NEW ORLEANS — Construction will be complete in October for the $52 million renovation of the historic Saenger Theatre in New Orleans. The building was first constructed in 1927 at the corner of Canal and North Rampart Street, and it has been the focus of redevelopment since being damaged by Hurricane Katrina ion 2005. The City of New Orleans, Canal Street Development Corp. and Houston-based ACE Theatrical Group are overseeing the project. The interior paint and veneer is being stripped and replaced with the original color palette. Historic decorative elements are being installed. The stagehouse is also being expanded. The project architect is Washington, D.C.-based Martinez + Johnson, and the general contractor is Metairie, La.-based Broadmoor Construction.
LAWRENCE, KAN. — Partners of LANE4 Property Group, along with other investors, have acquired the I-70 Business Center in Lawrence, located about 35 miles west of Kansas City. The purchase price was undisclosed. The 95,000-square-foot center is located at 1025 N. Third St. The property was originally built in 1993 as a retail outlet, but has been repositioned in the last few years as a corporate office center. The center was 90 percent occupied at the time of sale. LANE4 plans to create two outparcels on the 12-acre site intended for restaurant and/or convenience store space. LANE4 will serve as the center’s property manager. Ken Schmanke of KS Commercial Real Estate Services Inc. will continue as the leasing agent for existing vacancies at the property.
CHICAGO — Urban Innovations has acquired two office buildings in the Greektown neighborhood of Chicago totaling 150,000 square feet for $14 million. Urban Innovations previously owned the properties and sold them in 2005 to a private investor. The properties purchased include a 60,000-square-foot office building located at 833 W. Jackson Blvd. and a 90,000-square-foot property located at 322 S. Green St. The buildings sit adjacent to one another, separated by a parking lot that services the properties. The company plans to renovate the buildings’ exteriors, common areas, lobbies, restrooms and vacant spaces. Current tenants within the new portfolio include CAN TV, University of Illinois, Incisent Labs Group and Chicago-based nonprofit Family Health Network, which occupies nearly 24,000 square feet. Aaron Zaretsky of Urban Innovations represented the firm in the transaction. John Slivka of CBRE worked on behalf of the seller, Wells Fargo N.A.
ROMEOVILLE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.8 million loan for the refinancing of a 25,000-square-foot, Class B office building. The single-tenant property is located in Romeoville, about 35 miles southwest of Chicago. MMCC worked with a bank to secure the long-term loan, which carries a fixed rate of 4 percent. The loan also includes a 25-year amortization schedule. Dean Giannakopoulos, an associate director in the originations department of the firm’s Chicago office, arranged the loan. The property is leased to Rasmussen College and located at 1400 W. Normantown Road.
OAKBROOK TERRACE, ILL. — Sperry Van Ness Chicago Commercial has arranged the sale of a 13,105-square-foot office condominium for $1.3 million, or $102 per square foot. The office condo, which is located at One Trans Am Plaza in Oakbrook Terrace, a western suburb of Chicago, was sold via bank directed short sale. The buyer is a technology company, which will use the space for its Chicago operations. Wayne Caplan and Olivia Czyzynski of Sperry Van Ness represented the seller in the transaction.
FLORHAM PARK, N.J. — HFF has arranged $127.5 million in financing for a 37-property industrial, office and retail portfolio located in suburban Philadelphia and Melbourne, Fla. Working on behalf of The Henderson Group and Trinity Capital Associates, HFF placed the three-year, floating-rate loan with Natixis Real Estate Capital LLC. Proceeds from the loan will be used to refinance existing debt on properties and consolidate ownership under the company founder, Wilbur Henderson. The portfolio includes 2.3 million square feet within 33 industrial facilities, three office buildings and one retail property. Overall occupancy is 87.5 percent, and the three largest tenants in the portfolio include Northrop Grumman, Brokers Worldwide and Harris Corp. The majority of the properties are industrial facilities located in either the Folcroft East Business Park or Folcroft West Business Park near the Philadelphia International Airport. Jim Cadranell, managing director, and Michael Lachs, associate director, led the HFF team representing The Henderson Group and Trinity Capital Associates.
NEW YORK CITY — Madison Realty Capital (MRC) has closed $50 million in financing for Victoria Towers, a mixed-use development, along with an additional property in Queens. Victoria Towers is a 21-story building featuring 99 residential condominium units, a 24,000-square-foot commercial condominium and 88 parking spaces. “We were able to fund this first mortgage bridge loan at an attractive basis, while enabling the borrower to simplify the capital structure of this complicated, multi-use project and finish up construction of the condos,” says Josh Zegen, co-founder and managing member of MRC. Anand Melwani of ARM Real Estate Group and Francis Leung of Okada & Co. represented the borrower in the transaction.
NEW YORK CITY — The Kalikow Group and Waterbridge Capital have received $11.7 million for the refinancing of a three-building, 30-unit multifamily property at 113-117 Elizabeth St. in Manhattan. Chase Commercial Term Lending issued the loan commitment to the partners in May. Kalikow and Waterbridge purchased the property in November 2011 for $12.6 million. Kaled Management, the operations arm of The Kalikow Group, is currently managing the property.
BOSTON — Cassidy Turley has been retained as the leasing agent for 177 Huntington Avenue in Boston’s Back Bay neighborhood. BCSP VI Huntington Property LLC acquired a long-term ground leasehold interest in the 207,000-square-foot building in August 2012 and is partnering with Cassidy Turley to secure tenants for the 26-story office tower. The building is currently being renovated and will include an updated lobby with new flooring, seating areas, signage, security desk and a coffee bar. Duncan Gratton, senior managing director and principal, and Lauria Brennan, senior vice president, of Cassidy Turley will represent the building’s owner in upcoming transactions.
IRVINE, CALIF. — Irvine-based Steadfast Income REIT Inc. has acquired three apartment communities in separate transactions for a combined total of $62 million. The communities include the 240-unit Quail North in Oklahoma City, the 144-unit Rosemont Olmos Park in San Antonio and the 240-unit Grayson Ridge in Fort Worth. With the three acquisitions, the REIT owns more than 8,500 apartment units in 10 states totaling $770 million.