between owners Meritex and NGP Lafayette Portfolio Owners Corp. The sellers cooperated in the joint marketing, contract negotiations, due diligence coordination and final closing for the entire portfolio. Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver of CBRE represented Meritex and NGP. Meritex has been retained by the buyer as property manager for the entire portfolio. Fred Koehler, asset manager for Meritex, will be responsible for park management.

October 6, 2014

Massachusetts Multifamily Northeast

Marcus & Millichap Arranges $9.1M Sale of 266-Unit Apartment Building

by Amy Works October 6, 2014

SPRINGFIELD, MASS. — Marcus & Millichap has brokered the sale of Morgan Square Apartments, a 266-unit residential property located in Springfield. A limited liability company purchased the asset for $9.1 million from an undisclosed financial institution. Converted from a manufacturing and production facility to a residential building in 1987, the property features a mix of 13 studio, 158 one-bedroom units, 24 one-bedroom lofts, 32 one-bedroom platform units, 38 two-bedroom units and one three-bedroom unit. On-site amenities include a fitness center, elevators in each building, laundry facilities and off-street parking. Victor Nolletti, Steve Witten, Gary Witten and Todd Tremblay of Marcus & Millichap represented the seller; Nolletti, Steve Witten and Gary Witten also represented the buyer in the transaction.

October 6, 2014

New Jersey Northeast Office

Bergman Real Estate JV Takes 90,000 SF Office Property in New Jersey

by Amy Works October 6, 2014

EAST HANOVER, N.J. — Bergman Real Estate Group, in a joint venture with a vehicle managed by Rialto Capital Management, a wholly owned subsidiary of Lennar Corp., has acquired 100 Eagle Rock Avenue, an office building in East Hanover. The partnership purchased the 90,000-square-foot property for $6.4 million or $71 per square foot. Current tenants at the property include Friedman LLP, Burns & McDonnell and Hartford Fire Insurance Company. Michael DiFede and Michael Brody of Garden State Office Properties represented the buyer, while Gary Gabriel and Kyle Schmidt of Cushman & Wakefield represented the seller, TA Associates, in the transaction.

October 6, 2014

Connecticut Northeast Retail

The Boulder Group Arranges $1.6M Sale of Net-Leased Property

by Amy Works October 6, 2014

VERNON, CONN. — The Boulder Group has brokered the sale of a newly constructed single-tenant retail property located at 426 Talcottville Road in Vernon. The property, which is net-leased to Dollar General, sold for $1.6 million. Situated on 1.11 acres, the 9,262-square-foot property is leased to Dollar General for at least a 15-year term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based investment firm, in the transaction. The seller was a Northeast-based developer.

October 6, 2014

Georgia Retail Southeast

Sterling Acquires Roswell Village Shopping Center for $10.6M

by John Nelson October 6, 2014

ROSWELL, GA. — Sterling Organization has purchased Roswell Village Shopping Center, a 145,082-square-foot shopping center located at the southwest corner of Highway 9 and Holcomb Bridge Road in Roswell, roughly 20 miles north of downtown Atlanta. Sterling purchased the asset for approximately $10.6 million in an off-market transaction via its institutional fund Sterling Value Add Partners II LP. The property is currently 31 percent leased to tenants such as Goodyear, Pizza Hut, Jersey Mike’s and Curves.

October 6, 2014

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