STERLING HEIGHTS, MICH. — L. Mason Capitani CORFAC International has arranged a 26,128-square-foot industrial lease for Superior Cam, a sheet metal manufacturer, in Sterling Heights. The facility is located at 35120 Stanley Drive. Superior Cam is based in Madison Heights, Mich., and operates out of 200,000 square feet collectively. Jason Capitani of L. Mason Capitani CORFAC International represented the landlord on the multi-year lease transaction.
CHICAGO — Berkadia has brokered a $15.3 million loan for the refinancing of Sheridan Plaza Apartments, a 140-unit multifamily property located in Chicago’s Uptown neighborhood. The completely renovated apartment project was built in 1920 and is located at 4607 N. Sheridan Road. The five-year loan, which was secured through Fannie Mae, features a 3.25 percent fixed interest rate. Aaron Abelson of Berkadia secured the loan. The borrower was Horizon Group XXI LLC.
GRAND RAPIDS, MICH. — The Woda Group has broken ground on Grand View Place, a 68-unit apartment building in Grand Rapids. The groundbreaking ceremony took place on Thursday, Nov. 3. Grand View Place will be the first major residential development in the existing commercial and industrial sector of the Grand River between the 6th Street Bridge and Leonard Avenue. The primary source of funding for the project was tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Stan Wisinski of NAI Wisinski West Michigan represented The Woda Group in the purchase of land at the former Ryder Truck terminal at 936 Front St.
CHARLOTTE, N.C. — Boston-based AEW Capital Management has purchased Carnegie VII and Carnegie Ten, two office buildings located at 5955 and 5605 Carnegie Blvd. in Charlotte’s Southpark office submarket, for $40.2 million. Patrick Gildea, Will Yowell and Jay O’Meara of CBRE represented the sellers, Carnegie Ten LLC, owned by Community Investments Foundation, a supporting organization of Foundation For The Carolinas; and Carnegie VII LLC, in the transaction. The sellers are subsidiaries of Bissell Cos., which developed and managed Carnegie VII and Carnegie Ten. The office properties’ anchor tenants include Citizens Bank, Enpro Industries and Humana Insurance.
LAWRENCEVILLE, GA. — Emma Capital Investments Inc. has purchased 3400 Club Apartments, a 300-unit, garden-style apartment community located at 3400 Club Lake Parkway in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. Emma Capital acquired the asset for $25.7 million. Built in 1984, 3400 Club features six different floor plans averaging 1,140 square feet. Community amenities include a swimming pool and tennis court. Emma Capital plans to renovate the interiors of a majority of the units, as well as expand tenant amenities with features such as outdoor fitness equipment and enhancements to the clubhouse. This is Emma Capital’s 19th purchase in the United States and brings Emma Capital’s total acquisitions to date to more than $300 million and over 4,500 apartment units.
DURHAM, N.C. — Gemini Rosemont LLC, a Santa Fe, N.M.-based office real estate investment firm, has purchased SouthCourt, a six-story office building in Durham. The sales price was undisclosed, but the Triangle Business Journal reports that Gemini Rosemont acquired the 131,976-square-foot building for $17.5 million. Torchlight Investors sold the property, which is anchored by Blue Cross Blue Shield of North Carolina’s headquarters. SouthCourt features ground-floor retail space, a fitness center and a salon, and the property is within walking distance of The Fresh Market, Starbucks Coffee, Super Target and Mi Peru. Scot Humphrey and Ryan Clutter of HFF brokered the transaction. Trinity Partners, under the direction of Gemini Rosemont’s Tine Renee McCall, will handle leasing responsibilities and property management services at SouthCourt.
ARLINGTON, TENN. — The Memphis office of Financial Federal Bank has arranged a $16.1 million permanent loan for Hall Creek Apartments, a newly built garden-style multifamily community in Arlington, a suburb of Memphis. Constructed in 2015 and 2016 by the Memphis-based borrower, Hall Creek features 164 units with community amenities including a parking garage, resort-style swimming pool, pool deck with private cabanas, grilling area and a fitness center. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 20-year loan with a fixed 3.87 percent interest rate and a 30-year amortization schedule through an unnamed national life insurance company.
WESTON, FLA. — Cushman & Wakefield has arranged the sale of Weston Commerce Park, a 134,400-square-foot warehouse and distribution building located at 1951 N. Commerce Parkway in Weston. The sales price was undisclosed, but Broward County records show the asset sold for $14.3 million. Mike Davis, Rick Brugge, Michael Lerner and Christopher Metzger of Cushman & Wakefield represented the seller, Founders Properties, in the transaction. The buyer was EastGroup Properties. Situated on an eight-acre parcel, the rear-load Weston Commerce Park features 30-foot clear heights, an ESFR sprinkler system, T5 lighting, 40- by 40-foot column spacing and a 118-foot truck court.
GREENFIELD, WIS. — Cobalt Partners LLC, a commercial real estate development firm based in Milwaukee, has begun construction on 84South, a 48-acre, $160 million mixed-use development in Greenfield, approximately 10 miles southwest of Milwaukee. Designed by Milwaukee-based Rinka Chung Architecture, 84South will feature 375,000 square feet of retail and restaurant space, a full-service health club, office space and 360 apartment residences. The development is situated along I-894 at the interchange of 84th Street and Forest Home Avenue, less than a mile from Southridge Mall, the largest enclosed regional mall in the state. Cobalt Partners has selected Mid-America Real Estate-Wisconsin as leasing agents for 84South, and the firm has already signed a slate of retailers to open in Phase I, which is scheduled for a summer 2017 completion. “84South is going to expand the Southridge regional trade area and provide retailers an opportunity to locate stores within a submarket that has proven challenging to land within,” says Scott Satula, vice president of Mid-America. “We’re excited to be a part of the 84South development team and are pleased to bring quality shopping and dining options to Greenfield and the neighboring communities.” The retailers opening in Phase I of 84South include Fresh Thyme …
WEST PALM BEACH, FLA. — Concord Hospitality Enterprises Co. plans to open a new hotel under the Marriott Autograph Collection brand at the former City Hall site in West Palm Beach. The 200-room hotel will anchor the $135 million redevelopment of the three-acre site. Navarro Lowrey Properties is the master developer of the redevelopment, which will include 27,000 square feet of retail space, up to 7,000 square feet of restaurant and outdoor dining space, 255 multifamily residences and a public park. The new hotel will overlook the Intracoastal Waterway and Palm Beach and offer views of the Atlantic Ocean. Concord Hospitality plans to break ground on the hotel in 2017.
