Property Type

SPRINGDALE, OHIO — Susan Branscome of NorthMarq Capital has arranged acquisition financing of $1.4 million for POWER Engineers. The industrial property 20 miles north of Cincinnati is 32,270 square feet and is located at 11733 Chesterdale Road in Springdale. NorthMarq arranged financing for the borrower, Al. Neyer LLC. The seven-year loan includes 17-year amortization schedule.

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FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 15,660-square-foot industrial building located at 2410 Monroe St. PT Unlimited LLC purchased the building from Monroe Bank and Trust. Greg Hornby of Friedman represented both the buyer and the seller in the transaction.

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OAK LAWN, ILL. — Transwestern has brokered the sale of Stony Creek Promenade, which is located at 4800 W 111th St. in Oak Lawn. MEPT purchased the 105,000-square-foot retail center from the developer, Hamilton Partners, for an undisclosed amount. Janice Sellis and Paul Barile of Transwestern represented the developer in the transaction.

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Patton Creek Hoover

HOOVER, ALA. — American Realty Capital – Retail Centers of America I & II, a non-traded retail REIT, and Lincoln Property Co. Southeast have acquired the 512,871-square-foot Patton Creek in Hoover for $83.5 million. Patton Creek comprises 65.7 acres of open-air retail space occupied by tenants such as Dick’s Sporting Goods, Rave Motion Pictures, Ross Dress for Less, Cost Plus World Market, DSW, Barnes & Noble, buybuyBABY and Christmas Tree Shops. Patton Creek was approximately 95 percent leased at the time of sale. The seller was Patton Creek Holdings LLC.

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TALLAHASSEE, FLA. — Berkadia has arranged $23.2 million in construction financing for Seminole Booster Inc.’s College Town Phase II at Florida State University (FSU), a mixed-use development in Tallahassee. College Town Phase II will be situated less than half a mile from FSU and approximately a mile from downtown Tallahassee at the crossroads of South Woodward Avenue and West Madison Street. The project will comprise 89 student housing apartments with 202 beds in total, 23,145 square feet of retail space, 3,300 square feet of office space and a parking garage spanning 593 spaces. The developers, which include Alan Hooper and Tim Petrillo of Urban Street Development and Seminole Boosters Inc., plan to deliver College Town Phase II in August 2016. Phase I, which consists of 71 apartments and 33,000 square feet of restaurant and retail space, opened in August 2013. Hooper Construction will be the construction manager for the project. Brad Williamson of Berkadia’s Miami office worked on behalf of the developers to arranged the three-year, interest-only loan through Mutual of Omaha Bank.

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Pelican Place at Craft Farms Gulf Shores

GULF SHORES, ALA. — Langley Properties Co. has sold Pelican Place at Craft Farms, a 229,911-square-foot shopping center located at 3800 Gulf Shores Parkway in Gulf Shores. Atlanta-based RCG Ventures purchased the asset from Langley Properties for $18.5 million. The shopping center’s tenant roster includes Bed Bath & Beyond, Cobb Theatres and Books-A-Million. Target and Publix shadow-anchor the center. Fred Victor of Transwestern represented the seller in the transaction. Scott Tarbet represented the buyer internally.

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London Arms Miami Beach

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of London Arms, a four-story, 21,120-square-foot mixed-use property located at 727 Collins Ave. in Miami Beach’s Collins Avenue Fashion District. Originally constructed in 1930 as a 52-room hotel, the property was later converted to an apartment building. Aria Development Group purchased the building in 2013 and later converted it into a mixed-use asset comprising 4,700 square feet of ground-floor retail space and 25 upper floor rental units. Aria is the operator of the seller, 727 Collins Avenue, a limited liability company. Drew Kristol, Kirk Olson, Felipe Echarte and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction. Drew Kristol and Olson procured the buyer, a limited liability company based in Atlanta.

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Kroger Marketplace 4915 Dixie Highway Louisville

LOUISVILLE, KY. — TRIO Commercial Property Group has arranged a long-term ground lease with Kroger for a new 123,000-square-foot Kroger Marketplace in Louisville. The new store is set to open before Thanksgiving 2016 at 4915 Dixie Highway. Justin Baker of TRIO represented Kroger in the lease transaction. The landlord, Louisville-based Dixie Associates, was self-represented.

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Flanagans-Landing-CT

GLASTONBURY, CONN. — CBRE Capital Markets’ Debt & Structured Finance team has arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit multifamily complex located in Glastonbury. The $36.5 million construction loan, which was provided by Wells Fargo Bank, carries a three-year term plus a mini-perm at a market spread over LIBOR. A private institutional investor contributed equity in excess of $14 million. The developers will convert a historic mill into a 250-unit apartment community featuring garages, an electric car charging station, carport parking, fitness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas. In-unit amenities include washers and dryers and top-of-the-line finishes. Additionally, Flanagan’s Landing will include 6,150 square feet of commercial space. Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn of CBRE placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity firm.

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NEW YORK CITY — New York REIT Inc. has entered into a definitive agreement to sell an apartment building located at 163 Washington Ave. in Brooklyn. The sales price is $38 million, or approximately $914 per square foot. Situated in Brooklyn’s Clinton Hill neighborhood, the property features 49 rental units, one commercial unit and 38 parking spaces. Holliday Fenoglio Fowler represented New York REIT in the transaction, which is expected to close in the fourth quarter. The name of the buyer was not disclosed.

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