WALTHAM, MASS. — Boston Properties has inked a lease with Wolverine Worldwide for 150,000 square feet at its 10 CityPoint project in Waltham. The company plans to use the office space as headquarters for its Sperry Top-Sider, Saucony, Keds and Stride Rite brands. This lease will kick off construction for the 10 CityPoint project, which is the newest addition to Waltham’s CityPoint district. Located on Route 128 at the exit 27 interchange, 10 CityPoint will include street-level retail and restaurant space, as well as 230,000 square feet of high-performance workspace. John Boyle, Michael O’Leary and Kevin McNamara of Cassidy Turley, along with Randy Tarnow of Mohr Partners represented the tenant, while David Provost, Richard Monopoli and Matthew Murray provided in-house representation for Boston Properties in the transaction. In addition to the Wolverine lease, Boston Properties has signed leases with Posto and Bonefish Grill.
Property Type
SOUTH PORTLAND, ME. — Marcus & Millichap has brokered the sale of a newly constructed retail property in South Portland. Situated on a 9,395-square-foot parcel along Maine Mall Road, the 6,800-square-foot freestanding building sold for $4.8 million. The property is occupied by a 1,800-square-foot Starbucks Coffee, which has a 10-year triple-net lease, and a 5,000-square-foot Mattress Firm under a 11-year triple-net lease with three five-year options. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the seller, UG-Meridian South Portland LLC, and the buyer, Cimco Realty LLC, in the transaction.
WESTPORT, CONN. — Vidal Wettenstein LLC has brokered the sale of an office building located at 37 Franklin St. in Westport. Dinmar Realty sold the 6,000-square-foot property to Chris Anderson for $1.2 million. The buyer plans to renovate the property and utilize it for his company. Robert Lewis of Vidal Wettenstein represented the seller, while Kevin Foley of Cushman & Wakefield represented the buyer in the transaction.
BOILINGBROOK, ILL. — Principle Construction Corp. has begun building a new speculative warehouse facility at 900 Windham Parkway in Bolingbrook, located about 30 miles southwest of Chicago. The 237,000-square-foot precast building will include a 32-foot clear height ceiling, an ESFR sprinkler system, 22 exterior truck docks and the ability to accommodate an additional 25 future truck docks. The facility will also include 35 trailer parking stalls, two drive-in doors and 217 parking stalls. Dallas-based Clarion Partners, represented locally by Seefried Properties, owns the site and building. Berlin Packaging will occupy 125,478 square feet, including 8,500 square feet of offices. The packaging company is moving from Arlington Heights, Ill. Principle’s Ken Lattanzi is the project manager, Tom Sterbenz is the superintendent and Mark Augustyn is the principal involved with the project. Harris Architects Inc. is providing architectural services. Construction is scheduled for completion this November.
DAVISON, MICH. — Bernard Financial Group has arranged an $18 million CMBS loan to refinance Lions Gate Luxury Apartments in Davison, located near Flint. The apartment community consists of 192 rental units within six, four-story buildings. Kevin Kovachevich of Bernard Financial Group arranged the loan on behalf of the borrower, Tshuva Roco Lions Gate LLC.
UTICA, MICH. — Love Funding has arranged a $12.9 million loan for the construction and permanent financing of Encore Townhomes, an 80-unit, market-rate apartment community in the Detroit suburb of Utica. Bruce Gerhart of Love Funding secured the loan for the borrower, Tiburon Investments Utica LLC, through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Using the program allows borrowers to obtain low fixed-rate, non-recourse financing for a 40-year term, in addition to the initial 17-month construction period. The project includes 13 garden-style, two-story buildings situated next to a newly built luxury condominium development. Residents of Encore Townhomes will share access to the condominium’s clubhouse, outdoor pool, fitness room, business center and other amenities at no additional cost to their rent. Tiburon Investments Utica is developing the project. Fairview Construction Inc. is building the project and Progressive Associates Inc. is providing architectural services.
CLEAR LAKE, IOWA — Dougherty Funding has provided a $3.5 million first mortgage loan for the refinancing of the Best Western Holiday Lodge in Clear Lake, approximately nine miles west of Mason City. Clear Lake Hotel Associates LLC was the borrower. The 136-room hotel is situated on approximately seven acres and includes a Bennigan’s Grill & Tavern restaurant. The property features a heated indoor swimming pool, 24-hour exercise facility, business center/work area, and 5,600 square feet of meeting space. Clear Lake Hotel Associates has begun upgrading the guestroom bathrooms and is planning to make improvements to the interior of the Bennigan’s restaurant.
PEORIA, ARIZ. – Sprouts has announced it will open a new 30,117-square-foot location at Lake Pleasant Towne Center in Peoria. The new outpost will debut next spring. Lake Pleasant Towne Center is located at the northwest corner of Happy Valley Road and Lake Pleasant Parkway. It is owned by Vestar.
TEMPE, ARIZ. – The Elliot’s Crossing apartment complex in Tempe has received $16.7 million in financing. The community is located at7250 S. Kyrene Road. The seven-year Freddie Mac loan was provided to Real Estate Opportunity Capital Fund II LP by Alex Buecking and James Endrizzi of KeyBank Real Estate Capital.
LAS VEGAS — KCD Martin LLC has purchased 20 condo units at The Martin in Las Vegas. The 372-unitresidential tower is located at 4471 Dean Martin Drive. The Martin was originally part of the three-building Panorama Towers complex that was completed as Las Vegas’ condo market collapsed in 2009. This tower was rebranded as The Martin. The seller, iStar Financial, foreclosed on The Martin and took over its daily operations in 2009 after it provided the original construction loan. The operations were managed by its subsidiary, iStar Residential. The 20 units have never been occupied. They were the last remaining developer-owned units. KCD plans to resell them to foreign investors. The acquisition was financed with a $4-million short-term loan. Bridge financing was provided by Felix Gutnikovof Thorofare Capital. The loan was placed with Thorofare’s third discretionary investment vehicle, Thorofare Asset Based Lending Fund III, L.P.