PHILADELPHIA — Dallas-based TIER REIT has completed the sale of Three Parkway, an office building located in Philadelphia’s Center City district. An unrelated third party acquired the property for $95 million. The building features 561,000 square feet of office space. The sale marks TIER REIT’s exit from the Philadelphia market.
WHITE PLAINS, N.Y. — Urstadt Biddle Properties has completed the disposition of its Westchester Pavilion property, a former power center mall in White Plains. Maple and Broadway Holdings, a subsidiary of Lennar Corp. through its Lennar Multi-Family Communities, acquired the site for $56.6 million. The buyer plans to raze the property and develop a high-end, mixed-used property with residential and retail space.
NEW YORK CITY — Hornig Capital Partners and Brickman Real Estate are redeveloping a former box manufacturing building into Box Factory, an office and retail property located at 1519 Decatur St. on the Queens-Brooklyn border of Ridgewood and Bushwick. Fogarty Finger Architecture is designing the $10 million renovation, which will bring 55,570 square feet of office space and 7,430 square feet of retail space to the area. Completion is slated for June 2017. ABS Partners Real Estate is marketing the office portion of the project, while Ripco Realty is marketing the retail portion.
PHILADELPHIA — Marcus & Millichap has arranged the sale of an apartment building located at 1925-1927 Spring Garden St. in Philadelphia’s Spring Garden neighborhood. An undisclosed seller sold the property for $2.1 million. The building features 12 one-bedroom units. Mike Maxwell and Dana Newton of Marcus & Millichap represented the seller and procured the undisclosed buyer in the deal.
CHICAGO — Fifield Cos. and F & F Realty, in a joint venture equity partnership with Ares Management LP, has received $117.8 million in construction financing for the development of 727 West Madison, a 46-story apartment project in Chicago’s West Loop. Upon completion in late 2018, the project will comprise 492 apartment units averaging 783 square feet and approximately 10,000 square feet of retail space. Units will feature a mix of studio to three-bedroom floor plans. Designed by FitzGerald Associates Architects, the building will include amenities such as a swimming pool, yoga room, game room, resident lounge with coffee bar, movie theater, dog park and car wash area. Matthew Lawton and Danny Kaufman of HFF represented the developer by arranging joint venture equity and securing the construction financing. Bank of the Ozarks provided the loan.
COTTAGE GROVE, MINN. — CBRE has arranged the sale of Hinton Heights in Cottage Grove, 10 miles south of St. Paul, for $32 million. The 249-unit apartment property is located at 7750 Hinton Ave. South. The community features amenities such as a clubhouse with community room, game room, business center, fitness center, indoor swimming pool, sauna, hot tub, sport courts, outdoor lounge, picnic area, putting green, dog park and playground. Apartment sizes range from one- to three-bedroom units, with an overall average of 1,081 square feet. Hinton Heights was built from 1990 to 1995 and was 98 percent occupied at the time of the sale. Curtis Capital Group LLC, an entity controlled by Curtis Capital Group in Bellevue, Wash., purchased the property. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE arranged the sale on behalf of the seller, Cottage Grove Investors IV Limited Partnership LLLP, an entity related to the St. Louis Park-based Belgarde.
CHESTERFIELD, MO. — St. Louis-based Gershman Mortgage will be moving its headquarters from a 16,000-square-foot office in Clayton, Mo. to 16253 Swingley Ridge Road in Chesterfield this month. The new office space of more than 24,000 square feet will allow the company to grow. Over 100 employees will be located at the new office. The mortgage company will be closing its existing Chesterfield location at 187 Hilltown Village Center, but will maintain its Clayton presence with an office located at 7801 Forsyth Blvd. Gershman also maintains local offices in Kirkwood, South St. Louis City and St. Peters. Additional offices in the Midwest are located in Branson and Springfield, Mo., Illinois, Iowa and Oklahoma.
KANSAS CITY, MO. — MOD Pizza has leased three 3,000-square-foot locations in the greater Kansas City metro. The new restaurants will be located at 1937 Foxwood Drive in Raymore; 5315 NE Antioch Road in North Kansas City; and 1112 NE Coronado Drive in Blue Springs. All three leases are for 10 years. MOD Pizza currently has over 200 locations nationally, and makes artisan style pizzas and salads. David M. Block and Mark McConahay of Block & Co. Inc. Realtors negotiated the lease transactions on behalf of the tenant.
CHICAGO — Illinois Action for Children has renewed its 40,000-square-foot office lease at 1340 S. Damen Ave. in Chicago. The non-profit group will remain on the second floor of the building for an additional five years. The 193,000-square-foot, Class B office building is located in the Pilsen neighborhood. Other tenants include Vitas Healthcare and Lutheran Social Services of Illinois. Julie Lane of Bradford Allen negotiated the lease renewal on behalf of the tenant.
COLUMBUS, GA. — The W.C. Bradley Co. has unveiled plans for its land holdings along the Chattahoochee River in Uptown Columbus. The master plan, known as The River District, includes W.C. Bradley’s holdings from its corporate headquarters at 1017 Front Ave. to the Frank K. Martin Pedestrian Bridge on 14th Street in Columbus and almost nine acres in Phenix City, Ala. The River District’s first phase will be a 7.5-acre mixed-use complex between 13th and 14th streets known as Riverfront Place, which will include two apartments buildings, retail and office space and either an office building or hotel overlooking the river. The groundbreaking for the first building in Riverfront Place, called The Rapids, will take place within the next 60 days. The Rapids will be a 415,000-square-foot mixed-use building that will include 226 apartments, shops and a restaurant. The Rapids will feature three elevated courtyards including a garden-style pool, outdoor bar and TV area, bocce ball court, outdoor ping pong table, grilling stations, communal dining table, fire pit and poolside cabanas. Other amenities will include a 24-hour fitness center, private residents’ lounge with pool table, an indoor bar area and a TV room. The Rapids represents an estimated investment of …