MACOMB TOWNSHIP, MICH. —Century 21 has signed a lease for 5,000 square feet of office space at 15432 25 Mile Road in Macomb Township. Gabe Schuchman and Samantha Tullio of Mid-America Real Estate-Michigan represented the landlord, Macomb Park II, in the transaction.
WEST CHESTER, PA. — Cornerstone Communities has purchased The Greentree Building in West Chester from Victor Abdala and Tony Stancato for $9.8 million. The 64-unit apartment building at the corner of North High and East Gay streets includes 17,500 square feet of street-level retail. The new owners plan to upgrade the apartment units and common areas. Mark Thomson, Zachary Pierce, Matthew Gorman and Michael Shover of Marcus & Millichap represented both parties in the transaction.
NEW YORK CITY — Swig Equities and Silverpeak Real Estate Partners, an asset manager for Longwing Real Estate Ventures LLC, have closed on the refinancing of 110 William St., a 900,000-square-foot office building in Manhattan's Financial District. The loan totaled $161.5 million. UBS Real Estate Securities and Barclays Capital provided a $141.5 million first mortgage. In addition, Pearlmark Real Estate Partners provided a $20 million mezzanine loan as part of the transaction. Swig Equities and Longwing, the borrowers, have owned the building since 2004 and recently renovated the lobby, security and fire-safety systems and the curtain wall facade.
THE WOODLANDS — CapLease Inc. has purchased a 175,000-square-foot, Class A office building, located at 1585 Sawdust Road in The Woodlands, for $40.5 million. The building is fully leased to credit-worthy tenants including Praxair Inc. and Dover Fluid Management, a subsidiary of Dover Corp. CapLease is anticipating to close on a 10-year, $22 million non-recourse mortgage loan with a 30-year amortization schedule in the next few weeks.
HOUSTON — Newmark Grubb Knight Frank Capital Group has redeveloped and sold a 43,800-square-foot retail property, located at 7323 FM 1960 Road in Houston. Michael Zatopek and Chris Hansen oversaw the repositioning of the former Toys 'R Us into a multi-tenanted facility, and secured leases from Big Lots, E. Star Chinese Buffet and Sushi Bar and Chase Bank. Newmark Grubb Knight Frank represented the seller, Magi Houston LLC, in the transaction. The buyer was an Australia-based investor. The Toys 'R Us has been relocated to Willowbrook Court, a 60,000-square-foot retail property located in Houston.
DALLAS — Transwestern has brokered the sale of the 90-unit Park Towne Villas, located at 7117 Holly Hill Drive in Dallas. Taylor Snoddy, Mark Freeman and Philip Wiegand of Transwestern's Dallas office represented the seller, a California-based private client, in the transaction. The buyer was JSK Business Service.
SAN ANTONIO — Accion Texas has launched a $5.5 million “We Believe” capital campaign to build the new Accion Texas Lending and Learning Entrepreneurial Center, which will be located on two acres at 2015 W. Marten St. in San Antonio's Prospect Hill neighborhood. The center was designed by Lake/Flato Architects and will feature five buildings, including a 14,000-square-foot headquarters building, a 1,500-square-foot conference and training center, a 1,200-square-foot cafe and kitchen and two 2,000-square-foot “small business” buildings. The project is already 45 percent funded through public and private pledges, including a $1.3 million grant from the U.S. Department of Commerce's Economic Development Administration.
LITCHFIELD PARK, ARIZ. — Camelback Place at Dysart, a 66,367-square-foot retail center in Litchfield Park has sold to a private investor from Canada for $8.67 million. The center, which is anchored by Ace Hardware, was 84 percent occupied at the time of sale. Mindy Korth and Barry Gabel of CBRE’s Phoenix office represented the seller, WE Valoroso Holding Corp. of Phoenix, Ariz., which acquired the property through foreclosure in March 2012.
LAS VEGAS – A Las Vegas retail center that is anchored by Walgreen’s and Smart & Final has received a loan for $8,448,000. The property was financed by a regional bank in Los Angeles. It was provided by Blake Melstrom of Pacific Southwest Realty Services’ Orange County, Calif., office.
PHOENIX – The 300-unit Lynnwood apartments in Phoenix has sold to Lili Rubin Investment Properties for $6.5 million. The apartment community is located at 5535 West McDowell Road. The seller, Lynwood Limited Partnership, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.