AKRON, OHIO— KLMK Group Inc. and Akron Children’s Hospital have broken ground on a new $200 million critical care tower in Akron. The 368,735-square-foot, seven-story tower will house a new neonatal intensive care unit, emergency department, ambulatory surgery center and space for additional clinical programs. KLMK Group is the onsite project manager. The new tower will be connected to the existing hospital and is expected to open in 2015.
CHICAGO— NorthMarq has arranged a $20 million construction loan for Webster Square, a mixed-use development located at 558 W. Webster Ave. in Chicago. Webster Square is the redevelopment of a medical office building into 75 market-rate apartments, along with 16,000 square feet of ground-floor commercial space located in Lincoln Park. Sue Blumberg and Rup Patel of NorthMarq’s Chicago office arranged the financing for Sandz Development. The three-year loan includes two one-year extensions.
MINNEAPOLIS — Grandbridge Real Estate Capital has closed a $2.2 million first mortgage loan secured by 11,750 square feet of retail space in the Uptown area of Minneapolis. The retail component is part of the larger mixed-use Lumen on Lagoon project. The property also includes four floors of condominium units above the retail and underground parking below. A life insurance company provided the self-amortizing, 15-year loan, which carries a four percent interest rate. Tony Carlson originated the loan.
MILWAUKEE — Pat Ellis Investments LLC has acquired a 13,480-square-foot industrial property located at 3550 W. Elm St. in Milwaukee. Kevin Barry of Cassidy Turley Barry represented the seller, Brad T. Babor, in the transaction. Jeff Hoffman of Judson & Associates represented Pat Ellis Investments LLC.
LANCASTER, PA. — Berkeley Point Capital LLC has provided a $10.4 million FHA loan for the refinancing of a 264-unit Class C apartment community located in Lancaster. The self-amortizing, 35-year loan carries a three percent interest rate. Proceeds from the loan were used to pay off an existing FHA 221(d)(4) loan that was financed with Berkeley Point’s predecessor firm in 2009. Financing was arranged under HUD’s Section 223(f) mortgage insurance program. Nemo Hannafin of Berkeley Point Capital’s Bethesda, Md. office led the Berkeley Point team in the transaction.
CLIFTON, N.J. — Marcus & Millichap has arranged the sale of Martha Washington Apartments, a 56-unit garden apartment complex located at 1401 Van Houten Ave. in Clifton. The asset commanded a sales price of $7 million. Thomas McConnell, CCIM and Kevin McCrann of Marcus & Millichap’s National Multi Housing Group represented the seller, Martha Washington LLC. McConnell and McCrann also represented the buyer, REGA Clifton LLC, in the transaction.
NEW YORK CITY — RFR Realty LLC has arranged a trio of new office leases totaling 39,020 square feet at 757 Third Ave in New York. In the largest transaction, Epiq Bankruptcy Solutions LLC agreed to a 28,036-square-foot lease. Omni Development Inc. and Astoria Federal Savings and Loan Association agreed to 5,700 square feet on the seventh floor and 5,284 square feet on the 19th floor, respectively. Other recent transactions at 757 Third Avenue include 10-year leases with Aerotek Inc. and TEK Systems Inc. Rents at the trophy tower range from the low $50s to the low $60s per- square-foot.
STRATFORD, CONN. — Miller’s Hallmark Cards has sold its warehouse and office facility, a 20,000-square-foot building located at 1370 Honeyspot Road in Stratford for $1.1 million. Randy Vidal of Vidal/Wettenstein represented the seller. Carlos Perez of Right Choice ReMax Realty represented the buyer, TR&Z USA Trading, in the transaction.
SHERMAN, TEXAS — United Commercial Realty (UCR) Dallas aided Office Depot in signing a 16,909-square-foot, build-to-suit lease at Sherman Commons, a 241,000-square-foot community shopping center located in Sherman. Dan Shoevlin and Carter Butler of UCR represented the landlord and Claudia Hutchinson and Myles Kelley of Realty Ventures represented the tenant. UCR Asset Services has begun construction on the property. The grand opening will be later this year. Other notable tenants at Sherman Oaks include Kohl’s, Academy Sports + Outdoors, Jo Ann Fabrics and Crafts and PetSmart.
SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has arranged the sale of Southcross Square, an 85-unit multifamily property located at 3907 E. Southcross Blvd. in San Antonio. Zar Haro, Michael Moffitt Jr., Moses Siller and Scott Lamontagne of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company. The property is comprised of 32 one-bedroom/one-bathroom units and 53 two-bedroom/one and one-half bath units.
