TUCSON, ARIZ. — BBAM LLC has purchased Eucalyptus Apartments, a multifamily complex located at 3055 N. Tyndall Ave. in Tucson, from 3055 North Tyndall Avenue LLC for $1.9 million. The 15,620-square-foot apartment complex features 44 units. Allan Mendelsberg of Cushman & Wakefield | PICOR represented both parties in the deal.
WINDSOR, CONN. — MacKenzie Realty Capital, Inc. has acquired Addison Corporate Center, a 588,445-square-foot office campus in Windsor, a northern suburb of Hartford, for $38 million. MacKenzie already owned a portion of the 75-acre, Class A property, and this acquisition brings its ownership stake to 100 percent. Amenities include a full-service cafeteria, fitness center and 200-seat conference center. Located at 175 Addison Road, the property offers convenient access to Interstate 91 and is located near the Marriott Courtyard, Marriott Conference Center and Hilton Garden hotels. The seller was undisclosed.
BURLINGTON, VT. — Nedde Real Estate has begun work on a 96,000-square-foot office and multifamily redevelopment project in Burlington, approximately 40 miles northwest of Montpelier. Project costs are estimated to be roughly $20 million. The locally based developer will convert the People’s United Bank Building, located at 77 Pine St., into a property with 43,000 square feet of office and bank space and 50 apartments. People’s United Bank currently uses the office space as its headquarters. The apartments will offer loft, one- and two-bedroom floor plans. The project is slated for completion in summer 2021.
MARLBOROUGH, MASS. — RK Centers, an investment firm focused on retail properties in New England and South Florida, has acquired a 58,000-square-foot retail center in Marlborough, approximately 30 miles west of Boston. The sales price was $8.6 million. The property is located at the intersection of State Route 20 at 225-235 Boston Post Road, adjacent to RK’s Hannaford Supermarket-anchored RK Center. RK Centers will rebrand the asset as RK Center II. At the time of sale, tenants included Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway and Sullivan Tire. The seller was undisclosed.
NEW BRUNSWICK, N.J. — CBRE has brokered the $4.3 million sale of an 18,144-square-foot office building in New Brunswick, a southwestern suburb of New York City. Located at 104 Bayard St., the six-story property was fully leased by Soba College Recovery, Rutgers Nursing and the New Jersey Public Interest Group at the time of sale. Bayard Street Associates LLC developed the property in 2016. Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the transaction. The team also procured the undisclosed buyer.
KANNAPOLIS, N.C. — Prime Beverage Group will invest $68 million in a manufacturing facility in Kannapolis that will create 231 jobs. The 300,000-square-foot property will include warehouse space and will have the capability of packing 1,500 cans per minute. The property will be located at 1858 Kannapolis Parkway, 21 miles northeast of downtown Charlotte. Among the positions Prime Beverage will add in the Cabarrus County facility are technicians, sales, operations and managerial personnel with an average annual salary of $65,900. According to North Carolina Gov. Roy Cooper’s office, the current average annual wage in Cabarrus County is $38,892. Funding for the project is coming in part from the state’s Economic Investment Committee, which approved a 12-year Job Development Investment Grant. The grant authorizes the potential reimbursement of up to $2.4 million if the company meets its hiring goal. Prime Beverage is a beverage co-packing company that will contract with brand name beverage companies to mix and package their canned drinks. A timeline for construction was not disclosed.
NASHVILLE, TENN. — A joint venture between BentallGreenOak, Flank Management LP and Geolo Capital has acquired Hutton Hotel, a 250-room hotel in Midtown Nashville. The sales price was not disclosed, though the joint venture said it bought the asset in an all-cash deal. Hutton Hotel was delivered in 2009 and draws inspiration from its proximity to Music Row, with two writers’ and recording studios within the hotel. The hotel also offers three dining concepts: a coffee shop, all-day restaurant and a 5,000-square-foot entertainment venue that hosts live music events. Additional amenities include a Tesla Model S for guest transportation, fitness center, a spa and in-room record players. The seller was not disclosed, but Carey Watermark Investors (now known as Watermark Lodging Trust) purchased the asset in 2013 and listed it on the company’s year-end 2019 portfolio snapshot. Earlier this week, the Nashville Business Journal reported that 137 employees at Hutton Hotel were permanently laid off due to the COVID-19 pandemic.
NEW YORK CITY — Hunt Real Estate Capital has provided three Fannie Mae refinancing loans totaling $45.5 million for three multifamily communities comprising 620 units in Alabama and Georgia. The properties are Tapestry on Vaughn in Montgomery and Trilliam Luxury Apartment Homes in Clanton, Ala.; and Pavilion at Plantation Way in Macon, Ga. Chad Hagwood of New York City-based Hunt Real Estate originated the loan on behalf of the borrower, EBSCO Income Properties LLC. All three loans feature 12-year terms and fixed interest rates with four years of interest-only payments. Tapestry on Vaughn is a 252-unit garden-style community that was built in 1994. The community offers one- through three-bedroom floor plans. Communal amenities include a picnic area, fitness center, pool and a playground. Trilliam Luxury Apartments is a 128-unit affordable housing community that was built in 2002. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, resident lounge, storage space, fitness center, pool and a playground. Pavilion at Plantation Way is a 240-unit property that was built in 2009. The community offers one- through three-bedroom floor plans. Communal amenities include a pool, media center, movie theater, fitness center and a business center.
BOCA RATON, FLA. — Berkadia has arranged a $6.9 million acquisition loan for a 52-unit apartment portfolio in Boca Raton. An undisclosed bridge lender provided the fixed-rate, three-year loan on behalf of the borrower, Rental Asset Management (RAM). The properties were unoccupied at the time of sale. Mitch Sinberg and Matthew Robbins of Berkadia represented the borrower in the transaction. The first property, Villas at Camino, comprises five two-story building totaling 28 units. The property is located at 329 W. Camino Real. Built between 1958 and 1968, the asset offers amenities such as a pool, cabana and two laundry facilities. The other property, dubbed the Southwest 14th and 15th Street portfolio, offers two- and three-bedroom floor plans. The collection of apartments were built between 1966 and 1974 and range from 1,180 and 2,250 square feet.
PHENIX CITY, ALA. — Marcus & Millichap has negotiated the $3.4 million sale of a 21,000-square-foot, Aldi-occupied property in Phenix City. The seller, Halpern Enterprises Inc., delivered the asset earlier this year. The store is located at 3670 Marketplace Drive, six miles northwest of downtown Columbus, Ga. Aldi is occupying the space on a 20-year triple-net lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction. Martina Crevecoeur of International Capital Acquisitions represented the buyer, H.H. US Real Estate Phenix City LLC.