REBusinessOnline

Cornerstone Realty Capital Arranges $58M Construction Loan for Apartment Community Near Boston

QUINCY, MASS. — Cornerstone Realty Capital has arranged $58 million in financing for the construction of Quarry Hills Apartments, a 269-unit apartment community in Quincy. The borrower was undisclosed, though Chicago-based owner-operator Equity Apartments lists the property on its website. The community, which is located 11 miles south of downtown Boston, will consist of two five-story residential buildings. Amenities will include two courtyards, a firepit, outdoor kitchen, lounge area, …

Draper and Kramer, Intercontinental Acquire 298-Unit Apartment Building in Chicago

CHICAGO — Draper and Kramer Inc. and Intercontinental Real Estate Corp. have acquired Burnham Pointe, a 28-story, 298-unit apartment building in Chicago’s Printers Row neighborhood. The purchase price was not disclosed. Located at 730 S. Clark St., the property features a mix of one- and two-bedroom units as well as 14,391 square feet of ground-level retail space. The property is currently 96 percent occupied. The buyers plan to renovate the indoor aquatic area, fitness center, business …

Gorjian Acquisitions Purchases 16,000 SF Shopping Center in Toledo, Ohio

TOLEDO, OHIO — Joel J. Gorjian, principal of Gorjian Acquisitions, has completed the purchase of the Airport Plaza shopping center in Toledo for an undisclosed price. The 16,000-square-foot center is located on a 2.1-acre site along Airport Highway. Tenants include a nail salon and a laundry mat. The seller was a private investor. Gorjian has acquired 24 properties across the country in the last

Brickman, GreenOak Purchase Historic Office Building in Seattle’s CBD for $67.5M

SEATTLE — A joint venture between Brickman and GreenOak has acquired Central Building, an eight-story historic office property located at 810 Third Ave. in Seattle's central business district. KBS Strategic Opportunity REIT sold the property for $67.5 million. Originally built in 1907, the 192,176-square-foot building was 81 percent leased at the time of sale. Dave Otis, Michael Leggett, Logan Greer and Kevin Freels of HFF represented the seller and procured the buyer in the deal. …

HFF Brokers $68.8M Sale of Retail Portfolio in Miami Beach

MIAMI BEACH, FLA. — HFF has arranged the sale of a seven-property retail portfolio located in Miami Beach’s Sunset Harbour neighborhood. Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF arranged the transaction on behalf of the seller, Scott Robins Cos. Charlotte-based Asana Partners acquired the assets for $68.8 million, according to the Miami Herald. The portfolio includes single- and multi-tenant properties located at 1900, 1916 and 1930 Bay Road; 1787, 1929 and 1919 Purdy …

Marcus & Millichap Negotiates $45M Sale of Office Portfolio in Rochester

ROCHESTER, N.Y. — Marcus & Millichap has brokered the $45 million sale of a two-property office portfolio in Rochester. The office properties are Corporate Crossing, a five-building, 212,839-square-foot office complex completed in 2002; and Canal View, a three-building, 118,375-square-foot office complex completed in 2003. The two properties are less than eight miles apart. Marcus & Millichap represented the seller, a private Rochester partnership, in the transaction. The buyer was a …

Avison Young Brokers $18.5M Sale of Office Building in Broward County

PLANTATION, FLA. — Avison Young has arranged the $18.5 million sale of Southpointe, a 79,719-square-foot office building located at 7901 S.W. 6th Court in Plantation. The sales price equates to $232 per square foot. TA Realty sold the asset, according to local media reports. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller. The Green Cos. acquired the asset, which was 98 percent leased at the time of …

Levin Johnston Arranges $25M Sale of Two Self-Storage Facilities in Silicon Valley

LOS GATOS, CALIF — Levin Johnston of Marcus & Millichap has arranged the sale of two institutional-quality self-storage facilities located at 688 University Ave. and 17443 Farley Road West in Los Gatos within California's Silicon Valley. A private high-net-worth family acquired the assets for $25 million. Constructed in 1999 and 2005, the Stor' It Los Gatos facilities feature a total of 785 self-storage units, ranging from 25 square feet to 300 square feet, and in a mix of …

Marcus & Millichap Brokers $6.2M Sale of Hanover Shopping Plaza in Massachusetts

HANOVER, MASS. — Marcus & Millichap has brokered the $6.2 million sale of the Hanover Shopping Plaza in Hanover. The 26,307-square-foot retail center is located at 1422 Washington St. and anchored by Town Fair Tire, Papa Gino's, D'Angelo and Pearle Vision. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. The buyer has plans to renovate the property, which …

Kidder Mathews Arranges Sale of Four-Building Retail Property in California’s Central Valley

VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital purchased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 percent occupied by a variety of tenants, including Starbucks Coffee, T-Mobile and Papa Murphy's Pizza. Peter Beauchamp, Darren Tappen and Jenette Bennett of Kidder Mathews represented the seller, a New …

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