CHICAGO — Cohen Financial’s Chicago and Phoenix offices have secured an $11.9 million loan for the purchase of two owner-occupied industrial properties, a 12,680-square-foot property in South Carolina and a 146,050-square-foot property in Georgia. The borrower, a manufacturer, is the only tenant in both properties. Zions National Real Estate provided the financing.
ANN ARBOR, MICH. — Agree Realty has purchased the Landmark building on the University of Michigan campus in downtown Ann Arbor for $5.8 million. Built in 1937, the 18,000-square-foot building was formerly occupied by Kresge’s department store and later Michigan Book & Supply.
CHICAGO — HFF has arranged the sale of SoNo East, a luxury 22-story apartment tower with ground floor retail in Chicago. The 3,990-square-foot retail portion of the building completed construction last summer and Prudential Real Estate Investors has agreed to purchase the building. HFF represented Furniture, LLC in the deal.
GREENWICH, CONN. — Greenwich-based Starwood Capital Group has acquired a portfolio of nine office buildings, including a property in Pittsburgh, for $260.5 million. The portfolio totals 1.9 million square feet of Class A space in Orlando, Tampa, Charlotte, Winston-Salem, Pittsburgh and Salt Lake City. The buildings are 95 percent leased, excluding Salt Lake City, and the average year of completion is 1999. Wells REIT Real Investment Trust II was the seller.
SOUTH PORTLAND, MAINE — Nordstorm plans to open a 30,000-square-foot Nordstrom Rack this spring at the Maine Crossing Shopping Center in South Portland. The store, which will carry merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original prices, will be the retailer's first location in the state. The new Nordstrom Rack will join tenants such as Target, Bed Bath & Beyond and A.C. Moore.
NEW YORK CITY — Skanska USA, in a joint venture with Trevcon Construction, has secured a $181 million contract to build a new marine transfer facility in Manhattan. The New York City Department of Sanitation is developing the building along the East River, which will serve as a solid waste management facility. The property will have a capacity to process 4,290 tons of municipal solid waste per day. The project is scheduled for completion in March 2016.
NEW YORK CITY — CIM Group has acquired the retail portion of 225 Fifth Ave. in Manhattan's Flatiron District for a reported $80 million. The deal includes 40,079 square feet of retail space, which is fully leased to tenants such as JPMorgan Chase, 24 Hour Fitness, Verizon Wireless and the United States Postal Service. Located above the retail property is a 192-unit residential condominium building named The Grand Madison.
NEW YORK CITY — Transatlantic Reinsurance Co. has signed a lease for 134,000 square feet of office space at One Liberty Plaza in Lower Manhattan. Transatlantic, a holding company for a number of subsidiary organizations offering reinsurance products, will occupy three floors of the building for 15 years. With the new signing, the property is now 98.6 percent leased. Robert Lowe and John Cefaly of Cushman & Wakefield represented the tenant in the transaction. The landlord, Brookfield Office Properties, was self-represented by Duncan McCuaig.
AUSTIN, TEXAS — Ohio-based The Connor Group has purchased the 169-unit Crescent, a five-story multifamily property located at 127 E. Riverside Drive in Austin, for $33.5 million. The seller was Crescent Apartments, a Texas-based limited liability company. The Crescent is The Connor Group's third apartment community in Austin. The Crescent features skyline views of Austin, a saltwater pool, media room, rooftop terrace and a parking garage.
AUSTIN, TEXAS — Steadfast Income REIT has purchased the 268-unit Montecito, an apartment complex located five miles from downtown Austin, for $19 million. The multifamily property recently underwent a $1.78 million renovation and is 96 percent occupied.
