MACOMB TOWNSHIP, MICH. — Bernard Financial Group has arranged an $11 million loan for North Macomb Professional Office Building in Macomb Township, a northern suburb of Detroit. The 56,000-square-foot property is a five-level medical/professional office building. North Macomb POB Investment I LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard originated the loan. Barclays Bank PLC was the lender.
BEDFORD PARK, ILL. — Bedford Industrial Center LLC has sold a 30-acre industrial site in metro Chicago to the city of Bedford Park and Reavis High School. The purchase price was undisclosed. The site formerly housed a multi-story industrial complex that was demolished by the previous owners three years ago. Located south of Midway Airport at 5401 W. 65th St. in Bedford Park, the site is in proximity to Central and Cicero avenues and I-55. Larry Much and Mark Moran, both executive vice presidents with NAI Hiffman’s industrial services group, represented the buyer and the seller in the transaction.
MILWAUKEE — FedEx Ground Package System Inc. has signed a lease for 58,500 square feet of industrial space at 5110 S. 6th St. in Milwaukee. Samuel M. Dickman Jr. and Samuel D. Dickman represented the landlord, CJF2 LLC, and FedEx in the transaction.
BRISTOL, CONN. — WinnDevelopment has completed the rehabilitation of Huntington Woods, a 280-unit, mixed-income apartment community in Bristol, located about 20 miles southwest of Hartford. The renovation included a major utility conversion, replacing outdated electric heating and hot water systems with high-efficiency natural gas systems. The project also includes replacing kitchen and bathrooms with Energy Star appliances, lighting and windows. WinnDevelopment also replaced the roofing, insulated the attic and updated the exterior stairs and balconies. Originally built in 1995, Huntington Woods includes 280 units within 17 buildings on 20 acres. The project’s design team included The Architectural Team and Keith Construction. Yankee Gas installed the new underground gas systems. WinnResidential will serve as the property manager for Huntington Woods.
EAST HANOVER, N.J. — Terreno Realty Corp. has acquired an industrial property located in East Hanover for $20 million. The estimated stabilized cap rate of the property is 7.4 percent. The property includes three multi-tenant industrial buildings totaling 167,000 square feet. The buildings are located on Melanie Lane and are approximately 94 percent leased to 37 tenants.
NEW YORK CITY — PCCP LLC has provided a $31 million construction loan to Arc Real Estate Group LLC for Solaria Riverdale, a 65-unit condominium project in the Riverdale section of the Bronx. Arc, a New York-based development company, constructed the 20-story condominium property in 2007 and plans to use the loan to finance the remaining units. Located at 640 W. 237th St., amenities at Solaria Riverdale include a rooftop terrace, playroom, gym and activity room for owners, as well as storage units and on-site parking. There are two to five units per floor, with the upper floors and roof deck offering views of the Hudson River to the west and Manhattan to the south. Solaria condo unit owners benefit from below-market costs, given the long-term tax abatement.
YONKERS, N.Y. — Mark Scott’s Commercial Mortgage Capital has closed a $23.3 million first-mortgage loan for a 178,150-square-foot office and industrial building located in downtown Yonkers. The four-story building is located within the iPark Hudson Business Park, which is a 97.7 percent-occupied, 24-acre technology and office campus situated in the Waterfront District. iPark Hudson includes nearly 800,000 square feet across eight newly renovated buildings, which features a newly constructed 300-space parking facility. Tenants at the property include Kawasaki Rail Car, which occupies 68,400 square feet; medical product provider Skil-Care Corp., which occupies 55,000 square feet; and Mindspark Interactive Network Inc., which recently signed a 10-year, 36,750-square-foot lease.
HOUSTON — Mesa West Capital has provided alliantgroup with a nearly $85 million non-recourse first mortgage for the purchase of 3009 Post Oak Blvd., a recently completed 302,000-square-foot office building in the Galleria submarket of Houston. alliantgroup, which has pre-leased 125,000 square feet of the facility, purchased the property from Skanska Commercial Development. The building, which is pre-certified LEED Platinum, will also house tenants Datacert, Skanska and Becker Financial. David Aaronson and John Fenoglio of CBRE arranged the financing through Mesa West’s Core Debt Fund.
TYLER, TEXAS — Contractor Hill & Wilkinson has broken ground on The Village at Cumberland Park, a new 750,000-square-foot retail project of developer The Retail Connection. The property is located at the corner of Loop 49 and South Broadway in Tyler, slightly less than 100 miles east of Dallas. National brands such as Bed Bath & Beyond, TJ Maxx, Petco, Studio Movie Grill and Osh Kosh have already signed leases at the development. Hodges & Associates is serving as architect on the project, which is expected to open in summer 2014.
FORT WORTH, TEXAS — KDC, a development and investment firm headquartered in Dallas, has completed a broadcasting and multimedia news facility totaling 75,000 square feet at The CentrePort Business Park in Fort Worth. NBC 5/KXAS-TV will occupy the property, which will operate on a 24-7 basis and features an on-site fitness facility and cafeteria. Corgan Associates Inc. acted as project architect, and Adolfson & Peterson Construction worked as general contractor. Gary Collett and Matt Heidelbaugh of Cushman & Wakefield provided brokerage services.