ELGIN AND SOUTH HOLLAND, ILL. — Midwest Industrial Funds has purchased 182,000 square feet of industrial space in suburban Chicago. The first transaction involved a two-building portfolio that was 90 percent leased to three tenants located at 1355 W. McLean and 1485-1495 Davis Road in Elgin. Vern Schultz and Brian Kling of Colliers International represented the seller in the transaction. The second transaction featured a 95,000-square-foot, two-tenant building located at 17005-17045 S. Wallace in South Holland. Walter Murphy of Lee & Associates represented the seller in the transaction.
Property Type
NEW YORK CITY — Meridian Capital Group LLC has arranged a $15 million loan for the refinancing of a multifamily property located on Maiden Lane in Manhattan on behalf of DSA Property Group. The five-year loan, provided by a regional balance sheet lender, features a fixed interest rate of 3 percent. Avi Weinstock and Josh Rhine of Meridian Capital arranged the loan. The 16-story property includes 66 units and 9,000 square feet of retail space. The loft-style apartments feature high ceilings and large windows. The property is located at 9-11 Maiden Lane.
MANCHESTER, CONN. — Washington Trust has provided a $3.9 million loan to Taymil Ivy Manor LLC for refinancing of Manchester Green Apartment Homes, a 72-unit multifamily complex in Manchester. The community, which features four two-story buildings, is located at 167 E Center St.
NEW YORK CITY — TerraCRG has arranged the $3.3 million sale of the multifamily building at 851 Franklin Ave. in the Crown Heights neighborhood of Brooklyn. The sale price equates to $385 per square foot and $203,125 per unit. The four-story, 16-unit building consists of 15 one-bedroom apartments and one two-bedroom unit. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG marketed the 8,400-square-foot property on behalf of the seller.
MARLBORO, N.J. — Ethan Allen has signed a 13,750-square-foot lease at a shopping center at 117 Route 9 in Marlboro, a city located about 30 miles south of Newark. Other tenants at the center include Whole Foods, Walgreens, PNC Bank and Verizon. Mark Handwerker of The Goldstein Group represented Ethan Allen in the transaction. Ethan Allen is an American-based furniture and interiors chain that has more than 300 stores throughout the United States, Canada and the United Kingdom.
THE WOODLANDS, TEXAS — HFF has brokered the sale of Wood Ridge Plaza, a 211,673-square-foot retail property in The Woodlands. Located on 19.5 acres along I-45 North across from The Woodlands Mall, the power center was 87 percent leased at the time of the sale to tenants including Pier 1 Imports, Kirkland’s Office Depot, Mattress Firm, Pappas Bar-B-Q, Dailyspa and Chair King. Rusty Tamlyn, Ryan West and Matt Berry led the HFF team in marketing the asset on behalf of the seller, CSHV Woodlands LP, an institutional pension fund advisor. A private real estate fund advised by Crow Holdings Capital Partners LLC purchased the property free and clear of existing debt. Weiss Realty LLC will manage the center, which was last renovated in 1997.
SAN ANTONIO — Canyon Capital Realty Advisors (Canyon Realty) has provided a $55.2 million senior construction loan for the 253,606-square-foot fifth phase of the RIM, a power center property in San Antonio. The phase, located at the interchange of I-10 and Loop 1604, is 91 percent pre-leased to tenants including Hobby Lobby, PetSmart, Total Wine & More, Toby Keith’s I Love This Bar & Grill and Bowl & Barrel. RIM V, as it is known, is located in the center of the other four phases, which are fully occupied and house such retailers as Target, Bass Pro Shops, Dick’s Sporting Goods, Best Buy, T.J. Maxx, Lowe’s and Michael’s. Canyon realty arranged the financing on behalf of an affiliate of Thomas Land and Development LLC.
DALLAS — NorthMarq Capital has arranged a $13.4 million refinance loan for Galleria Plaza, a 189,104-square-foot office tower in Dallas. Located at 4851 LBJ Freeway, the Class A property features recently renovated common areas and exterior landscaping. Paul Brighton of NorthMarq arranged the refinancing on behalf of the borrower, Younan Properties Inc. Business Partners LLC is the lender.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Trinity Oaks, a 206-unit multifamily complex in Arlington. Constructed in 1981, the Class B property is located at 811 Northeast Green Oaks Blvd. and offers studio, one- and two-bedroom apartments in six different layouts. Michael Ware and William Jarnagin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer in the transaction was not disclosed.
SCOTTSDALE, ARIZ. — Kierland Fairways Office Plaza, a 55,268-square-foot office building in North Scottsdale, has sold to an affiliate of Montana Avenue Capital (MAC). The building is located at 14614 N. Kierland Blvd. The property will undergo an extensive renovation. The seller was Abart Properties. The transaction was executed by Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office.