MOUND, MINN. — Cushman & Wakefield/NorthMarq (C&W/NorthMarq) has represented Shoreline Boulevard LLC in two lease transactions totaling 55,000 square feet in Mound. Rasco Industries Inc. will occupy 35,000 square feet of the industrial property. Rasco provides high quality, overhead screen doors for food processing plants, distribution warehouses, manufacturing plants and other facilities. The company is relocating from Loretto, Minn. Renpure, which provides safe and effective hair care products, is leasing 20,000 square feet, consolidating its multiple locations. The industrial property is located at 5300 Shoreline Blvd., about 25 miles west of Minneapolis. Brent Masica of C&W/NorthMarq represented Shoreline Boulevard LLC in the transactions.
OAKBROOK TERRACE, ILL. — SIRVA Worldwide has signed a lease for 53,372 square feet of office space at Parkview Plaza in Oakbrook Terrace, a western suburb of Chicago. SIRVA Worldwide, an international provider of relocation and moving solutions is relocating from neighboring town Westmont and will use the space for its global headquarters. One Parkview Plaza is a 263,912-square-foot, Class A building that is 74 percent occupied. Jim Adler, Dan O’Neill and Jud Henry, with NAI Hiffman’s office services team, represented the landlord, TIAA-CREF, in the transaction. Sven Sykes and Rick Morris of Colliers International represented SIRVA.
CHICAGO — Marcus & Millichap has arranged the sale of 1528 N. Ashland Ave., a six-unit apartment property in Chicago. Kyle Stengle and Joseph Bergman, investment specialists in Marcus & Millichap’s Chicago downtown office, marketed the property on behalf of the seller, a private investor. James Ziegler and Ryan Engle, investment specialists from Marcus & Millichap’s Chicago O'Hare and Chicago Oak Brook offices, represented the buyer, also a private investor. The asset sold for $692,500.
HARRISBURG, PA. — Marcus & Millichap has arranged the $25.7 million sale of Ivy Ridge Apartments, a 218-unit, newly constructed apartment complex in Harrisburg. The sales price represents $117,913 per unit, a new price per unit high in the Harrisburg market this year, according to Marcus & Millichap. Zachary Pierce and Mark Thomson, directors of Marcus & Millichap’s national multi housing group in Philadelphia, represented the seller, a local investor/developer. The buyer, also procured by Pierce and Thomson, is an operator of multifamily assets based in Northern New Jersey. The garden-style community is located at 589 Yale St. and features 192 two-bedroom units with private entrances and patios. The remaining 26 units are townhomes adjacent to the main complex. Community amenities include a clubhouse/leasing center with 24-hour fitness area, outdoor seating with fire pit and free Wi-Fi access.
WETHERSFIELD, CONN. — Cronheim Mortgage has arranged $9.4 million for a medical office building (MOB) located in Wethersfield, a southern suburb of Hartford. Phoenix Medical LLC was the borrower. The seven-year loan carries a 3.65 percent interest rate, and $7.15 million of the loan will be used for the acquisition of the building, while $2.25 million will be used for the construction of a 10,000-square-foot expansion. The expansion is for the Connecticut Multispecialty Group MSO, an existing tenant that has committed to a long-term lease for the space. Upon completion, the MOB will span 55,850 square feet. The property is fully occupied by a mix of medical tenants including a sleep center, general physician's office and a multi-specialty health center. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.
NEWARK, N.J. — Arbor Commercial Funding, LLC has provided a $7 million loan for the refinancing of a 108-unit multifamily community in Newark. The property, 103 Chancellor Avenue Apartments, is in proximity to the Garden State Parkway and Newark Liberty International Airport and features a central laundry facility on the ground floor. The five-year, Fannie Mae DUS loan includes a 30-year amortization schedule.
PETERBOROUGH, N.H. — NAI Norwood Group has arranged the $2.9 million sale of a ground lease of a CVS/pharmacy building in Peterborough, 30 miles west of Nashua. Andy Fleisher of NAI Norwood Group represented the buyer in the 1031 tax-deferred exchange. Bradley Vear of Vear Commercial Properties Inc. represented the seller, East Moriches, N.Y.-based 125 Kublin Road LLC, in the transaction. The property is located at 125 Dublin Road, adjacent to a Shaw’s Grocery Store. Built in 2008, the 13,167-square-foot drugstore is situated on 1.9 acres.
SAN ANTONIO — Tryperion Partners and Presidium Group have formed a joint venture to acquire Oakwell Springs, a 252-unit apartment complex in the northeast submarket of San Antonio. The partnership plans renovations for the property including new interior finishes, enhanced amenities and landscaping and refurbished exteriors. Tryperion is a Los Angeles-based private real estate investment firm focusing on value-add opportunities in the office, retail, hospitality and multifamily sectors in secondary markets in western states. Presidium is an investment and management firm specializing in Texas multifamily properties and currently has more than 6,000 units under management.
HOUSTON — Marcus & Millichap has brokered the sale of a 23,024-square-foot retail property located at 4505 Highway 6 N. in Houston. The asset commanded a list price of $1.7 million. Gus Lagos and Alex Bouchard of M&M’s Houston office marketed the property on behalf of the seller, a private investor. The name of the buyer was not disclosed.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation (NYSE: HHC) and its wholly owned subsidiary, The Woodlands Development Company, have opened One Hughes Landing, the first office building at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Tenants of the 197,719-square-foot property include Strike LLC, Layne Christensen Co., PetroQuest Energy Inc., Summit Midstream, Sterling Construction, Wells Fargo Bank, GMA Garnet and Post Oak Bank. The developer is pursuing LEED Silver Certification for One Hughes Landing, which is an eight-story Class A tower. The Howard Hughes Corporation plans a total of 11 office buildings plus shopping, dining, entertainment and multifamily properties for the Hughes Landing development.