DES PLAINES, ILL. — Entre Commercial Realty LLC has brokered an industrial lease for 34,106 square feet at 2064 South Mannheim Road in Des Plaines, a northwest suburb of Chicago. Process Gear, a 60-year old company that creates custom manufacturing products, is relocating from Schiller Park to the industrial property. Tom Boucher and Dan Benassi of Entre Commercial Realty LLC represented the landlord and Ed Lowenbaum of Lowenbaum REP represented the Process Gear in the transaction.
BERNARDS TOWNSHIP, N.J. — Mack-Cali Realty Corp. has sold its four-story, 133,684-square-foot office building in Bernards Township for $18 million to The Silverman Group. The property, which is 54 percent leased, is located at 106 Allen Road in the Liberty Corner Corporate Center. The sale price represents a capitalization rate of approximately 3.8 percent.
PROVIDENCE, R.I. — CBRE/ New England’s Capital Markets team has arranged the sale of Gateway Center, an 117,981-square-foot, Class A office building, for $13.2 million. Located at 15 Park Row W. in Providence, the property’s tenants include TIAA-CREF, The American Athletic Conference, Admirals Bank and Andera. Alden Anderson and Bill Moylan of CBRE/ New England’s office represented the seller, 15 Park Row West Holdings LLC, and procured the buyer, Albany Road Real Estate Partners, in the transaction. The building was 87 percent leased at the time of sale.
JERSEY CITY, N.J.— The LeFrak Organization has completed construction on Laguna, a 19-story, high-end residential tower in the Newport neighborhood of Jersey City. Located at 45 Park Lane S. on the Hudson River waterfront, Laguna is 40 percent leased. The building features 158 one-, two- and three-bedroom residences ranging from 759 square feet to 2,015 square feet. Andi Pepper Design and Steven B. Jacobs Group designed the residences, which include stainless steel appliances for kitchens and baths, bathrooms with grey Basal tiled floors, glass mosaic accent walls and modern chrome fittings, quartz countertops and custom cabinetry.
EAST SETAUKET, N.Y. — HFF has arranged $10 million in financing for 45 Research Way, a 59,394-square-foot, Class A medical office property in East Setauket. Michael Gigliotti led the HFF team representing the borrower, TRITEC Real Estate Co. Sentinel Asset Management Inc., acting on behalf of Life Insurance Co. of the Southwest, provided the long-term, fixed rate loan. Yvonne Sun represented TRITEC in the transaction.
UNIONVILLE, CONN. — NorthMarq’s New York City Metro office has arranged a $5.6 million construction and permanent loan for a 13,000-square-foot retail property in Unionville, a western suburb of Hartford. Walgreens fully occupies the property. The financing was based on a two-year construction period and permanent loan of up to 10 years. Amortization is based on a 30-year schedule after conversion to a permanent loan. NorthMarq arranged the loan through a regional bank.
ATLANTA — Atlanta-based Cortland Partners has acquired three apartment communities totaling 1,037 units in Texas and Florida. Cortland purchased the communities for $130.3 million in three separate transactions. Cortland worked with Berkadia Commercial Mortgage LLC and Ares Commercial Real Estate Corp. to place the debt capital for these transactions. The first acquisition is Saxon Woods, a 510-unit community located in Dallas, for a total capital investment of $60.4 million. The second acquisition is Halstead, a 301-unit complex located in Houston, for a total capital investment of $47.4 million. The final acquisition is the Reserve at Deerwood, a 226-unit multifamily community located in Jacksonville, for a total capital investment of $22.5 million.
IRVING, TEXAS — Colliers International has arranged the sale of Allstate’s Irving campus, a three-building office community comprising 458,338 square feet. The buildings are located at 8701-8711 and 8675 Freeport Parkway and 8901 Esters Blvd. in Irving. Cole Real Estate purchased the property from Allstate Insurance Co. in a sale-leaseback transaction. Creighton Stark and Ben Lurie of Colliers’ Dallas office, along with Bill Fausone of Colliers’ Chicago office, represented the seller. The buyer did not have a representative. Allstate has committed to a new, long-term lease at its Irving campus as part of the transaction.
HOUSTON — Angelic Real Estate has arranged a $24.4 million loan on a seven-property industrial portfolio in Houston known as the Jaymar portfolio. The three-year, floating rate loan includes an extension option for up to two additional years. Interra Properties has taken over property management and leasing responsibilities and has increased occupancy to 90 percent as of the loan closing. Gabriel Silverstein and Louis D’Lando of Angelic Real Estate led the financing team. Northstar Realty Finance Corp. was the lender in the transaction.
MCALLEN, TEXAS — HFF has closed the sale of Neuhaus Tower, a 17-story, 242,693-square-foot office tower located at 200 S. 10th St. in McAllen. HFF represented the seller, an affiliate of Brookfield Asset Management Inc. HFF also arranged acquisition financing on behalf of the buyer, Cielo Realty Partners. The property is leased to multiple tenants, with JPMorgan Chase Bank anchoring the property.