SIMSBURY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mill Commons Apartments, an apartment complex located at 1 Millers Way in Simsbury. Beachwood Partners acquired the 88-unit property from Mills Commons LLC for $20.9 million, or $237,500 per unit. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and procured the buyer in the deal.
OPELIKA, ALA. — HDA Architects has announced that the construction of a 72,000-square-distribution center for Adams Beverages Inc. in Opelika is now complete. The building design utilizes brick, cast stone, tilt-up concrete and reclaimed wood. Adams Beverages is a full-service beer and non-alcoholic beverage distributor and a family-owned Anheuser-Busch wholesaler. HDA has designed over 150 beverage distribution centers nationwide with a team of six St. Louis-based companies: Gabriel Project Management, Murphy Co., Kasier Electric, Grimes Consulting, Color-Art and Alper Audi. McShane Construction Co. provided construction services for the project, which features a cold storage component.
MEDFORD, N.J. — Atkins Cos., in conjunction with Capital Solutions, has acquired Medford Medical Center, a medical office building located at 103 Old Marlton Pike in Medford. A condominium association sold the 46,400-square-foot property for $2.4 million. Prior to the sale, the facility was comprised of 20 condominium units owned by individual medical groups. As part of the transaction, the individual units converted back into a single ownership entity and the condominium association was dissolved. The buyer plans to renovate the exterior and interior of the property to create a new state-of-the-art medical facility. Larchmont Imaging and South Jersey Eye Physicians anchor the property. Evan Zweben of Colliers International was the sole broker in the transaction.
DULUTH, GA. — Miami-based IG3 Real Estate has purchased Sugarloaf Business Center, a 113,016-square-foot office complex in Duluth, for $13.5 million. The property is situated on 14 acres at 1845-1855 Satellite Blvd., roughly 30 miles north of Atlanta in Gwinnett County. Mariano Perez of Grandbridge Real Estate Capital arranged an $8.4 million acquisition loan through MidFirst Bank on behalf of IG3. Tony Swann and Craig Taylor of CBRE represented the seller, California-based Islandia Sugarwood LLC, in the sales transaction. The complex comprises two single-story office buildings constructed in 1999 and 2001. At the time of sale, Sugarloaf Business Center was 98 percent triple-net-leased to tenants including Credit Union Service Corp., Emory Clinic, Hire Dynamics, United HealthCare Services Inc. and USASF Servicing.
DUNWOODY, GA. — Marcus & Millichap has arranged the $8.6 million sale of a three-tenant retail property located near Perimeter Mall in the Atlanta suburb of Dunwoody. At the time of sale, the 10,350-square-foot property was leased to Corner Bakery Café and Sleep Number. Tim Giambrone of Marcus & Millichap represented the seller, an Atlanta-based limited liability company, and the buyer, a Santa Monica, Calif.-based private investor.
MONROE TOWNSHIP, N.J. — Sheldon Gross Realty has arranged the sale of a warehouse and office facility located at 10 Abeel Road in Monroe Township. NBR Equipment acquired the 45,000-square-foot property from Abeel Associates for an undisclosed price. The property, which features 24-foot ceiling heights, was 50 percent office space at the time of sale. The buyer plans to convert the building into a warehouse distribution facility. Jonathan Glick, Glenn Jaffe and Matthew Leonelli of Sheldon Gross Realty, along with Simone Realty, represented the buyer in the deal.
COLLEGE STATION, TEXAS — Southside Bank has provided a $36.8 million loan to Stratus Properties Inc. for the construction of Jones Crossing, a 258,000-square-foot mixed-use property in College Station. The project will be anchored by a 106,000-square-foot H-E-B store and will include 47,250 square feet of village-style retail space, eight pad sites, up to 600 multifamily units and a 120-room hotel. Stratus began construction on Jones Crossing’s first two phases this week. Loan terms were not disclosed.
CARROLLTON, TEXAS — ARA Newmark has arranged the sale of Keller Springs Crossing, a 304-unit apartment community located at 3221 Keller Springs Road in the Dallas metro of Carrollton. Built in 2015, the property consists of a mix of one-, two- and three-bedroom units and offers amenities such as a pool, fitness center and a dog park. The buyer, seller and brokers of record for the transaction were not disclosed.
HOUSTON — The J. Beard Real Estate Co. has brokered the sale of two office/warehouse properties totaling 119,675 square feet in Houston. The flex properties are situated on 16.7 acres at 12450 and 12452 Cutten Road. Jeff Beard of The J. Beard Co. represented the buyer, Downhole Technology, a provider of hydraulic fracturing plugs. Cape Bell and Allison Hall of Cushman & Wakefield represented the seller, Northwest Real Estate Holdings LLC.
DALLAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged $10.5 million in refinancing for La Hacienda Apartments, a multifamily community located at 1198 N. St. Augustine Drive in Dallas. Justin Laub of MCA arranged the 12-year Fannie Mae loan, which features a 30-year amortization schedule, on behalf of the undisclosed borrower. The loan proceeds will provide a cash-out of the borrower’s equity in the asset.
