NEW PROVIDENCE, N.J. — Cronheim Mortgage has arranged $5 million in permanent financing for an industrial flex building in New Providence. The one-story property features 88,500 square feet of industrial flex space, with approximately 60,000 square feet of office space and 30,000 square feet of warehouse space. Current tenants include Atlantic Health Systems, Creative Wallcoverings, the New Jersey Youth Symphony and Sensory Spectrum. Dev Morris and Andrew Stewart of Cronheim Mortgage secured the 10-year loan, which features a 15-year amortization schedule, for the borrower, RC-Central Ave. Associates LLC. The loan was placed with American United Life Insurance Co.
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MINNEAPOLIS — PCCP LLC has provided a $43.1 million senior loan to Provident Real Estate Ventures LLC for the renovation and repositioning of Mayo Clinic Square, a 217,354-square-foot mixed-use project in downtown Minneapolis, formerly known as Block E. Located at 600 Hennepin Ave., the property was originally developed in 2001 as a mixed-use shopping and entertainment center. The building is now undergoing a renovation to the exterior façade, interior atrium and skyway level entrance. Several new restaurant spaces are also being added. The property also features a parking deck and billboard space. Earlier this year, the Mayo Clinic announced that it would open a sports medicine facility in partnership with the Minnesota Timberwolves and Lynx Ownership group. The facility will focus on sports medicine, enhanced athletic training, rehabilitation and physical therapy. The sports medicine facility is scheduled to open later this year. The Timberwolves have signed a long-term lease to use the property as its corporate office and state-of-the-art practice and training facility.
BROOKLYN PARK, MINN. — United Properties has broken ground on Northcross Business Park, a 36-acre site at the intersection of Minnesota State Highway 610 and U.S. Highway 169 in Brooklyn Park. The site will include the headquarters for Wurth Adams Nut & Bolt Co., Perbix Machine Co. Inc., and a speculative industrial building. The Minnesota Department of Employment and Economic Development (DEED) awarded funds from the Minnesota Job Creation Fund to Wurth Adams and Perbix for their expansions. Minnesota Gov. Mark Dayton and other officials attended a groundbreaking ceremony for the development on Tuesday, Aug. 5.
UNIVERSITY PARK, ILL. — Darwin Realty & Development Corp. has brokered the sale of a 319,683-square-foot industrial building in University Park, 37 miles south of Chicago. The property is located at 2635 Federal Signal Drive. An affiliate of Premier Transportation has purchased the industrial building for the expansion and consolidation of its Chicago area operation. Headquartered in Atlanta, Premier Transportation specializes in providing integrated transportation and logistics solutions to the retail and consumer products industries nationwide. The 21-acre site in Will County is situated with frontage on I-57. The building features 32-foot clear height ceilings, nearly 7,000 square feet of office space, 22 exterior docks with levelers, two drive-in doors, an ESFR sprinkler system, 200 trailer parking positions and parking for 80 cars. George Cibula and Rick Daly of Darwin represented the seller, a private investment group, in the transaction. Jason West and Sean Henrick of Cushman & Wakefield worked on behalf of the buyer.
LAKE ORION, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of a 2,200-square-foot retail space at 16 W. Flint St. in Lake Orion, approximately 40 miles north of Detroit. The landlord, Luc Enterprises LLC, leased the space to Shadrach, Meshach & ABeanToGo Inc. The tenant is expanding from its first coffee shop in Goodrich and opening another store at this location. Larry Schultz of Friedman represented the landlord in this transaction.
SAN FRANCISCO — Jamestown has acquired Waterfront Plaza, a 297,260-square-foot office complex in the North Waterfront submarket of San Francisco, for a reported $88 million. The four-building property is located along the Embarcadero. It is bound by Bay Street to the north, Kearny Street to the west and Chestnut Street to the south. The transaction includes two office buildings, a 130,585-square-foot building at 50 Francisco Street and a 143,350-square-foot building at 1700 Montgomery Street. It also includes a space occupied by Hillstone restaurant at 1800 Montgomery Street, as well as a five-story parking structure and ground-floor offices at 60 Francisco. Waterfront Plaza currently has 40 tenants. Notable employers include Giant Creative Strategy, Comcast of California Inc., Advance Magazine Publishers, HQ Global, Weisscom Partners and Andre-Boudin. Jamestown plans to add more tenant amenities and design features to this dog-friendly complex. The asset was acquired by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. The seller, LaSalle Investment Management, was represented by Eastdil Secured.
FOUNTAIN VALLEY, CALIF. – The 456-unit Palm Island seniors housing community in Fountain Valley has received a $64-million refinance. The community is located at 11300 Warner Ave. Palm Island provides a community center, library, card room, billiard room, fitness center, computer room, 24-hour surveillance system, and heated pool and spa for its seniors aged 55 and older. The 10-year loan features a 4.47 percent fixed rate and interest-only payments for the full term. The transaction was a cash-out refinance of a first and second mortgage by a new first mortgage with a lower rate. The refinancing was originally structured in 2013 as a 10-year mortgage with five years interest-only payments. The borrower, a local sponsor, put the transaction on hold, however, after rates became volatile last summer. The refinance was negotiated by Seth K. Grossman of Meridian Capital Group and Greg Reed and Kristen Croxton of Capital One.
OXNARD, CALIF. – The 385-unit Paz Mar Reserve apartment community in Oxnard has received a $55-million loan. The waterfront community is located at 3100 Peninsula Road in Channel Islands Harbor. Paz Mar was 97 percent leased at the time of sale. Community amenities include a swimming pool, spa, fitness center, lounge and business center. The 10-year, fixed-rate loan will replace an existing floating-rate loan that was through a national lender. It will also allow the owner, Prime Residential, to carry out an extensive renovation on the property. Financing was arranged by HFF’s Peter Smyslowski through the Guardian Life Insurance Company of America.
HAWTHORNE, CALIF. — Chambers Street Properties has acquired a 510,000-square-foot industrial property in Hawthorne for $46.7 million. The property is located at 1 Rocket Road. It sits adjacent to the 105 freeway. The property serves as the headquarters for Space Exploration Technologies Corp. Also known as SpaceX, the company designs, manufactures and launches advanced rockets and spacecraft. SpaceX’s net lease extends through January 2023.
VENTURA, CALIF. – A former Wonder Bread bakery site in downtown Ventura has sold to Moeller Development Company LLC for $1 million. The property is located at 72 W. Santa Clara Street. The Wonder Bread facility was razed to make way for a narrow blacktop parking lot. The new owner plans to build a 24-unit apartment complex on the site. The LLC is a joint venture between Dansk Investment Group and the Daly Group. Jesse Munoz of Colliers represented both the buyer and the seller, United American Properties Inc., in this transaction.