DARIEN, CONN. — Avison Young has closed the sale of a mixed-use residential and retail property located at 13 Grove St. in Darien. Day Street Development LLC sold the property to Blackshaw Chriscott LLC for $4.9 million. The 5,726-square-foot property features two ground-level retail spaces, occupied by Le Boudoir and Darien Butcher Shop, and three apartment units. Alison Luisi and Ted Stratigos of Avison Young arranged the deal.
PITTSBURGH — HREC Investment Advisors has brokered the sale of La Quinta Inn & Suites Pittsburgh North McKnight, located at 4859 McKnight Road in Pittsburgh. Buffalo, N.Y.-based Hamister Group acquired the 145-room hotel for an undisclosed price. Ketan Patel and Ted Anka of HREC represented the seller in the transaction.
NEW ALBANY, IND. — General Mills has sold a 455,000-square-foot manufacturing plant in New Albany, just across the state border from Louisville, Ky., to a joint venture of New Mill Capital Holdings and Tiger Capital Group. The sales price was not disclosed. The new owners intend to auction the remaining equipment in early 2017, and remarket the real estate for manufacturing uses. Located at 707 Pillsbury Lane, the plant sits on approximately 34.5 acres. The building has numerous loading docks and access points and can be adapted for a single occupant or multiple tenants. Jeff Counsell of Global Food Properties represented General Mills in the transaction and will continue to represent the new owners.
OMAHA, NEB. — Cushman & Wakefield/The Lund Co. has negotiated the sale of West Grayhawk shopping center in Omaha for $20.8 million. The 100,000-square-foot center is located at 150th Street and West Maple Road. West Grayhawk is 100 percent leased to tenants including Fresh Thyme, Ulta, Gordmans Department Store, Shoe Carnival and Husker Hounds. Richard Secor Jr. of Cushman & Wakefield/The Lund Co. represented the buyer, Lumax Realty Corp. and Tomlin Development Corp. Bob Begley of Lockwood Development represented the seller, Royce Grayhawk LLC.
MARYLAND HEIGHTS, MO. — Midas Hospitality will manage the new $16 million Staybridge Suites hotel located at 25 Progress Parkway in Maryland Heights, a suburb of St. Louis. The 122-room hotel features one- and two-bedroom suites. MC Hotel Construction, a sister company of Midas Hospitality, built the hotel.
GRAND RAPIDS, MICH. — Pillar has originated an $8.2 million Fannnie Mae loan for the refinancing of The Heritage Collection, a portfolio of eight multifamily properties in the historic district of Grand Rapids. The 10-year, fixed-rate loan includes a 30-year amortization schedule. The collection includes 131 units, ranging from studios to three-bedroom apartments, and is fully leased. Many of the properties are 19th- and 20th- century mansions that have been converted into apartments. David Wilkins of Pillar originated the loan for Maplegrove Property Management.
CINCINNATI — BestDrive, a commercial tire dealer and retreader, has opened an 18,500-square-foot retail location in Cincinnati in the Cincinnati Enquirer building. Located at 10801 Millington Ct., the building is off I-75 near the I-275 interchange. BestDrive’s new shop and service center will continue to increase expansion of the Continental tire and ContiLifeCycle (CLC) retread service network throughout the Midwest and the United States. Robert Bunton of CBRE represented BestDrive in the transaction.
AUSTIN, TEXAS — American Campus Communities Inc. (ACC) has sold 19 student housing assets totaling more than 12,000 beds to a partnership between Saban Real Estate and Campus Advantage for $508 million. The transaction included a $197.3 million prepayment of secured mortgage debt. “With the sale of these non-core assets, which were all previously acquired as part of larger portfolio acquisitions, we have transformed our portfolio into one consisting almost entirely of core assets,” says Bill Bayless, ACC’s CEO. “Our overall proximity to campus improves to a median distance to campus of only one-tenth of a mile, and our portfolio now contains only two remaining assets located more than one mile from campus.” The 12,083-bed portfolio includes: Abbott Place, a 654-bed community located near Michigan State University in East Lansing. Burbank Commons, a 532-bed community located near Louisiana State University in Baton Rouge. The Cottages of Baton Rouge, a 1,290-bed community located near Louisiana State University. U Club Cottages, a 308-bed community located near Louisiana State University. University Crescent, a 612-bed community located near Louisiana State University. Campus Corner, a 796-bed community located near Indiana University in Bloomington. Campus Way, a 680-bed community …
SANTA MONICA. CALIF. — Mesa West Capital has provided a $283.3 million loan for the acquisition and renovation of the Lantana Media Campus, a 478,713-square-foot office complex in Santa Monica. The campus contains four Class A office buildings on a 12-acre site on Olympic and Exposition boulevards in Santa Monica’s Media District. It is leased to a variety of entertainment and media companies. A joint venture between Brightstone Capital Partners and Artisan Realty Advisors owns the campus. The seven-year, floating rate, non-recourse financing was originated out of the private lender’s open-ended Mesa West Core Lending Fund. Steve Fried and Jason Bressler led the origination for Mesa West.
AURORA, COLO. — KeyBank Real Estate Capital has arranged $55.3 million in acquisition financing to the 467-unit Highline Village Apartment Homes in Aurora. The community is located at 490 S. Joplin St. It was built in 1984. Tim DeWispelaere arranged the financing.
