EVERGREEN PARK, ILL. — Inland Real Estate Corp. has announced that its joint venture with Dutch pension fund advisor PGGM has entered into a joint venture partnership with IBT Group LLC and Pine Tree Commercial Realty to develop Evergreen Promenade, a 92,512-square-foot shopping center in metro Chicago. Mariano’s will occupy 75,000 square feet and anchor the retail property located in Evergreen Park, about 15 miles south of Chicago. The shopping center will draw from a population base of 225,400 with average household incomes of approximately $65,300 within a three-mile radius. Including the lease signed with Mariano’s, Evergreen Promenade is more than 80 percent pre-leased. The joint venture intends to begin construction on the center this fall and expects Mariano’s to open in fall 2014. Upon completion, Inland’s joint venture with PGGM will have the option to acquire 100 percent ownership in the shopping center.
Property Type
TOLEDO, OHIO — Reichle | Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily community in Toledo for $2.7 million. Harlan Reichle and Walter Plath of Reichle | Klein Group represented the seller, Pine Tree Apartments LLC, in the transaction. The property is located at 1435 Bernath Parkway.
LIVONIA, MICH. — Bernard Financial Group has arranged a $1.8 million loan secured by Sarmor Industrial, an 110,810-square-foot industrial property in Livonia. Sarmor 30 LLC was the borrower. Ameritas Life Insurance Co. was the lender. Kevin Kovachevich of Bernard Financial originated the loan.
LATHAM, N.Y. — Cronheim Mortgage has arranged $9.3 million in financing for Mountainview Terrace, a 128-unit apartment community in Latham, a northern suburb of Albany. The 10-year loan includes a 30-year amortization schedule and a fixed interest rate. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for Mountainview Terrace Apartments LLC. The property includes nine three-story buildings and units ranging in size from 685 square feet to 1,300 square feet.
CRANSTON, R.I. — Washington Trust has provided $5 million in construction financing to Scandinavian Home Inc. for an assisted living facility in Cranston. Proceeds from the loan will be used for a 2,000-square-foot addition the Scandinavian Home community, as well as renovations to existing facilities. The assisted living and skilled nursing facility is located in the Edgewood section of Cranston, about five miles south of Providence. Built in 1930, Scandinavian Home is a nonprofit community.
NEW YORK CITY — Marcus & Millichap has arranged the $1.2 million sale of 328 Madison St., an eight-unit apartment property in Brooklyn. The sales price represents approximately $141 per-square-foot. Derek Bestreich, Lucien Sproviero and Shaun Riney, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor.
CARLSTADT, N.J. — NAI James E. Hanson has arranged a 26,112-square-foot lease at 455 Barell Ave. in Carlstadt. S.N.S. Oriental Rugs LLC signed a three-year lease for the entire building, which it plans to use for the warehousing and distribution of oriental rugs. The property features a 3,000-square-foot office portion, a 16-foot clear ceiling height, three loading docks and 19 parking spaces. Jeffrey DeMagistris and Thomas Vetter of NAI James E. Hanson represented the landlord, R. J. Purcell Associates, in the transaction.
SAN ANTONIO — USAA Real Estate Co. has acquired One Riverwalk Place, an 18-story office building in downtown San Antonio. The 261,633-square-foot property, located at the corner of N. Saint Mary’s and Convent streets, was leased to 35 tenants at the time of sale. Developed in 1981, One Riverwalk Place offers frontage on the San Antonio Riverwalk and close proximity to Interstates 35 and 10. Jason Adkison, Scott Boyton and Christi Griggs of Peloton Commercial Real Estate represented USAA in the transaction. The name of the seller was not disclosed.
GRANBURY, TEXAS — The Sanders Trust, a Birmingham, Ala.-based medical real estate development company, has broken ground on a new $8.7 million medical office building in Granbury, approximately 40 miles southwest of Fort Worth. The facility will house the orthopedics, outpatient radiology, cardiology and sports medicine departments of Lake Granbury Medical Center, a Community Health Systems-affiliated hospital. The 41,000-square-foot space is slated for completion in June 2014. Dallas-based Skiles Group will serve as general contractor on the project, Ascension Group Architects will design, and Cadence Bank will finance.
AUSTIN, TEXAS — Hendricks-Berkadia has brokered the sale of Capella, a 336-unit apartment complex located at 8900 N. Interstate 35 in Austin. The property, originally constructed in 1981 and renovated in 2012, offers one- and two-bedroom floorplans in multiple two-story, garden-style buildings. Amenities include a business center, sports court, landscaped pool area, playground and dog park. FPA MultiFamily LLC of San Francisco sold Capella to Avesta Communities LLC of Tampa, Fla.