NEWARK, N.J. — Newark Regional Business Partnership (NRBP) has relocated its headquarters to The Berger Organization’s Military Park Building in Newark. NRBP has signed a long-term lease to occupy 10,000 square feet at the 21-story, 250,000-square-foot office building. The non-profit organizations sharing NRBP’s space include: Greater Newark Enterprises Corp., The Nicholson Foundation, Newark Alliance and ReServe. Jones Lang LaSalle represented NRBP in the lease negotiations.
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WILLOWICK, OHIO — Cohen Financial has secured $21.6 million in refinancing for Shoregate Towers, a 404-unit multifamily property in Willowick, a suburb of Cleveland. The property is located on Lake Erie at 30901 Lake Shore Blvd. Dan Rosenberg of Cohen’s Chicago office secured the fixed-rate, five-year term loan on a 30-year amortization schedule for the borrower, an East Coast commercial real estate owner/operator. Morgan Stanley, a Cohen Financial Conduit Lender, was the lender in the transaction.
INDIANAPOLIS — Lauth Group Inc. will provide general construction services for the demolition and build-out of a new headquarters for Schwarz Partners LLC in Indianapolis. The box manufacturing company selected Lauth to complete a 17,500-square-foot build-out on the third floor at the Woodview Trace Building located at 3600 Woodview Trace. Lauth is a management owned, full-service real estate firm with expertise in development, construction, property management, facilities management and acquisitions.
OAKBROOK TERRACE, ILL. — Oakbrook Terrace-based Mid-America Asset Management Inc. has secured two new retail leases on behalf of two shopping centers in Chicago’s northwest suburbs. DSW Shoe Warehouse signed a lease for 23,773 square feet at Village Square of Northbrook located at the southeast corner of Lake Cook Road and Skokie Boulevard in Northbrook, Ill. In addition, Zip Fitness signed a lease for 22,002 square feet at Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads in Arlington Heights, Ill. DSW Shoe Warehouse will occupy space at the 334,995-square-foot center, which also includes retailers Nordstrom Rack, Marshall’s, The Container Store, PetSmart, Cost Plus World Market and Saks Fifth Avenue Off 5th. DSW is expected to open in spring 2015. Liz Krebs of Mid-America represented the landlord. Mike Schertler of Tartan Realty Group and Scott Stefanik of Midwest Commercial Realty represented the tenant. Zip Fitness will occupy space at the 295,773-square-foot center Arlington Plaza at the northwest corner of Rand and Arlington Heights Roads. Burlington Coat Factory, Value City Furniture and The Room Place anchor the shopping center. Zip Fitness’ new location is expected to open before the end of the year. Mid-America Leasing Representative Sarah Drumgould …
ALEXANDRIA, VA. — Oxford Finance LLC has provided a $12.4 million senior secured term loan and a $1.5 million revolving line of credit for Pritok Capital. Proceeds of the loan were used to purchase two skilled nursing facilities in Kansas and Missouri, and the revolving line of credit will provide working capital. The acquisition of Pritok’s two new properties will add to its existing portfolio of seniors housing facilities. Headquartered in Alexandria, Va.,Oxford Finance is a specialty finance firm that provides senior debt to life sciences and healthcare services companies. Pritok Capital is a private equity group specializing in investments in senior care real estate. Formed in 2012, Pritok Capital owns skilled nursing facilities in Kansas, Michigan, Minnesota, Missouri and Ohio.
SURPRISE, ARIZ. — Marley Park Plaza, a 77,545-square-foot neighborhood shopping center in Surprise, has sold to IMAN Enterprises for $12.4 million. The center is located at 15411 W. Waddell Road. It was 98 percent leased at the time of sale. Notable tenants include Basha’s, Subway, H&R Block, Little Caesar’s Pizza, Baskin Robbins and Great Clips. The seller, Donahue Schriber Realty Group, was represented by Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher of Cassidy Turley.
LOS ANGELES — Barkley Development LLC has received a $10.5-million loan to acquire, entitle, and develop a 1.5-acre parcel of land near the Los Angeles submarket of Sherman Oaks. The land is on Sepulveda Boulevard. Barkley plans to develop a mixed-use asset with 139 residential units and 9,000 square feet of retail. Construction is slated to begin in the fourth quarter of this year. The development was underwritten to over a 7 percent yield on cost, with a sub-4 percent construction financing interest rate and a terminal pro forma value projected to exceed $50 million. The loan was provided by Gabe Weinert of Johnson Capital.
DOWNEY, CALIF. — Golden Corral Buffet Restaurant has leased space at the Shops at Gallatin Road in Downey. The new space will contain a 12,000-square-foot, built-out buffet restaurant, in addition to a 6,000-square-foot pad. The lease is valued at $5.5 million. The Shops at Gallatin Road is located at Lakewood Boulevard & Gallatin Road in North Downey. Notable tenants in the area include Ralph’s, McDonald’s, Subway, Chris & Pitts BBQ, Flame Broiler, Metro PCS and Supercuts. Golden Corral was represented by Steve Liu of NAI Capital’s Orange County office. The landlord is First Enterprises Group.
TACOMA, WASH. – The 41-unit Emerson Apartments in Tacoma has sold to an unnamed buyer for $2 million. The community is located at 902 South Fawcett Ave. It was built in 1917. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented both the buyer and seller in this transaction.
SAN DIEGO – A 3,500-square-foot building in San Diego that served as the offices for Teamsters Local 683 has sold to SDPB Holdings for $1.3 million. The building was located at 2731 B Street. SDPB plans to redevelop the 22,000-square-foot lot as a residential property. The Teamsters had used that space for administrative offices and meeting space for more than 70 years. The organizations will relocate to a 19,000 square foot office building in El Cajon in the next 12 months. That acquisition was valued at $1.9 million. Marc Frederick of Colliers International represented both the buyer and seller in this transaction.