LIVONIA, MICH. — Bernard Financial Group has arranged a $7.8 million loan for the refinancing of an industrial property in Livonia, located about 19 miles west of Detroit. The refrigerated industrial warehouse building includes 383,649 square feet of space. The 12-year, nonrecourse loan is self-amortizing and includes a 4.75 interest rate. Ashley Mastronardi LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Protective Life Insurance Co. and its subsidiaries provided the loan.
NILES, OHIO — A Cleveland-based investor has purchased a 4,500-square-foot retail building in Niles, located about 50 miles east of Akron, for $1.3 million. Vitamin Shoppe Inc. is the sole tenant of the building located within Cafaro’s Eastwood Mall complex at 5704 Youngstown Warren Road. Vitamin Shoppe has a long-term lease in place through 2022 and is corporately guaranteed. Dan Cooper of Cooper Commercial Investment Group represented the buyer in the transaction.
ROCKFORD, ILL. — A Chicago-based lender has sold a three-property multifamily portfolio at 3432 Harrison Ave. in Rockford for $800,000. The properties include a total of 52 units. James Clough of Marcus & Millichap represented the seller, a Chicago-based lender. The buyer, a private investor, was secured and represented by Edward Liss and Eric Bell of Marcus & Millichap.
LANSDALE, PA. — A Philadelphia-area developer and property owner has sold Allen Forge Shopping Center, a 51,878-square-foot shopping center in Lansdale, for $9.3 million, or $187 per square foot. The center is located at 850 S. Valley Forge Road, approximately 28 miles northwest of Philadelphia. Tenants at the shopping center include a 13,000-square-foot CVS/pharmacy drugstore with a drive-thru, a 9,000-square-foot wine and spirits retail outlet and a Bank of America branch. Matthew Gorman and Michael Shover of Marcus & Millichap represented the seller in the transaction. Gorman and Shover also represented the buyer, a Lehigh Valley-based 1031 tax-deferred exchange investor.
FORT LEE, N.J. — Centerline Capital Group has provided a $6 million Fannie Mae DUS mortgage loan to refinance 2339 Hudson Terrace, a cooperative multifamily property located in Fort Lee, about 22 miles north of Union City. The loan proceeds will be used to pay off an existing Fannie Mae first mortgage loan and to fund an ongoing capital improvement program, which includes roof replacements and additions to common area amenities. The 10-year loan includes a 30-year amortization schedule. The borrower is 2339 Hudson Terrace Corp. Built in 1951, the multifamily property includes 223 apartment units housed in three, six-story buildings. Foremost Management Corp. manages the property. Fannie Mae’s multifamily mortgage business provides financing options for properties in which the residents collectively own the building(s) and property through their shares in the cooperative corporation.
PROVIDENCE, R.I. — EagleBridge Capital has arranged a $2.4 million loan for the construction and mortgage financing of 70 Ken-West, located at 70 Kennedy Plaza in downtown Providence. 70 Ken-West is a recently renovated six-story retail and multifamily building. CVS/pharmacy leases the ground floor and basement. The upper five stories of the property will include 17 apartments, 10 of which are completed. Ted Sidel and Brian Sheehan of EagleBridge arranged the mortgage financing. A Massachusetts-based financial institution provided the loan.
NEW YORK CITY — Elizabeth Arden Inc. has signed a 10,000-square-foot lease at 200 Park Ave. in Union Square for its Red Door Spa. It will be the third spa in Manhattan for the beauty company, which has its corporate headquarters on the seventh floor of the same New York City Park Avenue building. The retail store and spa will occupy two levels, including 2,500 square feet on the ground floor and 7,500 square feet on the lower level. The property will also include an elevator visible from the street. Gregg Schenker, Mark Tergesen and John Gols of ABS Partners Real Estate LLC and Gary Trock of CBRE represented the landlord, 200 Park South Associates LLC, in the transaction. Joseph Cabrera, Edward Weiss, Michael Gordon and Robert Gibson of Cushman & Wakefield represented Elizabeth Arden.
DALLAS – New Jersey-based Deerwood Real Estate Capital has closed a $160 million acquisition loan for The Colonnade, a 1.05 million-square-foot office building complex comprised of three towers in the far north Dallas submarket. Tenants include Zurich American Insurance Co., United Surgical Partners, Hilton Worldwide, New York Life Insurance and Willis Insurance. David Rosenberg and Joe Hercenberg of Deerwood arranged the 10-year loan with three years interest-only payments and a 30-year amortization schedule.
HOUSTON – Hunington Properties has arranged the sale of Cinco Ranch Village, a 20,000-square-foot retail center situated in the master-planned Cinco Ranch community, which is located in the extraterritorial jurisdiction of Houston. The center is fully leased to Subway, Farmer's Insurance, and Planet Beach Tanning. Sandy Aron and Todd Carlson of Hunington Properties represented the seller, an out-of-state trust, in the transaction. The buyer was a Florida-based private client. The buyer will retain Hunington as the property's management and leasing agent.
STAFFORD, TEXAS – Boyd Commercial/CORFAC International has secured the sale of a 14,129-square-foot industrial property, located at 12806 and 12810 Murphy Road in Houston. Alexander Reilly of Boyd/CORFAC represented the seller, Exland LLC, in the transaction. Massiel Marcano-Polo of Realm Real Estate Professionals represented the buyer, Alianza Brothers Properties Inc.