BATON ROUGE AND NEW ORLEANS, LA. — Jones Lang LaSalle has arranted the sale of a seven-building, 519,137-square-foot office portfolio in Baton Rouge and New Orleans. The assets include the 101,344-square-foot Sherwood Oaks property in Baton Rouge and the 96,978-square-foot Latter Center West in New Orleans. The other properties, which are all located in the Acadian/College submarket of Baton Rouge, include the 81,923-square-foot Citiplace One, the 76,446-square-foot Corporate Atrium, the 74,086 Acadian Centre, the 56,844-square-foot Corporate Two and the 31,516-square-foot Citiplace Two. Kimco Realty Corp. sold the portfolio to Songy Highroads. Rudy Hubbard, Jimmy Board, Kevin McConn and John Ream of Jones Lang LaSalle brokered the sale and secured a CMBS loan on behalf of Songy Highroads through Deutsche Bank.
FREDERICK, MD. — Matan Cos. has been given the green light to go forward with its new 190,000-square-foot Walmart Supercenter in Frederick. The Frederick Planning Commission approved the measure at its last meeting. The new Walmart will be located on the northwest corner of Moncacy Boulevard and Route 26. Matan purchased the development site in 2010.
OAK LAWN, ILL., AND OVERLAND PARK, KAN. — NorthMarq Capital has arranged a total of $29.4 million in acquisition financing for two retail properties in metro Chicago and Kansas City. The Shops at 95th and Cicero, located at 9621-9633 South Cicero Ave. in Oak Lawn, Ill., spans 76,479 square feet. Financing for the $10.5 million acquisition includes a 10-year term and 30-year amortization schedule. Overland Crossing Shopping Center, located at 11900-12070 Metcalf Ave. in Overland Park, Kan., measures 174,497 square feet. The $18.9 million acquisition financing for the property includes a 10-year term and 30-year amortization schedule. A life insurance company provided both loans. John Stewart, senior vice president of NorthMarq Capital’s Denver office, arranged the financing.
NEWBURGH, IND. — The Cooper Commercial Investment Group has arranged the $2.8 million sale of the grocery-anchored Apple Center in Newburgh, a city in southern Indiana. Dan Cooper, president and broker at Cooper Commercial in Cleveland, Ohio, represented the owner, an Atlanta-based private investment group out of Atlanta. The buyer was a New York City-based private investment group. Ruler Foods, a division of Kroger, and Ace Hardware anchor the center, which is 93 percent occupied. The 88,348-square-foot center is located along the State Route 66 corridor.
DES MOINES, IOWA — Marcus & Millichap has arranged the sale of two apartment complexes in Des Moines — the 168-unit Timberland Crest and the 86-unit Meadow Chase. Built in 1990, the 79,040-square-foot Meadow Chase sold for $85,500 per unit. The property’s market-rate apartments average 930 square feet, and the average rent is $875 per month. The market-rate units at Timberland Crest have an average unit size of 728 square feet. The average rental rate per unit is $628 per month. Built in 1973, the multifamily community is located at 4530 Lower Beaver Road. David Gaines and Alex Blagojevich, both vice president investments at Marcus & Millichap, represented the sellers in each transaction. Barry A’Hearn in Marcus & Millichap’s Cedar Rapids office is the firm’s broker of record in Iowa.
CHICAGO — The Frame Factory has sold its 18,000-square-foot warehouse/office building and adjacent 10,000-square-foot parking lot in Chicago for $1.6 million. The custom framing company relocated to a 13,500-square-foot building at 3924 W. Devon Ave. in Lincolnwood. Lee French and Pat McGuire of @properties Commercial represented the Frame Factory in the transaction. Mitch Goltz of Chody Real Estate represented the buyer, Chicago-based PERL Mortgage, which is nearly doubling its space from its current headquarters on Belmont Avenue in Avondale. The property is located at 3400 N. Pulaski Road in Chicago’s Irving Park neighborhood.
NEW YORK CITY — Prudential Real Estate Investors (PREI) has agreed to enter an $84 million joint venture with Madison Capital to acquire 18,889 square feet of ground-floor retail space at The Astor in New York City. Located at 2151 Broadway in the Upper West Side submarket, The Astor is a 13-story historic multifamily property. Barney’s and Lululemon Athletica anchor the retail space. PREI, acting on behalf of German institutional investors in its U.S. Property Fund V, is the real estate investment management and advisory business of Prudential Financial Inc.
MADISON, N.J. — Jones Lang LaSalle (JLL) has secured $69.8 million in acquisition financing for the purchase and repositioning of 5 Giralda Farms, a 463,435-square-foot office building located in Madison. Dustin Stolly and Aaron Niedermayer of JLL arranged the loan on behalf of a partnership between Lincoln Equities Group LLC and Lakestar Properties. NorthStar Realty Finance provided the five-year, non-recourse loan. Pfizer’s animal healthcare and nutrition division previously owned and fully occupied the property. The property includes a 345-seat cafeteria, conference facilities and a 15,000-square-foot fitness center with a basketball court and locker rooms. Additionally, the property features a separate 13,000-square-foot daycare facility and a 9,200-square-foot carriage house intended for corporate functions and executive dining.
SALISBURY, MASS. — NorthMarq Capital has arranged $30 million in construction financing for Tidewater at Salisbury, a 222,519-square-foot affordable housing complex in Salisbury. Financing for the transaction features a construction period of up to 36 months with a 10-year term following the conversion date and a 30-year amortization schedule. A national bank provided the loan. Ed Riekstins, senior vice president of NorthMarq Capital’s Boston regional office, arranged the permanent financing. The development is located at 191 Beach Road, about 40 miles north of Boston.
HACKENSACK, N.J. — The Hampshire Cos. has sold a 45,313-square-foot industrial building located at 530 Huyler St. in Hackensack. Park Avenue Motor Corp. Inc., which has occupied the building since 2006, purchased the property. The industrial building spans across 3.5 acres and is located less than 10 miles from New York City. In 2009, the building was renovated into an automobile service facility that features amenities such as 16-foot ceiling heights, four grade-level overhead doors, 47 lifts, a customer lounge and office space.