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AcquisitionsIllinoisMidwestRetail

Mid-America Arranges Sale of 68,121 SF North & Clybourn Retail Property in Chicago

by Kristin Harlow

CHICAGO — Mid-America Real Estate Corp. has arranged the sale of North & Clybourn, a 68,121-square-foot retail center in Chicago’s Lincoln Park neighborhood, for an undisclosed price. North & Clybourn is anchored by Crate & Barrel and The Container Store, which have occupied the property for 25 years. Additional tenants include Potbelly, LensCrafters and Sweetgreen. Joe Girardi and Stan Nitzberg of Mid-America brokered the sale on behalf of the private seller. Hines U.S. Property Partners was the buyer.

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IndianaIndustrialLeasing ActivityMidwest

Continental Signs 49,977 SF Industrial Lease in Metro Indianapolis

by Kristin Harlow

PLAINFIELD, IND. — Continental, a contract dining and refreshment provider, has signed a 49,977-square-foot industrial lease at Gateway Industrial II within HSA Commercial’s Gateway Business Park in the Indianapolis suburb of Plainfield. The deal returns Gateway Industrial II to full occupancy after a previous tenant expanded elsewhere within the business park. Based in Troy, Mich., Continental specializes in workplace food and beverage programs. The company plans to establish a distribution center and office space at Gateway Industrial II. HSA will oversee the build-out of the office portion, while Continental will retrofit the warehouse space. Occupancy is slated for June 1. Built in 2004, Gateway Industrial II features a clear height of 28 feet. In addition to Continental, the 104,400-square-foot building is leased to Sky Zone Trampoline Park, In Touch Pharmaceuticals and CertiFit Auto Body Parts. To date, HSA has completed seven buildings totaling approximately 1.2 million square feet at Gateway Business Park. The development is situated one mile from Indianapolis International Airport. Tom Ferguson of Premier Commercial and John Boyd of Signature Associates represented Continental in the lease. Terry Busch and Jared Scaringe of CBRE represented ownership.

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AcquisitionsIndianaMidwestMultifamily

Capstone Brokers $1.8M Sale of Multifamily Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Capstone Cos. has brokered the sale of Oxford Terrace Apartments in Indianapolis for $1.8 million. The 40-unit, garden-style property was constructed in 1986 and is situated in the city’s Martindale-Brightwood neighborhood. Kevin Burns and David Funke of Capstone brokered the transaction between the sellers, Paul Shannon and Powell Chee, and the buyer, Razor Capital Group. The transaction included seller financing of $1.25 million at a 6 percent interest rate with interest-only payments over the term of three years. The new owner is poised to continue the previous owner’s value-add strategy, focusing on the renovation of the remaining 18 units.

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KansasLeasing ActivityMidwestRestaurantRetail

Copaken Brooks Completes Lease-up of Phase I of Restaurant Row in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Copaken Brooks has completed the lease-up of the first phase of Restaurant Row in Lenexa. The latest addition, Zhoug Mediterranean, will open in the final 3,000-square-foot space this fall. Zhoug is a fast-casual restaurant that serves Mediterranean foods. Additional tenants at Phase I of Restaurant Row include Enjoy Pure Food + Drink, Cactus Grill TexMex & Tequila and Tupelo Honey. Erin Johnston of Copaken Brooks represented ownership, while John Nolan and Charlie Lowe of Crossroads Real Estate Group represented Zhoug.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges Sale of 11,772 SF Retail Building in Homewood, Illinois

by Kristin Harlow

HOMEWOOD, ILL. — Marcus & Millichap has arranged the sale of an 11,772-square-foot retail building in the Chicago suburb of Homewood for an undisclosed price. U.S. Bank anchors the property, which is located at 18300 Dixie Highway. U.S. Bank contributes to 68 percent of the property’s income stream, and the branch has been operating continuously as a bank since 2005. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap represented the seller, a limited liability company. The trio also secured and represented the all-cash buyer, a limited liability company.  

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IndustrialLoansNew JerseyNortheast

Faropoint Receives $90M Loan for Refinancing of Northern New Jersey Industrial Portfolio

by Taylor Williams

NORTH BERGEN, N.J. — Locally based investment firm Faropoint has received a $90 million loan for the refinancing of a portfolio of 10 industrial buildings totaling 770,000 square feet in North Bergen, located across the Hudson River from New York City. The buildings are all located within two industrial parks and were fully occupied at the time of sale. New York Life Real Estate Investors provided the loan, specific terms of which were not disclosed, to Faropoint.

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AcquisitionsMultifamilyNew YorkNortheast

Fetner Properties Sells Interest in 30-Story Apartment Tower in Manhattan

by Taylor Williams

NEW YORK CITY — Locally based development and investment firm Fetner Properties has sold its remaining interest in a 30-story apartment tower located at 345 E. 94th St. on Manhattan’s Upper East Side. The percentage and sales price were not disclosed. The building houses 208 units in studio, one- and two-bedroom formats and 4,000 square feet of commercial space. Empire State Realty Trust (NYSE: ESRT), which previously bought a stake in the building in late 2021, now owns the property outright.

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Garden-Towers-Bronx
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Completes 149-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams

NEW YORK CITY — A partnership between locally based developer Foxy Management, social services firm HANAC Inc. and JLD Advisory LLC has completed Garden Towers, a 149-unit affordable seniors housing project in the Morrisania neighborhood of The Bronx. Garden Towers consists of two midrise buildings that house 109 studios and 40 one-bedroom units. All residences are reserved for renters earning 50 percent or less of the area median income, and 30 percent of the units are designated for formerly homeless individuals. Amenities include multipurpose rooms, a social services suite, computer room and onsite laundry facilities. Newman Design served as the project architect, and Lendlease provided construction management services.

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Eagle-Mill-Lee-Massachusetts
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassHousing Provides $5.8M for Affordable Housing Redevelopment in Lee, Massachusetts

by Taylor Williams

LEE, MASS. — MassHousing has provided $5.8 million in financing for an affordable housing redevelopment project in the western Massachusetts city of Lee. The project will convert the two historic former Eagle Mill buildings, which were originally constructed in 1808 and closed in 2008, into a 56-unit complex with commercial space. Units will feature a range of floor plans and income restrictions. The developer is a partnership between Rees-Larkin Development LLC and Berkshire Housing Development Corp.

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AcquisitionsNAINew JerseyNortheastOffice

NAI Hanson Arranges Sale of 8,000 SF Office Building in Succasunna, New Jersey

by Taylor Williams

SUCCASUNNA, N.J. — NAI James E. Hanson has arranged the sale of an 8,000-square-foot office building in Succasunna, about 50 miles west of Manhattan. The building sits on three-quarters of an acre at 22 U.S. Route 10 and is home to tenants such as Lakeside Endodontics and Suburban Natural Medicine. Joseph Vindigni of NAI Hanson represented the seller, Portwood LLC, in the transaction. The buyer was an entity doing business as Heritage Succasunna LLC.

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