WARREN, N.J. — HFF has secured a $46.3 million loan, on behalf of Normandy Real Estate Partners, for Center 78 in Warren. Located at 184 Liberty Corner Road, the Class A property offers 371,680 square feet of office space. The LEED Gold-certified property was originally built in 1982 and renovated between 2012 and 2013. Jon Mikula and Michael Lachs led the HFF team that arranged the three-year, floating-rate loan with Square Mile Capital Management LLC.
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NEW YORK CITY — Madison Realty Capital (MRC) in partnership with RWN Real Estate Partners has acquired 2053 Frederick Douglass Boulevard and 300 West 112th Street in Harlem for $30 million. The two five-story mixed-use buildings offer of total of 55,000 square feet, including 50 residential units and two retail units totaling 3,750 square feet. Additionally, the properties offer 30,000 square feet of additional residential development rights. The buyers plan to renovate both properties to maximize rents, lease vacant units and explore the potential of future development. Steven Schultz and Josh Malka of NGKF Capital Markets represented both parties in the off-market transaction.
NORWALK, CONN. — Matrix Investment Group has acquired 535 Connecticut Avenue, a 179,000-square-foot office building in Norwalk. 535 Connecticut Avenue LLC, a joint venture between KABR Real Estate Investment Partners and Blackpoint Partners, sold the property for $13.5 million. The office building, which is 45 percent leased, features a fitness center, cafeteria and 95 percent covered parking. Jeffrey Dunne and Steven Bardsley of CBRE Group’s Institutional Properties represented the buyer and the seller in the transaction.
NEW ROCHELLE AND NORTH SALEM, N.Y. — NorthMarq Capital’s Greater Westchester NY/CT regional office has secured financing for two properties in New York totaling $6.8 million. In the first transaction, NorthMarq arranged $6 million in refinancing for 20 Cedar Street, a 63,591-square-foot office building in New Rochelle. Sidney Frank Importing Co. is the major tenant at the property. The 10-year loan, which features a 25-year amortization schedule, was arranged through a regional bank for the borrower, Cedar Plaza Associates LLC. In the second transaction, NorthMarq secured $875,000 for the refinancing of 56-62 June Road, a 23,300-square-foot mixed-use property in North Salem. The U.S. Postal Service and M&T Bank occupy the property. The seven-year loan features a 30-year amortization schedule and was arranged for the borrower, North Salem Brothers Realty LLC, through a regional bank. Robert Ranieri of NorthMarq Capital secured the financing for both transactions.
LANSING, MICH. — Farmington Hills, Mich.-based Commercial Property Advisors has brokered the sale of Woodland Lakes Apartments, a 344-unit, Class A apartment community located in Lansing. Mount Auburn Capital Group, a California-based multifamily investment and management firm, purchased the property for more than $30 million. The deal marks Mount Auburn’s expansion into Michigan. Built in 2003, Woodland Lakes is situated on 60 acres. The property, which is currently 97 percent occupied, sold at a high 6 percent cap rate based on the 2013 year-end financials. Cary Belovicz of Commercial Property Advisors represented the seller, Woodland Lakes Investment Group LLC, an institutionally managed fund. K. Conly Chi of Mount Auburn says the transaction closed in less than 30 days from contract.
LAKE BLUFF, ILL. — The Boulder Group has brokered the $3.2 million sale of a two-tenant, net-leased property in Lake Bluff, Ill., a suburb of Chicago. The 7,902-square-foot retail center, originally built in 1985, is located at 305 S. Waukegan Road. Panera Bread and Noodles & Co. are tenants in the building. The property is an outparcel to a Heinen’s grocery-anchored center. Heinen’s, an upscale grocery store chain, replaced the vacant Dominick’s property. Panera has more than four years remaining on its lease that expires Aug. 31, 2018. The lease features two five-year renewal options with 10 percent rental escalations. Noodles & Co. has more than 10 years remaining on its lease, which expires Oct. 31, 2024. The lease features a 6.7 percent rental escalation in the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a foreign investor from Spain, in the transaction.
RACINE, WIS. — Mid-America Real Estate Corp.’s investment sales team has arranged the $9 million sale of Racine Centre in Racine, approximately 29 miles southeast of Milwaukee. A private buyer purchased the 135,827-square-foot Piggly Wiggly grocery-anchored center. Racine Centre is located at the southeast corner of Green Bay Road and Washington Ave. Tenants include Xperience Fitness, Party City, Dollar Tree and Get it Now! Joe Girardi of Mid-America Real Estate Corp. in cooperation with Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the seller, Jacksonville, Fla.-based Regency Centers.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of a 29-unit apartment property in Chicago The property is located at 4815 N. Springfield Ave. Built in 1927, the building has been upgraded within the past 10 years. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago downtown office, represented the seller, a partnership. Stengle also represented the buyer, Windy City RE LLC.
NILES, ILL. — Holladay Properties has arranged the lease of a new 4,000-square-foot medical office building in Niles, a suburb northwest of Chicago. North Suburban Physicians Group will occupy space at The Park at Golf Mill, a senior independent living community located at 8975 West Golf Road. North Suburban Physicians Group is expanding its practice in Niles to meet the needs of its growing patient base in the northwest suburban areas of Chicago. Liza Passarelli of Tenant Advisors Inc. represented the tenant in the transaction. Michael O’Connor of Holladay Properties represented the owner.
LOS ANGELES – A trust has disposed of a four-building industrial portfolio that is valued at $5.7 million. The portfolio contains four properties in the Los Angeles area. The transaction includes 11801-11807, 11811 and 11821 Teale Street, along with 11918-11920 Jefferson Blvd. The seller was Richard J. Laski, who acted as a Trustee of the Kaman Estate. The buyer was not named. The trust was represented by Jack Whalen of Heger Industrial.