NEW ALBANY, OHIO — Gladstone Commercial Corp. has purchased an 89,000-square-foot office building in New Albany for $13.3 million. The property includes a three-story office building connected to a two-story research and development facility. The building is leased to CV Management Corp., a wholly owned subsidiary of Commercial Vehicle Group (CVG). CVG is a global supplier of complete cab systems in the heavy-duty truck, construction and agricultural equipment markets.
CHICAGO — AFL-CIO Housing Investment Trust has provided $11 million to fund the rehabilitation of two affordable housing properties in Chicago. In the city's Uptown community, the funds will support much-needed improvements at Hazel Winthrop Apartments, a four-building development constructed a century ago. In the South Lakefront area, $8.8 million will be used to renovate the Bronzeville Senior Apartments, an 11-story high-rise. The projects will include exterior and interior repairs and energy-conserving retrofits, such as greater insulation and more efficient energy systems.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $17.2 million first mortgage loan for The Flats at West End, a 119-unit apartment community in St. Louis Park. The property is scheduled to open in the spring of 2013. Ben Fazendin of Grandbridge arranged the new construction financing through FHA's 221(d)(4) loan program. The 40-year, fixed-rate mortgage has a 40-year amortization schedule.
NEW YORK CITY — An 11,838-square-foot apartment building in New York's Upper East Side at 225 East 82nd St. has sold for $6.3 million to Erez Itzhaki and Gil Boosidan. The 27-unit property has undergone major renovations including a refurbished roof, new elevator cabs and repainted hallways. Azita Aghravi of Eastern Consolidated represented the seller, a long-term owner, in the transaction. Alan Miller, also of Eastern Consolidated, represented the buyer.
HUNTINGTON, N.Y. — Stalco International Group has completed construction of a 12,000-square-foot industrial facility at 1674 East Jericho Turnpike in Huntington. Florence Building Materials, a roofing and siding distributor, will use the building for warehousing. The one-story facility is connected by two pre-existing buildings: an office structure and another storage building. Baldassano Architecture served as the architect and mechanical, electrical and plumbing engineer for the project.
JERSEY CITY, N.J. — Gwathmey Siegel Kaufman + Associates has been selected to design a 1.2 million-square-foot, mixed-use project at 70-90 Columbus in Jersey City. The design includes two, 50-story towers and the plan will be presented to the community board later this month. Ironstate Development and Panepinto Properties have partnered to develop the property, which is slated to include 1,000 rental residences, a 150-room hotel and retail space. The towers will be adjacent to 50 Columbus, a 36-story rental building completed by the joint venture partners in 2007.
NEW YORK CITY — Technology firm Kenshoo Inc. has signed a 6-year lease for 10,210 square feet of office space at 80 Broad St. in New York City. Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Grubb Knight Frank represented the landlord, an affiliate of Savanna, in the transaction. Ruth Colp-Haber of Wharton Property Advisors represented the tenant.
WILDWOOD, N.J. — U.S. Realty Capital has arranged an $8.2 million non-recourse loan for the refinancing of a manufactured home community on Route 9, just outside of Wildwood. Built in 1997, the property includes 235 pad sites, a swimming pool, playground, basketball courts and a lake for fishing. U.S. Realty arranged the 7-year, fixed-rate loan through a regional bank. The loan contains a 30-year amortization schedule.
ROUND ROCK — IKEA Round Rock, located along Interstate Highway 35 at University Boulevard, has finished its 54,000-square-foot expansion and now sits at approximately 306,000 square feet. Construction work began in October 2011 and the store has remained operational throughout the process. IKEA also added a three-story parking garage to offset the expansion extending into the existing parking lot.
FORT WORTH — Velocis and its investors have purchased the 89,727-square-foot Magnolia Medical Tower, a medical office building located in Fort Worth's Medical District. The property, formerly known as the Medical Arts Building, was built in 1985 and is currently 67 percent leased to private doctors and medical service firms. Velocis plans to invest $1.5 million to upgrade the elevators, improve entries and exits, modernize the lobbies, refurbish the parking garage and upgrade the corridors and bathrooms. Will Northern of Northern Realty Group, along with Velocis Fund Advisory Board member Webber Beall III, represented the buyer in the transaction. Lincoln Harris, CSG will manage and lease the property.