TAMPA, FLA. — TIER REIT Inc., a Dallas-based REIT, has sold Eisenhower I, a 130,000-square-foot office building in Tampa’s Westshore district. An undisclosed buyer purchased the four-story property for $31.4 million. TIER REIT has been disposing assets in non-target markets, resulting in roughly $300 million in gross aggregate disposition proceeds this year. Recent transactions include the $52.5 million sale of Buena Vista Plaza in Burbank, Calif., as well as the $114 million sale of the majority interest in The Wanamaker Building and the $95 million sale of Three Parkway, both situated in Philadelphia’s Center City district. The sale of Eisenhower I includes an incentive to earn up to an additional $3 million for the buyer if certain criteria are met, according to TIER REIT.
WEST PALM BEACH, FLA. — Berkadia has arranged a $22.5 million bridge loan for the repositioning of the former Bank of America office building located at 625 N. Flagler Drive in West Palm Beach. The borrowers, led by FRI Investors, purchased the 110,000-square-foot, 10-story asset last year in an all-cash transaction with the intent to convert the property into a medical office building. Bank of America vacated its 40,000-square-foot lease at the property late last year. The building is currently 50 percent leased to tenants including Mount Sinai Hospital and Jupiter Medical Center. Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the three-year loan with an adjustable interest rate through PCCP LLP.
ST. LOUIS — CBRE has brokered the sale of The Tower at OPOP and The Lofts at OPOP in downtown St. Louis in the Old Post Office Plaza (OPOP). North American Properties and Urban Street Group sold the buildings to Strategic Properties of North America for an undisclosed price. The Tower consists of 128 units and is located at 411 N. 8th St. The Lofts consists of 53 units and is located at 911 Locust St. The buildings have occupancy rates of 96 and 94 percent, respectively. Matt Bukhshtaber of CBRE represented the seller in the transaction.
ARLINGTON, N.J. — Gebroe-Hammer Associates has arranged the $23.5 million sale of The Carriage Club, a 106-unit multifamily property located at 1 Hillside Dr. in Mt. Arlington. Gebroe-Hammer’s Adam Zweibel and Stephen Tragash secured the seller, Carriage Club Associates LLC, and procured the unnamed buyer, a private investment group, in the transaction. Built in 2003, Carriage Club is a Class A, 55-and-over apartment community offering one- and two-bedroom units, the latter of which offer a choice of one or two baths. Carriage Club was 98 percent occupied at the time of sale. The complex offers access to I-80, I-287 and the Garden State Parkway, and is within walking distance to NJ Transit service at Mount Arlington Station. Community amenities include a clubhouse with a heated indoor pool, billiards room, fitness center, golf putting green, outdoor sundecks and a grill and picnic area.
MOUNT PROSPECT, ILL. — Adelphia Properties has arranged the sale of a newly constructed retail property in Mount Prospect, a northwest suburb of Chicago, for $3.4 million. The 5,904-square-foot building is located at 100 W. Rand Road across from Randhurst Village. Potbelly Sandwich Shop and American Mattress occupy the building. A Chicago-based developer was the seller. Simeon Spirrison and George Spirrison of Adelphia Properties represented the buyer, a private real estate investor.
MILWAUKEE — Baceline Investments LLC has acquired two retail centers in the North Shore of Milwaukee for $2.8 million. Point Plaza is a 13,840-square-foot shopping center located at 8333 W. Appleton Ave. Baceline purchased the property from R&D Point Plaza LLC for $900,000. Glendale Square is a 17,880-square-foot center located at the corner of N. Green Bay Avenue and W. Green Tree Road. Baceline purchased Glendale Square for $1.9 million from Buckmann LLC. Both sellers are Wisconsin-based companies. Combined, the properties are currently 86 percent occupied. Baceline is based in Denver.
MIDDLEBURG HEIGHTS, OHIO — Sunsine Inc. has opened a new Home2 Suites by Hilton in Middleburg Heights near Cleveland. The hotel features 111 suites with fully equipped kitchens. Other features include a laundry and fitness area, daily breakfast, indoor pool and outdoor grill area. Located at 7355 Engle Road, the hotel offers convenient access to Cleveland Hopkins International Airport. Kaival Hospitality Management LLC manages the hotel owned by Sunsine.
HOLLAND, MICH. — Cherry Republic, a Michigan-based retailer of cherry food creations, will open a 2,745-square-foot store in Holland this month. The store is located at 29 W. 8th St., about 28 miles southwest of Grand Rapids. This is the sixth location for Cherry Republic in Michigan. The company operates other locations in Glen Arbor, Traverse City, Charlevoix, Ann Arbor and Frankenmuth. Todd Leinberger of NAI Wisinski of West Michigan assisted Cherry Republic in securing the Holland location.
WINDSOR, CONN. — CBRE/New England has negotiated the $5 million sale of the Griffin Office Park Portfolio, a five-building office complex located in Windsor. Investors Warranty of America LLC sold the property to Griffin Park Realty VV LLC, a Brooklyn-based private equity partnership managed by Vasco Ventures. CBRE/NE’s John McCormick and Patrick Mulready represented the seller and procured the buyer in the transaction. Vasco Ventures is a real estate investment firm specializing in distressed real estate. The company owns and operates properties in New York City, upstate New York, Philadelphia and Galloway, N.J. The Griffin Office Park Portfolio is the company’s first acquisition in Greater Hartford. The purchase includes two four-story office buildings located at 1 and 2 Waterside Crossing, and three two-story office buildings located at 4, 6 and 8 Griffin Road N. The portfolio’s properties are located within Griffin Office Center, a 600-acre development featuring a full-service restaurant, open-air performance center and a network of walking trails and open space. Tenants include Cigna, Great American Insurance, SwissRe, RR Donnelley, Prochimie International and the United States Postal Service.
PHILADELPHIA — Marcus & Millichap has brokered the sale of 58 apartment units in the Germantown neighborhood of Philadelphia. The contiguous properties, Wissahickon Apartments and 5228-5232 Laurens St., sold for $3.8 million. The buyer plans to renovate and reposition the properties. Fred Paisley and Jonathan Massaro of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Paisley secured and represented the buyer. Wissahickon Apartments includes 52 one-, two- and three-bedroom units located at 5215 Schuyler St. The historically registered property was constructed in 1910 and operated as a hotel before renovations in the mid-1980s.