KENTWOOD, MICH. — Chicago-based Cohen Financial has secured $11.6 million in acquisition financing for a 462,000-square-foot, multi-tenant industrial property in Kentwood, just south of Grand Rapids. The building is located at 4700 Broadmoor Ave. and is fully occupied. Cathy Bronkema of Cohen Financial arranged the fixed rate, nonrecourse, 10-year term loan with a national CMBS lender. The borrower is a Chicago-based commercial real estate owner/investor. The deal closed on Dec. 28.
SAN DIEGO — Trigild, a full-service commercial real estate firm, will manage 16 Class A and B office building throughout the Midwest and Southeast as part of an agreement with Charlotte, N.C.-based Allegiance Realty Corp. The agreement calls for Trigild to take over day-to-day operations of the office buildings starting Feb. 1. Of the 16 properties, four are located in the Midwest including: 3100 Presidential Drive in Fairborn, Ohio, 11499 Chester Rd. in Cincinnati 433 N. Summit St. in Toledo, Ohio and 901 Tower Drive in Troy, Mich.
EDEN PRAIRIE, MINN. — Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT has acquired Watertower Apartments, a 228-unit, mixed-use community in Eden Prairie, 16 miles southwest of downtown Minneapolis. The property offers 228,775 square feet of mixed-use space in two adjacent structures: a three-story, 28-unit residential building with 10,065 square of ground-level retail space; and a four-story, 200-unit apartment building above a two-level underground parking garage. Watertower Apartments was 94 percent occupied at the time of the sale.
EDISON, N.J. — A partnership between Lubert Adler and McCarthy Properties has secured a $36 million loan for Festival Plaza, a grocery-anchored retail center anchored by H Mart, in Edison. The transaction refinanced an acquisition and construction loan for the 151,429-square-foot site at 1711-1783 Route 27. CBRE Group arranged the five-year loan through Capital One. The partnership acquired the former Tops-anchored shopping center in 2008 and secured a lease with H Mart.
NEW YORK CITY — Marcus & Millichap has arranged the $7.5 million sale of a 21,000-square-foot Walgreens property in Brooklyn. Walgreens Corp. is leasing the property, located at 1282 Fulton St., for 20 years. The property traded at a 5 percent cap rate. Glen Kunofsky and James Ventura of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Kunofsky, Russell Wachtler and John Stewart represented the buyer, also a limited liability company.
BOSTON — Dune Medical Devices is relocating its U.S. office from Speen St. in Framingham to a 2,707-square-foot office space at 25 Thomson Place in Boston. The move is timed to the U.S. Food and Drug Administration recently approving the sale of Dune's breast cancer tissue assessment tool nationwide. Kevin Hanna and Colin Greenhalgh of Cassidy Turley represented Dune in the transaction. Philip Moses of Vesper Realty Advisors represented the sublessor, Boris FX.
PROSPER, TEXAS — Matthews Southwest, a Dallas-based development company, has purchased 157 acres of land, located at the corner of the Dallas North Tollway and U.S. Highway 380 in Prosper. The land will be the site of a regional mixed-use development, including more than 3 million square feet of retail, healthcare, office, hotel and entertainment space. Matthews Southwest has formed a public/private partnership with the town of Prosper for the development. The land is two separate tracts sold by the St. Clair family and Centurion American. Matthews Southwest was self-represented in the St. Clair tract purchase, and David Davidson Sr. of Davidson Realty Estate represented Matthews Southwest in the Centurion American tract purchase. Ray Utley of A. Ray Utley & Co. Realtors and John St. Clair of Henry S. Miller represented the St. Clair family. Ken Reimer, David Davidson Jr. and Edward Bogel of Venture Commercial represented Centurion American. Venture Commercial will assist Matthews Southwest in securing tenants for the property.
HOUSTON — CBRE has arranged the sale of 6300 West Loop South, a six-story, 100,558-square-foot office building located in Houston's Bellaire submarket. The office property is 95 percent leased. Todd Casper and Michael Hassler of CBRE represented Braun Enterprises, agent for 6300 West Loop Realty Ltd., in the transaction. Equitas Commercial Real Estate Holdings was the buyer.
ARLINGTON, TEXAS — Poynter Scifres Capital Services (PSCS), a division of Poynter Scifres Cos., has participated in the placement of $18.2 million of CTL debt financing for a four-story, 89,000-square-foot office building, located at 1600 E. Lamar Blvd. in Arlington. The loan was a refinance of short-term bank debt. Dennis Scifres headed the PSCS team on the loan arrangement, and also provided legal representation for the California-based borrower.
AUSTIN, TEXAS — Muskin Commercial has secured the sale of the 242-unit Park Lane Villas Apartments, located at 1710-1720 E. Woodward St. in Austin. The Flats at Woodward LLC purchased the community and plans on enhancing the interior and exterior of the apartment community. Ellen Muskin and Daniel Elam of Muskin Commercial represented the Southern California-based seller in the transaction. Matt Counts of Texas Realty Capital arranged acquisition financing for the buyer.