Property Type

KRAUS-ANDERSON BEGINS CONSTRUCTION ON $12M RESEARCH CENTER

by admin October 30, 2013

WADENA, MINN. — Kraus-Anderson Construction Co. has begun construction of the new $12 million Maslowski Wellness and Research Center in Wadena, a city in western Minnesota. The facility will combine a community center and swimming pool, both of which were destroyed by a hurricane that wiped out 20 city blocks of Wadena on June 17, 2010. The 52,500-square-foot wellness center will include a gymnasium, indoor swimming pool, fitness center, racquetball courts and community meeting spaces. Designed by Minneapolis-based Steve Miller Architects, the two-story facility is slated for a fall 2014 completion.

October 30, 2013

CPA ARRANGES SALE OF MARWOOD APARTMENTS IN DETROIT

by admin October 30, 2013

DETROIT — Commerical Property Advisors (CPA) has arranged the sale of Marwood Apartments in the New Center area of Detroit. The 53-unit apartment community sold for $905,000, or $17,075 per unit. The property was completely renovated between 2003-2005. Cary Belovicz, managing partner, and Scott Sutphin of CPA represented the seller, Cp Cominvest LLC, and the buyer, Marston New Center Real Estate LLC, in the transaction.

October 30, 2013

Midwest Retail

HAND & STONE OPENS FOURTH CHICAGO AREA LOCATION

by admin October 30, 2013

CAROL STREAM, ILL. —Hand & Stone Massage and Facial Spa has leased 3,200 square feet at Heritage Plaza located at Army Trail and County Farm roads in Carol Stream. This is the company’s fourth location in the Chicago metro area. Heritage Plaza is a 128,871-square-foot shopping center anchored by Jewel Osco and features four access points. Sean McCourt of CBRE represented the property management company, Inland American Retail Management LLC, and Baum Realty Group represented Hand & Stone in the transaction.

October 30, 2013

Multifamily Northeast

$52M MULTIFAMILY DEVELOPMENT OPENS IN BOSTON

by admin October 30, 2013

BOSTON — The Community Builders Inc. (TCB) has celebrated the grand opening of 225 Centre, the $52 million first phase of the 14-building, $250 million redevelopment in Boston. The project, which is located in the Jackson Square community, will reconnect Boston’s Jamaica Plain and Roxbury neighborhoods. The 225 Centre apartment community features 103 apartments, including 35 affordable units, more than 16,000 square feet of commercial space and an 86-space underground parking garage. The project financing included $2.3 million in state-issued, low-income housing tax credits, $2 million in Department of Housing and Community Development program subsidies and $503,988 in federal low-income housing tax credits. 225 Centre is a joint venture between TCB and Mitchell Properties.

October 30, 2013

Multifamily Northeast

PEARL PROPERTIES BUYS PHILADELPHIA APARTMENT COMPLEX

by admin October 30, 2013

PHILADELPHIA — Lowe Enterprises Investors has acquired The Granary, a new nine-story, Class A multifamily property in Philadelphia’s Center City, from developer Pearl Properties. The property sold for $120 million, according to the Philadelphia Business Journal. Located at 20th and Callowhill streets, The Granary includes 229 apartments and 20,463 square feet of retail space. The building was completed in October and is currently 40 percent leased. The Granary offers a mix of one-and two-bedroom units with in-unit washer/dryers, granite countertops, stainless steel appliances and bamboo floors. Amenities at the property include a state-of-the-art fitness center, business center, music room and library, community kitchen and club room, an onsite concierge and full-time doorman.

October 30, 2013

Northeast Office

WASHINGTON TRUST PROVIDES $19M LOAN FOR ALCO BUILDINGS

by admin October 30, 2013

PROVIDENCE, R.I. — Washington Trust’s commercial real estate group has provided $19 million in financing to Foundry ALCO Members LLC for its acquisition of the five-building American Locomotive (ALCO) Complex in Providence. The brick ALCO buildings, originally constructed as a locomotive factory in 1901, are located on 11.8 acres at 68 Hemlock and 51 Valley streets. The 200,000-square-foot property was redeveloped into an office complex in 2006-2009 and is now 70 percent leased. Tenants at ALCO include law firms, an engineering company and the Rhode Island Economic Development Corp. The largest tenant in the complex is United Natural Foods Inc., a wholesale natural food distributor in the United States. Washington Trust led the financing, which included funding from Rockland Trust.

October 30, 2013

Northeast Retail

GHP BUYS 25,000 SF SHOPPING CENTER IN NORWALK

by admin October 30, 2013

NORWALK, CONN. — GHP Office Realty has acquired 120 New Canaan Ave., a 24,732-square-foot shopping center in Norwalk, as part of a 1031 tax-deferred exchange. The property is located off Exit 38 on the Merritt Parkway and is within close proximity to Route 7 and Interstate 95. Eight tenants currently occupy the property, including Café Madrid, Banana Nails, A.S. Fine Foods, Rite Aid, State of the Art Cleaners, La Bella Salon, Liz Sue Bagels II and Little Tokyo. The shopping center currently has retail and medical suites available ranging from 1,500-3,250 square feet.

October 30, 2013

Multifamily Texas

BMC CAPITAL ARRANGES $18.5M ACQUISITION FINANCING FOR AUSTIN APARTMENTS

by admin October 30, 2013

AUSTIN, TEXAS — BMC Capital has secured an $18.5 million acquisition loan for Shadow Creek, a 420-unit multifamily property in Austin. The complex, located at 9200 N. Plaza, offers one-, two- and three-bedroom floor plans plus amenities such as three swimming pools, four laundry centers, a fitness center and resident garden. The 80 percent loan-to-cost financing includes a term of 10 years at a fixed rate of 4.99 percent and a 30-year amortization. Beck Beckham of BMC arranged the loan through an agency correspondent.

October 30, 2013

Multifamily Texas

NORTHMARQ SECURES $17M LOAN FOR HOUSTON MULTIFAMILY ACQUISITIONS

by admin October 30, 2013

PASADENA AND HUMBLE, TEXAS — NorthMarq Capital has arranged nearly $17 million in financing for the purchase of three market-rate apartment properties in the Houston area totaling 564 multifamily units. Ashwood Park Apartments is located at 3520 Burke Road in Pasadena, a southeastern inner-ring suburb. Parkside Place Apartments is positioned at 3101 Spencer Highway, also in Pasadena. Meadowbrook Apartment Homes is situated at 515 S. Bender Ave. in Humble, approximately 18 miles northeast of downtown Houston. The loan includes a five-year term, 18 months of interest-only payments and a 30-year amortization schedule. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing for the undisclosed borrower through a CMBS conduit lender.

October 30, 2013

Retail Texas

TRANSWESTERN BROKERS 113,430 SF RETAIL CENTER SALE NEAR HOUSTON

by admin October 30, 2013

ROSENBERG, TEXAS — The San Antonio office of Transwestern has brokered the sale of Rosenberg Center, a 113,430-square-foot shopping center in the southwest Houston suburb of Rosenberg. Originally constructed in 1986, the facility is located at 5101 U.S. Highway 90-A. Previously anchored by Kroger, the property today is considered a value-add asset, as it is situated in Fort Bend County, touted as the 14th fastest-growing county in the country. Andy Besing of Transwestern represented the buyer, a private investor. The seller was Rosenberg Station LLC.

October 30, 2013

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