BANGOR, MAINE — Cardente Real Estate has arranged the sale of a mixed-use property and adjacent parking garage located at 105 Main St. in Bangor. Brick & Mortar Holding Group sold the asset to an undisclosed buyer for $1.9 million. The property features a total of 25 retail and apartment units. Mike Cobb of Cardente Real Estate represented the seller and buyer in the deal.
GLENARDEN, MD. — Pennrose Properties LLC has broken ground on Glenarden I, the first phase of a master-planned redevelopment of the former Glenarden Apartments in Glenarden, roughly 12 miles east of Washington, D.C. The redevelopment of the 27-acre site will be conducted in four phases. The project is a public-private partnership between Pennrose, the Redevelopment Authority of Prince George’s County, B&W Solutions Inc. and SHABACH! Ministries Inc. Designed by Marks Thomas Architects and Arel Architects and constructed by Harkins Builders, the first phase of Glenarden will include 114 affordable and market-rate apartment homes for families and seniors, a blend of townhouse-style buildings with two- and three-bedroom floor plans and a four-story senior apartment building with a community kitchen, outdoor patio, coffee bar, café, library and a fitness room. Glenarden I will also feature a clubhouse with an additional fitness center, locker rooms, a kitchenette and an outdoor patio and grill. Pennrose Management Co. will manage the community. The second phase of Glenarden will add 55 units of affordable seniors housing, affordable and market-rate apartments, two pools and additional open space. The remaining phases of the redevelopment will add more market-rate rental apartments and for-sale homes. The $34 million Phase I project …
LOUISVILLE, KY. — CBRE has arranged a 105,138-square-foot lease for Appriss, a provider of data and analytics solutions, at 9901 Linn Station Road in Louisville. David Hardy of CBRE represented Appriss in the transaction, and Marc Barlow of CBRE represented the landlord, Gearing Capital Partners. Appriss is set to occupy the new space in July 2018, moving from its current headquarters at 10401 Linn Station Road, where it leases approximately 90,000 square feet. The firm will also be moving its data center and IT operations from the Eastpoint development to the new location. Appriss will occupy five floors at the new space. In addition, building ownership will invest in renovations to the property, including an updated lobby and entrance, renovated restrooms on each of the Appris floors and a new fitness center, conference center and outdoor lounge. Swope Design Group is handling the renovation design.
SAVANNAH, GA. — McCraney Property Co. has acquired 22 acres in Savannah to develop a 345,600-square-foot, Class A industrial property. Dubbed 95 Logistics @ Pooler Parkway, the property is located near the intersection of Interstates 95 and 16, providing access to the Port of Savannah and Savannah Airport. The proposed development is a front-loaded building with 32-foot clear heights, approximately 48 dock high doors and 100 tractor-trailer parking spaces. The building’s design will also allow the option of subdividing the space for tenants ranging in size from 100,000 to 345,600 square feet. Steve Croy of Croy Group LLC represented McCraney Property Co. in the land purchase.
CARY, N.C. — HFF has arranged a $37.6 million acquisition loan for Brook Arbor, a 302-unit apartment community in Cary. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, floating-rate loan with five years of interest-only payments through Freddie Mac’s CME program on behalf of the borrower, Taurus Investment Holdings LLC. The property is located at 200 Brook Arbor Drive, roughly 10 miles south of Research Triangle Park. Brook Arbor features a fitness center with an on-site personal trainer, swimming pool with sundeck, grilling area, playground, tennis court, fishing pond, clubhouse, lounge and a business center. Constructed in 1999, the property was 96.4 percent occupied at the time of sale.
KINGSLAND, GA. AND BILOXI, MISS. — Aries Conlon Capital has arranged two loans totaling $13.6 million for the refinancing of two hotels in Georgia and Mississippi. Rushi Shah of Aries Conlon Capital arranged a $6.8 million loan for a Hampton Inn in Kingsland and a $6.8 million loan for a Quality Inn & Suites in Biloxi. Both loans were funded by CMBS investors and feature 10-year terms, fixed interest rates and 25-year amortization schedules. The 78-room Hampton Inn is located roughly 25 miles north of Florida’s Jacksonville International Airport. The 148-room Quality Inn & Suites is located adjacent to the Mississippi Coast Coliseum and Convention Center and roughly 10 miles from the Gulfport-Biloxi International Airport.
MINNEAPOLIS — IRET (NYSE: IRET) has entered into an agreement to sell its medical office portfolio for $417.5 million. The buyer was not disclosed. The properties, totaling approximately 1.3 million square feet, include the company’s entire healthcare portfolio, which consists of 28 healthcare properties and one other commercial property occupied by a healthcare tenant. The transaction, expected to close by the end of January, is one of several key deals nearing the completion of IRET’s strategic transformation, according to the company. IRET also sold 22 other non-core properties for an aggregate sale price of $98.8 million since July. This includes the company’s final two seniors housing properties, marking IRET’s full exit from that segment, as well as three industrial assets and one healthcare asset located in the Twin Cities.
BOURBONNAIS, ILL. — Nucor Corp. (NYSE: NUE) has acquired a 160-acre industrial land parcel in Bourbonnais, about 55 miles south of Chicago. The site is located at the corner of I-57 and 5000 North Road. Nucor’s planned expansion will allow the steel manufacturer to add a full-range merchant bar quality (MBQ) mill to its current bar steel mill operation. MBQ refers to a lower quality type of carbon steel. The $180 million project will take approximately two years to complete. Greg Leutloff and Jeff Bennett of McColly Bennett Commercial represented the seller, NRG, in the transaction.
ASHWAUBENON, WIS. — Walker & Dunlop Inc. has arranged a $15.5 million HUD loan for the construction of Manseau Flats in Ashwaubenon near Lambeau Field, home of the Green Bay Packers. The 78-unit multifamily development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, on-site storage and underground parking. The project is expected to qualify for the National Green Building Standard designation. The Riverfront/Broadway District surrounding the property has undergone a vast revitalization in conjunction with the Titletown District redevelopment immediately west of Lambeau Field, featuring several new restaurants, breweries, retail shops, hotels and entertainment options. Brandon Strong and Chris Rumul of Walker & Dunlop arranged the 40-year loan via the HUD 221(d)(4) program. Bedford Development is the project developer. Completion is slated for November 2018.
CHICAGO — GlenStar has acquired Bannockburn Lakes V in Chicago from Ameritus for an undisclosed price. The 103,471-square-foot office building is located at 2121 Waukegan Road. GlenStar now owns all the buildings in the Bannockburn Lakes office complex, acquiring the previous four in late 2015. GlenStar plans to update the common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots at the fifth building. In the past 24 months, GlenStar has invested more than $10 million in the complex, which was built in stages since the 1980s.
