HILLIARD, OHIO — Spectrum Retirement Communities has opened Hilliard Assisted Living & Memory Care, a 100-unit assisted living and memory care community in the Columbus suburb of Hilliard. The new community features 75 assisted living units, 25 memory care units and a transitional memory care program for seniors with only mild cognitive impairment. The 87,000-square-foot community includes studio, one-bedroom and two-bedroom units. Spectrum currently has three other communities under construction in the Columbus area and another in the planning stages. Based in Denver, Spectrum owns and operates 31 communities in 12 states totaling more than 3,700 units, with eight more communities currently under construction.
PALATINE, ILL. — Inland Real Estate Brokerage & Consulting Inc. has arranged the sale of an apartment portfolio totaling 102 units in Palatine, approximately 30 miles northwest of Chicago, for more than $8.1 million. The portfolio consists of 17 six-unit buildings located within the Long Valley Apartment complex and a controlling interest in the apartment association. The buildings, constructed in the 1970s, provide a mix of 80 percent two-bedroom units and 20 percent one-bedroom units. Both parties in the transaction are undisclosed.
WOODRIDGE, ILL. — Colliers International has brokered the $7.4 million sale of a five-building, mixed-use development in Woodridge, approximately 30 miles southwest of Chicago. A private investor sold the property located at 6315-6440 Main St. Built in 2007, the property consists of one office building and four retail buildings that total 55,626 square feet. Tenants at the buildings include Loyola University Medical, Jimmy John’s, Sport Clips, Salon Aria, Aurelios, ATI Holdings, Seven Bridges Eye Care, Little Kids Learning, Sunburst Innovations, DMB Dental, Cherry Creek Mortgage and 3Vue. Main Street at Seven Bridges is part of a larger lifestyle center and was 93 percent leased at the time of sale. Joseph Yendrek of Equitable Realty Group represented the undisclosed buyer in the transaction.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 104-unit apartment property in Southfield, approximately 15 miles northwest of Detroit. Cambridge Square Partners LLC sold the property, located at 27315 Greenfield Road, to Loop Cambridge Square LLC and OM Gardner LLC. Cambridge Square Apartments offers one- and two-bedroom units. Amenities at the property include a playground, courtyard and covered parking. Ryan Cohn and David Cohen of Friedman Integrated Real Estate Solutions represented the seller in the transaction.
ORLANDO, FLA. — Brasfield & Gorrie’s Orlando office has completed construction on The Sevens, a 360,000-square-foot apartment building situated on a 2.5-acre lot between Park Lake Street and Colonial Drive in Orlando’s North Quarter district. The property features 333 luxury units, a seven-level parking garage and 8,000 square feet of ground-floor retail space. The Sevens’ amenities include a rooftop pool deck with a lounge and bar, fitness center and a ninth-floor clubhouse. Units feature granite and quartz countertops, stainless steel appliances and balconies in select units. The project team includes developer and owner The Pizzuti Cos. and architect Charlan Brock & Associates.
ACWORTH, GA. — The RADCO Cos. has purchased Stanton Place Apartments, a 240-unit, Class A multifamily community located one mile from I-75 in Acworth, for $23.3 million. Atlanta-based RADCO has renamed the asset The Landing at Acworth and plans to invest $3 million to modernize and upgrade the property. Built in 2001, The Landing at Acworth’s amenities include a standalone fitness center, swimming pool, nature trail, tennis court, dog park, playground, business center, car wash and detached garages. Units average 960 square feet and include one- and two-bedroom floor plans. RADCO financed the acquisition using a loan from First Tennessee Bank and $8.4 million in private capital. The Landing at Acworth is RADCO’s third property in northern Cobb County and its eighth transaction of the year. RADCO Residential will manage the apartment community once the transaction is finalized.
WOODBRIDGE, VA. — Marcus & Millichap has arranged the $8.9 million sale of Woodbridge Square, a 42,881-square-foot shopping center located on 5.1 acres at 13179-13291 Occoquan Road in Woodbridge, roughly 20 miles outside of Washington, D.C. Built in 1990, the property was fully leased at the time of sale to 17 tenants including Dollar General, La Despensa, Top Nails and Teresa Jewelry. Dean Zang of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor based in Washington state. Zang and Marcus & Millichap’s TZD Retail team secured the buyer, a private limited liability company completing a 1031 exchange. Infinity Realty represented the buyer in the transaction. Bryn Merrey of Marcus & Millichap’s Mid-Atlantic offices was the broker of record for the transaction.
CHARLOTTE, N.C. — Insite Properties has brokered the $5.4 million sale of Lincoln Building, a Class A, 25,500-square-foot office building located at 3315 Springbank Lane in Charlotte. Built in 2000, the three-story brick office building is situated near the intersection of Highway 51 and Providence Road. The property was 85 percent leased at the time of sale. SunTrust Bank occupies the building’s first floor and operates four drive-thru lanes. Jay Blanton and Bart Murr of Insite Properties represented the buyer, Family Video Employees LLC, in the transaction. Rob Cochran and Jared Londry Cushman & Wakefield’s Charlotte office represented the seller, Lincoln Charlotte Office LLC, an entity controlled by Grubb Properties.
HUNTSVILLE, ALA. — Crunkleton Commercial Real Estate Group has announced a new redevelopment of a vacant corner lot at Holmes Avenue and Greene Street in downtown Huntsville. Crunkleton is the leasing agent of the project, known as 225 Holmes. The property will span 32,000 square feet and feature shops, office space and possibly a rooftop restaurant or entertainment venue. Designed by architect Nola | VanPeursem, 225 Holmes will be situated across the street from Below the Radar, Sip and Old Town Beer Exchange. The development is expected to bring 150 to 200 daytime jobs to downtown Huntsville, according to Eric St. John of Crunkleton. Construction is scheduled to begin in the fall, and the first anchor tenant for the building will be announced at the groundbreaking ceremony.
BOCA RATON, FLA. — Boca Raton, Fla.-based Office Depot Inc. (NASDAQ: ODP) announced Wednesday that the company plans to close an additional 300 stores over the next three years in an attempt to cut $250 million in costs by 2018. Office Depot closed 42 stores in the second quarter of 2016, completing the company’s previously announced “U.S. retail store optimization plan,” which called for the shuttering of 400 stores nationwide. The company now has a total of 1,513 stores open in the United States, with plans to close an additional 25 throughout the year. The company hopes to expand the pilot program for its smaller, 15,000-square-foot format to 24 stores by the end of 2016, with 100 stores targeted for 2017. The new, smaller footprint is designed to provide customers with easier shopping using a smaller, more curated assortment of products, while expanding in-store services. The announcement comes on the heels of the termination of a merger with Staples Inc. in May, which resulted in a cash payment from Staples of $250 million. As a result, Office Depot has initiated a dividend of 2.5 cents per share, payable on Sep. 15 to shareholders of record at the close of business …