MAMARONECK, N.Y. — Lee & Associates has brokered the $3.2 million sale of a 2,800-square-foot retail building in Mamaroneck, located north of New York City in Westchester County. The building sits on a half-acre site at 1444 E. Boston Post Road and was previously occupied by People’s United Bank. Peter Braus, Ben Tapper and Cory Gahr of Lee & Associates represented the seller, BFT Holdings LLC, in the transaction, and procured the buyer, an entity doing business as Integrity 1444 BPR LLC.
WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 6465 W. 38th Ave. in Wheat Ridge, a suburb west of Denver. The property traded for $5.3 million, or $220,833 per unit. The names of the seller and buyer were not released. Built in 1962, the 24-unit property offers seven one-bedroom/one-bath units and 17 two-bedroom/one-bath units each with private balconies or patios. Jim Knowlton of Pinnacle Real Estate Advisors represented the buyer and seller in the deal. The buyer assumed the seller’s existing debt on the property, which had seven years of term left at a fixed rate of 3.14 percent.
RAHWAY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a 6,400-square-foot retail property in the Northern New Jersey community of Rahway. The single-story building was constructed in 1950 and was fully leased to three tenants at the time of sale. Daniel Lanni of Kislak represented the seller, LMN Financial Group, in the transaction and procured an undisclosed private investment group as the buyer.
ELWOOD, ILL. — PGIM Real Estate has provided a $74.5 million loan for the acquisition of a three-property industrial portfolio in Elwood, about 40 miles southwest of Chicago. The fully leased buildings total 1.7 million square feet and are located within the CenterPoint Intermodal Center. The properties feature access to the BNSF intermodal terminal. PGIM provided the fixed-rate financing on behalf of Stonepeak.
CHICAGO — Interra Realty has brokered the sale of an apartment building located at 2827-2847 N. Clybourn Ave. in Chicago’s West Lakeview neighborhood for $12.7 million. The property features 30 apartment units and six commercial spaces. The residential portion was more than 95 percent occupied at the time of sale. The building features a heated indoor parking garage for 34 vehicles and an additional 12 exterior spaces for the commercial units. Brad Feldman of Interra represented the seller, a private local investor. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, also a local investor. The buyer assumed the asset’s existing mortgage, which carries a 3 percent interest rate.
TROY, MICH. — Burlington Stores Inc. has signed a lease to open a new store at Oakland Square in Troy. Continental Realty Corp. (CRC) owns the 220,000-square-foot shopping center. Burlington joins HomeGoods, Five Below, Kohl’s and Ulta as anchor tenants at the center, which is now 83 percent leased. Rachel Lee of CRC and Daniel Stern, Jared Gell, Eric Unatin and Eric Birnholtz of Mid-America Real Estate represented the landlord. Bradley Gershman of Gershman Partners and Andrew Luckoff of Landmark Commercial Real Estate Services represented the tenant. Burlington currently operates eight stores in the northwest Detroit area, including Bloomfield Township, Rochester Hills, Southfield and Sterling Heights. Baltimore-based CRC acquired Oakland Square together with the adjacent Oakland Plaza in 2021. Built in 1986 with additional construction completed in 1997, Oakland Square consists of three buildings.
WAUKEGAN, ILL. — BWE has provided an $8.3 million Fannie Mae loan for the acquisition of Brookstone Apartments in the Chicago suburb of Waukegan. Built in 1986, the garden-style affordable housing property features 168 units across four buildings. Of the total units, 50 are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are designated for residents earning up to 60 percent of AMI. Adam Gould of BWE originated the 10-year loan, which features 36 months of interest-only payments and a 30-year amortization secured by a first lien.
NAPERVILLE, ILL. — Phoenix Closures Inc. has sold its former corporate headquarters and manufacturing facility located at 1899 Highgrove Lane in the Chicago suburb of Naperville. The buyer, Amerikoa Ingredients, is a natural and sustainable ingredients distributor that is relocating from Melrose Park. Built in the late 1970s, the 113,124-square-foot building features BNSF rail access. Jeff Blake of DarwinPW Realty/CORFAC International represented the seller, while Todd Heine of Colliers represented the buyer.
Mirroring sentiments expressed at the year-end ICSC conference in New York City, with the national vacancy rate hovering around 5 percent and new concepts anxious to take a foothold in the area, there continues to be tremendous optimism for the retail sector in the greater Baltimore metropolitan region. Although ground-up development projects remain rare locally, several high-profile adaptive projects are in the works that are placing smiles on brokers’ faces because they have something to lease. Value-oriented retailers, together with quick-service restaurant (QSR) concepts, are showing the most activity. Adaptive reuse The redevelopment of the iconic Harborplace festival marketplace (more on that later) is grabbing all the headlines in Charm City, but the adaptive reuse of Baltimore’s Penn Station — the epitome of a transit-oriented development and the renovation of a historic industrial building at Riverside in South Baltimore — are happening now. Beatty Development Group and Cross Street Partners are partnering with Amtrak to transform the train station originally developed in 1911 into a mixed-use project combining 1 million square feet of commercial office, retail and residential space. Destination retail and restaurants are a central core of the program. Urban Pastoral and The Wilhide Family are transforming the 135-year-old …
THOMASTON, GA. — Brightmark LLC, a recycling solutions company based in San Francisco, has announced plans for a $950 million recycling facility project in Thomaston, about 65 miles south of Atlanta. Upon completion, the “circularity center” will comprise 2.5 million square feet with the capacity to repurpose 400,000 tons of plastic per year. According to the company, the project will create 200 advanced manufacturing jobs in the central Georgia area. Plans include a $20 million investment in additive infrastructure in Thomaston, with upgrades to utilities, roadway improvements, rail access extensions and other improvements.