LA VISTA, NEB. —NorthMarq Capital’s Omaha regional office has arranged a $29.5 million loan for the refinancing of Harrison Hills Apartments, a 484-unit property located at 6925 S. 115th St. in La Vista. The 10-year loan includes a 30-year amortization schedule. John Bendon, senior vice president and managing director, and Jason Kinnison, vice president of NorthMarq’s Omaha regional office, arranged the financing for the borrower, Harrison Hills Apartments LLC, through Freddie Mac.
CHICAGO — The Boulder Group has completed the $13 million sale of a single-tenant, triple-net leased Walgreens property at 6121 N. Broadway St. in Chicago. The property was sold at a 4.87 percent cap rate, the lowest cap rate ever recorded for a Walgreens property according to Real Capital Analytics. Walgreens is the sole occupant of the 14,820-square-foot retail building, which was developed by Crossroads Development Partners in 2013. The new build-to-suit Walgreens replaces an older store, which was previously located on the site under a 35-year lease that was expiring in August 2015. Walgreens’ new lease has more than 24 years remaining with 50 years of renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development Partners, in the transaction. The buyer was a Massachusetts-based limited partnership in a 1031 tax-deferred exchange.
RED WING, MINN. — Marcus & Millichap has arranged the $2.2 million sale of Best Western Rivertown Inn & Suites, a 50-room hotel in Red Wing, a city in southeast Minnesota. Jon Ruzicka, an investment specialist, and Gordon Allred, first vice president at Marcus & Millichap, represented the buyer and the seller, both Minnesotata-based limited liability companies. Best Western Rivertown Inn & Suites is located at 752 Withers Harbor Drive.
CHICAGO — Quantum Real Estate Advisors Inc. has arranged the $1.8 million sale of a 2,280-square-foot Starbucks Coffee property in suburban Chicago. A Florida-based investor purchased the property. Starbucks has 14 years remaining on its initial 15-year lease. Jordan Kaufman and Daniel Waszak of Quantum Real Estate Advisors represented the seller, a New York-based investor.
WILTON, CONN. — A joint venture between The Grossman Cos. Inc. and Summit Development LLC has acquired Wilton 372, a 92,500-square-foot, two-story office building in Wilton, a city in southern Connecticut. The building, located at 372 Danbury Road, sold for $19.2 million, or $208 per square foot. CBRE’s New York Institutional Group represented the seller, Wilton 372 Associates LLC, an entity controlled by Luzern Associates LLC, and procured the new joint venture entity buyer, Wilton GSE LLC. Tenants at the building include Havas Worldwide, Kantar Retail and Northwestern Mutual.
EGG HARBOR, N.J. — Besen Special Assets has arranged the $8.5 million sale of an 83,200-square-foot office property in Egg Harbor, located about 13 miles west of Atlantic City. The property includes two Class B, two-story office buildings spanning 41,600 square feet each. Besen Special Assets represented the buyer, a private investor, in the transaction. A regional bank sold the office park, which was fully leased at the time of sale.
NORTH BRUNSWICK, N.J. — Target has announced plans to open a new 140,000-square-foot store in North Brunswick, located about 30 miles southwest of Newark, in October. The store will be situated in the new development called Main Street North Brunswick. Target plans to open 10 stores in 2014. The store will include a selection of fresh produce, fresh-packaged meat and pre-packaged baked goods, as well as a Starbucks Coffee, a Target Pharmacy and Target Optical.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 215 Sterling St., a 32,120-square-foot mixed-use property located in Brooklyn. The sales price equates to approximately $155 per square foot. Lucien Sproviero and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, represented the buyer and the seller, both private investors. The property features 38 apartments and 100 feet of vacant retail space on Rogers Avenue.
EL PASO, TEXAS — Henry S. Miller Brokerage has arranged the sale of an 18,750-square-foot industrial property in El Paso. Built in 2006, the warehouse facility features 1,320 square feet of office space, metal construction, two dock-high doors and heavy three-phase power. Local businessman Jesus Velasquez purchased the property from Wells Fargo Bank NA. Tom Grunnah and Rick Stoes of Henry S. Miller represented the seller in the transaction. Jose Loya of Exit West Realty represented the buyer, who will use the property as a distribution center.
SUGAR LAND, TEXAS — Marcus & Millichap has brokered the sale of Bonaventure Plaza, an 18,702-square-foot shopping center in the Houston suburb of Sugar Land, for $5.9 million. Constructed in 2008, the property is located at 636 State Highway 6, sharing an intersection with HEB, Walmart, Sam’s Club and Chase Bank. Derek Hargrove and Justin Miller of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Hargrove and Miller also secured the buyer, a Houston-based private investor.
