FARMINGTON HILLS, MICH. — Polyflex Product Inc. has leased of 12,000 square feet of industrial space at 23460 Industrial Park Drive in Farmington Hills. The space is comprised of 3,000 square feet of office space and 9,000 square feet of warehouse space. Peter E. Kepic, Peter J. Kepic and Ryan Brittain of Colliers International represented the landlord, Selesco Associates Inc., in the lease transaction.
Property Type
CHERRY HILL, N.J. — Meridian Capital Group LLC has arranged a $31 million mortgage for the refinancing of Dwell Cherry Hill Apartments, a 233-unit multifamily property located in Cherry Hill. A regional balance sheet lender provided the seven-year loan, which includes a fixed interest rate of 3.5 percent with a five-year option. David Cohen and Max Beyderman of Meridian arranged the loan for The Klein Co. Dwell Cherry Hill Apartments is located at 1982 Marlton Pike East.
NEW YORK CITY — The Chetrit Group and Clipper Equity will launch leasing this spring for 123 on the Park, a new seven-story, 119-unit rental development, located in the Prospect Park South area of Brooklyn. Phase I of 123 on the Park, located at 123 Parkside Ave., is a rehabilitation of the former Brooklyn Hospital Center with architecture by Karl Fisher & Associates. The building features a mix of studios, one-, two- and three-bedroom apartments with interiors designed by Andres Escobar. Monthly rents begin at $1,999 for a studio, $2,299 for a one-bedroom and $3,800 for a two-bedroom apartment.
NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the $4.2 million sale of a 31,000-square-foot building at 83-14 72nd Drive in the Glendale neighborhood of Queens. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates, along with Joseph Eliasoph of Sholom & Zuckerbrot represented the seller, Franco-American Novelty Co., in the transaction. Charles Wong from Greiner Maltz worked on behalf of the buyer, Utopia Produce Inc. The one-story warehouse at 83-14 72nd Drive features a 4,000-square-foot office as well as 4,600 square feet of land. The building has one drive-in door, 20-foot ceilings and gas heat.
DANBURY, CONN. — Cushman & Wakefield has arranged the $4 million sale of 40-42 Old Ridgebury Road, also known as Pegasus Park, in Danbury. Cushman & Wakefield represented the seller, Torchlight Investors, in the sale to KS Partners, a New York-based developer and investor with offices in Woburn, Mass., and Rocky Hill, Conn. The sale price equates to $31.75 per square foot. Situated on more than seven acres, the site includes two three-story office buildings totaling almost 126,000 square feet and a three-level parking facility. The building is home to tenants such as General Electric and Shemin Nurseries. The buildings are currently 60 percent leased with 72,340 square feet of space remaining. Tom O’Leary, David Bernhaut, and Grace Braverman of Cushman & Wakefield’s Capital Markets Group arranged the sale.
BOSTON — Diamond Express Air Freight has signed a lease for 9,514 square feet at 230 McClellan Highway in East Boston near Logan International Airport. The five-building air freight park was 96 percent occupied at the time of the lease. Richard McKinnon of The Grossman Cos. represented the landlord, 230-240 McClellan Highway LLC, in the transaction.
HOUSTON — Developer Skanska has broken ground on a 280,000-square-foot data center facility in Houston for CyrusOne, an information technology infrastructure provider serving more than 600 clients in a variety of industries. The building, which will include 34,000 square feet of shell office space, will be the third at CyrusOne’s Houston West campus. Upon the building’s completion, the Houston West campus will comprise more than 1 million square feet. Kirksey Architecture provided design services for the project.
RICHMOND, TEXAS — Marcus & Millichap has brokered the sale of Waterside Commons, a 39,779-square-foot shopping center in the southwest Houston suburb of Richmond, for $8.9 million. Constructed in 2008, the property is located at 9825 S. Mason Road and was 96 percent leased at the time of the sale to tenants including Ace Hardware, Las Mananitas Mexican Restaurant, Waterside Dental, Strong Martial Arts and Friendship Animal Hospital. Jerry Goldstein of Marcus & Millichap marketed the property on behalf of the seller, the original developer.
WAXAHACHIE, TEXAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of the 31,336-square-foot Rogers Hotel complex in the far south Dallas suburb of Waxahachie. The 101-year-old property, which has been repurposed for office and retail uses since 2012, consists of a pair of four-story buildings connected by a turn-of-the-century lobby. Jim Lake Cos., which occupies 2,500 square feet of office space within the hotel, acquired the asset and is redeveloping the complex as part of its larger redevelopment of Waxahachie’s historic town square. Located at 100 N. College St., the property was 50.3 percent leased at the time of the sale. Judy Nitzinger of Coldwell Banker Commercial Alliance DFW represented the seller, Southwest Securities FSB, in the transaction. Independent broker Rocky Stones, who is based in Waxahachie, represented the buyer.
CARROLLTON, TEXAS — CBRE has brokered the sale of Josey Rosemeade Shopping Center, a 14,500-square-foot retail property in the Dallas suburb of Carrollton. The unanchored strip center, located at the northeast corner of North Josey Lane and East Rosemeade Parkway, was 100 percent leased at the time of the sale and garnered 20 offers during the marketing period. Jennifer Pierson and Beth Pierson of CBRE represented the unnamed seller in the transaction. Josey Rosemeade LLC, an affiliated entity of Raywood Hasten LLC, purchased the asset.