KENOVA AND CHARLES TOWN, W.VA. AND ABBEVILLE, LA. — Marcus & Millichap has arranged the $14.6 million sale of three CVS/pharmacy stores in West Virginia and Louisiana. The stores are located in Kenova and Charles Town, W.Va., and Abbeville, La. CVS has at least 23 years left remaining on its initial lease at all three stores. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the sale of all three assets.
Property Type
NORFOLK, VA. — New York-based Eastern Union Funding has provided $11.4 million in acquisition financing for Town Point Center, a 131,259-square-foot, 12-story office building in Norfolk. The asset was 90 percent leased at the time of the sale to regional and local tenants. Marc Tropp and David Merkin of Eastern Union Funding arranged the five-year loan with a fixed 4.56 percent interest rate through an unnamed Wall Street lender on behalf of the borrower, Cohen Investment Group.
LADSON, S.C. — Cushman & Wakefield | Thalhimer has arranged a 78,000-square-foot lease of industrial space at 9016 Palmetto Commerce Parkway in Ladson, roughly 19 miles northwest of Charleston. The tenant, Anyware Express, is consolidating several locations and will move into the new space immediately. Mark Erickson and Philip Owens of Cushman & Wakefield | Thalhimer represented the landlord in the lease transaction.
NEW YORK CITY — The College Board has completed the sale of its headquarters building, which is located at 45 Columbus Ave. in New York. Fordham University purchased the nine-story, 65,303-square-foot building for $49.5 million. The buyer plans to use the office space for its administrative offices. The College Board is relocating its headquarters to a 165,000-square-foot space within Brookfield Place at 250 Vesey St. David Lebenstein and Graham Stephens of Cassidy Turley, along with Kirk Diamond and Tim Farley of Cassidy Turley’s Atlanta office, represented the seller, while Joe Morningstar of Hudson Realty Capital represented Fordham University in the transaction.
NEWARK, DEL. — Ingerman has started construction for Alder Creek, an affordable multifamily community in Newark. The 56-unit community will feature 13 newly constructed, two-story buildings with a mix of one-, two-, three- and four-bedroom units. Each residence will feature a private entrance, front porch, rear balcony or patio, and ample parking. Community amenities include laundry facilities, a fitness center, maintenance space and an after-school care center. Delaware State Housing Authority, the Delaware Department of Natural Resources and Environmental Control, and Capital One Bank are funding the community.
BORDENTOWN, N.J. — Aileron Capital Management has closed on a $10.2 million loan for the construction of a 101-room Holiday Inn Express in Bordentown. Structured as a SBA 504 loan, the $6.1 million first mortgage loan was provided by Aileron; Mercantile Capital and EnviroCap provided a $4.2 million interim second mortgage loan. Once the hotel is completed, the loan will be converted to long-term permanent financing.
WESTFIELD, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 240-244 North Avenue West in Westfield. The three-story 10,563-square-foot building sold for $4.7 million. Citibank, Visage and Qtrade occupy the property. David Thurston of Marcus & Millichap’s New Jersey office marketed the asset on behalf of the seller, a limited liability company, and represented the buyer in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of 922 Prospect Place in the Crown Heights neighborhood of Brooklyn. The four-story multifamily building features eight residential units and an approximately 2,000-square-foot basement that may be used for storage or future duplex conversion. At the time of closing, six of the eight two-bedroom apartments were vacant. Michael Hernandez of TerraCRG negotiated the transaction.
CHICAGO — Aries Capital has secured a $5 million CMBS loan for a nine-property, multifamily portfolio on Chicago’s South Side. The 10-year loan features a 30-year amortization schedule and a 75 percent loan-to-value ratio. The sponsor of the transaction, an affiliate of McKenzie Management, has been acquiring and renovating properties on the South Side of Chicago for the past eight years. By refinancing the properties, McKenzie Management was able to free up its bank lines and personal guaranties, enabling the company to acquire additional properties and grow its portfolio. McKenzie is a full-service property management company focusing on residential and retail properties.
BIRMINGHAM AND LIVONIA, MICH. —Orlando, Fla.-based Cuhaci & Peterson Architects, Engineers, Planners, has completed design work on two interior remodeling projects for Mitchell’s Fish Market in Michigan. The two front-of-house projects include a 4,976-square-foot restaurant in Birmingham, Mich., and a 5,090-square-foot restaurant in Livonia, both located in the suburbs of Detroit.