Property Type

139,000 SF SHOPPING CENTER IN METRO CLEVELAND SELLS FOR $24.9M

by admin October 11, 2013

UNIVERSITY HEIGHTS, OHIO — Inland Real Estate Corp. has acquired Cedar Center South, a 139,000-square-foot shopping center in suburban Cleveland, for $24.9 million through Dutch pension fund advisor PGGM, its joint venture partner. A 45,300-square-foot Whole Foods grocery store and a 12,100-square-foot CVS/pharmacy, both on long-term leases, anchor Cedar Center South. The 83 percent-leased center also includes a mix of other national and local retailers. Cedar Center South is situated approximately eight miles east of downtown Cleveland in the inner ring suburb of University Heights. Including Cedar Center South, Inland currently has an ownership interest in four retail centers totaling more than 592,000 square feet of leasable area within the Cleveland metro area.

October 11, 2013

BERNARD ARRANGES $4.5M LOAN FOR 118-UNIT APARTMENT COMPLEX

by admin October 11, 2013

SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $4.5 million loan for Stanford Townhouses, a 118-unit multifamily property in Southfield. Stanford Townhomes LLC was the borrower, and Citigroup Global Markets Realty Corp. was the lender. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Standford Townhouses is located at 26666 Stanford Drive W. and features two- and three-bedroom apartments, according to Rent.com.

October 11, 2013

Midwest Retail

M&M ARRANGES $1.1M SALE OF 3,500 SF BUILDING IN UNION GROVE

by admin October 11, 2013

UNION GROVE, WIS. — Marcus & Millichap has arranged the $1.1 million sale of McDonald's ground lease, a 3,500-square-foot, net-leased property located in Union Grove, about 30 miles south of Milwaukee. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private developer. Weisenbeck and Sharko also represented the buyer, an East Coast-based individual/personal trust, in the transaction. The property, located at 835 15th Ave., sold at 97.3 percent of its original list price. McDonald’s is under a 20-year lease, which includes eight five-year options to renew. Matthew Fitzgerald, a broker at Marcus & Millichap, assisted in closing the transaction.

October 11, 2013

Multifamily Northeast

$400M DEVELOPMENT TO TAKE PLACE OF 5POINTZ WAREHOUSE

by admin October 11, 2013

NEW YORK CITY — City Council members have approved the demolition of the landmark 5Pointz warehouse in Long Island City and a $400 million development replacing it. Demolition work at the 5Pointz property, which has become a tourist attraction as a mecca for graffiti art, could start by the end of this year or in early 2014, according to Jerry Wolkoff, the owner of 5Pointz and the developer behind the new project, according to The Wall Street Journal. The new development will include a 47-story tower and a 41-story tower, which will include a total of 1,000 apartments and 50,000 square feet of retail space. Wolkoff also says the project will feature 12,000 square feet of studio space to be rented first to artists, who previously occupied space at 5Pointz. To readThe Wall Street Journal’s full story, click here.

October 11, 2013

Northeast Office

SKANSKA SIGNS $220M CONSTRUCTION CONTRACT FOR OFFICE TOWER

by admin October 11, 2013

NEWARK, N.J. — Swedish construction company Skanska AB it has signed an additional contract for the building of new office tower for Prudential Financial Inc. in Newark. Skanska previously signed a $117 million contract with Prudential to build the property in July. The 20-story tower, which will span approximately 217,600 square feet, will have an adjoining parking garage and ground-floor retail. The project aims to achieve LEED Gold certification. Construction is underway, with the project slated for completion in March 2015.

October 11, 2013

Healthcare Northeast

SIMONE, FARERI BREAK GROUND ON MOB IN PURCHASE, N.Y.

by admin October 11, 2013

PURCHASE, N.Y. — Simone Healthcare Development and Fareri Associates have broken ground on new four-story, 85,000-square-foot medical office building (MOB) in Purchase, an eastern suburb of White Plains. The MOB development is located at 3030 Westchester Ave. in the Harrison Executive Medical Park. WESTMED Medical Group, a physician-owned and managed multi-specialty group practice, will fully occupy the building beginning in January 2015. Rob Astornio, county executive of Westchester County, says the project marks the first new office construction in the county in 25 years.

October 11, 2013

Multifamily Northeast

IPA ARRANGES SALE OF 124-UNIT MULTIFAMILY COMPLEX IN STAMFORD

by admin October 11, 2013

STAMFORD, CONN. — Institutional Property Advisors (IPA) has arranged the sale of Parallel 41, a newly constructed, fully stabilized, 124-unit apartment complex in downtown Stamford. Victor Nolletti and Steve Witten, executive directors at IPA, advised the seller, 1340 Washington Associates LLC, in the transaction. Hartford-based Cornerstone Real Estate Advisers represented the buyer, an institutional investor. Built in 2012 on 1.7 acres, the 128,588-square-foot property is located at 1340 Washington Blvd., within a few blocks of the Stamford train station. Community amenities include a roof deck with city views, outdoor kitchens, 46-inch outdoor televisions, pingpong, outdoor shower and chaise lounges. The property also features a resident lounge with a linear fireplace, platform bar and banquette for seating, multiple flat-panel televisions and a barista station. RMS Cos., the developer of Parallel 41, is also completing several other luxury apartment properties in the area.

October 11, 2013

Multifamily Texas

M&M BROKERS SALE OF 228-UNIT MULTIFAMILY ASSET IN GRAPEVINE

by admin October 11, 2013

GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of The Courtyards at Mustang, a 228-unit multifamily property in Grapevine, approximately 20 miles northeast of Fort Worth. The apartment community, which was constructed in 1973, includes amenities such as two swimming pools, four laundry facilities, a basketball court and a baseball/soccer field. Located at 2913 Mustang Drive and in close proximity to Highway 26, the asset garnered multiple offers in a marketing period lasting less than 30 days. John Barker of Marcus & Millichap represented the seller, a partnership. Barker also secured the buyer, another partnership.

October 11, 2013

Industrial Texas

CASSIDY TURLEY ARRANGES 600,000 SF BUILD-TO-SUIT LEASE IN HOUSTON

by admin October 11, 2013

HOUSTON — Cassidy Turley has arranged the lease of 225 RailPort, a 600,000-square-foot build-to-suit distribution complex soon to break ground in Houston’s Port submarket, for Frontier Logistics. Developer Avera plans to begin construction in November and expects to complete the facility, located at Beltway 8 and State Highway 225, in the third quarter of 2014. With 20,000 linear feet of rail access, the complex will serve Frontiers’ clients in the plastics industry. John Nicholson of Cassidy Turley represented the tenant in the lease negotiations.

October 11, 2013

Hospitality Texas

DOWNTOWN DALLAS HOMEWOOD SUITES BY HILTON OPENS

by admin October 11, 2013

DALLAS — Homewood Suites by Hilton, Hilton Worldwide’s brand of upscale extended-stay hotels, has opened its newest location in downtown Dallas. Lowen 1025 Elm LP owns the building, which was originally the United Fidelity Life Insurance building and underwent extensive renovation as part of Homewood Suites’ adaptive re-use program. Lowen Hospitality Management LLC will manage the new property, which totals 130 suites over 10 stories. Located at 1025 Elm St., in close proximity to the West End and the Dallas Convention Center, the hotel includes amenities such as an indoor pool, 24-hour on-site pantry, golf simulator and fitness center.

October 11, 2013

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