NOVI, MICH. — Bernard Financial Group has arranged a $1.6 million loan for Pine Ridge Shopping Center, a 37,810-square-foot retail property in Novi, about 30 miles northwest of Detroit. Kevin Kovachevich of Bernard Financial originated the loan for Pine Ridge Associates LP. Bank of Ann Arbor provided the loan.
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NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $17.1 million sale of The Selkirk, a 13-story, 49-unit apartment building on Manhattan’s Upper West Side. The sales price equates to $350,000 per unit and $600 per square foot. Scott Edelstein, Peter Von Der Ahe and Seth Glasser of IPA advised the seller, a private investor. The buyer is also a private investor. Built in 1906, The Selkirk is located at 308 W. 82nd St. near local schools and the Broadway retail corridor.
BOSTON —Jones Lang LaSalle Construction has completed construction of Life is Good’s new 22,000-square-foot headquarters at 51 Melcher St. in Boston. Designed by Baker Design Group, the new space features a variety of different-sized private conference rooms, as well as phone booths for individual calls. Life is Good’s new office also includes community worktables, stand-up media-sharing tables and living room areas with lounge chairs, sofas and large flat-panel video displays for laptop or iPad presentations. Jones Lang LaSalle Construction team included Steven Wassersug, managing director, Brendan Boyle, senior construction manager, and Chris Hardiman, senior estimator.
NEWINGTON, CONN. — ADS Warehouse Solutions has signed a 306,900-square-foot lease at 475 Willard Ave. in Newington, located about eight miles south of Hartford, Conn. ADS Warehouse Solutions, a logistics management company for Jade Marketing Group and Onyx Design Groups, signed a long-term lease to become the largest tenant in the building, occupying nearly half of the 614,600-square-foot distribution center. Boasting both exterior and interior loading docks, the space will now serve as a distribution center for the clothing manufacturer’s jean brands, which include Amethyst Jeans, Ariya Jeans and T.K. Axel Brand. Chris Metcalfe and Bill Bronson of CBRE New England represented the landlord, Hampshire Cos., in the transaction. Tim D’Addabbo of Cushman & Wakefield represented the tenant in the transaction.
PITTSBURGH, PA. — Vorys, Sater, Seymour & Pease LLP has signed a 4.5-year sublease for office space in the BNY Mellon Center in downtown Pittsburgh. The firm plans to move this spring to the approximately 11,200-square-foot space on the building’s 49th floor. Vorys opened a temporary office at Foster Plaza XI in October 2013 while the firm searched for permanent space with the assistance of Robert Geiger, a principal at Cushman & Wakefield Grant Street Associates Inc. Tim Goetz, a principal with Cushman & Wakefield Grant Street Associates Inc., had been marketing the sublease opportunity on behalf of Pepper Hamilton LLP for about four months before Vorys became interested in the space.
DALLAS — Investment firm Karlin Real Estate has provided a $7.2 million loan to DFW Economy Industrial LLC for the refinancing of a three-property industrial portfolio in the Dallas/Fort Worth Metroplex. The assets total 268,000 square feet and include two buildings in Arlington and one in Mesquite. The properties, all of which include incubator and office space, were collectively 88 percent leased at the time of the closing. DFW Economy Industrial purchased the portfolio in 2006. Karlin Real Estate, an affiliate of private investment firm Karlin Asset Management, is based in Los Angeles.
CARROLLTON, TEXAS — CBRE has brokered the sale of Hebron Heights Market, a 10,000-square-foot shopping center in the Dallas suburb of Carrollton. Located at 1008 W. Hebron Parkway, the unanchored property was fully leased at the time of the sale to tenants including Dunkin Donuts/Baskin Robins, Bahama Bucks, Wing Town, Chiro One Wellness Center and Quiznos. Jennifer Pierson and Beth Pierson of CBRE represented the seller, an affiliate of the Tabani Group. Jet Set Commercial purchased the asset.
THE WOODLANDS, TEXAS — The J. Beard Real Estate Company LP has arranged a 10,000-square-foot lease for Conversio Health LLC at Research Forest Lakeside in The Woodlands. The tenant, a service provider for patients with chronic conditions, will occupy part of Building 4 in the larger 10-building mixed-use complex, located on 77 acres overlooking Lake Woodlands and in close proximity to The Woodlands Mall and Interstate 45.Lindsey McKean of J. Beard represented Conversio in the negotiations. James Warmack of Warmack Investments represented the Research Forest Lakeside.
SPRING, TEXAS — Newcor Commercial Real Estate has arranged a 8,700-square-foot office lease for James Construction Group in the Houston suburb of Spring. The single-tenant property is located on 1.35 acres at 21755 Interstate 45 North, in close proximity to the interchange of I-45 and Grand Parkway, as well as the new Exxon Mobil campus. Rob Banzhaf of Newcor represented the landlord, Jefferson Bank Trust, and also negotiated a lease termination on behalf of the existing tenant, Terminix. Joe Gallini of the Gallini Group represented the James Construction Group.
LAS VEGAS — Griffis Residential has acquired The Wellington, a 332-unit luxury apartment community in Las Vegas, for $43 million. The Class A community is located at 9550 W. Sahara Ave. It was built in 1998 and renovated in 2012. ARA’s Christopher Bentley and Melissa Salas represented the seller, The Picerne Group, in this transaction. ARA also assisted Griffis.