FINDLAY, OHIO — Marcus & Millichap has arranged the sale of a Best Buy distribution center in Findlay for $46 million. The 1 million-square-foot center is Best Buy’s second-largest distribution facility and serves as one of the retailer’s regional distribution hubs for e-commerce and direct store fulfillment operations. Lori Schneider of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a national REIT.
ROCHESTER, MINN. — Welsh Construction has completed construction of the Lofts at Mayo Park in Rochester in southern Minnesota. The apartment property is located within the Destination Medical Center Development District between 107 and 121 Sixth Ave. Southeast. Helen and Chris Roland, trustees of the George F. Pougiales Trust, are developing the four-story project. Welsh Construction worked with the duo to execute their vision for the residential development near Mayo Clinic. A ribbon-cutting ceremony was held on Tuesday, Feb. 21. The development features 29 units and was designed by Minneapolis-based Snow Kreilich Architects.
ANN ARBOR, MICH. — Signature Associates has arranged the sale of four office buildings in Ann Arbor Commerce Park. The sales price was not disclosed. The buildings total 115,104 square feet and are located at 4220 Varsity Drive, 1050 Highland Drive, 1665 Highland Drive and 1777 Highland Drive. M.V. Ventures LLC purchased the buildings and now owns six buildings within the park. Jay Chavey and Bruce Morrison of Signature Associates represented the seller, CSFB 2005-C6 Highland Industrial LLC.
LAKE WORTH, FLA. — Big Rock Partners has opened a welcome center and begun pre-leasing for Atria at Villages of Windsor, a $105 million independent living, assisted living and memory care community situated on a 22.5-acre site in the Palm Beach County city of Lake Worth. The community’s 186 units of independent living are scheduled to open this summer, followed by 80 assisted living units and 54 memory care units in the fall. Atria Senior Living will operate the community once completed. Gensler designed the property, while Moss & Associates served as construction manager. Walker & Dunlop arranged a $68.2 million construction loan for the project last year.
COLUMBIA, S.C. AND GREENSBORO, N.C. — ARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro. The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale. In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.
ATLANTA — New York Life Insurance Co. has provided a $38.8 million loan for One and Two Perimeter Plaza, a two-building office complex located at 5605 and 5607 Glenridge Drive N.E. in Atlanta’s Central Perimeter office submarket. The recently renovated office buildings total 316,734 square feet and feature covered building access, structured parking, an exterior patio with barbeque grills, café, conference facility and a fitness center. The 11-story One Premier Plaza and the seven-story Two Premier Plaza were 81.4 percent leased at the time of sale to tenants such as McGriff, Siebels & Williams, Mozley, Finlayson & Loggins, FirstPRO, JMG Realty, Peachtree Hotel Group and The Gap. Ed Coco and Matt Casey of HFF arranged the floating-rate, three-year loan through New York Life on behalf of the borrower, Zeller Realty Group.
PEACHTREE CITY, GA. — The $9.5 billion MEPT Fund, along with its affiliated funds, has purchased Kedron Village II, a 157,185-square-foot shopping center located in Peachtree City, about 30 miles southwest of downtown Atlanta. MEPT also owns the adjacent Kedron Village I, a 97,000-square-foot, grocery-anchored retail center. Built in 2006, Kedron Village II was 90 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond and Petco. The weighted average remaining lease term for all tenants is nearly five years and 80 percent of the tenant base has been at the center for seven or more years. Bentall Kennedy, a Sun Life Investment Management company, advised MEPT in the transaction.
DALLAS — Dougherty Mortgage LLC, a Minneapolis-based lender, has secured $11.7 million in Fannie Mae acquisition financing for the Estara Apartments, a 216-unit multifamily complex located at 11321 Woodmeadow Parkway in east Dallas. The seven-year loan, which has a 30-year amortization schedule, was arranged for borrower Ascendant RE 1 LLC through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Va. offices.
VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has arranged a 39,000-square-foot office lease within Town Center of Virginia Beach, a 17-block mixed-use development in Virginia Beach. The tenant, Mythics Inc., an Oracle systems integrator and consulting firm, will occupy the top floor and majority of the eighth floor of a LEED-certified office building located at 4525 Main St. Mythics retained Vivian Turok of Divaris Real Estate to represent the firm in its search for new corporate headquarters. Mythics will relocate 143 full-time employees to the new headquarters, with plans to create an additional 30 full-time positions. Michael Divaris and Krista Costa, also with Divaris Real Estate, represented the landlord, TCA Block 11 Office LLC, in the lease deal. Town Center of Virginia Beach features seven office buildings totaling 900,000 square feet of office space, including 4525 Main, which was 95 percent leased at the time of the lease.
ADDISON, TEXAS — The Connor Group has sold The Villages of Addison, a 264-unit property in Addison, a northern suburb of Dallas. Adveni Inc, a South Florida-based multifamily investment firm, purchased the asset for an undisclosed price. HFF’s Roberto Cassas, Bill Miller, Greg Toro and Rob Key marketed the property, located at 17671 Addison Road, on behalf of The Connor Group, a real estate firm specializing in luxury apartments. Josh Simon, Eric Tupler and Andy Scott of HFF arranged financing on behalf of Advenir.
