CHICAGO — Marcus & Millichap has arranged the $1.2 million sale of a 14-unit apartment property at 6760-6774 W. Raven St. in Chicago's Norwood Park neighborhood. The building contains a mix of four, one-bedroom units with eat-in kitchens and 10, one-bedroom units with separate dining rooms. James Clough and Joe Smazal of Marcus & Millichap represented the seller, an individual trust, in the transaction. They also secured the buyer, a private investor.
PHILADELPHIA — Beech Street Capital has arranged a $10.9 million Fannie Mae loan for the refinancing of a four-property apartment portfolio, totaling 230 units, in Philadelphia. Avi Weinstock and Chaim Tessler of Meridian Capital Group originated the seven-year loan. The properties were constructed in the 1950s and 1960s and major renovations have been completed in the past five years. Each property is fully occupied.
NEW YORK CITY — A mixed-use building at 14-34 110th St. in Queens has sold for $10.1 million. The seven-story building, which was completed in 2006, includes 34 residential units, 23,585 square feet of office space and a 12,000-square-foot lobby. Amenities include a gym, laundry room, storage room and roof deck. The property is located on the College Point waterfront and has the potential to add a marina development with 50 boat slips. Stephen Preuss and Evan Daniel of Massey Knakal represented both parties in the transaction.
PATCHOGUE, N.Y. — NorthMarq Capital has arranged a $21.4 million loan for a 124,000-square-foot retail property at 95 Sunrise Highway in Patchogue. The loan was a take-out of the existing construction loan for the completely renovated property. The site was formerly a Home Depot and the borrower has converted the property to its current two-tenant use. Major tenants at the site include Raymour Flanigan and Shop Rite. Zachary Rechler and Ernest DesRochers of NorthMarq Capital arranged the 10-year loan through a life insurance company. The loan contains a 20-year amortization schedule.
BROOKLINE, MASS. — Thirty 2 Rutland LLC has acquired 1592 Beacon St., a four-unit apartment building in Brookline. The four-story property was constructed in 1909 and is located near Brookline's Washington Square. Carl Christie, Dan McGee and Henry Lieber of NAI Hunneman Investment Services Group represented the sellers, Avraham and Madalyn Frydman, in the transaction. They also procured the buyer.
BRIDGEWATER, N.J. — Aptalis Pharma has expanded its lease by 20,576 square feet at Somerset Corporate Center I in Bridgewater. The transaction marks the second expansion for the privately held specialty pharmaceutical company. Aptalis now leases a total of 52,320 square feet at the property. Benjamin Brenner and Curtis Foster of Cushman & Wakefield represented Aptalis in the transaction. The landlord, SJP Properties, was represented in-house by Peter Bronsnick.
SAN ANTONIO — The United States Army Corps. of Engineers has signed Skanska USA to an $88 million contract to construct Phase III of the Lackland Ambulatory Care Center project at Joint Base San Antonio (Lackland) in San Antonio. The 27,900-square-meter property is slated to begin construction in December and be delivered by September 2014.
PEARLAND AND KATY — A joint venture between McFarlin Group and Stroud Development have plans to build Orchard Park of Katy and Orchard Park of Pearland, two memory care/assisted living facilities that will serve 97 residents each. Orchard Park of Katy will break ground in October and be open for occupancy in late 2013. Amegy Bank of Texas will finance the facility's construction. Orchard Park of Pearland will break ground in the first quarter of 2013 and be open for occupancy in late 2013. HUD will finance the facility's construction through its 232 LEAN program. Bedford-based Galier, Tolson and French Design Associates designed the facilities, which will feature landscaped courtyards, private dining amenities, special events venue, fitness/wellness areas, therapy rooms and salons. Meridian Seniors Living will operate both facilities.
TEXAS — Southlake-based N3 Real Estate has acquired an eight-property retail portfolio for $25 million from Dallas-based St. Ives Realty. The properties total 172,329 square feet and are all Walmart Supercenter shadow centers in Alamo, Dumas, Herford, Weatherford, Red Oak and Sweetwater. Tenants of these shopping centers include Verizon Wireless, GameStop, Dollar Tree, Rent-a-Center and Beall's. N3 financed the acquisition through its $250 million Retail Development Investment Fund.
FRISCO — Alliance Architects has completed interior design services for 63,269 square feet of office space at 5300 Town & Country Blvd. in Frisco for Comstock Resources, which occupies three floors of the office building. The redesign included a new internal grand stair that connects all three floors, updated elevator lobby, new catering/serving kitchen, revisions to the storage area, renovations of offices, new breakroom with patio access, remodeled board room and the addition of an executive coffee bar. Highland Builders was the general contractor, Facilities Management and Construction provided construction management services, Brockette Davis Drake provided structural engineering services and Dale Caffey & Associates provided MEP engineering services.
