WHEELING, ILL. — Baum Realty Group LLC has arranged the sale of a 14,348-square-foot retail strip center and 60,001-square-foot pad site in Wheeling, located about 28 miles north of Chicago. Danny Spitz, Greg Dietz and Ben Brichta of Baum Realty, along with Doug Renner and Gary Shvartsman of the firm’s landlord representation team, represented the seller. Baum also procured the buyer, an out-of-state investor, in the transaction. The retail property is located at 701- 749 N. Milwaukee Ave. in front of the 400-room Westin Chicago North Shore Hotel. With a 21 percent occupancy, the investment represents a value-add opportunity, according to Baum. The strip center includes 11,179 square feet of contiguous available space. Baum will continue its assignment as the leasing agent.
NEW YORK CITY — Northwood Investors, a privately held global real estate investment firm, has purchased 100 Broadway, a 24-story office building in Manhattan. The purchase price was undisclosed. Located on the southeast corner of Broadway and Pine Street, the historic downtown office building includes two floors of retail and 22 office level floors. The property features 360,000 square feet of office, as well as 40,000 square feet of retail. Brookfield Financial, a global investment bank and real estate investment sales firm, arranged the off-market transaction.
BLUE BELL, PA. — An affiliate of Endurance Real Estate Group LLC has acquired 960 Harvest Drive, a three-building suburban office portfolio in Blue Bell, for $4.1 million. The portfolio includes one single-story and two two-story buildings totaling 129,430 square feet. Endurance acquired the largely vacant portfolio from a REIT. Constructed in 1988, the portfolio features single- or multi-tenant floor plans with parking surrounding the buildings. The Bala Cynwyd, Pa.-based owner and developer plans to upgrade the building systems and renovate the lobbies and common areas. Endurance will also address deferred maintenance of the parking lots, landscaping and signage. The company has hired John Susanin and Kyle Hilbert of Colliers International to lease the portfolio.
NEW MILFORD, CONN. — Washington Trust’s commercial real estate group has provided a $1.3 million loan for the refinancing of an 11,108-square-foot retail building in New Milford, a northwest suburb of New Haven. New Milford Main Investment LLC was the borrower. Rite Aid Pharmacy leases the building, which is located at 173 Danbury Road.
KING OF PRUSSIA, PA. — Target is moving into King of Prussia for the first time, with a new 165,000-square-foot store set to open in July 2014. The new store will be part of the Valley Forge Shopping Center located on West DeKalb Pike, about 20 miles northwest of Philadelphia. The location will employ approximately 200 to 250 team members and include everyday essentials and groceries, as well as Starbucks, Target Optical and Target Pharmacy. Target currently operates 1,856 total stores, of which 1,788 are in the United States and 68 are in Canada, as well as Target.com.
DALLAS — HFF has arranged the sale of a two-property, 754,554-square-foot, Class A industrial portfolio in the Dallas-Fort Worth Metroplex. Included are Northlake Industrial Center, located three miles north of the Alliance Texas mixed-use development on Interstate 35, and Towne Lake Business Park Two, immediately south of Dallas/Fort Worth International Airport. Randy Baird, Jud Clements and Robby Rieke of HFF represented the seller, Panattoni Development. Private real estate investment firm Cabot Properties purchased the portfolio, which was 100 percent leased at the time of sale.
AUSTIN, TEXAS — Developer/owner JMI Realty is partnering with management firm Kimpton Hotels & Restaurants on a new four-star hotel in Austin’s historic Rainey District. The project, to be known as Hotel Van Zandt, will feature 322 guest rooms over 16 floors, 12,000 square feet of event and meeting space, a gourmet restaurant and pool deck with bar. The award-winning Mark Zeff will oversee interior design of the hotel, expected to open in early 2015. San Francisco-based Kimpton, which specializes in boutique hotels, expands its Texas footprint to four properties with this development.
FORNEY, TEXAS — The firm of Henry S. Miller has brokered the sale of a 25,000-square-foot industrial property in Forney, located 20 miles east of Dallas. Henry S. Miller’s Jerry Averyt and Greg Trout represented the seller, First State Bank of Mesquite. The facility, situated on 1.25 acres, will be the new home of Willard Heat and AC, which is relocating from their current smaller facility in Forney. Stephen Cooper of NAI Robert Lynn represented Willard.
HOUSTON — The Houston Independent School District (HISD) Board of Education has chosen construction management firm Kwame Building Group for four of its upcoming new construction and renovation projects in the Houston school district. The undertakings, valued at a total of $35 million, include two new Early College High Schools, major improvements for Washington High School and sizeable additions and repairs to Worthing High School. Construction is set to begin in 2014. These projects are part of HISD’s larger $1.89 billion bond program, which was approved by Houston voters in November 2012 and is scheduled to last eight years.
SANTA CLARA, CALIF. – The 1,000-unit Mansion Grove in Santa Clara has received $188 million in first-mortgage refinancing. The community is located at 502 Mansion Park Drive. It was 98 percent leased at the time of closing. Financing was based on a 10-year term and a 30-year amortization schedule. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office arranged the financing on behalf of an affiliate of Prometheus Real Estate Group. It was arranged through the firm’s relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company.