Property Type

AUTUMN LEAVES OF BOLINGBROOK BREAKS GROUND

by admin October 9, 2012

BOLINGBROOK, ILL. — Crews have broken ground on the Autumn Leaves of Bolingbrook, a $10.2 million memory care and assisted living community, which will serve 50 residents. The 26,000-square-foot facility will serve families living with Alzheimer's, dementia and memory impairment. The community will focus on life enrichment programs, nutrition and personalized programs. With its secure design, residents will have access to the entire building, including outdoor courtyards. The community owner, The LaSalle Group, has partnered with RT Partners and BMO Harris Bank on the project. Autumn Leaves is slated to open during the third quarter of 2013.

October 9, 2012

JV ACQUIRES ASSISTED LIVING AND MEMORY CARE PROJECT FOR $9.8M

by admin October 9, 2012

NEW LENOX, ILL. — A joint venture between Focus Healthcare Partners and Artemis Real Estate Partners has acquired an 80-unit assisted living and memory care campus in New Lenox for $9.8 million via a court-ordered receivership sale. The campus consists of five buildings that are substantially identical. The units contain modern amenities, including kitchenettes and private bathrooms. Two of the five buildings are designated for memory care services. The project was built in 2007 by a local developer, but struggled with occupancy. It was placed in receivership in 2010. The new owners plan to upgrade the property and convert an additional building to memory care. Encore Senior Living will manage the property.

October 9, 2012

Healthcare Midwest

REIT ACQUIRES $30.4M MEDICAL OFFICE BUILDING IN KALAMAZOO

by admin October 9, 2012

KALAMAZOO, MICH. — Marcus & Millichap has arranged the $30.4 million sale of Bronson LakeView Outpatient Center, a 100,321-square-foot medical office building in Kalamazoo. The property is fully occupied by Bronson Healthcare Group, which has nine years remaining on its lease and two five-year options to extend. The tenant is responsible for all maintenance, including roof and structure. The outpatient center, located at 451 Health Parkway, was a build-to-suit project completed in 2006. Gino Lollio and Scott Niedergang of Marcus & Millichap represented the seller, a private investor. They also represented the buyer, a non-traded REIT based in New York City.

October 9, 2012

Northeast Retail

JV BUYS MAJORITY INTEREST IN 1.4M SF PITTSBURGH SHOPPING CENTER

by admin October 9, 2012

PITTSBURGH — A joint venture between BIG Shopping Centers USA and M&J Wilkow has purchased the majority of the retail space at the Waterfront, a 1.4 million-square-foot open-air shopping center in suburban Pittsburgh. The companies bought a total of 765,000 square feet of the Waterfront, which includes the anchoring AMC Loews Theater. The sales price is a reported $110 million. Lowe's Home Improvement, Target, Giant Eagle, Macy's, Costco and several outparcels were not included in the sale. The new owners have planned some improvements for the property. The Waterfront, located on the former site of U.S. Steel's Homestead Steel Works, is the region's second largest shopping center.

October 9, 2012

Northeast Retail

CITY POINT'S FIRST RETAIL STORE WILL BE ARMANI EXCHANGE

by admin October 9, 2012

NEW YORK CITY — Armani Exchange will be the first retailer to open in the recently completed first phase of the massive City Point project in Brooklyn. The luxury retailer has signed a lease for 6,500 square feet on the corner of Fulton and Gold streets and will open in November. In May, Century 21, a discount designer retailer, announced it would open a 125,000-square-foot store to anchor City Point. The store is set to open in the fall of 2015. A partnership led by Arcadia Realty Trust is developing the mixed-use City Point project, which is planned to include 1.6 million square feet when completed in 2018.

October 9, 2012

Multifamily Northeast

NORTHMARQ ARRANGES $31.3M IN COMBINED MORTGAGES

by admin October 9, 2012

LITTLE FERRY, N.J. — NorthMarq Capital has arranged a $31.3 million loan for the refinancing of North Village I and II in Little Ferry. North Village I contains 160 market-rate apartment units and North Village II contains 248 units. Robert Ranieri and Greg Nalbandian of NorthMarq Capital arranged the seven-year loan through Freddie Mac.

October 9, 2012

Industrial Northeast

HAMPSHIRE COS. ACQUIRES 98,904 SF OF INDUSTRIAL/FLEX SPACE

by admin October 9, 2012

PARSIPPANY, N.J. — The Hampshire Cos. has acquired a 98,904-square-foot industrial/flex building at 2 Cranberry Road in Parsippany. The property operates as an industrial condominium, which consists of four separate units. Tenants include Availl, a subsidiary of Boeing, and Padded Waggon, a moving company. The property is located off Route 80 near the I-287 junction.

October 9, 2012

Civic Northeast

NEW PHARMACY SCHOOL OPENS IN FLORHAM PARK

by admin October 9, 2012

FLORHAM PARK, N.J. — Hollister Construction has completed the 21,109-square-foot Fairleigh Dickinson University's (FDU) School of Pharmacy in Florham Park. Hollister renovated the existing office space at 230 Park Ave. into classroom, laboratory, meeting and office space. RSC Architects designed the project. More than 80 students are now enrolled in FDU's School of Pharmacy, New Jersey's first pharmacy school associated with a private university.

October 9, 2012

Multifamily Texas

ARA ARRANGES AUSTIN'S LARGEST MULTIFAMILY SALE YTD

by admin October 9, 2012

AUSTIN — ARA has brokered the sale of the 608-unit Preserve at Travis Creek, a multifamily community located at 5800 SW Parkway in Austin. Amenities of the community include two resort-style swimming pools, a fully-equipped fitness center, aerobic studio, barbecue grills and a biking trail. The property is currently 96 percent occupied. Patton Jones of ARA's Austin office represented the seller, Dallas-based Invesco Real Estate, in the transaction. The buyer was Chicago-based Heitman. Preserve at Travis Creek is the largest multifamily property to have traded in Austin year to date.

October 9, 2012

Retail Texas

UCR BROKERS SALE OF THREE TEXAS RETAIL PROPERTIES

by admin October 9, 2012

FRISCO, DALLAS AND WEATHERFORD — UCR Investment Sales has secured the sale of three retail properties in the Dallas/Fort Worth area totaling 20,441 square feet. The properties include the 10,227-square-foot Teel Village, a shopping center located in Frisco that is fully leased to Dunkin Donuts, Subway, RE/Max, Alpha Primary Healthcare and Dr. Oved. The second property is a new retail center in Dallas fully leased to Starbucks and Chipotle Mexican Grill. The last property is an On the Border ground lease in Weatherford. The property is an outparcel of the 271,829-square-foot Weatherford Marketplace. Tommy Tucker of UCR represented the sellers in each transaction.

October 9, 2012

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