DES PLAINES, ILL. — Gramercy Property Trust Inc. has purchased an approximately 115,500-square-foot industrial facility in Des Plaines for $6.3 million. The building is fully leased through October 2025 to an automotive parts manufacturing company. Year one net operating income is approximately $479,000 with annual rent escalations throughout the lease term. The purchase includes the assumption of an approximately $2.7 million first mortgage loan with a fixed interest rate of 5.25 percent.
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SOUTH BEND, IND. — Triad Real Estate Partners has brokered the $5.3 million sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving University of Notre Dame students. Triad represented the seller, Holladay Properties, which developed the communities in 2012 and 2013. The properties were sold to a Southern California-based student housing company that Triad says is a relative newcomer to student housing. The unnamed company is looking to expand its Midwest footprint, according to Triad. The sales price equates to a 7.74 percent cap rate based on pro forma for 2014-15. Both properties are within walking distance to campus and were 100 percent leased for the 2013-14 school year.
ANOKA, MINN. — Marcus & Millichap has arranged the $2.6 million sale of Fairway Flats, a 36-unit apartment property located in Anoka, a northern suburb of Minneapolis. Brian Klancke and Sean Doyle in Marcus & Millichap’s Minneapolis office marketed the property on behalf of the seller, a partnership. Josh Talberg and Mox Gunderson, also in Marcus & Millichap’s Minneapolis office, secured the buyer, a private investor. Fairway Flats is located at 500 Greenhaven Road and is within close proximity of the North Star Rail Line.
NEW YORK CITY — Massey Knakal Capital Services has arranged $80 million in bridge financing secured by Cassa Hotel, a 165-key hotel located in the Times Square submarket of Manhattan. An entity controlled by Angelo, Gordon & Co. was the lender. Scott Aiese of Massey Knakal arranged the loan. The four-star hotel benefits from more than 370,000 daily pedestrians.
NEW YORK CITY — On behalf of Sitt Asset Management LLC, JLL’s capital markets group has closed the sale of 240 W. 40th St. in Manhattan. AEW Capital Management purchased the 159,774-square-foot property for $63 million. The 13-story, loft-style building is fully leased to LVMH subsidiary, DKNY. Richard Baxter, Jon Caplan, Scott Latham, Yoron Cohen and Stephen Shapiro led the JLL team in the transaction.
HAMDEN, CONN. — Institutional Property Advisors (IPA) has arranged the $58.5 million sale of Broadmoor Apartment Homes, a 498-unit, 419,220-square-foot suburban apartment community in Hamden. The sales price equates to $117,470 per unit. Steve Witten and Victor Nolletti of IPA advised the seller, Fairfield Apple Hill LP, a Delaware limited partnership. Hamden Partners LLC, a New Jersey-based limited liability company, purchased the property. The multifamily community is located at 676 Mix Ave., minutes from downtown New Haven and near Route 10. Built in 1969 and 1970 and renovated from 2006 to the present, Broadmoor Apartment Homes includes six detached six-story midrise apartment buildings with full basements. The unit mix features 66 studios, 288 one-bedroom apartments and 144 two-bedroom units.
MILFORD, CONN. — CBRE Group Inc. has completed a $10.5 million loan for the refinancing of Turnpike Square, a 95 percent-occupied retail shopping center in Milford. The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe secured the 10-year loan, which includes a 30-year amortization schedule, through Deutsche Bank on behalf of the borrower, Milford Associates. The 105,461-square-foot retail center is located at 70 Turnpike Square. Its tenant roster includes Michaels, Big Lots and Pier 1 Imports, as well as multiple retailers that have occupied the space for 10 or more years.
NEEDHAM, MASS. — NorthMarq Capital’s Boston regional office has arranged a $10 million loan for the refinancing for a Staples/Petco building in Needham, a southwest suburb of Boston. The property contains spans 40,500 square feet and is located at 163 Highland Ave. A life insurance company provided the 10-year loan with a 25-year amortization schedule. Joseph Hegenbart of NorthMarq arranged the loan on behalf of the borrower, 163 Highland LLC.
FORT WORTH, TEXAS — Trademark Property Co. is redeveloping a portion of the WestBend mixed-use development in Fort Worth. Demolition of a parking garage began on March 3 to make way for a new 81,150-square-foot mixed-use building. The new structure will house a retail anchor on the ground floor and 57,650 square feet of Class A office space directly above. WestBend is located on the Trinity River in Fort Worth’s University District, across from University Park Village and University Drive. Upon completion of the redevelopment in spring 2015, the property as a whole will include 95,000 square feet of retail and dining space and 183,000 square feet of office space.
AUSTIN, TEXAS — Hendricks-Berkadia has brokered the sale of Brownstone Park, a 152-unit multifamily property in Austin. Constructed in 1966, the garden-style complex offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center and laundry facility. Located at 5106 N. Lamar Blvd., the Class C asset is in proximity to the Triangle mixed-use development, the University of Texas intramural fields and several major area employers. Forrest Bass and George Deuillet of Hendricks-Berkadia negotiated the transaction, in which Parker Lamar LP was the buyer.