NEW YORK CITY — Meadow Partners has acquired Rocket Factory Lofts, an apartment building located at 100 South Fourth St. in the Williamsburg neighborhood of Brooklyn. The seven-story property, which is a converted manufacturing building, features 75 loft apartments in a mix of studio, one-bedroom and two-bedroom layouts. Each unit features oversized windows, exposed concrete beams and columns, spacious layouts, 14-foot ceilings and natural hardwood floors. The buyer plans to upgrade the apartments with new kitchens and bathrooms with high-quality finishes, renovate the lobby, and enhance the building entrance and communal roof deck.
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WEST HARTFORD, CONN. — HFF has brokered the sale of Boulevard Shops, a shopping center located at 463 Prospect Ave. in West Hartford. Englewood Cliffs, N.J.-based Lerner Properties purchased the 24,600-square-foot property for $10 million. Situated on 1.82 acres, the property is 93.5 percent occupied by a variety of tenants, including CVS/pharmacy, The UPS Store, H&R Block, Sprint and Santander Bank. HFF’s Boston retail investment sales team marketed the property for the seller, HPE Boulevard LLC, an affiliate of Hirschfield Properties LLC.
WORCESTER, MASS. — CBRE/New England’s Capital Markets team has secured $4.2 million in acquisition financing for Park Plaza Apartments, located at 507 Main St. in Worcester. Main Five Zero Seven LLC, an affiliate of Advanced Realty Management, purchased the 11-story, 90-unit apartment building and nearby parking lot for $5 million. Originally built in 1885 and renovated in the 1970s, the property features 11 studio apartments, 70 one-bedroom units and nine two-bedroom units. John Kelly of CBRE/NE’s Multi-Housing Debt & Structured Finance group arranged the financing on behalf of the buyer.
NEW YORK CITY — TerraCRG has brokered the $2.3 million sale of a development site located at 1191 Ocean Ave. on the Flatbush/Ditmas Park border of Brooklyn. Situated between Farragut and Glenwood roads, the development site was delivered with approved plans for 24,455 square feet. The buyer plans to develop a seven-story, 27-unit residential building on the site. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG negotiated the transaction.
INDIANAPOLIS — A joint venture between two Indianapolis-based commercial real estate developers, Browning Investments Inc. and Duke Realty, will construct a new 936,510-square-foot building in AllPoints Midwest, an industrial development southwest of Indianapolis. The building, which will be known as AllPoints Midwest Building 6, will be situated on more than 63 acres just off Ronald Reagan Parkway and Bradford Road. The site is adjacent to a 1.2 million-square-foot facility occupied by Prime Distribution Services. The precast concrete building will include a 36-foot clear height ceiling; a thermoplastic polyolefin (TPO) energy-efficient roofing system; up to 1,300 parking spaces and 394 trailer staging spaces; and up to 200 potential docks. AllPoints Midwest, located just off I-70 near Indianapolis International Airport, encompasses 958 acres, which will support approximately 13.6 million square feet of space.
CHICAGO — The National Opinion Research Center (NORC) at the University of Chicago has signed a 30,000-square-foot lease expansion at 55 E. Monroe St. in the Windy City. The independent research organization will now occupy 118,000 square feet at the 50-story office tower. Cushman & Wakefield’s Jeff Lindenmeyer and Chris O’Leary represented the tenant in the transaction. Christian Domin, of GlenStar Properties LLC, represented ownership. NORC operates additional offices at the University of Chicago as well as in the Washington D.C. metro area, Atlanta, Boston and San Francisco. NORC collaborates with government agencies, foundations, educational institutions, nonprofit organizations and businesses to provide data and analysis that support informed decision making in key areas including health, education, crime, justice and energy.
CHICAGO — The Boulder Group has brokered the $2.4 million sale of a single-tenant, net-leased Burger King in Chicago. The property is located at 2345 S. Pulaski Road. Burger King is the sole occupant of the 2,980-square-foot building, which was built in 2009. The Burger King is positioned as an outparcel to a recently developed multi-tenant shopping center anchored by Advance Auto Parts and DaVita Dialysis. Burger King’s original 20-year lease expires in December 2029 and features 5 percent rental escalations every five years throughout the primary term and renewal option periods. Heartland Midwest LLC, a wholly owned subsidiary of Heartland Food Corp., guarantees the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private partnership. A New York-based high-net-worth individual purchased the property.
PONTIAC, MICH. — Bernard Financial Group has arranged a $1.3 million loan to refinance the Oakland Press Building in Pontiac. The 83,265-square-foot office/flex building features 80 parking spaces and one loading dock. Neil Gorosh of Bernard Financial Group originated the loan for the borrower, Twenty Lake Holdings LLC, with a life insurance company. Twenty Lake Holdings is a full-service commercial real estate asset management firm focused on newspaper properties. The company is an owner of commercial real estate occupied by local newspaper companies and serves as a real estate advisor to national media companies.
SAN DIEGO — Moss Adams LLP has signed a 10-year lease for La Jolla Commons Tower I. The lease is valued at $9.4 million. The tower is located at 4747 Executive Drive in San Diego. The public accounting firm will occupy 18,611 square feet. Moss Adams will occupy its new space in the first quarter of 2015. The firm was represented by Duncan Dodd of Cassidy Turley’s San Diego office. The landlord, HSPF La Jolla Commons I Investors LLC, was represented by Matthew Carlson, Eric Northbrook and Chris High of Cushman & Wakefield.
SAN DIEGO — Southrail Business Park, a 128,294-square-foot industrial park in the San Diego submarket of Chula Vista, has received a $4.1-million acquisition loan. The eight-building park is located at 664 Marsat Court, about 10 minutes from Downtown San Diego. The buildings are 98 percent leased to 26 tenants, including PowerSports Group, Toleeto Fasteners Intl, Delphius Engineering and Bay Bridge Brewery. The buyer was Focus Real Estate LP. The loan was arranged by HFF’s John Chun. The joint venture equity was placed with a regional joint venture equity fund.