FOSTORIA, OHIO — Marcus & Millichap has arranged the sale of a 488,379-square-foot Arm & Hammer distribution center for $9 million. The net-lease property is fully leased to Church & Dwight Co. and located at 110 E. Jones Road in Fostoria, about 40 miles south of Toledo. Jason John, John Abuja and Paul Tesdal of Marcus & Millichap represented the seller, a limited liability company and the buyer, a partnership.
PLEASANT PRAIRE, WIS. — Good Food Groups LLC has purchased a 56,642-square-foot production facility in Pleasant Prairie for its new headquarters. The LLC is moving from its 9,000-square-foot facility in Chicago. The building was listed for $3.8 million on LoopNet. Nick Walby, Brian Bocci and Dan Benassi of Entre Commercial Realty represented the seller and Jason Lev of CB Richard Ellis represented the buyer in the deal.
CHICAGO — Construction is under way for Teach for America’s new corporate headquarters in the historic 300 W. Adams building in Chicago’s West Loop. The building is 7,000 square feet with a majority of the space featuring an open office area with an exposed concrete deck and mechanical systems. Summit Design + Build is constructing the new headquarters. Fitzgerald Earles Architects and Associates is the project architect. Construction is slated for completion by the end of the first quarter. Teach for America is a nonprofit organization that enlists recent college graduates to teach for at least two years in low-income communities throughout the U.S.
FLORHAM PARK, N.J. — HFF has arranged a $72 million loan for the refinancing of The Vanguard, a 196-unit luxury apartment complex in Florham Park, located about 30 miles west of New York City. The loan was arranged on behalf of Hoboken, N.J.-based Ironstate Development. HFF placed the 10-year, fixed-rate loan with a life insurance company.
OYSTER BAY, N.Y. — Red Mortgage Capital has closed a $19.5 million FHA 232/223 loan to refinance the Oyster Bay Manor House, an assisted living and dementia care facility located in Oyster Bay. The low interest rate achieved through the FHA insurance program reduces the owner’s debt-service obligations and provides 30-year fully amortizing, nonrecourse debt. Oyster Bay Manor House will use $1.2 million of the $19.5 million for renovations to common areas throughout the building.
PHILADELPHIA — 7400 Apartments, a 196-unit apartment complex, has sold to a private investor for $9.7 million. The multifamily property is located at 7400 Roosevelt Blvd. in Philadelphia. Ken Wellar and Corey Lonberger of Marcus & Millichap represented the seller in this deal.
WARWICK, R.I. — Hersha Hospitality Trust has sold its 92-room Courtyard by Marriott hotel for $7.1 million. The property, which was acquired by Hersha in August 2005, was sold to a joint venture. The hotel is located at 55 Jefferson Park Road in Warwick, about 12 miles south of Providence. The sale of the property removes another secondary market asset from Hersha’s portfolio, according to a statement released by the trust.`
NEWTON, MASS. — Hospice of Good Shepherd has acquired a 10,000-square-foot office building for $2.8 million. Good Shepherd purchased the building for $283 per square foot, the highest price paid for a stand alone office building in Newton in more than a decade. The office property located is at 90 Wells Ave. in the Wells Avenue Office Park. Jeremy Freid,z Adam T. Meixner, Michael d’Hemecourt and Jordan B. Sneider of Boston Realty Advisors represented the seller, 94 Wells Ave, LLC. Taber Keally of Donahue and Associates represented the buyer.
AUSTIN, TEXAS — Newport Beach, Calif.-based MIG Real Estate has purchased the 99,404-square-foot Barton Oaks Plaza, a Class A office building located at 901 S. Mopac Expressway in Austin. The office building is currently 96 percent leased to tenants such as Everbank, Texas Gas and Strategic Partnerships. MIG Real Estate was self-represented in the transaction. J. Todd Mills and Casey Knust of CBRE represented the seller.
HOUSTON — CBRE has arranged the sale of Skyview at Palm Center, a 360-unit garden-style apartment community located in southeast Houston. Ryan Epstein of CBRE's Houston office represented the seller in the transaction. The 417,178-square-foot community is located near the Southeast Metro Light-Rail line that will open in October. Apartment units in the development average 1,162 square feet.
