FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 128,829-square-foot office building in Farmington Hills for an undisclosed price. Built in 2001, the Class A property is located at 37101 Corporate Drive. It is fully leased to Panasonic Automotive Systems. Mason L. Capitani represented the buyer, LREH Michigan LLC. The seller was undisclosed. Capitani’s affiliate company, Liberty Property & Asset Management, will manage the asset.
ELMHURST, ILL. — NAI Hiffman has brokered the $5.4 million sale of a 75,000-square-foot warehouse in Elmhurst, a western suburb of Chicago. The property is located at 776 N. Oaklawn Ave. and features a ceiling height of 18 feet along with 10,000 square feet of office space with conference rooms and a kitchenette area. Built in 1983, the building features two exterior docks, two drive-in doors and 100 car parking spaces. Joe Bronson, Josh Will and Aimee Goudas of NAI Hiffman represented the buyer, Elk Grove Village-based Haskris Co. Vickie Soupos of Colovos/Soupos Group at Re/Max Destiny represented the seller, Dorothy Stojka. Haskris is a manufacturer of refrigeration and heating equipment.
PEORIA, ILL. — PaPPo’s Pizzeria & Pub will open at Quincy Mall in Peoria this summer. The restaurant specializes in stone-hearth, oven-baked pizza and craft beer. Quincy Mall is the company’s first Illinois location, but it currently operates in Lake of the Ozarks, Columbia and Springfield, Missouri. PaPPo’s also serves calzones, sandwiches, salads, wings, breadsticks and its famous Pizookie, a brown butter chocolate chip cookie. PaPPo’s will occupy the current Que Town Bar-B-Que space. Que Town plans to relocate within the mall. Cullinan Properties Ltd. owns the property.
ANN ARBOR, MICH. — Beyond Juice Juicery + Eatery will open its 15th Southeast Michigan location at the new Uptown Ann Arbor project in Ann Arbor. Beztak Properties is the project developer. Beyond Juice will occupy 1,600 square feet. Billy Gershensen of the Gershenson Group represented Beyond Juice in the lease transaction. Michael Murphy, Vicki Gutowski and Larry Siedell of Gerdom Realty & Investment represented Beztak. Upon completion, Uptown will be home to 250 townhomes and luxury lofts as well as 17,220 square feet of ground-floor retail space.
VIRGINIA BEACH, VA. — Armada Hoffler has agreed to sell seven grocery-anchored retail properties in North Carolina, Virginia and Maryland for a combined $106.5 million. The assets comprise 630,780 square feet. The three Virginia centers include Bermuda Crossroads, a 122,566-square-foot, Food Lion-anchored property in Chester; Gainsborough Square, an 88,862-square-foot, Food Lion-anchored property in Chesapeake; and Indian Lakes Crossing, a 64,973-square-foot, Harris Teeter-anchored property in Virginia Beach. In North Carolina, the company will sell three Harris Teeter-anchored centers, including Alexander Pointe, a 64,724-square-foot property in Salisbury; Harper Hill Commons, a 64,973-square-foot asset in Winston-Salem; and Renaissance Square, an 80,467-square-foot property in Davidson. Armada Hoffler will also sell Stone House Square, a 112,274-square-foot, Weis Markets-anchored center in Hagerstown, Md. The institutional buyer was not disclosed. Virginia Beach-based Armada Hoffler expects the sale to close in the second quarter.
CHATTANOOGA, TENN. — Hamilton Zanze Properties has acquired Bluebird Row Apartments, a 283-unit multifamily community in Chattanooga. The sales price was not disclosed, but the Chattanooga Times Free Press reports the San Francisco-based buyer paid $63.2 million, or $223,145 per unit, for the complex. The local newspaper also reports the seller was the development firm that delivered the property in 2019, Birmingham, Ala.-based Choo Choo Residences LLC, a subsidiary of LIV Development LLC. The property comprises four buildings and offers studio, one-, two- and three-bedroom floor plans averaging 935 square feet. Communal amenities include a pool, rooftop lounge, 24-hour self-serve market, outdoor grilling stations, rock climbing wall, bocce ball court, pet spa and a yoga studio. Mission Rock Residential will manage the community.
HUNTSVILLE, ALA. — Walker & Dunlop has provided a $51.9 million construction loan to Spring Bay Property Co. and RCP Cos. for Eclipse at CityCentre, a planned five-story, 278-unit apartment complex in downtown Huntsville. Walker & Dunlop provided the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) construction program, which includes both construction and permanent financing in a single loan. The two-year term for the construction period is followed by a 40-year, fully amortizing, fixed-rate loan. The property is situated within an Opportunity Zone, meaning the developers are required to hold the asset for at least 10 years in order to not pay capital gains on the investment. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop originated the loan on behalf of the borrowers. Once complete, Eclipse at CityCentre will offer studio, one- and two-bedroom floor plans. The majority of the apartments will feature private balconies. Community amenities will include a heated pool, fitness center, pet walking and grooming area, grilling areas, outdoor fire pit and views of Big Spring Park. A timeline for construction was not disclosed. Eclipse at CityCentre will sit atop 18,000 square feet of restaurant and retail space and …
ORLANDO, FLA. — Boca Raton, Fla.-based Waramaug Hospitality has purchased Castle Hotel, part of Marriott’s Autograph Collection, in Orlando. The 214-room hotel offers seven meeting rooms totaling 8,400 square feet, gardens, an outdoor swimming pool with whirlpool spa tub, upscale dining, business center, fitness center and two rooftop terraces. The hotel is situated at 8629 International Drive, 11 miles south of downtown Orlando and four miles south of Universal Orlando Resort. Furthermore, Universal’s newest theme park, Epic Universe, currently scheduled to open in 2023, is located across the street from the hotel. Waramaug has retained Schulte Hospitality Group to manage the property. Further details of the transaction were not disclosed.
JACKSONVILLE, FLA. — CBRE has negotiated the $22.2 million sale of Ansley at Harts Road, a 225-unit multifamily complex in Jacksonville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a wellness center and pool. The asset, which was built in 1988, is situated at 11011 Harts Road, eight miles north of downtown Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the undisclosed seller in the transaction. Washington, D.C.-based Madison Marquette acquired the community.
HOUSTON AND ROUND ROCK, TEXAS — San Antonio-based investment firm Lynd Acquisitions Group has acquired three multifamily properties, one in Houston and two in the northern Austin suburb of Round Rock, for $150 million. Lynd acquired the Houston property, the 282-units Royal Oaks at Westchase, in partnership with Miami-based Florida Value Partners. The Round Rock properties, the 411-unit Enclave Frontera and 366-unit Lakeside at La Frontera, were both built in 2001 and feature one-, two- and three-bedroom floor plans. Lynd will invest $15 million in capital improvements to the two Round Rock communities and $5 million in upgrades to the Houston community. The seller was Sy Li, a private investor that acquired all three properties from the original developers within the last 20 years and made no upgrades during that period.
