CHICAGO — Kudan Group has arranged the sale of 6800 North Sheridan in Chicago for $125,000. Darren Christian purchased the 4,000-square-foot property, formerly Pillars Social Café. Christian plans to renovate and reopen the space as Ciao Bella Café in April. Jerrod Rosen of Kudan Group represented the buyer and seller in the transaction.
MINEOLA, N.Y. — Mineola Properties LLC, an affiliate of Lake Success-based Lalezarian Properties LLC, will construct an $85 million apartment complex in Mineloa, located about 25 miles west of New York City. The 315-unit apartment building will replace the aging former KeySpan headquarters at 250 Old Country Road. Construction of the apartment complex is expected to take about two years, create 200 full-time construction jobs and result in the creation of 20 permanent full-time jobs. Of the 315 units, 32 will be leased to eligible families and individuals under an affordable housing program sponsored by the Village of Mineola. The former KeySpan building will be demolished later this spring.
STOUGHTON, MASS. — IKEA has signed a 101,065-square-foot warehouse lease at Stoughton Industrial Park, located at 1000 Technology Center Drive in Stoughton, a southern suburb of Boston. The home furnishings company will use the location as a distribution facility. The 332,676 square foot building is owned by a joint venture between ASB Real Estate Investments and Lincoln Property Co. Richards Barry Joyce & Partners LLC represented the landlord in the transaction. Cushman & Wakefield represented IKEA in the transaction.
NEW YORK CITY — In a $13.8 million sale-leaseback transaction, a private equity fund has purchased five industrial properties from American Forest Products. The acquired properties total approximately 575,000 square feet and are located in California, South Carolina and Virginia. American Forest Products, a provider of third-party logistics and retail services, will lease the properties for 21 years. Camille Renshaw of Stan Johnson Co. represented the buyer and seller in the transaction.
EGG HARBOR CITY AND HOPATCONG, N.J. — Marcus & Millichap has arranged the sale of two retail buildings in New Jersey for $2.1 million. The first transaction was a United States Post Office-occupied building located at 237 Philadelphia Avenue in Egg Harbor City, about 45 miles south of Philadelphia. The 4,125 square-foot, net-leased property sold for approximately $300,000. The second transaction was a retail property occupied by Dunkin’ Donuts and the U.S. Post Office located in Hopatcong, about 35 miles west of Newark. The 7,100-square-foot building sold for $1.8 million. Michael Lombardi and Juilenne Pape represented the buyer, a local private investor and the seller in the transactions.
KATY, TEXAS — Sprouts Farmers Market has opened a 25,300-square-foot store at the southwest corner of Cinco Ranch Boulevard and Peek Road in Katy. The store is Sprouts' first location in the Houston area. Ed Page and Chris Pitts of UCR's Houston office represented both the landlord, Scottsdale, Ariz.-based AVB Development Partners, and Sprouts in the lease transaction. Page is Sprouts' southeast Texas representative for all site acquisitions. Sprouts operates more than 150 stores throughout the Western U.S.
STAFFORD, TEXAS — Dallas-based Main Event Entertainment has plans to open a new location at the Fountain on the Lake shopping center in Stafford. The new venue is located off U.S. Highway 59 and South Kirkwood Road and is expected to employ approximately 150 people. The new Main Event Entertainment location will feature a bowling alley, a GRAVITY indoor ropes course, laser tag, game room with 100 video games and meeting space.
CROSBY, TEXAS — Hunington Properties Inc. has arranged the sale of Crosby Plaza, a 8,133-square-foot retail property located on FM 2100 in Crosby. The center is fully leased to UPS Store, Little Caesar's Pizza and Cricket Wireless. Todd Carlson of Hunington Properties represented the seller, an out-of-state investor who purchased the property in 2006. The buyer is an investor based in Southern California. The buyer secured acquisition financing through Wilshire State Bank. Hunington will continue to operate the property.
GRAND PRAIRIE, TEXAS — Cushman & Wakefield has arranged the lease of 125,000 square feet of warehouse/distribution space at 2820 N. Great S.W. Parkway in Grand Prairie. The industrial space is located in the Paddock Distribution Center. Pete Richardson, Drew Richardson, Benedict Gordon, Bill McClung, Mike Wyatt, Robbie Baty and Grant Pruitt of Cushman & Wakefield of Texas Inc.'s Dallas office represented the tenant, Johns Manville, in the transaction. Johns Manville, a manufacturer and marketer of building products, will occupy approximately 1,000 square feet of office space in the property. Andrew McCaig and Cornelia Heins represented the landlord, Primera Cos., in-house.
LOS ANGELES — Alameda Square Campus, a 1.6-million-square-foot creative office, retail and light manufacturing campus in Downtown Los Angeles, has received a $78-million refinance. It is located at 7th and Alameda next to the historic 7th Street Produce Market. The loan will be used to refinance first- and second-lien mortgages that are currently secured by the campus. It will also finance tenant improvement and leasing costs for the 82,000-square-foot headquarters of Splendid and Ella Moss, two subsidiaries of VF Contemporary Brands. The campus is also the world headquarters for American Apparel. Groceries Apparel recently relocated to the campus in late 2012 to expand its operations as well. The three-year, adjustable-rate loan was arranged by HFF’s Paul Brindley and Jeff Sause on behalf of a subsidiary of EVOQ Properties. The loan was provided by Olen Properties.