MOUNT LAUREL, N.J. — New York City-based Prestige Properties has acquired Centerton Square, a shopping center located at 2 Centerton Road in Mount Laurel. Black Creek Diversified Property Fund sold the property for $130 million. Wegmans anchors the 426,436-square-foot regional shopping destination. At the time of sale, the property was fully leased to more than 40 tenants, including DSW Shoes, TJ Maxx, Bed Bath & Beyond and Burlington, which is slated to open soon.
KING OF PRUSSIA, PA. — Liberty Property Trust has completed the disposition of an office building located at 2301 Renaissance Blvd. in King of Prussia, a suburb of Philadelphia. M&H Properties acquired the property for $47 million. Situated on 15.5 acres within the 200-acre Renaissance Park corporate campus, the property is the home to Vertex Inc.’s corporate headquarters and features 957 parking spaces, a conference center, first-floor locker rooms with showers, multiple break-out hubs per floor and a café. Brett Segal and Doug Rodio of HFF represented the seller in the transaction.
CHADDS FORD, PA. — Cushman & Wakefield Senior Housing Capital Markets has raised equity and arranged $20.5 million in financing for the construction of The Residence at Chadds Ford, an 84-unit independent living, assisted living and memory care community in the Philadelphia suburb of Chadds Ford. The borrower is LCB Senior Living, which is building the community. It will be the company’s 15th seniors housing property, and its first in the Philadelphia metro. The community is located along the Delaware border, 11 miles north of Wilmington. The community will consist of a three-story building on a 2.3-acre site. It will offer 64 independent living and assisted living apartments, as well as 20 memory care beds. The project is slated for completion in the second quarter of 2019. Webster Bank is providing $20.5 million of non-recourse construction financing at 65 percent loan-to-cost for the joint venture between LCB and its institutional partner. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue.
PITTSBURGH — KeyBank Commercial Development Lending & Investment has provided $16.6 million in total financing for Allegheny Dwellings Phase I, a new affordable housing project in Pittsburgh’s Fineview neighborhood. The first of three phases, Allegheny Dwellings Phase I involves replacing existing public housing with 65 new mixed-income units. TREK Development Group, in partnership with the Housing Authority of City of Pittsburgh, is developing the project. The first phase will feature 47 affordable and 18 market-rate townhome, walk-up and apartment-style units. Kyle Kolesar of KeyBank arranged the financing. City Real Estate Advisors, Allies and Ross Management, Housing Authority City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh contributed 4 percent Low-Income Housing Tax Credits, tax-exempt bonds and other gap financing.
PHILADELPHIA — Boynton Beach, Fla.-based Trez Forman Capital Group has arranged a $6.7 million loan for the development of a mixed-use project located in Philadelphia. The borrower, Gagandeep Lakhama of 1413 Germantown LLC, plans to develop a six-story, 50-unit apartment building with 5,500 square feet of ground-floor commercial space on a 14,625-square-foot site at 1413 Germantown Ave. Ryan Howard of Trez Forman originated the loan. This is the first time Trez Forman has done business in the state of Pennsylvania.
ALPHARETTA, GA. — Developers of the Hotel at Avalon and Alpharetta Conference Center celebrated the grand opening on Tuesday, Jan. 16, marking the final phase of Avalon, the 2.4 million-square-foot mixed-use development in the northern Atlanta suburb of Alpharetta. The $112 million hotel and conference center were developed in a public-private partnership between Stormont Hospitality Group, Long Wharf Capital, North American Properties (NAP) and the City of Alpharetta. The 330-room hotel features a 24-hour fitness center, access to Club Avalon Concierge and proximity to the variety of shops, dining and entertainment venues offered within Avalon. The hotel’s food and beverage options, Fifth Group restaurant’s South City Kitchen Avalon and Starbucks Coffee, will open this month on the ground floor. The Hotel at Avalon and 65,000-square-foot Alpharetta Conference Center offer 44,000 square feet of adaptable event space, including a second-story pool terrace overlooking Avalon Boulevard. In addition, the development includes two ballrooms, an executive boardroom and smaller meeting rooms. Atlanta-based architect Cooper Carry led the design of the hotel, and Chicago-based Perkins + Will designed the hotel and conference center interiors. The Johnson Studio at Cooper Carry designed South City Kitchen Avalon, and Brasfield & Gorrie was the project’s general contractor.
VIRGINIA BEACH, VA. — Bcause LLC, a privately held company that is building the world’s first full-stack cryptocurrency ecosystem, will expand its operations and move its corporate headquarters to 5465 Greenwich Road in Virginia Beach. The company will invest $64.8 million and will occupy 84,000 square feet of the former Hoffman Beverage building. Cryptocurrency is a digital asset that uses cryptography to secure transactions, control the creation of additional units and verify the transfer of assets. This type of currency, including bitcoin, is available only in digital form. The U.S. Treasury classified bitcoin as a legal, convertible, decentralized virtual currency in 2013. Bcause plans to create 100 new full-time jobs with the expansion. The new building has an additional 21,000 square feet of space available for future expansion.
LOUISVILLE, KY. — KeyBank Real Estate Capital has closed a $40.5 million Freddie Mac loan for the acquisition of LC Idlewild Phase II, a 286-unit apartment community in Louisville. Tim Migchelbrink of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. LC Idlewild was constructed in 2017 and includes 15, three-story apartment buildings. Community amenities include a fitness center, resort-style pool, sand volleyball courts, attached garages and an on-site restaurant.
PRATTVILLE, ALA. — Passco Cos. has acquired ARIUM HomePlace, a 240-unit apartment community located at 790 Old Quarters Road in Prattville, roughly 15 miles northwest of Montgomery. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Jimmy Adams of Cushman & Wakefield arranged the sale on behalf of the seller, a private investor. Other terms of the deal were not disclosed. The property, constructed in 2014, will be renamed The Meadows at HomePlace. Individual units feature direct access garages, hardwood flooring, stainless steel appliances, tile backsplashes and built-in desks. Community amenities include a pool with a sundeck, outdoor grilling cabana, clubhouse, game room, dog park, car care center and a playground.
NAPLES, FLA. — Investment Properties Corp. has arranged the $14 million sale of a retail building located at 990 1st Ave. N. in Naples. Hoffman Commercial Real Estate acquired the 11,560-square-foot building from NRE Design Park LLC. David Stevens of Investment Properties Corp. arranged the transaction.
