CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. Keybank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet or ground-level retail space, including a new Corner Alley bowling. MRN Ltd. is developing the second phase, which is currently under construction.
DOWNERS GROVE, ILL. — Inland Real Estate Acquisitions Inc. has acquired Commerce Center, a shopping center in Downers Grove, a western suburb of Chicago, for $9.9 million. The center is located at Butterfield Road and South Highland Avenue along a major retail corridor. Commerce Center totals 104,196 square feet and is leased to Toys “R” Us and Best Buy. Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction. Toys “R” Us has been open at the center for more than 30 years. Best Buy opened in 1992 and recently signed a 10-year lease renewal. In addition to the retail store, Best Buy uses the location to house a 10,000-square-foot training center and regional office.
WALTHAM, MASS. — Compuware has signed a 68,145-square-foot office lease at 404 Wyman St. in Waltham, a western suburb of Boston. Compuware, which provides information technology software and services, will occupy a portion of the fifth floor of the Class A, 449,000-square-foot office building. The company will consolidate its offices at 10 Maguire Road in Lexington (approximately 54,000 square feet) and 400 Totten Pond Road in Waltham (approximately 15,000 square feet) at the new location. Shawn McDonough, Joe Sciolla and Andrew Orpik of Cresa Boston, along with Cameron McCausland of Cresa Detroit and Anne Coggeshall of Cresa Denver, represented Compuware in the transaction. Chip Batcheler of Wyman Street Advisors represented the landlord, Hobbs Brook Management. Barry Dubé and Amy Braun of Cresa Boston will provide project management services for Compuware’s move-in, which is slated for this fall. Boston-based CBT will provide interior design and furniture specification services for the move.
EAST SETAUKET, N.Y. — Massachusetts-based GSI Group Inc. has sold 41 Research Way, a 65,000-square-foot office and research and development facility in East Setauket, for $4.5 million. Tritec Real Estate Co. Inc. purchased the facility, which is located at a 1 million-square-foot complex on the north shore of Long Island. Ray Ruiz, executive vice president, Marianne Dugan, vice president, and Doug Seale, associate, along with Tamie Thompson and Rick Fahey, managing directors, of Jones Lang LaSalle represented the seller. Robert Kent, vice president and general counsel represented the buyer in-house. The partial two-story 41 Research Way building is the former headquarters of Quantronix Inc., a subsidiary of GSI Group.
LINDENHURST, N.Y. — Marcus & Millichap has arranged the sale of a 2,964-square-foot, net-lease property in Lindenhurst for $3 million. The property, which 7-Eleven currently occupies, is located at 175 W. Sunrise Highway. Preet Sabharwal, senior associate, and Britt Raymond, investment associate, of Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Sabharwal and Raymond.
WAYNE, N.J. — NAI James E. Hanson has arranged the sale of a retail development site located in Wayne, about 19 miles northwest of Newark, for $1.1 million. An out-of-state investor sold the 2.25-acre property, which is located at 2211, 2227 and 2203 Hamburg Turnpike. A 5,000-square-foot Italian restaurant and a single-family home previously occupied the site. The new owner plans to redevelop the property for retail use. Nicholas Herrick, sales associate, and John Schilp, senior vice president, of NAI James E. Hanson represented the owner in the transaction.
HOUSTON — KeyBank Real Estate Capital has closed two Fannie Mae multifamily deals totaling $57.5 million in the Houston area. The two loans include $29.3 million for the 336-unit Century Westway and $28.2 million for the 223-unit Century Galleria Lofts. Jane Harrison and Joe Fadus of KeyBank arranged the acquisition financing on behalf of the borrower, Centennial Holding Co. LLC.
HIDALGO, TEXAS — Los Angeles-based BH Properties LLC has purchased the 313,120-square-foot Tres Puentes Distribution Center for $8.6 million. The property is located at 1501 International Blvd. in Hidalgo. The purchase falls in line with BH Properties' focus on acquiring industrial properties near the Mexican border. The company plans on adding border facilities in Texas, Arizona and California in the next two years.
DALLAS — CBRE | Hotels has arranged the sale of the 129-room Staybridge Suites in Dallas, located at 16060 Dallas Parkway. The seller, Driftwood Hospitality Management, sold the hotel to a Texas-based buyer that plans to implement a full renovation of the property. Bert Stevens of CBRE | Hotels in Dallas represented the seller in the transaction. This sale is the 12th hotel closing for CBRE | Hotels in Dallas.
SAN ANTONIO — Austin-based Linsalata Realty Services has brokered the sale of the 10,012-square-foot Old Pearsall Road Shopping Center in southwest San Antonio. The property is located at 6388 Old Pearsall Road. Joe Linsalata of Linsalata Realty Services represented the buyer, Studio City, Calif.-based Manhattan-Pearsall LLC, in the transaction. Alan Rust and Ryan Hoff of Retail Solutions represented the seller.