LOXAHATCHEE, FLA. — Avison Young has arranged a 5,700-square-foot lease at Groves Medical Plaza, a 22,000-square-foot medical office building located at 13475 Southern Blvd. in Loxahatchee in Palm Beach County. Gary Gottlieb of Avison Young represented the landlord, Groves Medical Plaza LLC, in the lease transaction with new tenant Prettelt Center for Family Health PA. The family practitioner will take occupancy at Groves in late 2014.
Property Type
BEACHWOOD, OHIO — Devonshire REIT Inc. has acquired Pavilion Shopping Center in Beachwood, a suburb of Cleveland, for $35 million. The shopping center is located on Chagrin Boulevard near I-271. Sub-anchors at the 249,873-square-foot power center anchored by Giant Eagle include Big Lots, Marshalls, Michaels and Stein Mart. Other national tenants include Petco, Lane Bryant, Quiznos, Bruegger’s Bagels, Sally Beauty Supply, GNC, Verizon Wireless, Ruby Tuesday and Huntington Bank. The property is 97 percent occupied with one remaining vacant space currently under negotiation. Huntington Bank provided financing for the transaction.
BLOOMINGTON, MINN. — Marcus & Millichap has brokered the $4 million sale of a 100,681-square-foot office property in Bloomington, Minn., located approximately 11 miles south of Minneapolis. Two Appletree Square is located at 8031 34th Avenue. The property is near the Minneapolis-St. Paul International Airport, Mall of America and a light rail station. Michael Ahles and Jon Ruzicka of Marcus & Millichap’s Minneapolis office represented the seller, a financial institution, and the buyer, a partnership.
PEWAUKEE, WIS. — The Dickman Co. Inc. has arranged the lease of 15,100 square feet of industrial space in Pewaukee, a western suburb of Milwaukee. Ellison Technologies, a provider of advanced machining solutions to metal-cutting manufacturers,will occupy space located at N29 W23825 Woodgate Court. Samuel M. Dickman Jr., Samuel D. Dickman and Anthony Huenerbein of The Dickman Co. represented the landlord, Points West LLC, in the transaction. Jeff Hoffman of Judson & Associates represented the tenant.
TOLEDO, OHIO — The Cooper Commercial Investment Group has brokered the $1.8 million sale of the Shoppes at Glendale, a 10,050-square-foot retail center in Toledo. The property, built in 2005, is shadow anchored by a Wal-Mart Supercenter. The center is fully occupied with all triple-net leases in place. The retail center sits directly in front of The University of Toledo Medical Center and Medical College and directly across from several national retailers including Panera Bread, Aldi, Ruby Tuesday, Bob Evans Restaurant, Payless ShoeSource, Tan Pro USA and Sally Beauty Supply. Dan Cooper of the Cooper Commercial Investment Group represented the seller, an Ohio-based private investment group. A Connecticut-based a private investor purchased the property. The property was sold at a 7.79 percent capitalization rate.
BORDENTOWN TOWNSHIP, N.J. — Grainger has purchased 96 acres of land in Bordentown Township for an undisclosed price. The company, which is a leading broad line supplier of maintenance, repair and operating products, plans to build a 1.3 million-square-foot distribution center on the property. Once opened in 2016, the facility will employ more than 400 individuals, primarily in warehouse operations. Grainger currently operates 11 locations in New Jersey, including 10 branch locations across the state and a distribution center in Robbinsville.
WARWICK, R.I.; BURLINGTON, PEABODY, FALL RIVER, READING AND WESTFORD, MASS. — HFF has secured a $50.6 million refinancing for a six-property, 224,001-square-foot retail portfolio in the New England area. The firm placed the fixed-rate loan with Allianz Real Estate of America LLC for the borrower, Burlington, Mass.-based Linear Retail Properties. The portfolio consists of 1000 Bald Hill Road in Warwick, Burlington Marketplace in Burlington, Peabody Gardens in Peabody, Flint Village Plaza in Fall River, 345 Main Street in Reading and One Carlisle Road in Westford. Overall, the properties are 97.7 percent leased to a variety of tenants, including Trader Joe’s, CVS/pharmacy, Rite Aid, Starbucks Coffee, Panera Bread, Chipotle Mexican Grill, Bank of America and Dunkin’ Donuts. Riaz Cassum and Brett Paulsrud of HFF represented the borrower in the transaction.
WILMINGTON, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Metro at Wilmington Station, a 108-unit apartment community located in Wilmington. A joint venture between EA Fish Development and Real Estate Capital Partners sold the property to Core and Value Advisors LLC, an affiliate of Stockbridge. Built in 2013, the transit-oriented property is adjacent to the MBTA train platform. The community consists of two three-story apartment buildings with one detached single-story garage structure with 35 enclosed garage spaces. The property offers a mix of 30 one-bedroom and 78 two-bedroom apartments with an average unit size of 1,067 square feet. Pursuant to Chapter 40B, the property is required to maintain 30, or 28 percent, affordable apartments governed by both income and rent limits. The affordable apartments are set aside for households earning up to 80 percent of area median income. Simon Butler and Biria St. John of CBRE/New England represented both parties in the transaction.
NEW YORK CITY — HAP Investment Management has acquired a development site at 2211-2217 Third Avenue and 214-216 East 121st Street in Harlem. Tahl Propp Equities sold the property for $13 million. Located on the southeast corner of 121 Street and Third Avenue, the 17,661-square-foot site includes 100 linear feet of Third Avenue, ideal for retail, and is zoned for 91,600 residential buildable square feet. Matthew Sparks of Eastern Consolidated arranged the transaction. Brian Beller of Phillips Nizer LLP and Neda Barzideh of Tahl Propp Equities provided legal services for the buyer, while Adrian Zuckerman of Seyfarth Shaw advised the seller.
NEW YORK CITY — AVANT Capital Partners has originated a $3.28 million bridge loan on an apartment building in Brooklyn’s Prospect Lefferts Garden neighborhood. The interest-only, 24-month loan carries an interest rate of 8 percent and refinanced the first mortgage. The 11,943-square-foot property has four ground-floor retail units and five second-floor apartments. Adam Luysterborghs of AVANT originated the loan, which was brokered by Marko Kazanjian of Meridian Capital Group.