Property Type

RETAIL BUILDING IN CHESAPEAKE SOLD FOR REDEVELOPMENT

by admin September 19, 2013

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has arranged the $1.6 million sale of a 6,500-square-foot retail property located at 2400 Chesapeake Square Road in Chesapeake. The buyer, Parker Realty Group, purchased the center from Kelly's at Chesapeake Square LLC for redevelopment. Renovations are underway and should wrap up in January 2014. Starbucks Coffee, Hair Cuttery and Jersey Mikes have signed leases for space at the center. Eric Stanley of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.

September 19, 2013

NORTHMARQ ARRANGES $10M LOAN FOR SOMERSTONE APARTMENTS IN CHARLOTTE

by admin September 19, 2013

CHARLOTTE, N.C. — NorthMarq Capital has arranged $10 million in first mortgage refinancing for Somerstone Apartments, a 360-unit, market-rate multifamily community located in Charlotte. Kevin Jenkins of NorthMarq Capital's Charlotte office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Somerstone LLC.

September 19, 2013

Midwest Seniors Housing

JOINT VENTURE TO DEVELOP MEMORY CARE FACILITY NEAR CHICAGO

by admin September 19, 2013

GLEN ELLYN, ILL. — A joint venture between MedProperties Holdings LLC and the LaSalle Group, both based in Dallas, will soon begin construction of the 46-bed Autumn Leaves of Glen Ellyn. The 27,000-square-foot, one-story memory care community will be located at the northwest corner of Geneva and Bloomingdale roads, about 23 miles west of Chicago. The LaSalle Group will operate the community under its Autumn Leaves brand. Construction of The Autumn Leaves of Glen Ellyn is slated to begin next month, with a completion date set for late 2014. Chicago-based BMO Harris Bank is providing construction financing for the project.

September 19, 2013

Hospitality Midwest

HPCG ARRANGES $3.9M LOAN FOR HOTEL IN INDIANAPOLIS

by admin September 19, 2013

INDIANAPOLIS — Hyde Park Commercial Group (HPCG) has closed a $3.9 million loan for a 188-room unflagged hotel in Indianapolis. The owners plan to use the loan to renovate and rebrand the hotel as a Clarion by Choice Hotels. The loan was arranged through a specialty lender and allows the ownership to refinance their existing debt. Through due diligence, HPCG was able to work with the sponsors to bring in Choice Hotels, assist to obtain a Clarion flag, recommended a new management company and assist with renovation.

September 19, 2013

Midwest Multifamily

DORAN CONSTRUCTION COMPLETES BLUESTONE LOFTS

by admin September 19, 2013

DULUTH, MINN. — Doran Construction has completed Bluestone Lofts, a 99-unit student housing project at the University of Minnesota in Stillwater. Summit Management developed the 183,000-square-foot property, which broke ground in September 2012. The BlueStone project is part of more than 1,000 apartment units Doran Construction is building or has completed this year.

September 19, 2013

Midwest Multifamily

M&M ARRANGES SALE OF 12-UNIT APARTMENT BUILDING

by admin September 19, 2013

WEST DUNDEE, ILL — Marcus & Millichap has arranged the sale of 729 Strom Drive, a 12-unit apartment property in West Dundee, located about 40 miles northwest of Chicago. The property sold for $818,750 in 15 days at 93.6 percent of its original list price. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and the seller, both private investors, in the transaction. The property includes two one-bedroom and 10 two-bedroom units. Recent capital improvements to the multifamily property include new balconies and six updated bathrooms.

September 19, 2013

Multifamily Northeast

ARIEL ARRANGES $30.5M SALE OF NINE MULTIFAMILY PROPERTIES

by admin September 19, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the $30.5 million sale of nine multifamily buildings on the Upper West Side, Central Harlem and East Harlem in New York City. Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch and Marko Agbaba of Ariel Property Advisors marketed the properties on behalf of the sellers, real estate investment firms. Five attached walk-ups at 265-273 W. 146th St. in Central Harlem totaling 100 unis sold for $11.1 million. A five-story, mixed-use walk-up at 950 Columbus Ave. on the Upper West Side sold for $5.1 million. Jeffrey Tanenbaum of Halstead Property represented the buyer, a local owner, in the transaction. A six-story, mixed-use building at 88 E. 111th St. in East Harlem sold for $5 million. The 19,884-square-foot walk-up includes 28 residential units and two commercial units. A six-story, mixed-use building at 1661 Park Ave. in East Harlem sold for $4.8 million. The 22,436-square-foot building features 34 residential units and one retail unit. A six-story walk-up at 524 E. 119th St. East Harlem sold for $4.5 million. The 21,100-square-foot building includes 35 residential units.

September 19, 2013

Northeast Retail

NEW BOSTON FUND WELCOMES BANKNEWPORT TO THE SHOPS AT QUONSET

by admin September 19, 2013

NORTH KINGSTOWN, R.I. — New Boston Fund Inc. has celebrated the groundbreaking of BankNewport’s newest branch in North Kingstown, about 21 miles south of Providence. The 2,000-square-foot bank will be located at the front of The Shops at Quonset Point development. BankNewport signed a 15-year lease in April on a pad site to construct the new bank branch. The new building will feature two drive-thru lanes, one of which will have a drive-thru ATM. Inside, the branch offers an ATM for after-hours banking; a coin counting machine in the lobby; and a conference room available to small businesses that require a meeting space during banking hours. Construction of BankNewport’s new branch is slated for an early 2014 completion.

September 19, 2013

Healthcare Northeast

SIMONE HEALTHCARE TO DEVELOP MEDICAL OFFICE PROPERTY

by admin September 19, 2013

HEWLETT, N.Y. — Simone Healthcare Development Group has acquired 1436 Broadway in Hewlett and announced plans for the construction of a new medical office at the property. The developer says it has arranged a long-term lease of the property to a major hospital in the area. The medical office property, which will offer primary, specialty and urgent care services, is slated to open in spring 2014. In addition to the new facility on Long Island, Simone Healthcare Development is also working with Montefiore Medical Center, Mount Sinai Hospital and other major healthcare providers on new outpatient care centers in New York.

September 19, 2013

Healthcare Northeast

MEDICAL CENTER RENEWS FIVE-YEAR LEASE IN FRANKLIN LAKES

by admin September 19, 2013

FRANKLIN LAKES, N.J. — NAI James E. Hanson has completed a five-year lease renewal at 795 Franklin Ave. in Franklin Lakes, located about 25 miles north of Newark. Hackensack University Medical Center will occupy 3,425 square feet at the Class B office building. Michael Walters, executive managing director, and Steven Leitner, vice president at NAI Hanson, arranged the transaction. Sabra Realty owns the property. Also known as Campgaw Plaza, the two-story, 14,500-square-foot building was constructed in 1984 and includes 50 parking spaces.

September 19, 2013

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