WAVERLY, OHIO — Marcus & Millichap Real Estate Investment Services has arranged the sale of a 10,752-square-foot Rite Aid, located at 501 E. Emmit Ave. in Waverly for $2.4 million. Preet Sabharwal of Marcus & Millichap’s Manhattan office and Chris Thomson of Marcus & Millichap’s Ohio office represented the seller, a private investor. Michael Glass, also of Marcus & Millichap’s Ohio office, assisted in closing this transaction.
TOLEDO, OHIO — Commercial Property Advisors (CPA) has arranged the sale of the Andover Apartments in Toledo. The property’s occupancy rate was 82 percent at closing. Cary Belovicz of CPA’s Midwest office arranged the transaction between the seller, LB-RPR I Asset Holdings LLC, and the buyer, Andover Toledo LLC. CPA’s Midwest office deals exclusively in investment sales throughout the Midwest.
NORTHBROOK, ILL. — The Athletic and Therapeutic Institute of Naperville LLC (ATI) has signed a lease for 3,300 square feet at the Willow Festival Annex, located at 1122 Willow Road in Northbrook. ATI was founded in 1996 as a rehabilitation facility focused on capacity evaluations and work conditioning for worker’s compensation patients. Both Joe Parrot and Michael Gold of CRBE represented the landlord, IOFII Willow JV LLC, in this transaction.
ST. CLAIRE SHORES, MICH. — Mid-America Real Estate-Michigan, Inc. has arranged a 5,800-square-foot lease in a shopping center at 31240 Harper Avenue in St. Claire Shores. C.C. Roberts and Brad Rosenberg of Mid-America Real Estate-Michigan Inc. represented the landlord, CVS/pharmacy, in this transaction. The new tenant is Second Glance, one of the largest privately owned resale shops in Metro Detroit.
NEW YORK CITY — The Community Development Trust (CDT) has partnered with Proto Property Services (Proto) to acquire and rehabilitate Ocean Towers, a 360-unit property in the Coney Island section of Brooklyn. The $52 million purchase and rehabilitation of the property is being funded with $10 million of equity from CDT and Proto, along with a $35 million acquisition loan originated by Enterprise Community Loan Fund Inc. through the New York City Acquisition Fund. CDT is a private REIT that provides capital to the affordable housing sector. This is the REIT’s first acquisition in New York City. Proto, an affordable housing developer, will serve as the managing member, general contractor and property manager for the property. Ocean Towers was built in 1973 and is located at West 24th Street between Mermaid and Surf avenues.
GARDEN CITY, N.Y. — Hudson Realty Capital LLC has funded a $16 million first-mortgage loan secured by an 117,930-square-foot office/medical condominium building in Garden City. Loan proceeds are being utilized to acquire and stabilize the property. Located within a mixed-use complex, the condominium’s current tenant roster includes a radiology practice and an ultrasound school. The property is located within one of the region’s high-density retail corridors and more than 6 million square feet of space is within one-and-a-half miles of the property.
NEW YORK CITY — HelmsleySpear LLC has completed three new leases in Manhattan totaling nearly 18,000 square feet. International Safety Group, an occupational risk management company, signed a four-year sublease for 10,000 square feet at 708 Third Ave. Paulson Investment Co., a financial services firm, signed a lease for 5,488 square feet at 40 Wall St. New York City Osteopathy, a medical practice specializing in osteopathic medicine, renewed its 2,000-square-foot lease at 61 Broadway for a five-year term. Gregg Slotnick of HelmsleySpear represented the tenants in all three leases. Magee Realty Consultants co-brokered the Paulson Investment Co. lease.
HOUSTON — Colliers International has arranged the sale of the 75,289-square-foot Northwest Central Plaza, located at 5500 N.W. Central Drive in Houston. The two-story office building is located in the Northwest Far submarket. David Carter and Jay Kyle of Colliers International represented the seller, MLCW NWC LP, in the transaction.
CORPUS CHRISTI, TEXAS — Baker Katz has arranged the sale of a 47,395-square-foot Gold’s Gym property, located at 6643 S. Staples St. in Corpus Christi. The freestanding property has been leased to Gold’s Gym since 2007. Jamie Weaver of Baker Katz represented the seller, an individual investor, and the buyer, an institutional investor, in the transaction.
MANSFIELD, TEXAS — Johnson Capital has arranged a $6 million equity and mezzanine debt raise for the development of a 308-unit, Class A multifamily community in Mansfield. The project, Dolce Mansfield on the Green, will feature one-, two-, and three-bedroom units on 17 acres in the suburban Dallas-Fort Worth Metroplex. Jason Pumpelly of Johnson Capital facilitated the transaction on behalf of DLC Residential. Trinity Private Equity Group (TPEG) provided the joint venture equity and mezzanine financing.
