ATLANTA — CBRE has arranged the $36 million sale of 10 Perimeter Park, a 230-unit multifamily development in Chamblee, a northeastern suburb of Atlanta. Shea Campbell and Kevin Geiger of CBRE represented the seller, California-based Ardena Capital Management. The buyer, Aududon Communities, an Atlanta-based firm specializing in multifamily acquisitions, obtained the property by assuming the existing loan and sourcing a supplemental one.
KISSIMMEE, FLA. — Williams Co. Southeast has broken ground on St. Cloud Commons, a 225,000-square-foot retail center located in Kissimmee, a city on the southern outskirts of Orlando. Situated on a 33-acre site near the intersection of the Florida Turnpike and U.S. Highway 192, the center is pre-leased to tenants such as Hobby Lobby, Outback Steakhouse and Panera Bread. Delivery is slated for October.
MIAMI — Housing Trust Group has completed the $23 million development of Wagner Creek Apartments, a 73-unit complex located at 1501 N.W. 13th Court in Miami’s health district. Funding for the project included $17 million in equity from Raymond James Tax Credit Fund and a $3.4 million permanent loan from Citi Community Capital. The company broke ground on the development in November 2016.
NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged a $38.5 million construction loan for a 176,130-square-foot mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens. The project will include 131 apartments on floors three through eight, over 10,000 square feet of retail space for a pharmacy, a 25,000-square-foot medical office space on the lower level and a public parking facility. Eastern Consolidated’s Adam Hakim, Andrew Iadeluca and James Murad arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties. Located at the northern end of Jamaica, 178-02 Hillside Ave. offers 200 feet of frontage. The corner site is adjacent to the neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street/Hillside Avenue Subway station.
WESTPORT, CONN. — David Fugitt of Westport-based Vidal/Wettenstein LLC has arranged the $2.6 million sale of 18-26 Imperial Ave. located in downtown Westport. The property is a fully leased five-building medical complex with a total of 7,428 rentable square feet. Amalgamated Realty Company LLC was the seller and Greens Farms Centre Associates was the buyer. Fugitt was the sole broker involved in the transaction.
HACKENSACK, N.J. — The second phase of a three-phase renovation project has begun on The Shops at Riverside, a retail center in Hackensack. Work on the first phase will be completed this summer with the creation of a dining and entertainment district. Offerings will include a movie theater with a lounge and bar operated by AMC, the relocation of The Cheesecake Factory and additional restaurants and specialty stores. The second phase will be completed by the end of 2017 and will involve renovations to both the interior and exterior of the property. Interior enhancements will include new floor tile, a crystal chandelier and water feature, and a sculptural floating stair in the center court near Omega. The refresh will also include additional skylights and raised ceilings. The third phase will redevelop the south mall adjacent to Bloomingdale’s. The existing shops will be reconfigured to create a loop around a central focal point where a portion of the second level will be removed to create 35-foot ceilings.
NORTH ATTLEBORO, MASS. — Stubblebine Co./CORFAC International and Atlantic Commercial Real Estate LLC have arranged the sale of 20 Alice Agnew Dr. in North Attleboro for $3.6M. HTI Medical purchased the property, a 44,450-square-foot office/warehouse building. David Stubblebine, James Stubblebine and Rob Stave of Stubblebine Co., represented the seller, Mercury Trading International, and Mark Kearins of Atlantic Commercial Real Estate LLC represented the buyer. 20 Alice Agnew Drive is the former home of Mercury Trading International and is located in the North Attleboro Industrial Park. HTI Medical was established in 1997 as a provider of clinical laboratory and ultrasound equipment.
CARTERET, N.J. — Circle Squared Alternative Investments and the Hampshire Cos. have acquired land for a planned industrial property in Carteret. The property, located at 1500 Blair Road, will be developed into a 156,000-square-foot warehouse/distribution facility. The project will be constructed on a six-acre parcel of land ground leased for a term of 50 years with two renewal options of 20 and 25 years each.
SAN FRANCISCO — An anonymous buyer has acquired a 50-unit apartment building in San Francisco for $29.8 million The asset is located at 1755 Van Ness Ave. The community was built in 1928 and features steel-frame and brick-infill construction on a concrete foundation. It also contains two ground-floor retail units. Architect Albert H. Larsen designed the property. Union Bank’s Trust Department represented the building owner. James Devincenti and Brad Lagomarsino of Colliers International executed the transaction.
PORTLAND, ORE. — National Health Investors Inc. (NYSE: NHI) has acquired a 102-unit assisted living and memory care community in Portland for $26.2 million. The seller was Prestige Senior Living, which will continue to operate the property. The name of the community was not disclosed. The facility was added to the existing Prestige master lease with NHI that includes three skilled nursing facilities and one assisted living facility. The lease has a remaining term of 12 years. NHI funded the acquisition using its revolving credit facility. Based in Tennessee, NHI is a publicly traded REIT focused on sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
