MINNEAPOLIS — Grandbridge Real Estate Capital financed a $1.4 million first mortgage loan secured by a two-property multifamily portfolio. Both properties are located in the Twin Cities metro area and include two buildings totaling 32 units. Funding for the loan was provided by a life insurance company and featured a 15-year fixed rate and amortization schedule. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties, all of which were 100 percent occupied at closing, feature a variety of unit types and amenities. Tony Carson of Grandbridge’s Minneapolis office originated the refinance transaction.
SOUTH HOLLAND, ILL. — Avison Young brokered the sale of a 149,000-square-foot industrial facility at 410-470 W. 169th St. in South Holland, a Chicago suburb. The multi-tenant building is partially leased to Armacell, a company that manufactures flexible insulation foams for the equipment insulation market. Keith Puritz and Brett Kroner of Avison Young’s Chicago office represented the seller, a private investor. Mike Mangan of Savills Studley represented the buyer, Rosemont, Ill.-based Venture One Real Estate LLC. Terms of the transaction were not disclosed.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $5.6 million sale of Arbor Alley Apartments, an 80-unit garden-style apartment community located in South Tampa. Constructed in 1984, the property comprises two-bedroom/one-bath units with washer and dryer hookups. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private partnership based out of Tampa, and the buyer, South Tampa Apartments LLC, an institutional real estate firm based out of Michigan.
CAPE CORAL, FLA. — Colliers International’s Southwest Florida office has brokered the $2.3 million sale of a 19,060-square-foot strip center located at 601 Del Prado Blvd. N. in Cape Coral, roughly nine miles outside of Fort Myers. West Virginia-based D&S Inc. purchased the asset in a 1031 tax-deferred exchange. The property’s tenant roster includes Century 21, Cabinet Depot and Petrucci Pianos. William Mankin of Colliers International Southwest Florida represented the buyer in the transaction. Phil Deems of Phil Deems Real Estate represented the seller, William J. Lader.
MOORESTOWN, N.J. — Colliers International has arranged the sale of an industrial property located at 1501 Glen Ave. in Moorestown. Artcraft Promotional Concepts, a promotional product branding company, acquired the 40,000-square-foot property for $1.7 million. Situated on 3.26 acres, the property features 20-foot ceiling heights, three tailgates, one drive-in loading dock, 2,200 square feet of office space and a fenced yard. Marc Isdaner of Colliers International represented the seller, Clarit Realty Ltd., while William Goodwin of CBRE represented the buyer in the deal. Unity Bank provided the acquisition financing.
NORTH HAVEN, CONN. — Press/Cuozzo Commercial has brokered the sale of a two-building former day care facility located at 20 Peck St. in North Haven. Situated on slightly more than one-half acre, the buildings total 3,830 square feet. The buyer, Lauren Grogan, acquired the property from K&J Holding LLC for an undisclosed sum. The buyer plans to renovate the properties. Stephen Press of Press/Cuozzo represented the seller, while Lou Proto of The Proto Group represented the buyer in the transaction.
NEW YORK CITY — New York City-based McGraw Hill Financial Inc. (NYSE: MHFI) has agreed to acquire Charlottesville, Va.-based SNL Financial from New Mountain Capital for $2.2 billion. SNL Financial will join McGraw Hill’s roster of subsidiaries, including Standard & Poor’s Rating Services, the S&P Dow Jones Indices and Platts. SNL provides data and analysis on the banking, insurance, energy and real estate industries. This acquisition comes two years after McGraw Hill staked its future on financial services by selling off its publishing business. According to the company, McGraw Hill will finance the transaction by issuing $1.7 billion of long-term debt, and the economic impact will be partly offset by tax benefits with an estimated present value of about $550 million. McGraw Hill Financial’s stock price dropped to $99.54 per share as of late morning Monday in intraday trading, down from $105.58 per share at the close of business on Friday, July 24.
WESTWOOD AND NEWTON, MASS. ¬— The Boston office of Colliers International has arranged two commercial land sales totaling $20.8 million. In Westwood, Prime Auto Group acquired 12 acres at 375 Providence Highway for $16.3 million. The buyer plans to develop three car dealerships on the site. In Newton, Dinosaur Capital Partners purchased three acres at 70 Rowe St. for $4.5 million. The buyer plans to develop a Verizon facility on the site. James Elcock of Colliers facilitated both transactions. The names of the sellers were not disclosed.
NEW YORK CITY — Silvershore Properties has completed the sale of a mixed-use building located at 19 Howard St. in Manhattan’s SoHo Cast Iron Historic District. The three-story, 4,415-square-foot property sold for $9.6 million, or $2,174 per square foot. The property features additional air rights and was delivered vacant to the undisclosed buyer. Robert Burton of Cushman & Wakefield represented the seller in the transaction.
NEW YORK CITY — TerraCRG has brokered the lease of 76,000 square feet of loft space at 80 Hudson Ave. in Brooklyn’s Vinegar Hill section. The former Global Storage building features two interior loading docks, two exterior loading docks and eight parking spaces. The tenant, a local developer, has not disclosed plans for the property. Ofer Cohen, Dan Marks, Peter Schubert and Joey Terzi of TerraCRG represented the landlord and the tenant in the deal.