Property Type

SUWANEE, GA. — Terwilliger Pappas has begun construction on Solis Town Center, a 240-unit apartment development situated adjacent to Suwanee Town Center in the Atlanta suburb of Suwanee in Gwinnett County. Set on six acres, the property will also feature 12,000 square feet of retail space. Terwilliger Pappas partnered with Carlyle Realty Partners and Cadence Bank on the development. The nearby Suwanee Town Center features a 10-acre, urban-style park, 100,000 square feet of retail space and 87,000 square feet of office space.

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GAINESVILLE, FLA. — The Preiss Company has acquired Cabana Beach Gainesville, a 1,488-bed student housing community located near the University of Florida in Gainesville. The property offers fully furnished units with bed-to-bath parity. Community amenities include a swimming pool, sand volleyball court, computer lab and study rooms. The new ownership, which also recently purchased the Cabana Beach San Marcos student housing community near Texas State University, intends to begin renovations on both properties’ units and common areas. The terms of the transaction and the seller were undisclosed.

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WARMINSTER, PA. — J.G. Petrucci Co. has developed Jacksonville Station, a 151-unit apartment community located at 375 Jacksonville Road in Warminster. The property features 74 one-bedroom and 77 two-bedroom apartment units with modern amenities, including stainless steel kitchen appliances, quartz countertops and full-size washer/dryers in each unit. Situated on 10 acres, the community features on-site surface parking, a fitness center, a swimming pool and a clubhouse. Minno & Wasko designed the property.

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SCHERERVILLE, IND. — Clarendale of Schererville has opened in Schererville, about 38 miles south of Chicago. The 177-unit seniors housing community is located at 7770 Burr St. The $40 million development is the third Clarendale property from developer-builder Ryan Cos. Situated on nine acres, the three-story community is comprised of 85 independent living residences, 38 assisted living residences and 54 memory care residences. The residences range from 300 square feet to 1,300 square feet. Amenities include a movie theater, crafts room, bistro, pub and billiards room, library, multipurpose room and fitness center. Des Moines, Iowa-based Life Care Services will manage the community.

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MORRISTOWN, N.J. — G.S. Wilcox & Co. has arranged a $19 million loan for 1776 On the Green, an office building located at 67 Park Place in Morristown. The 10-story building features 145,358 square feet of rentable Class A office space and 1,136 square feet of storage space. At the time of financing, the property was 79 percent leased. The loan, which was provided by Mutual of Omaha, features a 10-year term. Gretchen Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox secured the loan for the undisclosed borrower.

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ANN ARBOR AND TROY, MICH. — Colliers International has arranged the sale of two office properties in Ann Arbor and Troy for a combined $33 million. Allegiance Realty sold 901 Tower Drive in Troy to a group of local investors, including Neil Doshi and Peter Burton. The property is a 124,911-square-foot Class B office building. Shamie Development Co. and Pomeroy Investments sold 5210 and 5220 S. State St. in Ann Arbor to members of the Eyde family based in Lansing. Totaling 120,720 square feet, the office property is 100 percent leased to three tenants. Barry Swatsenbarg of Colliers brokered the transactions.

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BUFFALO GROVE, ILL. — The Missner Group has acquired a 121,000-square-foot industrial property in Buffalo Grove. The purchase price was not disclosed. The property is located at 900-950 Busch Parkway within the Corporate Grove Business Park. Originally built in 1985 as a 50,000-square-foot corporate headquarters property, 900-950 Busch Parkway is situated on 8.8 acres and was expanded by 71,000 square feet in 1999. Today, the building is primarily occupied by two tenants, Rockin’ Jump Indoor Trampoline Park and The Pillow Factory. A 6,000-square-foot executive office suites area, located on the second floor of the building, is fully leased to three office tenants. The property features 26-foot clear heights, five truck docks and two drive-in doors. Barry Missner and Ed Adler of The Missner Group led the acquisition on behalf of the company. Brett Kroner of Cushman & Wakefield represented the seller. Developed by Van Vlissingen and Co., Corporate Grove Business Park is a 200-acre business park consisting of over three million square feet of office and industrial space.

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Fairview-Industrial-Park-Lewisberry-PA

LEWISBERRY, PA. — Cushman & Wakefield has brokered the sale of Fairview Industrial Park, a six-building industrial park located in Lewisberry. Richmond, Va.-based Allegiancy sold the 270,168-square-foot park to Louisville, Colo.-based Real Capital Partners for $11.7 million. The buildings are located at 509, 515 and 540 Industrial Drive and 621, 629 and 631 Distribution Plaza. Gerry Blinebury, Robert Yoshimura, Joseph Hill Jr. and Pat McBride of Cushman & Wakefield represented the seller in the deal.

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FENTON, MO. — Hilliker Corp. has brokered the sale of a 32,500-square-foot industrial building in Fenton, a suburb of St. Louis, for $1.7 million. The property is located at 255-273 Wolfner Drive near I-44. The multi-tenant building was 80 percent occupied at the time of sale. Scott Martin of Hilliker represented the seller, Future 44 Co. LLC, while The Johnson Group represented the buyer, E. B. Holdings LLC.

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FORKED RIVER, N.J. — Walters Group has completed the first phase of Cornerstone at Lacey, a 118-unit income-restricted housing development located in Forked River. Designed to achieve LEED and Energy Star status, the first phase of the development comprises 70 units in nine buildings. Construction is underway for the second phase, which will add 48 units in six buildings. Units range from one- to three-bedrooms and 835 square feet to 1,247 square feet. Community amenities will include a clubhouse with computer workstations and a fitness center, as well as a children’s tot lot, barbecue and picnic areas, and a half-court basketball court.

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