TROY, MICH. — Colliers International has arranged the sale of a 32,375-square-foot industrial space in Troy approximately 20 miles north of Detroit. The building is located at 1783-1801 Thunderbird Drive. Peter E. Kepic, Peter J. Kepic and Ryan Brittain of Colliers represented the seller, Reliable Holding Co. Inc., in the transaction. Raffi Derbabian of Colliers represented the undisclosed buyer.
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EDGEWATER, N.J. — Meridian Capital Group LLC, has arranged $33.2 million in permanent financing for the Infinity Apartments, a new 100-unit, Class A multifamily property located in Edgewater. The five-year loan, provided by a national balance sheet lender, features a LIBOR-based floating rate and interest-only payments for the full term. Waterton Associates LLC purchased the property in conjunction with Clal US, a 49 percent co-investment partner. Clal US is a wholly owned subsidiary of Clal Insurance, a publicly traded insurance company, pension fund manager and one of Israel’s largest financial institutions. Infinity Apartments is located at 340-342 Old River Road. Units in the property feature custom cabinetry, granite countertops, stainless steel appliances, full-size washer/dryer, walk-in closets and private balconies. Jacob Schmuckler, Abe Hirsch and Zev Karpel of Meridian Capital Group negotiated the transaction.
BOSTON — The Fallon Co. has broken ground on 100 Northern Avenue, a 17-story, 515,000-square-foot, build-to-suit tower that will house the Boston office of global law firm Goodwin Procter LLP. The tower will be located in Fan Pier, one of the country’s largest privately-funded development sites, featuring three million square feet of mixed-use office, residential and retail space spanning 21 acres and nine city blocks. Designed by global architectural firm HOK, 100 Northern Avenue will feature 500,000 square feet of commercial space, 380,000 of which will be occupied by Goodwin Procter, which plans to relocate to the new building by spring 2016. The building also features more than 15,000 square feet of ground-floor retail space.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $16.5 million loan for the refinancing of a 46-unit, mid-rise multifamily property in New York City. The seven-year loan carries a fixed interest rate of 3.7 percent and includes a 25-year amortization schedule and a 70 percent loan-to-value ratio. Christopher Marks and Steven Rock of MMCC arranged the loan. John Krueger, also of the firm, represented the borrower.
CHELMSFORD, MASS. — CBRE/New England’s capital markets team has secured $16.1 million in financing for the purchase of The Meadows, a 180-unit, garden-style community located in suburban Boston. The buyer, a joint venture between Taurus Investment Holdings of Boston and Water Street/PhilMor Real Estate Investments LLC of Newton, Mass., purchased the multifamily asset for $20 million. The community, located approximately 1.5 miles from I-495 in Chelmsford, was constructed in 1987 with an average unit size of 668 square feet. The Meadows includes 10 three-story buildings with a unit mix of 18 studio, 42 one-bedroom and 120 two-bedroom units. John Kelly of CBRE worked on behalf of Taurus and Water Street/PhilMor to secure the financing.
NEWARK, N.J. — Three long-term leases totaling 53,000 square feet have brought 570 Broad in Newark to 85 percent occupancy. The 200,000-square-foot, 15-story tower was 20 percent leased in 2011, when The Berger Organization acquired a controlling interest in 570 Broad Street LLC, the partnership that owns the asset. Brendan Berger of The Berger Organization represented his company in negotiating the latest leases at 570 Broad. Programs for Parents leased 22,000 square feet, relocating from another Newark property. McElroy, Deutsch, Mulvaney & Carpenter LLP leased 19,000 square feet. Peter Blanchard and Lee Barnes of The Garibaldi Group served as the tenant’s broker in the transaction. Health Republic Insurance of New Jersey leased 12,000 square feet. Harlan Hollander of Cushman & Wakefield served as the tenant’s broker.
PEARLAND, TEXAS — CBRE has brokered the sale of Retreat at Shadow Creek Ranch, a 370-unit multifamily property in the Houston suburb of Pearland. Located at 2500 Business Center Drive, the community includes one- to three-bedroom apartments, as well as a fitness facility, internet café, resort-style pool and pet park. The complex was 90 percent occupied at the time of the sale, despite having opened in early 2013. The property is adjacent to master-planned community Shadow Creek Ranch and within walking distance of the Pearland Town Center. Ryan Epstein of CBRE represented the seller, McCann Realty Partners, in the transaction. Inland Real Estate Acquisitions Inc. purchased the asset.
COLLEYVILLE AND ALLEN, TEXAS — Gladstone Commercial Corp. has purchased two properties occupied by Crème de la Crème childcare in the Dallas/Fort Worth suburbs of Colleyville and Allen for $10.5 million. The Colleyville facility is located at 6805 Colleyville Blvd., in close proximity to State Highway 26. The Allen facility is located at 1207 W. McDermott Drive, near I-75 and the Sam Rayburn Tollway. Crème de la Crème will continue to operate both properties. Gladstone Commercial, which is based in McLean, Va., assumed a $6.3 million loan with Wells Fargo Commercial Mortgage as part of the transaction.
GRAPEVINE, TEXAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of Grapevine I, a 38,709-square-foot office property in the Metroplex suburb of Grapevine. Located at 3500 William D. Tate Ave., the building was fully leased at the time of the sale to tenants including Academic Health Plans. Gary Walker and Renee Efimoff of Coldwell Banker Commercial Alliance DFW represented the seller, Skywalker Property Partners, which purchased both Grapevine I and the adjacent Grapevine II in August 2011 on behalf of Hangover Opportunity Fund LLC. OSK Investments LP acquired Grapevine II in August 2012. Jill Bayne of Alliance Commercial represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.
ARLINGTON, TEXAS — Bradford Commercial has brokered the sale of a 35,417-square-foot warehouse in Arlington. The buyer, local developer Vaquero Ventures, will redevelop the currently vacant property as a retail facility. Located on more than four acres at 3500 S. Cooper St., the building is in proximity to The Parks at Arlington shopping mall and I-20. Nick Talley of Bradford Commercial represented both the buyer and the seller, Fort Worth-based EKIM Partners, in the transaction. The asset sold within 120 days of its initial listing.