MORRIS PLAINS, N.J. — A joint venture between Baltimore-based MCB Real Estate and ARC Property Trust has acquired a freestanding retail building in Morris Plains, which is approximately 30 miles east of New York City. The 32,450-square-foot asset was purchased for $2.6 million and is currently leased to ACME Supermarkets. Lawrence Anderson of Anderson Realty Services represented the seller in the transaction.
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CANTON, MICH. — Greystone has provided a $24.1 million loan to refinance Meadowood Townhomes in Canton, approximately 35 miles west of Detroit. The multifamily community features 452 rental units comprising of two- and three-bedroom townhomes and one-bedroom ranch style units. John Marr of Greystone originated the Fannie Mae loan under its Delegated Underwriting and Servicing (DUS) program. The 10-year fixed-rate loan terms includes a 30-year amortization schedule.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $6.6 million loan for Central Business Park in Southfield. The property is an existing single-story office property consisting of four buildings in close proximity to each other, containing a total of 180,307 square feet of rentable area. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, CBP RES LLC, through a CMBS lender.
FREEHOLD, N.J. — New Jersey-based UMH Properties Inc. (NYSE : UMH) has acquired two Ohio manufactured home communities for $5.4 million. The two communities include a total of 258 developed home sites situated on approximately 40 total acres. The average occupancy for the communities is approximately 91 percent. UMH Properties is a REIT that owns and operates 88 manufactured home communities. The communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, and Michigan.
BERWYN, ILL. — Marcus & Millichap has brokered the $3.4 million sale of a mixed-use portfolio of apartment and retail spaces in Berwyn, a western suburb of Chicago.The portfolio includes nine retail spaces and a total of 80 apartment units in four buildings. The units include studio, one-, and two-bedroom apartments. The properties of the Berwyn mixed-use apartment portfolio are located at 2139 Clinton Ave., 2140 Kenilworth Ave., 2200 Scoville Ave. and 2202 Grove Ave. The four buildings are located within a half mile of each other along Cermak Road. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office and Eric Bell of Marcus & Millichap’s Chicago O’Hare office represented the seller, a limited liability company, and the buyer, a private investor.
HOLLYWOOD, CALIF. — NeueHouse has leased 93,000 square feet of space at Columbia Square in Hollywood. The private membership collaborative concept signed a 15-year lease that will commence in the first quarter of 2015. This is the largest lease to be signed in Hollywood in more than five years, according to Kilroy Realty Corporation, which owns the building. NeueHouse will occupy the newly renovated Radio and Business buildings. These historic buildings anchor Columbia Square, which is a 680,000-square-foot, mixed-use project that will contain creative office, retail and residential components. The $400-million project is now underway on the site of CBS’ early 20th century broadcast facility on Sunset Boulevard. NeueHouse was represented by Steve Kolsky and Neal Golden of Newmark Knight Frank. Kilroy was represented by Carl Muhlstein of Jones Lang LaSalle.
LAS VEGAS — Century Park, a 114,402-square-foot office building in Las Vegas, has sold to Flaming Spencer Garden LLC for $4.3 million. The two-building, Class B property is located at 1771 E. Flamingo Road. It is situated near McCarran International Airport, the Las Vegas Convention Center and the Las Vegas Strip. The seller, Riversource REO 1 LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.
PLEASANTON, CALIF. – A 64,760-square-foot office building in Pleasanton has sold to 5100 VJ Franklin LLC for an undisclosed sum. The two-story building is located at 5100 Franklin Drive. It was built in 2001. The space was most recently occupied by Hitachi Data Systems. It will now serve as the corporate headquarters for an unnamed tenant. The LLC was represented by Rick Keely, Greig Lagomarsino and Brian Lagomarsino of Colliers International. The seller, Ellis Partners LLC, was represented by Ted Helgans, Jason Chandler, Ned Wood and Mark Triska of the same firm.
BEAVERTON, ORE. — Oregon Metropolitan Elite Gymnastics Academy (OMEGA) has leased 20,014 square feet at the Harvest Court Industrial building in Beaverton. The building is located at 9700 SW Harvest Court. OMEGA will occupy the space Aug. 1. The academy was represented by Ken Boyko of NAI Norris, Beggs & Simpson. The landlord, Lynch Properties LLC, was represented by Scott MacLean of the same firm.
SAN DIEGO – The 21-unit Bahia Vista Townhomes has broken ground in the San Diego submarket of Chula Vista. The community will be located less than a mile from the coastline, one block from the freeway entrance and one-half block from the Palomar trolley station. The one-acre parcel was acquired by Pathfinder Partners LLC last year. Bahia Vista is scheduled for completion next summer. Pathfinder provided the private equity, while Lanshire Housing Partners LLC is acting as developer. The community will be built by Lanshire Development and designed by Rodriguez Associates Architects and Planners.