Property Type

ARIES ARRANGES $1.6M LOAN FOR CHICAGO APARTMENT BUILDING

by admin September 23, 2013

CHICAGO — Aries Capital has arranged $1.6 million in acquisition financing on behalf of Metro Property Group for a 65-unit apartment building in Chicago. A private lender provided the 10-year, non-recourse loan, which includes a 5.67 percent interest rate and a 30-year amortization schedule. The property is located at 7733 S. South Shore. Eric Jones, vice president at Aries Capital’s Chicago office, arranged the financing. Metro Property Group owns several single-family residential properties throughout the United States. This is the borrower’s first commercial real estate purchase in the U.S.

September 23, 2013

TIKIJIAN ARRANGES SALE OF 126-UNIT APARTMENT PROPERTY

by admin September 23, 2013

EVANSVILLE, IND. — Tikijian Associates, an Indianapolis-based multi housing broker and investment advisor, has arranged the sale of Shady Tree Apartments, a 126-unit multifamily community in Evansville. West Palm Beach, Calif.-based Ocwen Loan Servicing sold the property to Renewing Management Inc., an Anderson, Ind.-based owner. Shady Tree Apartments is located at 3900 N. Fulton Ave. Renewing Management plans to renovate the interior and exterior of the property. Tikijian Associates represented the buyer and the seller in the transaction. The purchase price was undisclosed.

September 23, 2013

Midwest Retail

OFFICEMAX SIGNS 16,474 SF LEASE IN SUBURBAN DETROIT

by admin September 23, 2013

MACOMB TOWNSHIP, MICH. — OfficeMax has signed a 16,474-square-foot lease at Romeo Commons in Macomb Township, located about 35 miles north of Detroit. The new store is slated to open by the end of this year. Romeo Commons is located at 7601 Hall Road. Brad Rosenberg and C.C. Roberts of Mid-America Real Estate-Michigan, Inc. represented the landlord, Romeo Plank 59 LLC, in the transaction. Greg Mallory of Landmark Commercial Real Estate represented OfficeMax.

September 23, 2013

Northeast Retail

AGREE REALTY BUYS 112,230 SF RETAIL BUILDING FOR $10.6M

by admin September 23, 2013

ALLENTOWN, PA. — Agree Realty Corp. has acquired an 112,230-square-foot retail property located on Airport Road South in Allentown for $10.6 million. BJ's Wholesale Club has occupied the location for more than 20 years. In 2001, the membership warehouse retail store added a gas station to the property. With this acquisition, Agree Realty has acquired approximately $70 million in retail properties this year.

September 23, 2013

Multifamily Northeast

GEBROE-HAMMER ARRANGES $7.7M SALE OF APARTMENT COMMUNITY

by admin September 23, 2013

ROCHELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the $7.7 million sale of Central Avenue Apartments, a 32-unit apartment community in Rochelle Park. The two-building, garden-style apartment complex is located at 47-53 Central Ave., about 18 miles north of Newark. A four-bedroom, 1,900-square-foot home and 66-space parking lot were also included in the sale. Joseph Brecher, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller, 47-53 Central Avenue LLC, and identified the buyer in the transaction.

September 23, 2013

Industrial Northeast

K+N LOGISTICS MOVES INTO 228,000 SF SPACE IN BETHLEHEM

by admin September 23, 2013

BETHLEHEM, PA. — Kuehne + Nagel Inc. (K+N) has signed a long-term lease for 228,000 square feet at 4275 Fritch Drive in Bethlehem, about nine miles east of Allentown. Griffin Land constructed the warehouse in 2012. K+N is one of the world’s leading logistics companies with more than 63,000 employees located in more than 100 countries. The company will use the warehouse building to handle a third-party logistics requirement for a Fortune 100 global healthcare company. CBRE represented the landlord, a real estate subsidiary of Griffin Land, in the transaction. CBRE’s global supply chain team based in New Jersey represented K+N.

September 23, 2013

Mixed-Use Texas

J. BEARD BROKERS SALE OF 600-ACRE PARCEL IN NORTH HOUSTON METRO

by admin September 23, 2013

THE WOODLANDS, TEXAS — The J. Beard Real Estate Company has brokered the sale of a 600-acre tract known as the Doughtie Parcel in Montgomery County, in the north Metro Houston area. The property, which will be developed into a luxury master-planned community by Toll Brothers, is located east of FM 2978 between Woodlands Parkway and FM 2920. Diana Gaines of J. Beard organized and represented the sellers, the names of which were not disclosed. Kirk Laguarta and Duane Heckmann of Land Advisors Organization represented the buyer, the name of which was also not disclosed.

September 23, 2013

Industrial Texas

CUSHMAN & WAKEFIELD ARRANGES 154,000 SF LEASE EXPANSION IN FLOWER MOUND

by admin September 23, 2013

FLOWER MOUND, TEXAS — Cushman & Wakefield has arranged a 154,000-square-foot lease expansion at an industrial facility in the Dallas-Fort Worth suburb of Flower Mound for natural and organic food wholesaler-distributor Nature’s Best. The tenant now occupies the entirety of the 462,000-square-foot building, which opened in 2011 and is LEED Gold-certified. Mark Collins, Dean Collins, Kirk Collins, Jeff Chiate, Rick Ellison and Cheryl Ballentine of Cushman & Wakefield represented Nature’s Best in the negotiations, while Toby Rogers and Bates Arnot of Hillwood Properties represented the landlord, Clarion Partners.

September 23, 2013

Office Texas

CBRE NEGOTIATES 104,064 SF OFFICE LEASE IN DALLAS

by admin September 23, 2013

DALLAS — CBRE has arranged the lease of 104,064 square feet in Dallas for law firm Jackson Walker LLP. The tenant will occupy four floors of the KPMG Plaza at Hall Arts office building, which is located at 2323 Ross Ave. in the Dallas Arts District. Jeff Ellerman and Phil Puckett of CBRE represented Jackson Walker in the negotiations, while landlord Hall Financial Group was represented internally by Kim Butler.

September 23, 2013

Retail Western

LOS ANGELES RETAIL PROPERTY SELLS FOR $6.2M

by admin September 23, 2013

LOS ANGELES – A six-tenant retail property in Los Angeles has sold to Ness Holdings, Inc. for $6.2 million. The property is located at 7601-7615 Beverly Blvd. It is situated across from the Grove, Pan Pacific Park, and the Broadcast Center Apartments. Ness plans to reposition the month-to-month leases. It will also renovate the property.

September 23, 2013

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