DENVER — Scott Development Group has completed the sale of an industrial facility located on a 4.5-acre site at 10777 E. 45th Ave. in Denver’s Montebello submarket. 3939 Williams Building Corp. acquired the property for $6 million. The property features 57,000 square feet of manufacturing and distribution space. Nick Schill of Pinnacle Real Estate Advisors represented the seller in the transaction.
COLORADO SPRINGS, COLO. — Newmark Knight Frank (NKF) has arranged the acquisition of an office property located in Colorado Springs. GOG Properties LLC purchased the property from 1555 GOG LLC for $4.7 million. Located at 1555 Garden of the Gods Road, the property features 39,597 square feet of office space. Simon Penner of NKF represented the buyer, while NAI Highland represented the seller in the deal.
ST. PETERSBURG, FLA. — The Allen Morris Co., through an affiliate company named The Hermitage St. Pete LLC, has sold a 348-unit apartment community located at 151 7th St. South in downtown St. Petersburg. Toronto-based Brass Enterprises Inc. purchased the eight-story property, known as The Hermitage Apartment Homes, for $107.6 million. Walker & Dunlop represented The Allen Morris Co. in the transaction. Built in 2016, The Hermitage features a parking garage, rooftop terrace, sky lounge, resort-style swimming pool, fitness center, spa, package lockers, bike storage, business center, conference room, outdoor kitchen and fire pits, coffee bar and a pet grooming station. According to Apartments.com, monthly rental rates range from $1,565 for a studio apartment to $4,040 for a two-bedroom unit.
MIAMI — CIM Group has completed construction of CAOBA, a 43-story apartment tower located at 698 N.E. 1st Ave. in downtown Miami. The 444-unit building is the first tower to open at the $2 billion mixed-use Miami Worldcenter development. The City of Miami has approved an adjacent 40-story, 429-unit tower. CIM Group has received a Temporary Certificate of Occupancy for CAOBA, allowing residents to move into their apartments, which range from studios to three-bedroom units. Amenities include a resort-style pool deck with downtown and ocean views, fitness center and a clubroom with a chef’s kitchen, as well as pet-focused facilities including a dog-walking lawn and a dog-wash area. CAOBA also includes more than 15,000 square feet of ground-floor retail space for shops and restaurants that will connect to Miami Worldcenter’s retail promenade and plaza currently under construction. The property is situated one block from Miami Central, downtown’s new transportation hub, and Brightline’s high-speed rail Miami terminal.
ATLANTA — CBRE’s National Retail Partners has brokered the sale of Midtown Promenade, a 110,988-square-foot shopping center located at 931 Monroe Drive in Midtown Atlanta. Charlotte-based Asana Partners, which purchased Krog Street Market in Atlanta’s Inman Park neighborhood last year, bought the shopping center from an affiliate of Atlanta-based Ackerman & Co. for an undisclosed price. Chris Decoufle, Kevin Reavey and Kevin Hurley of CBRE represented the seller, Ackerman-Midtown Associates LLC. Anchored by Trader Joe’s, Midtown Promenade was 99 percent leased at the time of sale to tenants including Landmark Theaters Midtown Art Cinema, Starbucks Coffee, Richard’s Variety Store, MetroFresh, Apres Diem, The Highlander, The Independent and F.R.O.G.S. The shopping center sits on the edge of Piedmont Park along the Atlanta BeltLine’s Eastside Trail.
ATLANTA — Selig Enterprises has added two new food and beverage tenants at The Works, a $1 billion mixed-use development underway on 80 acres in Atlanta’s Upper Westside neighborhood. The Atlanta-based developer has announced a new food hall known as Chattahoochee Food Works. Headed by Robert Montwaid of Gansevoort Consulting, the new food hall will occupy 16,000 square feet of space within The Makers Building, which will front a quarter-mile linear park known as The Spur. The food hall will feature vendors, a test kitchen, artisanal market shops, space for events and tables that double as charging stations. Selig will also add a new 9,000-square-foot taproom and macrobrewery for Scofflaw Brewing Co., an Atlanta brewery founded in 2016 by Matt Shirah and Travis Herman. The new location will serve as Scofflaw’s main research and development facility and will feature a programmed outdoor area with games and gathering places. Situated off Chattahoochee Avenue, The Works will span 350,000 square feet of retail and entertainment, 500,000 square feet of office space, 500 residences, 200 hotel rooms and 13 acres of green space. The 27-acre Phase I is currently under construction and scheduled for openings in early 2020.
ALCOA, TENN. — SRS Real Estate Partners has arranged the sale of Hamilton Crossing, a 175,464-square-foot shopping center located in the Knoxville suburb of Alcoa. The property was 95 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Ross Dress for Less, Michaels, PetSmart, Old Navy, Shoe Carnival, Buffalo Wild Wings, AT&T and Five Guys. Kyle Stonis, Pierce Mayson and Steve Miskew of SRS represented the undisclosed seller in the transaction. The buyer and terms of the sale were also not disclosed.
NEW YORK CITY — KeyBank Community Development Lending and Investment (CDLI) has provided $24.5 million in financing for the acquisition and renovation of Highbridge Franklin and Twin Parks West, two New York City Housing Authority (NYCHA) properties in the Bronx. Together, the two properties total 647 units of permanent affordable housing. Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program. KeyBank provided the financing to borrower Gilbane Development Co. Terms of the financing were not disclosed.
SOUTH PLAINFIELD, N.J. — Cronheim Mortgage has secured an $11.5 million loan to refinance a four-building office portfolio within the Middlesex Business Center in South Plainfield. The fully leased portfolio totals 150,192 square feet. Cronheim secured the 10-year, fixed-rate loan on behalf of borrower National Realty and Development Corp. The lender was Farm Bureau Life Insurance Co. Middlesex Business Center is a 420,000-square-foot office and industrial complex in South Plainfield.
BETHLEHEM, PA. — Markward Group has brokered the sale of a 38,348-square-foot office building in Bethlehem. The sales price was undisclosed. Located at 90 Highland Ave., the property is currently occupied by tenants BB&T bank and Kafafian Group. Ann Kline of Markward Group represented the seller, BB&T Bank, in the transaction. BB&T will remain a tenant in the building. The buyer was 90 Highland LLC.
