INVERNESS, ALA. — Branch Properties LLC has acquired two shopping centers in the Birmingham suburb of Inverness from Bayer Properties. The acquisitions include Inverness Corners, a 242,635-square-foot shopping center anchored by Winn-Dixie and Kohl’s; and Inverness Plaza, a 74,818-square-foot shopping center anchored by PGA Superstore and Planet Fitness. The adjacent centers were renovated last year. The sales price was not disclosed.
WASHINGTON, PA. — Gaming and Leisure Properties Inc. has completed the previously announced acquisition of The Meadows Racetrack and Casino in Washington, a suburb of Pittsburgh. Cannery Casino Resorts sold the property for $440 million, inclusive of $10 million previously paid by the buyer to the seller, plus other transaction-related fees and expenses. Concurrently, Gaming and Leisure Properties closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment Inc. for $138 million and entered into a 29-year, triple-net lease agreement, with initial annual rent of $25.4 million per year. Gaming and Leisure Properties funded the real estate transaction, net of proceeds received from the sale of the operating assets to Pinnacle, through a combination of cash on hand, proceeds from the company’s at-the-market equity program and borrowings from its revolving credit facility. The transaction was approved by the Pennsylvania Gaming Control Board on Sept. 7 and the Pennsylvania Harness Racing Commission in August 2016.
BOLINGBROOK, ILL. — Conor Commercial Real Estate, a member of The McShane Companies, has completed Fountain Square Commerce Center, a 70-acre industrial business park located at Remington Boulevard and S. Schmidt Road in Bolingbrook. Situated within the I-55 corridor, the park includes four speculative buildings ranging in size from 109,088 to 320,532 square feet. Each facility can support single- or multi-tenant configurations with space available from 40,000 square feet. Additionally, the park features ample on-site vehicle and truck parking, substantial dock door positions, efficient truck maneuverability, 32-foot clear heights, ESFR sprinkler systems, office space to suit individual tenants and a two-acre public park. The business park also includes a 12-acre site available for a fully customized build-to-suit construction accommodating up to 216,000 square feet. McShane Construction Co. and Ware Malcomb provided design/build construction services for the development.
MINNEAPOLIS — The Opus Group plans to develop a 30-story multifamily and retail development at 365 Nicollet Ave. in downtown Minneapolis. The pet-friendly high-rise will feature 369 apartments and 9,500 square feet of ground-level retail space. Floor plans will range from alcove units to three-bedroom options, including 36 penthouse suites. All units will include granite countertops, stainless steel appliances and floor-to-ceiling windows. On-site amenities include residential parking, a bike lounge with repair station and seating areas, sauna steam room, a yoga room, hot tub, pool and outdoor cabanas. Construction of the project, which is designed to meet LEED certification, is slated to begin in early October with completion scheduled for summer 2018. Opus Development Co. and Opus Design Build will be the project’s developer and design-builder, respectively. Opus AE Group is the architect and structural engineer of record.
NORTH WALES, PA. — CBRE Capital Markets has arranged the sale and acquisition financing of The Solana Horsham, a 76-unit assisted living and memory care community in North Wales. A joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners sold the property to an undisclosed buyer for $31.5 million, or $414,474 per unit. Located at 1419 Horsham Road, the property was 95 percent occupied at the time of closing. Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller. Additionally, CBRE originated the five-year, non-recourse floating-rate acquisition loan, which features three years of interest-only payments, for an undisclosed amount for the buyer. Aaron Will of CBRE’s Houston office secured the loan for the borrower.
NEW YORK CITY — Rudder Property Group has brokered a number of office and retail property sales, including seven that total $72.1 million at 866 United Nations Plaza in New York. Systems Property Development acquired the retail and garage portion of the building for $31.1 million. Glenn Tolchin of JLL represented the seller in the transaction. Michael Rudder and Mike Heller of Rudder Property Group represented the seller in the office condominium sales: The National Spiritual Assembly Of the Baha’is of the United States acquired a 9,938-square-foot office condominium for $12.4 million. James Saunders of Newmark Grubb Knight Frank represented the buyer in the deal. The Government of Monaco purchased a 7,031-square-foot office space for $9 million. Steven Kaufman of Hanley Advisors represented the buyer. MGRM Holding Inc. bought a 3,563-square-foot office condo for $3.6 million. Mike Bhuiyan of DJK Residential represented the purchaser. The Egyptian Building Fund Authority and the Ministry of Egyptian Foreign Affairs acquired a 10,200-square-foot office space for $8.2 million. Joshua Sloyer of Douglas Elliman and Tahani Elrafei of McBride Agency Realtors represented the buyer. The Permanent Mission of the Republic of Djibouti to the United Nations purchased a 4,643-square-foot office condo for $4.9 million. The Military …
SOUTH BEND, IND. — AM General has signed a 10-year lease for South Bend Distribution Center I, a new distribution center located at 5448 Dylan Drive off I-90 in South Bend. Great Lakes Capital, a locally owned real estate private equity firm, developed the 210,000-square-foot distribution center along with the City of South Bend. Greg Pink and Jeremy McClements of Bradley Co. facilitated the lease.
MADISON HEIGHTS, MICH. — MFP Seals has signed a long-term lease for an industrial building located at 900 E. Whitcomb Ave. in Madison Heights. The company will relocate its manufacturing and administrative facilities from Troy, Mich., to the new 38,776-square-foot building this fall. MFP Seals is a division of Martin Fluid Power, a wholesale distribution manufacturer of sealing devices. Garry Rogers of L. Mason Capitani CORFAC International represented the tenant in the lease transaction.
WILTON, FAIRFIELD AND WESTPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sales of three properties in Connecticut. In the first transaction, North American Pharmacal sold an office building located at 213 Danbury Road in Wilton for $2.1 million. The name of the buyer was not released. David Fugitt and Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. In the second deal, E&J Twin Properties acquired a multi-tenant office building, located at 303 Linwood Ave. in Fairfield, for $1.8 million. Randy Vidal was the listing broker. In the final transaction, Fin-Max Realty LLC acquired a Shake Shack property, located at 1849 Post Road East in Westport, for nearly $4 million. Robert Lewis represented the buyer and undisclosed seller in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 239 Elizabeth St. in Manhattan’s Nolita neighborhood. An estate sold the property to a private investor for $7.2 million, or more than $900 per square foot. The six-story property comprises a studio unit, five two-bedroom apartments, five one-bedroom apartments and one retail unit. Peter Von Der Ahe, Joe Koicim and Joshua Grossman of Marcus & Millichap represented the seller and buyer in the transaction.
