ORLANDO, FLA. — A 15,000-square-foot industrial property at 6101 Anno Ave. in Orlando has traded. The property was built in 1962 and includes two commercial buildings on 1.5 acres. Richard Matricaria of Marcus & Millichap’s Orlando office represented the unlisted seller and Joe LaFleur also of the firm’s Orlando office secured the buyer, a private investor. The industrial property is located six miles south of downtown Orlando.
ST. PAUL., MINN. — Dominium has closed on a $48.2 million construction loan and a $24.3 million letter of credit to finance the Schmidt Brewery Artist Lofts, an adaptive reuse of the historic Schmidt Brewery in St. Paul. U.S. Bank provided the financing. The Schmidt Brewery Artist Lofts will contain 260 units designed to suit the needs of artists. Common amenities will include a yoga studio, pottery studio, paint studio, kiln room, tool shop and multiple gallery spaces. Construction is set to begin by the end of this month and the project is slated for completion in 2014. Weis Builders is the general contractor and BKV Group is the architect.
TAYLOR, MICH. — The Salvation Army has signed a lease for 30,162 square feet of space at the former Farmer Jack store, located at 9850 Telegraph Road in Taylor. Adam Goodman and Susan Acciaioli of Mid-America Real Estate-Michigan Inc. represented the landlord, NW-Taylor Farmer Jack, in the transaction.
CHICAGO — The Bedding Experts, a mattress retailer, has signed a lease for 1,500 square feet of retail space at 1103-1155 S. State St. in Chicago. The property is located at the intersection of Roosevelt and State streets. Michael Meksto and Jim Tsevis of NAI Hiffman represented the landlord, Supervalu Inc., in the transaction.
MINNEAPOLIS — Marcus & Millichap has arranged the $368,280 sale of 2424 4th Ave. South, an 8-unit apartment property in Minneapolis. Lance Linander of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a limited liability company.
NEW YORK CITY — Ivanhoe Cambridge has acquired a 49.9 percent ownership interest in 1411 Broadway, a 40-story office tower in Manhattan, for $360 million. The joint venture agreement with The Swig Co. includes a managing interest for Ivanhoe and a significant investment by both parties to upgrade the property. The 1.2 million-square-foot office tower is located west of Bryant Park and south of Times Square.
ROCHESTER, N.Y. — A Boston-based developer has completed its purchase of the Sibley Building, a 1 million-square-foot mixed-use building in Rochester. Sibley Redevelopment Limited Partnership, an affiliate of Winn Development, plans to spend up to $150 million to renovate the historic building into housing, retail, educational and office space. Genesee Regional Bank provided the acquisition and renovation financing. The current anchor tenant is Monroe Community Colllege, which leases 218,000 square feet of the building for its downtown campus. The property, located at 228 Main. St., is 30 percent leased.
NEW YORK CITY — Stone Street Properties has acquired an 11-building apartment portfolio located on the Upper East Side and the East and West Village for $73 million. The portfolio also includes an additional 40-unit property in downtown Brooklyn. In total, the portfolio contains 299 residential units and two stores totaling 142,000 square feet. Approximately 72 percent of the units are rent regulated with average rents considerably below market. The Manhattan buildings are located at 104 East 7th St.; 438-440 East 13th St.; 234-238 East 33rd St.; 101 MacDougal St.; 410 East 64th St.; 319-321 East 78th St.; 223 East 82nd St.; 310 East 83rd St.; 325 East 83rd St.; and 504 East 88th St. The Brooklyn property is located at 354-356 State St. Paul Smadbeck, Thomas Gammino Jr., James Nelson and John Ciraulo of Massey Knackal represented the seller, a family partnership, in the transaction. They also represented the buyer.
ALLENTOWN, PA. — Marcus & Millichap has arranged the $5.3 million sale of the Pepsi Distribution Center, a 71,500-square-foot net-leased property in Allentown. Glen Kunofsky, Preet Sabharwal, Judson Kauffman and Zachary Weiss of Marcus & Millichap represented the seller, a private investor. Kunofsky secured the buyer.
NEW YORK CITY — Meridian Capital Group has arranged $15.7 million in acquisition financing for two multifamily properties in Brooklyn. The firm arranged an $11.3 million loan for a 122-unit apartment building on Fort Hamilton Parkway. The 10-year loan features a 3.3 percent interest rate. Meridian also negotiated a $4.4 million loan for a 48-unit, six-story apartment building on Avenue J. The 10-year loan features a 3.5 percent interest rate.