PENSACOLA, FLA. — KeyBank Real Estate Capital has secured a $15.5 million loan to refinance Park Place Promenade, a 172,086-square-foot retail center in Pensacola. The total collateral for the property is 83,902 square feet. Park Place Promenade was constructed in 2003-2004 and is comprised of five in-line buildings. The property has averaged above 91 percent occupancy since 2008. The unnamed borrower used the loan to pay off an existing CMBS loan that KeyBank originated in 2004.
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WESTCHESTER COUNTY, N.Y., AND STAMFORD, CONN. — A joint venture led by Keystone Property Group has completed the acquisition of six office properties located in Westchester County and Stamford. The joint venture purchased the properties for $91.5 million from Mack-Cali Realty Corp. This closing completes a portfolio transaction that Keystone and Mack-Cali entered into earlier this year to form various joint ventures to acquire a portfolio of office properties that Mack-Cali owns throughout Northern New Jersey, New York and Connecticut. The properties include 555 and 565 Taxter Road in Taxter Corporate Park and 570 Taxter Road, totaling 422,422 square feet, in Elmsford, N.Y.; the 178,749-square-foot Talleyrand Office Park located at 200 and 220 White Plains Road in Tarrytown, N.Y.; and the 179,610-square-foot Soundview Plaza in Stamford. Keystone plans to reinvest in the properties through redevelopment, capital improvements and upgrades to each site. Mack-Cali, through its partnership with Keystone, will participate in management fees for the portfolio and a percentage of value creation above certain hurdle rates, as well as retain a senior pari-passu equity position at 555, 565 and 570 Taxter Road. Mack-Cali and Keystone will jointly provide leasing representation for the portfolio.
BEAR, DEL. — CBRE Inc. has brokered the sale of Eden Shopping Center in Bear. MCB Real Estate purchased the 235,508-square-foot shopping center from Bellevue Holdings for an undisclosed price. Giant Food Store and Lowe’s Home Improvement Warehouse anchor the center. Kevin McClernon and George Schmitt of CBRE represented the seller in the transaction.
FALL RIVER, MASS., HALFMOON, N.Y., AND LATROBE, PA. — Marcus & Millichap has brokered two separate retail property transactions totaling $14.8 million in Massachusetts, New York and Pennsylvania. In the first transaction, Pentucket Motor Lodges Inc. acquired a 3,844-square-foot McDonald’s property located within the newly developed Crossroads at 24 in Fall River for $2.2 million. The asset includes a new 30-year McDonald’s ground lease with four five-year options and 10 percent rental increases scheduled every five years throughout the base term and option periods. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the sellers, First Bristol Corp. and Marshal Properties, and the buyer in the transaction. Additionally, Horvath and Tremblay completed a 1031 exchange for Yarmouth Mayflower. The company purchased two Walgreens locations in Halfmoon and Latrobe for $12.6 million.
RAMSEY AND NORTHVALE, N.J. — Winick Realty Group NJ has brokered the leases for two new Jersey Mike’s locations in Bergen County, N.J. The sandwich shop leased 1,736 square feet at 557 North Franklin Turnpike in Ramsey and 1,750 square feet at 246 Livingston St. in Northvale. The Northvale location opened in June and the Ramsey location is expected to open in September. Gary Krauss of Winick Realty Group NJ represented Jersey Mike’s in both transactions. Gregg Slater of Equity Associates represented the landlord, Northvale Shopping Center Associates, in the Northvale lease, while the Ramsey landlord, Landmark Real Estate, was represented in-house.
CAMBRIDGE, MASS. — Accion, an international nonprofit dedicated to microfinance, has selected Vantage Builders to renovate its new headquarters at 10 Fawcett St. in Cambridge. The 19,000-square-foot project includes the complete gut and renovation of portions of the second and third floors of the property, as well as the installation of new mechanical, plumbing and electrical systems and a connecting stairwell. The completed office space will feature custom millwork, new paint and carpeting, upgraded flooring and modern finishes. The renovation project is slated for completion by the end of November. The project team includes Diversified Project Management and Jacobs Engineering Group. The building is owned by Griffith Properties.
TWINSBURG, OHIO — The Cooper Commercial Investment Group has brokered the $4.1 million sale of an office building in Twinsburg, 25 miles southeast of Cleveland. The office building, located at 2500 E. Enterprise Parkway, is fully occupied by Experient, a Maritz Travel Co. The office building includes four acres of additional land that can be used for future expansion. The parent company and lease guarantor, Maritz, signed an early extension with a seven-year, absolute triple-net lease. Dan Cooper of the Cooper Commercial Investment Group represented the seller, a Cleveland-based private investor. A New York-based private investment group purchased the property. The asset traded at an 8.66 percent capitalization rate at more than $159 per square foot. Experient has eight other offices in the country. The Twinsburg office will serve as the company’s headquarters. The company employs 1,350 people with approximately 100 employees in Twinsburg.
INKSTER, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 16,145-square-foot industrial building in Inkster, approximately 20 miles southwest of Detroit. The property is located at 27016 Princeton St. Gable Properties sold the building to PLC Holdings LLC for an undisclosed sales price. Robert Frank of Friedman represented the seller in the transaction.
ROMEO, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 20,200-square-foot building in Romeo, approximately 40 miles north of Detroit. Takata Holdings Inc., an international research development corporation of safety technologies, has signed a three-year lease for the facility located at 111 Peyerk Court in the Romeo Business Park. Takata is expanding from its Armada engineering and testing facility. Joe DePonio and Jason Capitani of L. Mason Capitani represented the landlord, Kemp & Peyerk – Sterling LLC, in the transaction.
EAGAN, MINN. — Dominium has awarded Cassidy Turley the listing assignment for Thomas Lake Pointe Apartments in Eagan. The multifamily property is located at 1500 Thomas Lake Pointe Road on Thomas Lake and is adjacent to Thomas Lake Park. The community includes 216 units and is 96 percent occupied. Jim McCaffrey and Julie Lux of Cassidy Turley's Minneapolis office, will list the property on behalf of Dominium.