Property Type

12-PROPERTY 7-ELEVEN PORTFOLIO IN OHIO SELLS FOR $30M

by admin January 24, 2014

CINCINNATI — Marcus & Millichap has arranged the $30 million sale of a 12-property, 7-Eleven store and gas station portfolio located throughout Ohio. Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office represented the buyer and seller, both large institutions, in the transaction. Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices, is Marcus & Millichap’s broker of record in Ohio. 7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.

January 24, 2014

HOUSING & HEALTHCARE FINANCE CLOSES $22.5M HUD LOAN

by admin January 24, 2014

MISSOURI — Housing & Healthcare Finance LLC has closed $22.5 million HUD loan for the refinancing of four skilled nursing facilities totaling 596 beds in Missouri. The loan includes a fixed interest rate of 4.39 percent, and the loan-to-value ratio was 66 percent. The borrower plans to use the loan to consolidate the existing mortgage debt and fund approximately $123,000 in repairs and capital improvements. With the new HUD loan, the borrower will save an estimated $335,000 in annual debt service savings, according to Housing & Healthcare Finance.

January 24, 2014

Industrial Midwest

50,000 SF INDUSTRIAL FACILITY UNDERWAY IN MILWAUKEE

by admin January 24, 2014

MILWAUKEE — Briohn Building Corp. has begun construction on a 50,000-square-foot industrial facility for Rishi Tea in Milwaukee's Menomonee Valley Industrial Center. The $4.9 million facility is slated for a spring completion, according to the Milwaukee-Wisconsin Journal Sentinel. Rishi, which blends, packages and distributes high-end teas, currently leases 38,000 square feet at the former Louis Allis Co. factory, located at 427 E. Stewart St. in the Bay View neighborhood.

January 24, 2014

Mixed-Use Northeast

JOINT VENTURE SELLS NINE-BUILDING PROPERTY IN METRO BOSTON

by admin January 24, 2014

EAST CAMBRIDGE, MASS. — Rockwood Capital and Related Beal have completed the sale of One Kendall Square in East Cambridge to Divco West. Terms of the transaction were not disclosed. Rockwood and Related Beal acquired the property from Lincoln Property Co. and JER Partners for $211 million in 2006. One Kendall Square is a nine-building portfolio including approximately 670,000 square feet of office, laboratory and retail space. The property also features a 1,574-car parking garage, a nine-screen cinema and a development site. The 7.9-acre, transit-oriented campus includes six full-service restaurants, a variety of shops, daycare center, new fitness center and easy access to public transportation.

January 24, 2014

Multifamily Northeast

CRONHEIM ARRANGES $3.8M LOAN FOR 72-UNIT MULTIFAMILY PROPERTY

by admin January 24, 2014

LAWRENCEVILLE, N.J. — Cronheim Mortgage has arranged $3.8 million in financing for Westgate Apartments, a 72-unit multifamily property located in Lawrenceville. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the seven-year loan for Westgate Management LLC. Constructed in the mid-1960s, Westgate Apartment consists of nine, two-story apartment buildings. The community features 36 one-bedroom and 36 two-bedroom units, ranging in size from 775 square feet to 900 square feet. The property is located near Interstates 95 and 295 and U.S. Route 1 within the Greater Princeton area.

January 24, 2014

Mixed-Use Northeast

4,864 SF MIXED-USE BUILDING IN BROOKLYN SELLS FOR $2.6M

by admin January 24, 2014

NEW YORK CITY — Marcus & Millichap has arranged the $2.6 million sale of 567 Vanderbilt Ave., a 4,864-square-foot mixed-use property in Brooklyn. The sales price equates to $535 per square foot. Derek Bestreich and Shaun Riney from Marcus & Millichap’s Brooklyn office represented the buyer and the seller, both limited liability companies. The property features seven apartments and a 450-square-foot store.

January 24, 2014

Multifamily Northeast

GEBROE-HAMMER ARRANGES $10.5M SALE OF APARTMENT COMPLEX

by admin January 24, 2014

TENAFLY, N.J. — Hammer Associates has arranged the $10.5 million sale of Stonegarth Apartments, a 49-unit, four-building multifamily complex at 30 Engle St. in Tenafly. The sales price equates to more than $214,000 per unit. Stonegarth features slate roofs, parking garages and a laundry room. The seller had acquired the complex 10 years ago from its original owners. David Jarvis, executive vice president, and Greg Pine, senior vice president, represented the seller and procured the buyer in the transaction.

January 24, 2014

Multifamily Northeast

CHOZICK REALTY BROKERS SALE OF WILLIMANTIC APARTMENT COMPLEX

by admin January 24, 2014

WILLIMANTIC, CONN. — Chozick Realty Inc. has arranged the $1.7 million sale of Oakridge Apartments, a 36-unit multifamily property located on Roanoak Avenue in Willimantic. Constructed in 1965, the multifamily property includes 24 one- and 12 two-bedroom units. Recent improvements to the property include new gas furnaces and hot water systems, remodeling of all common areas, plus the renovation of many apartment units. Rick Chozick of Chozick Realty’s Hartford office marketed the property on behalf of the seller, 157-35 OAP Holdings LLC.

January 24, 2014

Retail Texas

CBRE ARRANGES $11M ACQUISITION LOAN FOR FORT WORTH POWER CENTER

by admin January 24, 2014

FORT WORTH, TEXAS — CBRE has arranged an $11 million loan for the acquisition of Ridge Rock Plaza, a 114,495-square-foot power center in Fort Worth. Thackeray Partners purchased the property, which is located on Overton Ridge Boulevard in close proximity to Hulen Mall. The center was fully occupied at the time of the loan closing with a tenant roster including Bed Bath & Beyond, Michaels, Pier 1 Imports, Sun & Ski Sports and Sleep Experts. The eight-year loan includes a fixed rate for the first five years and a floating rate based on LIBOR for the remainder of the term.

January 24, 2014

Office Texas

STREAM REALTY PURCHASES 80,000 SF MEDICAL OFFICE BUILDING IN SAN ANTONIO

by admin January 24, 2014

SAN ANTONIO — Stream Realty Partners has acquired an 80,000-square-foot medical office building in San Antonio. The four-story, Class A property is located at 5109 Medical Drive on the Christus Santa Rosa Medical Center campus within the South Texas Medical Center. Constructed in 2008, the building is available for single-tenant occupancy or can be divided into 20,000-square-foot spaces for multiple users. Carolyn Hinchey Shaw and Jason Schnittger of Stream Realty will lead leasing efforts going forward, and the company will also manage the property.

January 24, 2014

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