ROSEVILLE, MICH. — Brennan Investment Group LLC has acquired Dayco Products' Detroit production and distribution facility located at 16000 Common Road in Roseville, a northern suburb of Detroit. Dayco Products, a manufacturer of automotive belts, hoses, tensioners and pulleys, has operated from the property since 2009. Patrick Shannon and Mike Davidson of Newmark Grubb Knight Frank arranged the sale. Seller information was not disclosed.
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DEKALB, ILL. — Millennium Properties has arranged the sale of a 41,400-square-foot retail center partially leased to Dollar General. The center, located at 1401 S. Fourth St. in DeKalb, is situated on 5.6 acres, providing the new owners the opportunity to develop a 25,000-square-foot outlot building. Dollar General has more than six years remaining on its current lease and several renewal options. Millennium Properties represented the buyer and the seller, both private investors, in the transaction.
NORTON SHORES, MICH. — Di’s Hallmark has signed a 5,892-square-foot retail space at Harvey Ellis Shopping Center in Norton Shores, a city located 39 miles northwest of Grand Rapids. Richard Ludwig and Fred Seeley of Colliers International represented the landlord, Harvey Ellis Associates LLC, in the transaction. Ludwig also represented the tenant, Di’s Hallmark. The tenant will join Salon Centric at the shopping center, which is located at 5025 Harvey St.
JERSEY CITY, N.J. – Greystone has arranged $64.5 million in Fannie Mae Multifamily Affordable Housing (MAH) financing for Salem Lafayette Apartments, an affordable housing complex in Jersey City. The deal was structured utilizing a mix of public and private funding, including tax- exempt, short-term bond financing and 4 percent Low Income Housing Tax Credits to be used towards the acquisition and rehabilitation of the property. Salem Lafayette Apartments is a 412-unit, affordable-housing community built in 1977. The 15-story, 182-unit age-restricted tower targets tenants 62 years and older, while the 230-unit townhouse and garden-style property targets families.
NEWARK, DEL., AND PHILADELPHIA – Marcus & Millichap Capital Corp. (MMCC) has arranged $25 million of debt for two East Coast retail properties, for two sponsors. One property is located in Newark, Del., and the other is in Philadelphia. The owner of the 115,000-square-foot retail strip center in Newark received a $17.9 million, 12-year loan for the refinancing of the property. The non-recourse loan includes a seven-year fixed interest rate plus a five-year option to extend and amortizes over 30 years. The loan-to-value is 75 percent. The borrower’s goal of enhancing the cash flow of a 24,688-square-foot neighborhood retail center located in Philadelphia was accomplished through the refinancing of an existing mortgage. MMCC arranged a $7.1 million, 10-year loan that includes a fixed interest rate and amortizes over 30 years. The loan-to-value is 70 percent. James Conley in MMCC’s Philadelphia office arranged the loans.
NEW YORK CITY – Simon Baron Development (SBD) has signed a contract to purchase a Long Island City site that will be turned into a 44-story, 400-unit residential rental apartment building. A formal closing is expected in April so a price has not been disclosed yet. SBD is acquiring the 400,000-square-foot site at 29-26 Northern Blvd. near Queens Boulevard from the Rabsky Group, which had started to develop the site. Plans for the property include bike storage, parking, commercial space on the first floor, an exercise room, pool and lounge on the 43rd floor.
NEW YORK CITY – Berko & Associates has brokered the $24 million sale of 809 Broadway, the former Blatt Billiards loft building south of Union Square in New York City, to IDM Capital. The new owner plans to build a 15-story commercial/residential tower on the site. In May 2013, Blatt Billiards, represented by its principals Ronald Blatt and Bruce Roeder, inked a deal to sell the 23,152-square-foot building between 11th and 12th streets. The building also includes an additional 7,045 square feet of air rights. Joe Berko of Berko & Associates represented both the seller and the buyer in the transaction. IDM Capital has hired ODA Architecture to design the planned building. Blatt Billiards, a pool table manufacturer, had owned the 126-year-old building since 1972 and was a tenant at the location before then.
COTUIT, MASS. – Margulies Perruzzi Architects has provided retail design services for Eastern Bank’s newest branch location in Cotuit, a city located in southern Massachusetts. The 2,100-square-foot branch serves as a new model for interactive technology for Eastern Bank. The layout for the Cotuit location updates the traditional teller counter, opting instead for multiple kiosk type stations on the branch floor. The kiosks are staffed with employees who can assist customers with all their banking needs or direct them to a virtual expert in a private room for more information on a banking product or service. An interactive table with a touch-screen keyboard is available to customers who want to independently complete a transaction. A community wall with multiple touch screens offers alternate access points to information on banking products, tips for setting up banking apps, local news feeds, and video games like “Design a Dollar” for children accompanying their parents to the bank. The project team included general contractor Development Concepts Inc., exhibit designers Main Street Design Inc., multimedia designers Boston Productions Inc. and MEP consultants BLW Engineers.
DALLAS AND DESOTO, TEXAS — USAA Real Estate Co. and Seefried Properties have broken ground on Southfield Park 35, a four-building, 2.3 million-square-foot industrial complex located primarily in Dallas and stretching into the neighboring city of DeSoto. The speculative Class A development is the largest in the Metroplex. Construction is underway on the first building, which will total 1.1 million square feet and is slated for completion by the end of the third quarter of this year. The second building will measure 678,600 square feet, and the third and fourth buildings will each offer 241,800 square feet. Terry Darrow, Kurt Griffin and Nathan Orbin of JLL are marketing and leasing the property.
SAN ANTONIO — Financial services group Greystone has arranged a $38.8 million loan for the refinancing of Renaissance at Canyon Springs, a 360-unit multifamily community in San Antonio. The Class A property offers one- to four-bedroom townhomes, as well as communal amenities including multiple swimming pools, basketball and tennis courts, a media center, fitness center, playground and putting green. Located at 24245 Wilderness Oak, the complex is in close proximity to the Canyon Springs golf course. Reuben Dolny of Greystone arranged the 35-year HUD 223(f) loan on behalf of The Bascom Group LLC.