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MidwestMixed-Use

STRUCTURED DEVELOPMENT SECURES $75M LOAN FOR CHICAGO MIXED-USE PROPERTY

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CHICAGO — A limited liability company, sponsored by Structured Development, has secured a $75 million loan for a Chicago mixed-use property located at 1400-1460 N. Halsted St. Benjamin Kadish of Maverick Commercial Mortgage Inc. arranged the first mortgage debt and mezzanine financing through Deutsche Bank and Prime Finance. Structured Development completed the property in 2007, which includes educational, retail and medical office components. The property is 94 percent occupied and tenants include British Schools of Chicago, Advocate Health Centers and Diamond Headache Center. The five-year, fixed-rate loan and additional capital will allow the borrower to refinance and recapitalize the property, and buy out the former equity partner in the transaction.

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MidwestOffice

PRIMERA ENGINEERS EXPANDS LEASE AT LISLE OFFICE CAMPUS

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LISLE, ILL. — Primera Engineers Ltd., an engineering design, management and consulting firm, has expanded its lease to 19,101 square feet of office space at 550-650 Warrenville Road in Lisle. The 172,695-square-foot building is located within Corporetum VI, an office campus along I-88. Following the deal, the property is now 85 percent occupied. Patrick Kiefer, Jim Adler and Dan O'Neill of NAI Hiffman represented the landlord, Winthrop Realty Trust, in the transaction. David Miller and Jesse Van Dyke of Jones Lang LaSalle represented the tenant.

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MidwestRetail

NON-TRADED REIT CLOSES FIRST TWO PURCHASES

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SULLIVAN, MO. — American Realty Capital Trust V (ARCT V) Inc. has closed on its first two acquisitions — two build-to-suit Dollar General stores in Sullivan and Mission, Texas. The combined purchase price was $2.2 million. The properties, totaling 18,126 square feet, are fully leased to Dollar General Corp. ARCT V is a publicly registered, non-traded real estate investment trust based in Maryland. The company aims to acquire single-tenant, net-leased properties.

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Mixed-UseNortheast

STARWOOD AFFILIATE BUYS WEST HARTFORD'S BLUE BACK SQUARE FOR $105M

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WEST HARTFORD, CONN. — Starwood Capital Group has acquired Blue Black Square in West Hartford for a reported $105 million, according to GlobeSt.com. The mixed-use property contains 460,000 square feet of office, medical, retail and apartment space, and is 96 percent leased. The retail component includes tenants such as Crate & Barrel, Cheesecake Factory and Branes & Noble. A partnership between Ronus Properties LLC, Street-Works LLC and JDA Development was the seller. The companies developed the center in 2008.

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IndustrialNortheast

FORMER HEALTH DISTRIBUTION SITE SELLS IN NORTHEAST PENNSYLVANIA

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DUNMORE, PA. — An affiliate of Equilibrium Equities Inc. has acquired the former Ocean Logistics property at Keystone Industrial Park in Dunmore. The 249,000-square-foot industrial building is located on 22 acres and includes “abundant loading doors, car parking and trailer storage,” according to a release by Equilibrium. The property, located at 100 Keystone Industrial Park Road, is a mile from I-81. Super Market Services had acquired the facility in the mid-1970s for use as a distribution center for its health and beauty aid services. The building was vacated in the fall of 2011. Atlantic Real Estate Services Inc. represented the seller, C&S Wholesale Grocers Inc., in the transaction. Metro Bank Inc. provided the financing for the acquisition and renovation of the building. Aaron Lehrfield, Jeannie Bionda, Michael Dougherty and Christine O' Connell of Kaye Scholer represented Deutsche Bank and Prime Finance in the transaction. Kathryn K. Arnold of Shefsky & Froelich represented the borrowers.

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MultifamilyNortheast

BEECH STREET ARRANGES $94.4M IN FINANCING FOR MANHATTAN APTS.

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NEW YORK CITY — Beech Street Capital has arranged $94.4 million in Freddie Mac loans for the refinancing of a 12-property apartment portfolio in Manhattan's Upper East Side, Lower East Side and the East/West Village neighborhoods. The properties total 488 units. Brothers Henry Moses and Robert Moses, the borrowers, have owned and operated the properties for several years. A Wall Street lender held the bulk of the existing loans. Josh Rhine of Meridian Capital Group LLC originated the fixed-rate, seven-year loans through Beech Street.

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NortheastRetail

GROCERY STORE BREAKS GROUND IN PHILLY'S MT. AIRY NEIGHBORHOOD

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PHILADELPHIA — Soloff Realty & Development has started construction of a new, 18,279-square-foot Bottom Dollar Food store at the intersection of Washington Lane and Chew Avenue in Philadelphia. The store will serve the Mt. Airy and Germantown neighborhoods of the city, and is expected to create 45-50 new jobs. The site will also be adjacent to the new Wissahickon Charter School, which is developing a second campus. The property marks the company's seventh store in Philadelphia.

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Mixed-UseNortheast

MILLENNIUM LAUNCHES RETAIL LEASING AT 1.4M SF BOSTON DEVELOPMENT

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BOSTON — Millennium Partners has selected Cushman & Wakefield to lease the retail section of the $630 million Millennium Tower/Burnham Building project in Boston, which is slated to break ground next month. Located in Boston's Downtown Crossing at the site of a former Filene's Basement store, the project consists of the 1912 Burnham Building and a mixed-use tower that will rise 625 feet. Cushman & Wakefield will serve as retail leasing agent for approximately 182,000 square feet of the 1.4 million-square-foot development. Gene Spiegelman, Kazuko Morgan and Emily Ou will lead the Cushman & Wakefield team representing Millennium Partners. Tenant occupancy in the Burnham Building, a retail and office building that Millennium will restore, is slated for September 2014. Occupancy is expected in June 2015 in Millennium Tower.

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MultifamilyTexas

VILLAGES AT SUGAR ROAD BREAKS GROUND IN EDINBURG

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EDINBURG, TEXAS — RightQuest Edinburg LLC, an affiliate of Dallas-based RightQuest LLC, has broken ground on Phase I of Villages at Sugar Road, a luxury apartment community located in Edinburg. Phase I will include the 168-unit, Class A apartment community and two commercial properties located on two 1.13-acre pad sites. Phase I of the development will feature a clubhouse with a media center, business center, state-of-the-art fitness center, resort-style swimming pool, cabanas, laundry facility, playground, detached garages, on-site storage facilities and covered parking. Phase II will add between 132 and 150 residential units. The development will be located on a 20-acre parcel fronting Sugar Road near Alberta Road. RightQuest Edinburg is developing the property on behalf of Brownsville-based JTMR LLC. The design team includes architect B&A Architects of San Antonio, civil engineer Melden & Hunt of Edinburg and general contractor Peterson Construction Inc.

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OfficeTexas

GRIFFIN CAPITAL BUYS HOUSTON OFFICE BUILDING FOR $48.7M

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HOUSTON — Griffin Capital Essential Asset REIT Inc. has purchased a 149,700-square-foot, Class A office building in Houston's Energy Corridor for $48.7 million. The property is fully leased, with 97 percent of the building leased to Schlumberger Technology Corp., a subsidiary of Schlumberger Limited. The office building serves as Schlumberger Limited's base for its Financial Hub operations.

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