NILES, ILL. — An undisclosed seller completed the disposition of Golf Road Plaza in Niles, a suburb northwest of Chicago, for $3.3 million. Auto Zone, L.A. Tan, H&R Block and Discount Mattress occupy the 25,992-square-foot retail strip center. Richard Kehoe of Inland Brokerage & Auctions represented the seller. The buyer was not disclosed.
ST. CLOUD, MINN. — Michael Padilla of NorthMarq Capital’s Minneapolis office has secured $1 million in refinancing for Victorian Terrace Apartments in St. Cloud. Located at 230-240 Second St. NE, the property offers 48 residential units. The loan was structured with a 10-year term and 15-year amortization schedule. NorthMarq arranged the loan for the borrower through its relationship with a correspondent life insurance company.
FARMINGTON HILLS, MICH. — Arboretum Acquisition LLC has selected Friedman Integrated Real Estate Solutions to handle the management, leasing and construction assignment for Arboretum Office Park in Farmington Hills, a suburb northwest of Detroit. Located on 40 acres at 34405-34605 W. Twelve Mile Road and constructed in 1986, the 432,000-square-foot property features enclosed walkways connecting each building and large courtyards. Additional amenities feature on-site management and security card access system, high-speed data, cable and fiber-optic cabling, full-service cafeteria and sundry shop, conference center, state-of-the-art temperature control system and abundant parking. Planned improvements for the property include refurbishing the building’s exterior, landscape enhancements and fully remodeled lobbies with a high-end, modern finish. The property owner is a partnership between David Friedman of Friedman Integrated Real Estate Solutions and C. Michael Kojaian of Kojaian Ventures.
NEW YORK CITY — Chesapeake Lodging Trust is converting its property at 30-32 West 31st St. in New York City to the Hyatt Herald Square. The conversion is expected to occur after the completion of a $6 million renovation. The new property is expected to open in the third quarter of this year. Designed by Paul Vega of New York-based VLDG designs, the transformation will include an all-inclusion renovation to each of the 122 guestrooms and a redesign of the lobby and the food and beverage experience. Chesapeake Lodging Trust has entered into a franchise agreement with a Hyatt affiliate to convert the property.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 314-316 50th St. in Sunset Park section of Brooklyn. The four-story, 20-unit property sold for $2.7 million to an undisclosed private investor. Matthew Fotis and Jeb Hollingsworth of Marcus & Millichap’s Manhattan office represented the buyer and the undisclosed seller in the 1031 exchange sale.
CLINTON, CONN. — 30 Old Post LLC has purchased an 11.2-acre industrially zoned site in Clinton for an undisclosed price. Located at 30 Old Post Rd., the site offers active rail freight service and was previously used by Cheeseborough Ponds Company/Unilever. The buyer intends to remove the existing building, which collapsed in 2013. Kevin Geenty and Kristin Geenty of The Geenty Group brokered the transaction for the buyer and seller, Old Post Road Associates LLC. Robert Harrington III of Branford, Conn., and Alan Askinazi of New Jersey provided legal representation for the buyer, while Timothy Yolen of New Haven, Conn., provided legal services for the seller.
NEW YORK CITY — Silvershore Properties has purchased four multifamily buildings, totaling 37,100 square feet, in Brooklyn for $7.3 million. The company acquired 314 50th Street in Sunset Park (20 units) for $2.7 million, 167 Waverly Avenue in Clinton Hill (eight units) for $2.2 million, 87 Java Street in Greenpoint (four units) for $1.4 million, and 954 Nostrand Avenue in Lefferts Garden (two residential units and three retail shops) for $925,000. The sellers were not disclosed.
FORT WORTH, TEXAS — Colliers has brokered the sale of Western Place I and II, a pair of office towers totaling 427,000 square feet in southwest Fort Worth. The Class B assets, which are located at 6000 and 6100 Western Place along I-30, are leased to institutional tenants such as Lockheed Martin and BAE Systems. Western Place I stands 11 stories, while Western Place II stands 10 stories. Creighton Stark, Mark McEwen and Ben Lurie of Colliers represented both the seller, Sovereign Capital, and the buyer, TLC Urban, in the transaction. The acquisition required the assumption of an existing CMBS loan.
AUSTIN, TEXAS — HFF has brokered the sale of the Aspen Lake, Tower of the Hills and Tower Point office buildings, which total 380,000 square feet in northwest Austin. Fortis Group of New York acquired the properties in the transaction. Andrew Levy and Todd Savage of HFF represented the sellers, Crimson Real Estate Fund (CREF) and its co-investment partners Admiral Capital Group and USAA Real Estate Co. CREF originally purchased the assets in 2011.
OKLAHOMA CITY — Full-service real estate company Binswanger has brokered the sale of a six-building industrial complex totaling 215,290 square feet in Oklahoma City. The structures, located on approximately 15 acres at 3810 N. Tulsa Ave., feature reinforced concrete floors, 23 total loading doors, fluorescent lighting and 38,338 square feet of air-conditioned office space. Situated on the northwest side of the city, the assets are in proximity to I-44, I-40, I-35, I-235, Northwest Expressway and Lake Hefner Parkway, in addition to Will Rogers World Airport. Kipp Collins of Binswanger represented the seller, Franklin Electric Co. Inc., in the transaction. The buyer, Orton Development Inc., plans to market the property for sale or lease to a variety of users.