Property Type

SENIORS HOUSING COMMUNITY COMING TO BLUE SPRINGS, MO.

by admin September 12, 2013

BLUE SPRINGS, MO. — O’Reilly Development Co. has received approval from the Missouri Health Facilities Review Committee to develop a seniors housing community in Blue Springs, an eastern suburb of Kansas City. The review committee approved the application for 40 assisted living and 32 memory care units, which will be part of a larger continuum of care community. The entire seniors housing development will also include 76 independent living units. SWD Architects will design the project; Build LLC will serve as general contractor; and Arrow Senior Living will operate and manage the property. Construction is slated to begin before 2014.

September 12, 2013

REICHLE | KLEIN GROUP ARRANGES $2.7M RETAIL SALE IN MICHIGAN

by admin September 12, 2013

DUNDEE, MICH. — The Reichle | Klein Group has arranged the $2.7 million sale of a single-tenant property in Dundee, located about 50 miles southwest of Detroit. Applebee’s occupies the 5,466-square-foot, net-leased property. Perrysburg, Ohio-based HIZ Properties II LLC sold the building, located at 119 Whitetail Drive. Joe Belinske and Marty Gallagher of Reichle | Klein Group represented the seller in the transaction.

September 12, 2013

Northeast Retail

CRONHEIM SECURES $94.5M FOR LONG ISLAND RETAIL PORTFOLIO

by admin September 12, 2013

OCEANSIDE AND STONY BROOK, N.Y. — Cronheim Mortgage has arranged $94.5 million in long-term, permanent financing for a three-property retail portfolio in Long Island. The three loans were placed with two of Cronheim's life insurance company lenders. The 15-year, fixed rate loans include 25-year amortization schedules and an average interest rate of 3.6 percent. Situated on Long Beach Road, Oceanside Plaza is a 292,000-square-foot power center anchored by Waldbaum's, Marshalls, Kohl's, Michael's and Bed Bath & Beyond. Brooktown I, II and III are located adjacent to one another on Nesconset Highway across from the Smithtown Mall in central Suffolk County. Anchors include Lowes Home Improvement, Walbaum's, Marshalls/HomeGoods, Michael’s, AMC Loews Cinemas and Staples. David Turley, Anna Westhoff and Janet Proscia of Cronheim Mortgage arranged the financing on behalf of the borrower, a family investment company.

September 12, 2013

Multifamily Northeast

FIVE NYC APARTMENT BUILDINGS SELL FOR $13.3M

by admin September 12, 2013

NEW YORK CITY — Massey Knakal has arranged the sale of five adjoining multifamily buildings in the Brooklyn Heights neighborhood of Brooklyn for $13.3 million. The sale price equates to approximately $413 per square foot. The buildings total 32,075 square feet and are located at 54-66 Livingston St., between Clinton and Court streets. The apartment properties include 49 units, 33 of which are rent stabilized and 16 are free market. Three buildings share an elevator and the other two are walk-ups.

September 12, 2013

Northeast Retail

AGREE REALTY BUYS LA FITNESS IN ROCHESTER FOR $10.3M

by admin September 12, 2013

ROCHESTER, N.Y. — Agree Realty Corp. has acquired a 45,000-square-foot LA Fitness located on East Ridge Road in Rochester for $10.3 million. The recently opened LA Fitness has approximately 15 years remaining on its initial lease. With this acquisition, Agree Realty Corp. owns two properties occupied by LA Fitness. “LA Fitness is the premier operator in the fast-growing health and fitness sector. We continue to execute on high-quality, accretive opportunities that complement our portfolio of net-lease assets,” says Joey Agree, president and CEO of Agree Realty.

September 12, 2013

Industrial Northeast

RBJ&P BROKERS SALE OF TWO INDUSTRIAL BUILDINGS IN FRANKLIN

by admin September 12, 2013

FRANKLIN, MASS. — Richards Barry Joyce & Partners LLC (RBJ&P) has brokered the sale of two industrial buildings in Franklin, located about 40 miles south of Boston. Novaya Real Estate Ventures purchased the two buildings, which are fully leased and located at 176 Grove St. and 130 Constitution Blvd. Williams-Sonoma Direct and Spirit Delivery & Distribution Services occupy the 169,968–square-foot building at 176 Grove St. Clark Cutler McDermott occupies the 59,970-square-foot building at 130 Constitution Blvd. John Lashar, partner, and Chris Skeffington, senior vice president at RBJ&P, represented the seller and procured the buyer in the transaction. RBJ&P has been retained as exclusive leasing agent for both buildings.

September 12, 2013

Multifamily Texas

HARBOR GROUP SELLS 528-UNIT DALLAS-AREA MULTIFAMILY PROPERTY

by admin September 12, 2013

CARROLLTON, TEXAS — Harbor Group International LLC has sold the Bella Vida at Coyote Ridge apartment complex, a 528-unit Class A+ property in Carrollton, a northern suburb of Dallas. Situated on 35.5 acres at 4253 Hunt Drive, the property boasts an occupancy of 97 percent and amenities such as a sand volleyball court, tanning bed and theater room. Units at Bella Vida, which come in one- to four-bedroom layouts, average 1,322 square feet. Harbor Group is a private real estate investment and management firm headquartered in Norfolk, Va. According to the Dallas Morning News, the buyer was an affiliate of Pensam Capital of Miami.

September 12, 2013

Office Texas

HFF BROKERS SALE OF 105,619 SF OFFICE BUILDING IN HOUSTON’S ENERGY CORRIDOR

by admin September 12, 2013

HOUSTON — HFF has brokered the sale of a 105,619-square-foot office building in Houston’s Energy Corridor. The asset, located at 15915 Katy Freeway and across from the 550-acre master-planned Park 10 mixed-use development, was 88 percent leased at the time of sale to tenants in various industries including engineering, technology, real estate, energy and healthcare. Dan Miller and Marty Hogan of HFF represented the seller, Downtown Properties, a real estate associate of Gaw Capital Partners. Dornin Investment Group purchased the building for an undisclosed amount, free and clear of debt.

September 12, 2013

Multifamily Texas

M&M BROKERS $1.3M SALE OF BACHMAN GLEN APARTMENTS IN DALLAS

by admin September 12, 2013

DALLAS — Marcus & Millichap has brokered the sale of Bachman Glen, a 77-unit multifamily property in Dallas, for $1.3 million. Located at 2555 Webb Chapel Extension and in close proximity to Love Field Airport, the property attracted five offers during a brief marketing period. Al Silva of M&M’s Fort Worth office represented the seller, a national lender, and also secured the buyer, Bachman Glen Joint Venture. The new owner plans renovations to the two-building complex.

September 12, 2013

Industrial Texas

LEE & ASSOCIATES ARRANGES 79,950 SF INDUSTRIAL LEASE NEAR FORT WORTH

by admin September 12, 2013

HALTOM CITY, TEXAS — Lee & Associates has arranged a 79,950-square-foot industrial lease for Woods Distribution Solutions LLC in Haltom City, a suburb 8 miles north of Fort Worth. The property is a freestanding warehouse facility located at 4233 Janada St. Becky Thompson of Lee & Associates represented the tenant in the negotiations. Bob Kent of Structure Commercial represented the landlord, Talley Rents LLC.

September 12, 2013

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