CARY, N.C. — InvenTrust Properties Corp. has purchased Cary Park Town Center, a Harris Teeter-anchored shopping center in Cary, roughly 11 miles west of Raleigh, for $25 million. The seller was not disclosed. In addition to Harris Teeter, the 93,000 square-foot center is home to tenants including CVS/pharmacy, Dunkin’ Donuts, Subway, Great Clips and Mathnasium. Located at 10130 Green Level Church Road, Cary Park Town Center is roughly 10 miles south of Research Triangle Park.
CHICAGO — Bridge Development Partners LLC has sold four industrial buildings totaling 491,010 square feet in Chicago’s O’Hare market for $69 million. The properties include: 1701 Nicholas Blvd. in Elk Grove Village; 11600 Grand Ave. in Northlake; and 9555 and 9655 Soreng Ave. in Schiller Park. With buildings constructed between 2014 and 2017, the property was 78 percent leased at the time of sale. Tenants include Pilot Air Freight Corp., NNR Global Logistics USA Inc. and Fujitrans USA Inc. The buyer was an institutional investor. Bridge has also acquired a 48-acre land site located at 10601 Franklin Ave. in Franklin Park, Ill. Bridge purchased the property from Magellan Pipeline Co., a division of Magellan Midstream Partners, which is an oil pipeline, storage and transportation company. Currently, the site houses 14 storage tanks and multiple smaller buildings associated with the seller’s use of the site. Within the next few weeks, Bridge will begin demolition activities and other site remediation work on the 48-acre site. The development plans call for 656,189 square feet of industrial space spanning three buildings of 174,625 square feet, 277,762 square feet and 203,802 square feet, respectively. All three buildings will be delivered in the third quarter of 2018, and …
MINNETONKA, MINN. — A joint venture between LeCesse Development Corp., Morgan Management and UC Funds has broken ground on RiZE at Opus Park, a 322-unit apartment community in Minnetonka, a western suburb of Minneapolis. The $73 million project is a redevelopment of the Opus Business Park. The property will feature studio, one- and two-bedroom units. Plans call for construction of a six-story building and a 492-car parking garage. Amenities will include a clubhouse, fitness center, movie theater, resort-style pool and courtyards. US Bank provided construction financing. Humphreys & Partners Architects is the project architect, while Stonebridge Construction is the general contractor. Loucks Engineering is providing civil engineering services and Terracon is serving as environmental consultant. Completion is slated for winter 2018.
ST. PETERS, MO. — Developer GBT Realty Corp. is nearing completion of The Shoppes at Mid Rivers, a 270,000-square-foot shopping center in St. Peters, a suburb of St. Louis. The project is the largest retail development in the St. Louis metro area in nearly a decade, according to GBT. Burlington, Marshalls, HomeGoods and Aspen Dental are set to open at the property in September. Academy Sports + Outdoors and Famous Footwear will open in October. Ross, OshKosh B’gosh, Five Below and Nail Lounge will open in the first quarter of 2018. Approximately 30,000 square feet of space remain available for lease. Knoebel Construction Inc. served as general contractor.
MINNEAPOLIS — Deering Commercial Mortgage LLC has arranged a $16.5 million loan for the refinancing of a student housing property in Minneapolis. The 92-unit property, called 1301 University, is located near the University of Minnesota. The building features studio, one-, two-, three- and four-bedroom units. Amenities include a fitness center and underground parking. Len Deering of Deering Commercial Mortgage arranged the 10-year loan. Goldman Sachs provided the loan.
BLOOMINGTON, MINN. — Marcus & Millichap has brokered the sale of an 82,350-square-foot industrial building in Bloomington for $3 million. The property is located at 8301 Grand Avenue South. U.S. Venture, a distributor of energy, automotive and lubricants products, was the seller. As part of the sale, U.S. Venture executed a 10-year, triple-net lease and will remain in the building. U.S. Lubricants, a division of U.S. Venture, will continue to use the building as a bulk storage and distribution center. Other tenants include Nikolas Bakery and Companies to Classrooms, a non-profit organization that donates office supplies and furniture to local schools. Marc Paylor and Claire Roberts of Marcus & Millichap represented the seller in the transaction. Nick Leviton of Colliers International secured and represented the buyer, a limited liability company.
WEST ORANGE, N.J. — Sela Realty Investments has purchased Crest Ridge Apartments, a garden-style apartment community located at 200 Mt. Pleasant Ave. in West Orange. Rockledge Realty sold the property for $40.5 million. Built in 1964, the 16-building property features 178 one-, two- and three-bedroom units. On-site amenities include laundry facilities, parking, a swimming pool, a clubhouse and a sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller and procured the buyer in the deal.
HENRIETTA, N.Y. — University Student Living LLC has opened The Lodge, a student housing community located near the Rochester Institute of Technology in Henrietta, New York. The community offers 37 individual cottage homes and 37 townhouses along the Genesee River. The property features sidewalks; on-street parking; over 2.5 miles of walking trails; a 6,500-square-foot clubhouse; pool deck; study lounges; a business center; social areas with billiards, ping pong and media screens; outdoor grilling stations; a 24-hour fitness center with a yoga studio; athletic fields; and fire pits. All homes are fully furnished and leased by the bed. The property was 99-percent pre-leased, and opened one month ahead of schedule.
SOUTH DARTMOUTH, MASS. — Claremont Cos. has received $17.6 million in affordable housing financing from MassHousing for the refinancing of Solemar at South Dartmouth. The refinancing of the mixed-income seniors housing community preserves the affordability of the property’s 100 affordable units through 2034. Claremont Cos. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. Built in 1977, Solemar at South Dartmouth features 200 mixed-income rental units across 25 buildings. Fifty of the affordable units are rented to residents earning at or below 50 percent of the area median income (AMI), and 50 are rented to residents earning at or below 80 percent of AMI. The remaining 100 units are rented at market rate.
EGG HARBOR TOWNSHIP, N.J. — Wolfson Group has announced that Walmart Supercenter has opened as the anchor tenant at Oak Tree Plaza in Egg Harbor Township. The retailer occupies approximately 188,463 square feet at the shopping center. Adjacent to Walmart, approximately 35,200 square feet of retail space is under construction for Petco, Planet Fitness and KicksUSA. Smaller store space for Starbucks Coffee, Sally Beauty Supply, T-Mobile, Coco Nails and Chick-fil-A is in the construction phase. These tenants are slated to open in the first quarter of 2018.