NEWBURGH, N.Y. — G.S. Wilcox & Co. has arranged a $31.2 million loan secured by a garden-style apartment community located in Newburgh. The property features 12 two-story residential buildings and a clubhouse. AIG provided the financing for the borrower, a partnership between The Fidelco Group and Diversified Realty Advisors. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing for the borrower.
SLATINGTON, PA. — Marcus & Millichap has arranged the sale of Victory Estates, a multifamily property located in Slatington. A private investor acquired the property for $3.6 million, or $62,069 per unit. Constructed in 1977, the property features 58 apartments in a mix of two-and three-bedroom townhomes and garden-style units. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the seller, a private partnership, while Mark Krantz and Derrick Dougherty, also of Marcus & Millichap, represented the buyer in the deal. Brenton Baskin of Marcus & Millichap was the broker of record in Pennsylvania.
NASHVILLE, TENN. — Chicago-based Monroe Investment Partners plans to develop River North Development District, a 125-acre mixed-use project situated along the Cumberland River in Nashville. The development is a public-private partnership between the Metropolitan Government of Nashville and Davidson County and Monroe Investment, which owns or controls 105 acres of the site. Phase I of the project, known as The Landings, will break ground this year. Encompassing 40 acres, The Landings will include office, retail, multifamily and hospitality components. JLL’s Nashville office is marketing The Landings for lease. Monroe Investment plans to develop some of the sites at River North Development District, but plans to sell, lease or joint venture a majority of the parcels. As part of the public-private partnership, Monroe Investment will donate about 50 acres to the Metropolitan Government for the development of a riverfront greenway system, interior site public parkland, roads and common areas. The River North Development District project team includes Hastings Architecture Associates, Civil Site Design Group and Waller.
CHARLESTON, S.C. — Passco Cos. has purchased Woodfield South Point, a 240-unit apartment community located at 1000 Bonieta Harrold Drive in Charleston’s West Ashley submarket, for $38.5 million. Passco will rebrand the asset to 1000 West. The apartment community is situated within walking distance of the West Ashley Greenway, a 8.3-mile jogging and biking trail. Community amenities include a resort-style saltwater pool, tanning deck, outdoor grills and barbecue areas, clubhouse with an outdoor fireplace, media lounge, cyber café, dog park and a car washing station. Kevin Kempf and Phil Brosseau of CBRE represented the seller, Arsenal Real Estate Funds, in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco. Including the 1000 West transaction, Passco’s acquisition volume in 2016 exceeded $540 million, and the company plans to eclipse $1 billion in acquisition volume in 2017.
MEMPHIS, TENN. — A joint venture between Pacer Partners and Drake Real Estate Partners has purchased Southpark Buildings D and E in Memphis. The two adjacent buildings are located at 4540 and 4600 Pleasant Hill Road and span 566,281 square feet of Class A industrial space. The buildings are fully leased to iQor Global Services LLC, a private outsourcing services company with 32,000 employees and operations in 18 countries. Pacer Partners and Drake purchased the assets from Transpacific Development Co. for an undisclosed price.
WASHINGTON, D.C. — Tishman Speyer has completed a 16-year lease with global law firm Paul Hastings LLP for 97,000 square feet of office space at 2050 M St. in Washington, D.C. The 11-story, 364,000-square-foot trophy office building is currently under construction with an expected delivery date of 2020. The law firm will occupy the top three floors plus additional space. Designed by Joshua Prince-Ramus of REX, the office building will feature floor-to-ceiling curved glass and offer amenities such as a fitness center, bicycle storage room with lockers, a rooftop terrace and four levels of parking. The office building will be located on the existing site of the Washington bureau for CBS and will feature new facilities for CBS with a separate entrance.
CLERMONT, FLA. — Grandbridge Real Estate Capital has secured the $5 million refinancing of Oakley Square Shopping Center, a 30,218-square-foot retail center located roughly 23 miles outside Orlando in Clermont. Tenants at the center include Vitamin Shoppe, AT&T and Firehouse Subs. Philip Carroll of Grandbridge secured the 20-year, self-amortizing, fixed-rate loan on behalf of the undisclosed borrower through an insurance company.
GRAYSLAKE, ILL. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Grayslake, a 96-unit senior living community. The building is located at 1865 E. Belvidere Road in Grayslake, about 40 miles north of downtown Chicago. The community features 68 assisted living suites and 28 memory care residences. The assisted living suites consist of 29 studios, 37 one-bedroom and two two-bedroom units. Located on the third floor, the 28 memory care residences consist of 20 studios and eight two-bedroom units. The community is located two miles from Northwestern Medicine Grayslake Outpatient Center. Chicago-based Worn Jerabek Wiltse Architects designed the community. CA Ventures was the project developer, and Pathway will operate the community. Travanse Living communities are also located in Olathe, Kan. and Wheaton, Ill.
SHOREWOOD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Metro Market in Shorewood, about five miles north of Milwaukee. The sales price was not disclosed. The 90,320-square-foot store is located at 4075 N. Oakland Ave. Metro Market is a grocery chain owned by Kroger. Wes Koontz, Christian Tremblay, Ben Wineman and Dan Rosenfeld of Mid-America Real Estate represented the undisclosed seller. An institutional buyer purchased the property, which includes a parking garage.
OVERLAND PARK, KAN. — SelectQuote has signed an 85,000-square-foot office lease at Overland Park Xchange (OPx) in Overland Park. The San Francisco-based life insurance company will occupy the space beginning in September 2017. Occidental Management, the owner of the Class A office building, added a second floor in the former Expo Hall to create two 55,000-square-foot floor plates to accommodate SelectQuote’s needs. SelectQuote plans to transform the exterior area on the ground floor into a large outdoor recreational space as well as offer amenities such as a coffee bar, fitness center and video games to employees. With the SelectQuote lease, the building is now 83.5 percent leased. Other tenants include UnitedHealth Group and Black & Veatch. SelectQuote currently occupies a Midwest office in Kansas City, Mo. and will consolidate the locations.