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MidwestMultifamily

NORTHMARQ ARRANGES $38M LOAN FOR 361-UNIT APT. COMMUNITY

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PLYMOUTH, MINN. — NorthMarq Capital has arranged $38 million in acquisition financing for Stoneleigh at the Reserve, a 361-unit multifamily property in Plymouth, a western suburb of Minneapolis. Greg Benjamin, senior vice president, and James Hoopes, senior director at NorthMarq, arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was a division of Weidner Investment Services Inc., a Seattle-based, privately held owner of multiple multifamily properties. NorthMarq arranged the Fannie Mae loan through its affiliate AmeriSphere. Constructed in 2003, Stoneleigh at the Reserve includes four three-story buildings with numerous amenities, including an outdoor pool, community room with kitchen, gas fireplace and indoor half basketball and racquetball courts. The community also features heated underground parking, as well as cyber lounges and fitness centers in each building. The property is located at 5200 Annapolis Lane North.

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MidwestRetail

PHILLIPS EDISON BUYS SHOPPING CENTER IN IOWA FOR $19.7M

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BETTENDORF, IOWA — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Duck Creek Plaza, a 134,229-square-foot, grocery-anchored shopping center in Bettendorf, for $19.7 million. Inland Western Bettendorf Duck Creek LLC was the seller. A 63,706-square foot Schnucks grocery store, one of the largest privately owned grocers in the Midwest, anchors the center. The 92.7 percent-occupied plaza also features a 28,270-square-foot Marshalls store and is located in the Quad Cities region that borders Iowa and Illinois.

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MidwestRetail

CAFARO BUYS PORTION OF ASBURY PLAZA IN DUBUQUE FOR $12M

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DUBUQUE, IOWA — The Cafaro Organization has acquired a large portion of Asbury Plaza, a 700,000-square-foot regional power center in Dubuque, a city in northeast Iowa, for $12 million. The purchase includes more than 136,000 square feet, comprising 16 separate store spaces. Current tenants include Bed Bath & Beyond, Michaels Arts & Crafts, Dress Barn, Famous Footwear, Pier 1 Imports, Petco, Maurices, Sally Beauty Supply, GNC, VIP Nails and Supercuts. Asbury Plaza is located at the intersection of Asbury Road and Highway 32. The property is shadow-anchored by Hy-Vee Supermarket, Kohl’s, AMC Theater and a 114,000-square-foot Blain’s Farm & Fleet currently under construction.

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IndustrialNortheast

TERRENO BUYS TWO INDUSTRIAL BUILDINGS IN CARLSTADT FOR $9.9M

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CARLSTADT, N.J. — Terreno Realty Corp. has acquired two industrial properties in Carlstadt for $9.9 million. Situated on 3.2 acres in the central Meadowlands submarket, the two industrial properties total 90,000 square feet. The 22,000-square-foot building is fully leased to one tenant and is located at 465 Meadow Lane. The 68,000-square-foot property, located at 341 Michele Place, is 95.6 percent leased to two tenants. The estimated capitalization rate of the properties is 5.7 percent. Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.

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MultifamilyNortheast

PEMBROOK PROVIDES $7.5M IN EQUITY FOR NYC MULTIFAMILY PROJECT

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NEW YORK CITY — Pembrook Capital Management LLC has closed $7.5 million in preferred equity for the construction of Lincoln Park, a two-building, 133-unit multifamily development in Brooklyn. The equity Pembrook provided will serve as additional financing to a $32.1 million first-mortgage construction loan that the borrower secured from another lender. The Lincoln Park development includes the construction of a nine-story residential building at 510 Flatbush Ave. and a new eight-story residential building at 31 Lincoln Road. Upon completion, the two buildings will total 92,025 square feet and include 39 studios, 27 one-bedroom and 67 two-bedroom units. The entire development will total 183,422 square feet and feature additional space for parking, as well as 22,000 square feet of retail and community areas. Construction on the project began in September and completion is slated for late 2015.

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NortheastOffice

COLLIERS ARRANGES $6.1M SALE OF 151 CAMPANELLI DRIVE

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MIDDLEBORO, MASS. — Colliers International has arranged the sale of 151 Campanelli Drive, a 58,510-square-foot, single-story office building in Middleboro, for $6.1 million. Eastern Bank fully occupies the building, which is located about 40 miles south of Boston. Lisa Campoli, Gail McDonough, Anthony Hayes, David Goodhue and Timothy Mulhall of Colliers represented the seller, New Boston Fund, in the transaction. Originally home to Plymouth Savings Bank, 151 Campanelli is triple-net leased to Eastern Bank through 2019. The office property is located near the intersection of I-495 and Route 44 in the 220-acre, master-planned Campanelli Business Park.

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NortheastOffice

GHP COMPLETES RENOVATION OF MEDICAL OFFICE BUILDING IN NORWALK

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NORWALK, CONN. — GHP Office Realty has completed a $500,000 renovation of 83 East Ave., a 40,000-square-foot, multi-tenant medical office building in Norwalk. The project included repainting the façade, providing new landscaping, awnings and elevators, as well as redesigning both building entrances and renovating common areas. The three-story property includes on-site parking and is within close proximity to Norwalk Hospital and Metro North Railroad.

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RetailTexas

RETAIL SOLUTIONS BROKERS SALE OF 33,626 SF RETAIL CENTER IN AUSTIN

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AUSTIN, TEXAS — The investment sales division of Austin-based brokerage Retail Solutions has closed the sale of Corporate Center III, a 33,626-square-foot retail asset in Austin. Located at 8868 Research Boulevard, the property is in close proximity to the major thoroughfares of I-35 and Mopac Expressway. Tenants of the fully occupied facility include Uptown Dance and Gracie Barra Brazilian Jiu Jitsu. Alan Rust of Retail Solutions represented the seller, Park Corporate Center LTD, in the transaction. Jung Yu of E-Executive Realty represented the buyer, ATC Center LLC.

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MultifamilyTexas

HUNINGTON TO BREAK GROUND ON 276-UNIT HOUSTON APARTMENT PROPERTY

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HOUSTON — Hunington Residential Inc. will break ground on Vargos on the Lake, a multifamily rental property in Houston, on Oct. 30. The complex, set to include 276 total units in various one-, two- and three-bedroom configurations, will be constructed on land that was formerly home to Vargos, a high-end steakhouse. Among the planned amenities are two dog parks, three outdoor kitchens, a swimming pool and yoga studio. The property will also incorporate several green living features, including electric vehicle charging spaces, solar panels and energy-efficient water heating. Completion is slated for summer 2014.

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IndustrialTexas

LEE & ASSOCIATES ARRANGES 26,926 SF INDUSTRIAL LEASE IN DALLAS

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GARLAND, TEXAS — Brokerage firm Lee & Associates has arranged the lease of 26,926 square feet of industrial space in Garland, a northeast suburb of Dallas, for Allied Insulation & Supply Inc. The warehouse facility is located at 2729 Market St., which allows for easy access to Interstate 635. Property features include 18-foot clear height ceilings and five dock-high loading doors. Brett Lewis and Adam Graham of Lee & Associates represented the tenant in the negotiations. Stephen Cooper of NAI Robert Lynn represented the landlord, DCT Industrial.

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