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COHEN FINANCIAL SECURES $13 MILLION LOAN FOR THREE-PROPERTY PORTFOLIO

by admin August 1, 2008

CHICAGO — On behalf of Chicago-based Newcastle Limited, Cohen Financial has secured a $13 million acquisition loan for a three-property portfolio in Chicago. Two properties are located within the city’s Lincoln Park neighborhood at 2200 Clark St. and 801 Diversey St., and the third property is located at 4071 Milwaukee St. The portfolio contains 44,310 square feet of retail space, as well as 28 apartment units. The fixed-rate, 70 percent loan-to-value non-recourse loan is based on a 5-year term, with a 30-year amortization schedule priced on the 5-year U.S. Treasury. An undisclosed national life insurance company funded the transaction for the borrower, Newcastle Limited. Steve Roth and Steve Kundert of Cohen Financial arranged the financing.

August 1, 2008

CB RICHARD ELLIS ARRANGES SALE OF 92-UNIT MULTIFAMILY COMMUNITY

by admin July 15, 2008

HARPER WOODS, MICH. — CB Richard Ellis Detroit Multi-Housing Group has completed the sale of Pointe Gardens Apartments, a 92-unit community located off Rockcastle Avenue in Harper Woods. Greater Development LLC has acquired the 3.36-acre property for an undisclosed amount. The community contains six two-story garden-style buildings, which house one- and two-bedroom floor plans ranging in size from 700 to 900 square feet. Rob Stone of CB Richard Ellis Detroit Multi-Housing Group represented the seller, Rockcastle LLP, in the transaction.

July 15, 2008

Industrial Western

REXFORD INDUSTRIAL TAKES 57,117-SQUARE-FOOT INDUSTRIAL BUILDING

by admin July 11, 2008

GLENDALE, CALIF. — Los Angeles-based Rexford Industrial has purchased a freestanding industrial building in Glendale for $6.2 million. Located at 700 Allen Ave., the 57,117-square-foot property offers 3,840 square feet of office space. The property is currently occupied by Grant Industries on a 21-year lease, with approximately 1 year remaining. The tenant has the option to renew its lease for an 18-month extension. Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented the buyer and the seller, the Peterson Family Trust, in the transaction.

July 11, 2008

Industrial Western

CITY OF LA MIRADA TAKES 24,860-SF INDUSTRIAL PROPERTY

by admin July 9, 2008

LA MIRADA, CALIF. — The city of La Mirada has acquired a 24,860-square-foot industrial building in La Mirada for $3.4 million. Located at 14515 Alondra Blvd., the freestanding, one-story property offers access to the 5 and 18 freeways. E.W. Sparr Family Trust and FSB First American Trust, both private investors based in Santa Ana, Calif., sold the property. Rob Socci and Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented both parties in the transaction.

July 9, 2008

Industrial Western

CBRE COMPLETES TWO TRANSACTIONS IN CALIFORNIA

by admin July 8, 2008

STOCKTON AND PATTERSON, CALIF. — CB Richard Ellis’ (CBRE) industrial properties consulting team, which consists of Blake Rasmussen, Doug Norton, Kevin Dal Porto, Ryan McShane, Conor Famulener, Tyson Vallenari and Michael Walker, has brokered two industrial transactions in California. In the first transaction, First Industrial Acquisitions Inc. has acquired a 72.16-acre parcel of industrial land located at Arch and NewCastle roads in Stockton. Archtown Properties sold the parcel for an undisclosed price. Rasmussen and Dal Porto represented the buyer. In a separate transaction, HPL Contract purchased an approximately 31,067-square-foot industrial building located within Keystone Pacific Business Park in Patterson. McShane represented the buyer; Rasmussen and Dal Porto represented the seller, Keystone Flex I Associates LLC, in the transaction. The transaction amount was not disclosed.

July 8, 2008

Multifamily Northeast

CHOZICK REALTY COMPLETES SALE OF WILLIAMSBURG APARTMENTS

by admin July 3, 2008

WINDSOR, CONN. — Chozick Realty has completed the sale of Williamsburg Apartments, a 140-unit multifamily community located in Windsor, for $19.22 million. Situated on 15.72 acres at 250 Bloomfield Ave., the property comprises 10 buildings in a mix of 32 one-bedroom units and 108 two-bedroom units. Property amenities include a clubhouse and a swimming pool. The community is 98 percent occupied. Rick Chozick of Chozick Realty represented the seller, Williamsburg Associates, as well as the buyer, Windsor Castle.

July 3, 2008

Multifamily Northeast

MARCUS & MILLICHAP BROKERS $17.25 MILLION MULTIFAMILY SALE

by admin June 16, 2008

NEW CASTLE, DEL. — Marcus & Millichap has brokered the sale of Hampton Walk, a 370-unit multifamily community located at 1627 New Jersey Ave. in New Castle, for $17.25 million, at a price of $46,622 per unit. Situated on 16.65 acres, Hampton Walk comprises 133 one-bedroom units and 237 two-bedroom units in 94 two-story buildings. Donald MacLaren and Clark Talone of the Philadelphia office of Marcus & Millichap represented the seller, MPI Hampton Walk LLC. The property was acquired by Evergreen Realty.

June 16, 2008

Industrial Western

REXFORD INDUSTRIAL ACQUIRES 57,9000-SQUARE-FOOT INDUSTRIAL BUILDING

by admin May 30, 2008

GLENDALE, CALIF. — Rexford Industrial LLC has acquired a 57,900-square-foot industrial building, which is located at 700 Allen Ave. in Glendale. Valued at $6.15 million, the transaction comprises the property situated on 1.35 acres and a 36-car parking lot. Grant Products, a manufacturer of steering wheels and automotive accessories, has occupied the entire building since the mid-1970s. Peter Castleton of Voit Commercial Brokerage represented Rexford and the seller, Peterson Family Trust, in the transaction.

May 30, 2008

Midwest Multifamily

COHEN ASSISTS WITH $122.5 MILLION MULTIFAMILY PORTFOLIO PURCHASE

by admin May 12, 2008

CHICAGO — Chicago-based Cohen Financial has assisted in the $122.5 million acquisition of a seven-property multifamily portfolio in Chicago. The portfolio comprises 884 residential and eight commercial units located in the city’s Lakeview neighborhood. Cohen served as an advisor to the borrower, Chicago-based Newcastle Limited, and assisted in the acquisitions. Cohen also originated $5 million in second-mortgage financing for one of the properties, and $9.62 million in new financing with a GSE agency for two of the properties. Terms of the new debt include 10 years interest only at a 5.63 percent interest rate. Steve Roth and Steve Kundert of the Cohen’s Skokie, Ill., advised Newcastle and originated the financing. The lender is a Chicago-area finance company.

May 12, 2008

Office Western

BIXBY LAND ACQUIRES OFFICE COMPLEX FOR $36.4 MILLION

by admin May 1, 2008

SANTA CLARA, CALIF. — Bixby Land has acquired Coronado One, a two-story office complex located at 3111 and 3141 Coronado Dr. in Santa Clara, for $36.4 million. The 118,400-square-foot property is currently leased to Applied Materials Inc. Peter Castleton of Voit Commercial Brokerage, along with Eric Fox of Commercial Property Services, represented the buyer and undisclosed seller in the transaction.

May 1, 2008

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