CHANDLER, ARIZ. — Evergreen Industrial Properties has purchased a 96,000-square-foot manufacturing facility in Chandler for an undisclosed sum. The facility is located at the nexus of the I-10 Maricopa and the Loop 202 San Tan freeways. It was built in 1978. Evergreen plans to reposition the building with a new spec office, lights in the warehouse and additional loading doors. Matt McDougall of Lee & Associates represented Evergreen. Jones Lang LaSalle represented the seller, Schneider-Chandler.
COVINA, CALIF. — Sares Regis Multifamily Value-Add Fund II L.P. has purchased the 216-unit Vista Pointe apartment community in Covina for an undisclosed sum. The community is located at 1400 and 1420 1/2 North Grand Ave. It was 95 percent occupied at time of sale. The seller was an out-of-state party. Margie Molloy, Adrienne Barr and Robin D. Ossenbeck of Berkadia executed the transaction.
PRICE, UTAH — Utah State Office of Rehabilitation has renewed its lease at the Price Human Services Building. The 38,129-square-foot building is located at 475 West Price River Drive in Price. It is fully occupied by the State of Utah and currently houses three different agencies, including the Department of Human Services, the Department of Workforce Services and the Department of Rehabilitation Services. The lease will extend the office’s lease by five years. The landlord is Fairbridge Properties.
WARRENVILLE, ILL. — CPA:18 – Global has acquired an office building in Warrenville for $34.8 million, excluding acquisition fees, from The Northwestern Mutual Life Insurance Co. Warrenville is 34 miles west of Chicago. Constructed as a build-to-suit in 2001, the five-story building offers 146,800 square feet of Class A office space. The property features flexible office space with exterior offices and interior conference rooms and cubicles, parking spaces, a conference center and a fitness center. Exelon Generation has triple-net leased the property on a long-term basis. CPA:18 – Global is one of W. P. Carey Inc.’s managed non-traded REITs.
DETROIT — Bernard Financial Group has arranged a $30.4 million 221 D(4) FHA loan for the development of DuCharme Place in Detroit’s Lafayette Park neighborhood. Being constructed on a vacant lot, the four-building multifamily property will consist of 185 apartment units. Dave Dismondy of Bernard Financial originated the loan for the undisclosed borrower.
MANHATTAN, KAN. — Condor Hospitality Trust Inc. has completed the disposition of a Super 8 property located at 200 Tuttle Creek Blvd. in Manhattan. The 85-room hotel sold for $3.2 million to an undisclosed buyer. Condor will use the net proceeds of the sale for general corporate purposes, including future acquisitions.
SPRING LAKE AND GRAND RAPIDS, MICH. — NAI Wisinksi of West Michigan has brokered two leases totaling 4,552 square feet in Michigan. In the first transaction, Kevin B. Megley leased 1,452 square feet of office space at 723 E. Savidge St. in Spring Lake. Megley is relocating his law office to the space. Jason Makowski and Tim Platt of NAI Wisinski represented both the lessee and lessor in the five-year lease transaction. In the second deal, Craft Retail Inc. leased 3,100 square feet of retail space at 678 Front St. SW in Grand Rapids. The United Kingdom-based company plans to use the space to expand its operations. Mary Anne Wisinski of NAI Wisinski represented the tenant, while Makowski represented the undisclosed landlord in the five-year lease transaction.
WASHINGTON, D.C. — John Hancock Real Estate has acquired 1750 Pennsylvania Avenue NW, a 13-story, Class A office building located in Washington, D.C.’s central business district, for $182 million. The 278,916-square-foot office building was 97 percent leased at the time of sale. The LEED Gold-certified property underwent renovations in 2001 and 2014. The property is located between the White House one block to the east and the World Bank headquarters one block to the west. John Hancock is the U.S. division of Manulife Financial Corp., one of the largest life insurance companies in the world.
SAVANNAH, GA. — Co-developers Mariner Group and Brand Properties have begun construction on Mariner Grove, a new luxury apartment community that will be situated less than two miles from Savannah’s Historic District. The $41 million project is expected to be complete by October 2016. The property’s layout options include studios and one- and two-bedroom units, and initial rents are expected to range from $1,000 to $1,600. The project’s unit interiors will feature walk-in closets, stainless steel appliances, washer and dryers, hardwood floors and nine-foot ceilings. Mariner Grove’s amenities will include a fitness center, resort-style pool, business center, conference room, bicycle service station and a dog park. The new community will be situated on a site that features Savannah’s famed live oak trees. Mariner Group and Brand Properties have tapped Thomas and Hutton as the project’s engineer and Choate Construction as the general contractor.
TAMPA, FLA. — NorthMarq Capital has arranged a $30 million refinancing of Lakeshore Club Apartments, a 638-unit apartment community located at 6900 Concord Drive in Tampa. The property’s amenity package includes a media and entertainment center, business center, reserved covered parking, two swimming pools, four tennis courts, fitness center and an electronic entry system. Jeff Robertson of NorthMarq’s Miami office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
