Property Type

M&M ARRANGES $1.8M SALE OF 12,085 SF RETAIL PROPERTY

by admin September 27, 2013

ORLAND PARK, ILL. — Marcus & Millichap has arranged the $1.8 million sale of Fountain Square Village, a 12,085-square-foot retail property located in Orland Park, a southern suburb of Chicago. Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investor. Ryan Engle, a multifamily specialist at Marcus & Millichap, represented the buyer, an individual/personal trust. Fountain Square Village is located at 11013-11045 179th St.

September 27, 2013

SPERRY VAN NESS ARRANGES SALE OF INDUSTRIAL BUILDING FOR $1.9M

by admin September 27, 2013

LAKE ZURICH, ILL. — ScrubAir Systems Inc. has purchased a 25,000-square-foot industrial building in Lake Zurich, located about 38 miles northwest of Chicago, for $1.9 million. The property, located at 1200 Ensell Road, includes three exterior docks, two drive-in doors and 22-foot clear ceiling heights on 1.8 acres. ScrubAir Systems is moving from a smaller space at a business park in Lake Zurich. The ventilation and air pollution control equipment company custom designs and installs systems for large firms and corporations throughout the world. Paul Cawthon and Angelo Labriola, senior advisors at Sperry Van Ness LLC, represented ScrubAir Systems in the transaction.

September 27, 2013

Midwest Retail

EXIT PLAN HOLDINGS BUYS 7,000 SF VACANT CHICAGO BUILDING

by admin September 27, 2013

CHICAGO — Exit Plan Holdings LLC has purchased a 7,000-square-foot retail building located at 5025 N. Clark St. in the Andersonville neighborhood of Chicago from a private seller. The new owners, who own Crew Bar & Grill and The SoFo Tap, plan to renovate the building to include a new façade and replace the rear of the structure. A Mexican restaurant will move into the remodeled space next year. Most recently, the property was occupied by T’s Bar and Restaurant, which closed in March. Rebecca Lundstrom, senior consultant for @properties Commercial, represented the buyer in the transaction.

September 27, 2013

Hospitality Northeast

CRONHEIM ARRANGES $25.2M LOAN FOR THREE HOTELS IN PENNSYLVANIA

by admin September 27, 2013

WILKES-BARRE AND WILLIAMSPORT, PA. — Cronheim Mortgage has arranged $25.2 million in refinancing for a 315-room, three-hotel portfolio in Wilkes-Barre and Williamsport, two cities in northern Pennsylvania. The sponsor is an entity affiliated with Chartwell Hotels, a full-service hotel development and management company, which operates full- and limited- service properties in the Northeast. Approximately $18.8 million of the loan was used for two hotel properties — a Holiday Inn and Holiday Inn Express — in Williamsport. The five-story hotels include 102 and 96 rooms, respectively. The 117-room Holiday Inn Express, also five stories, in Wilkes-Barre received $6.4 million in financing.

September 27, 2013

Industrial Northeast

HAMPSHIRE COS. BUYS INDUSTRIAL BUILDING IN CARTERET, N.J.

by admin September 27, 2013

CARTERET, N.J. — The Hampshire Co. has purchased 700 Blair Road, a 234,325-square-foot, single-tenant industrial building in Carteret, located about 15 miles south of Newark, for more than $10 million. Berjé Inc., a global distributor of essential oils and aromatic chemicals, fully occupies the property, which serves as its corporate headquarters. Michael Nachamkin, Jose Cruz, Kevin O’Hearn and Marc Duval led the HFF team representing the seller, GP 700 Blair Road LLC, and the buyer.

September 27, 2013

Multifamily Northeast

CONSTRUCTION BEGINS ON 126-UNIT LUXURY APARTMENT COMMUNITY

by admin September 27, 2013

HANOVER TOWNSHIP, N.J. — Woodmont Properties has started construction on Woodmont Knolls at Hanover, a 126-unit luxury apartment community in surburban Newark. The company broke ground on the 15-acre site off Cedar Knolls Road in Hanover Township last month. Woodmont Knolls at Hanover will feature one- and two-bedroom units with nine-foot ceilings, walk-in closets and private balconies. Amenities at the community will include a clubhouse, swimming pool, fitness center, sports bar and a game room with video games and pool tables. Pre-leasing for the community will begin this fall.

September 27, 2013

Northeast Office

ISPEN SIGNS 62,600 SF LEASE IN CAMBRIDGE, MASS.

by admin September 27, 2013

CAMBRIDGE, MASS. — Ipsen has signed a long-term lease for 62,600 square feet of laboratory and office space in Cambridge. The six-story, multi-tenant research facility is located at 650 E. Kendall St. in the heart of Kendall Square. BioMed Realty owns the 282,000-square-foot facility through a joint venture with Prudential Real Estate Investors on behalf of institutional investors. Ipsen is a specialty-driven pharmaceutical company, which focuses on healthcare solutions for debilitating diseases.

September 27, 2013

Industrial Texas

BRENNAN INVESTMENT GROUP BUYS 46,401 SF DOW CHEMICAL BUILDING IN FREEPORT

by admin September 27, 2013

FREEPORT, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired the 46,401-square-foot industrial property at 6711 Freeway 332 in Freeport. Dow Chemical occupies the building. Tom Lynch and Paul Segreto of CBRE represented the seller in the transaction. Brennan is actively pursuing similar industrial assets in Los Angeles, Florida, Washington, D.C., New Jersey, Atlanta and the Midwest in addition to Texas.

September 27, 2013

Multifamily Texas

PORTFOLIO DEVELOPMENT BREAKS GROUND ON $12M LONGVIEW APARTMENTS

by admin September 27, 2013

LONGVIEW, TEXAS — Portfolio Development has broken ground on Paladin Luxury Apartments, a $12 million, 220-unit multifamily community on Hawkins Parkway in Longview, approximately 43 miles west of the Texas state border with Louisiana. The eight-building, garden-style complex will be situated directly behind the Regal Stadium 14 movie theater and in close proximity to U.S. 259. Amenities will include a fitness center, pool and dog park, and some units will include attached garages, built-in bookshelves and wine racks. BBL Builders is overseeing construction of the project.

September 27, 2013

Industrial Texas

HOLT LUNSFORD COMMERCIAL ARRANGES HOUSTON LEASE RENEWAL OF 368,772 SF

by admin September 27, 2013

HOUSTON — Holt Lunsford Commercial has arranged a lease renewal for the 369,772-square-foot Houston home of United DC Inc. The industrial facility, located at 8921-8933 and 8937-8947 Market St., is in close proximity to the interchange of Interstate 10 and Interstate 610, approximately 7 miles east of downtown. Jason Dillee and John Kruse of Holt Lunsford represented the landlord, The Realty Associates Fund IX LP, in the negotiations. United DC is the warehousing arm of packaging business United Companies.

September 27, 2013

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