WARREN, MICH. — Colliers International has arranged the sale of a 25,156-square-foot industrial building in Warren. The property is located at 26067 Groesbeck Highway. The buyer is a supplier of water-based adhesives, coatings and solvents. Jack Williams of Colliers International represented the seller, Holman Holdings Inc., in the transaction.
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CHICAGO – J.C. Anderson will complete a 20,000-square-foot office renovation for Ignite USA, an engineering and product strategy company, in Chicago. J.C. Anderson will complete the build-out on the seventh floor of the Central Loop building, which is located at 180 N. LaSalle St. The floor will be renovated to include private offices, conference rooms and open work areas. Construction is scheduled for completion this summer. Jason Hawkins of J.C. Anderson will lead the project construction. BOX Studios is providing architectural services. Christopher Wood and Jordan Decker of DTZ represented property ownership.
SCHAUMBURG, ILL. — Lee & Associates has arranged the lease of a 76,097-square-foot manufacturing space in Schaumburg for Hi-Grade Welding & Manufacturing. The manufacturer of weldments and custom sheet fabrications will occupy space at 140 Commerce Drive. John Cassidy and Ken Franzese of Lee & Associates represented Hi-Grade Welding & Manufacturing in the transaction. Britt Casey and Chris Lydon of Cushman & Wakefield represented the landlord, IndCor Properties.
HORSHAM, PA. — Berkadia Commercial Mortgage has arranged $146 million for a 19-property portfolio of seniors housing properties located across 10 states. The borrower, Brookdale Senior Living, received a seven-year, fixed-rate loan that will be used to refinance the properties. The financing features a 4.76 percent interest rate and 60 percent loan-to-value ratio, as well as a 30-year amortization schedule. Additionally, as the first-ever Freddie Mac Seniors Housing Early Index Lock transaction, the loan provides protection against potential increases in interest rates. The Early Index Lock program allows borrowers to lock the Index up to 90 days before closing to hopefully eliminate any risk associated with the Index; however, borrowers cannot lock the spread, which will continue to fluctuate until it is locked before closing.The properties refinanced under the loan are located in Arizona, California, Colorado, Florida, Indiana, Kansas, Michigan, Pennsylvania, Texas and Washington. Combined the 90-percent occupied properties offer 1,170 units: 770 assisted living units, 205 memory care units and 195 independent living units. Christopher Fenton and Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group secured the financing.
NEW YORK CITY — Starwood Capital Group has purchased a 78,000-square-foot retail building located at 150 West 34th Street in New York City. Situated along Manhattan’s 34th Street retail corridor, the property is currently 100 percent leased to Old Navy. The building features three above-ground floors and one below-grade floor, as well as 225,000 square feet of air rights that provide valuable development potential. Starwood Capital acquired the property through a controlled affiliate and terms of the transaction were not disclosed.
NEW YORK CITY — New York-based HAP Investments is breaking ground for the development of HAP 5, a residential building at 329 Pleasant Ave. in East Harlem. Designed by Karim Rashid, the eight-story building will offer 20 apartment units. The project is located near City University of New York’s Hunter College Silberman School of Social Work and popular commercial, retail and entertainment stores, including Manhattan’s biggest shopping mall. HAP Investments has been very active in Upper Manhattan and East Harlem with a variety of properties; most recently, the company entered into a contract to purchase a development site at Journal Square in Jersey City, N.J.
HACKENSACK, N.J. — New Boston Fund has sold an office-and-flex building located at 80 Commerce Way in Hackensack to Canaan Korean Community Church for an undisclosed price. The 30,000-square-foot building includes warehouse and showroom space and can accommodate multiple tenants. New Boston Fund purchased the property along with the adjacent building, 60 Commerce Way, in partnership with Prism Capital Partners in 2005. The partnership sold 60 Commerce Way in early 2010.
NEW YORK CITY — Eastern Union Funding has arranged a $3 million loan for two stores in Brooklyn’s Bushwick neighborhood. Located at 22-28 Wyckoff Ave., the single-tenant buildings are occupied by a wine store and an organic grocery store. Customers Bank provided the loan, which features a 4 percent interest rate on a five-year term with no pre-payment penalty after the first year. Jeffrey Seidenfeld of Eastern Union arranged the loan on behalf of the borrower, Jacob Sacks of Cayuga Capital.
THE WOODLANDS, TEXAS — Thind Hotels LLC will develop two new hospitality properties on a 10-acre site in The Woodlands for approximately $25 million. The project includes a six-story, 152-room full-service Holiday Inn and a four-story, 120-room extended-stay Staybridge Suites. The Holiday Inn will feature a restaurant, swimming pool, spa and 5,500-square-foot ballroom. The Staybridge Suites will feature an outdoor fire pit, patio with covered trellis and indoor movie lounge. The Mathis Group Inc. is serving as project manager, and Arch-Con Construction is working as the general contractor. The project will break ground in May and is slated for completion in the summer of 2015.
SPRING BRANCH, TEXAS — LMI Capital has arranged a $6.8 million loan for the refinancing of a 300-unit, Class C multifamily property in the Houston suburb of Spring Branch. The partial-recourse loan includes flexible prepayment options, no reserves and a fixed interest rate of 3 percent. Jamie Mullin of LMI Capital worked on behalf of the unnamed borrower to arrange the loan through a regional bank.