ORLANDO, FLA. — NXT Capital has provided a $15.1 million acquisition loan for the Reserve at Maitland, a three-building, Class B office property in Orlando totaling 197,000 square feet. The property is situated on the south side of Maitland Center, just north of Orlando’s central business district, with access to I-4.
MACON, GA. — Equus Capital Partners Ltd. has sold Madison River Place, a 240-unit apartment community in Macon, for $14.5 million. Mullberry Properties LLC purchased the property, which was 95 percent occupied at the time of sale. Built in 1988, the community features a resort-style swimming pool, fitness center, tennis and sand volleyball courts and a playground. Robert Stickel of Multi Housing Advisors represented the seller in the transaction. Greg Curci of Equus oversaw the company’s disposition of Madison River Place.
INDIANAPOLIS — Colliers International has negotiated the sale of an 82,565-square-foot historic office building in downtown Indianapolis for $4.9 million. NAYA USA Investment purchased the building, One North Pennsylvania, from One North Penn LLC. The building was constructed in 1909 and is currently 69 percent leased. Tenants at the property include Centier Bank, Pita Pit and Alpha Tau Omega. Alex Cantu, John Demaree, Matt Langfeldt and Rich Forslund of Colliers International represented the seller in the transaction. Beau Ansty of Stenz Management represented the buyer.
BOLINGBROOK, ILL. — Krusinski Construction Co. has completed a 250,000-square-foot expansion for Ferrara Candy Co. in Bolingbrook, approximately 30 miles southwest of Chicago. The facility was built adjacent to Ferrara’s existing 750,000-square-foot distribution facility. Harris Architects was the designer for the project, and Pearson Brown & Associates was the civil engineer of record. The facility features 62 dock positions and two drive-in doors. Cushman & Wakefield represented the landlord, Heitman, and CBRE represented the tenant.
CHICAGO — Tucker Development and Acadia Realty Trust have acquired a portfolio of 10 buildings located on the 900 block of West Randolph Street in the Fulton Market District of Chicago. The duo plans to redevelop the space as a mixed-use area that will consist of 90,000 square feet of office and retail space. The site is located a block from the Morgan Station CTA stop, providing access to the Pink and Green lines. The project is slated for completion in the spring of 2017.
GRANDVIEW HEIGHTS, OHIO — The developer of Grandview Yard has signed eight new tenants who will collectively occupy over 24,000 square feet of space. Grandview Yard is a mixed-use development outside of Columbus that is situated on 125 acres and will encompass 1.2 million square feet of retail, restaurant, grocery, hospitality and residential space once completed. New tenants who have inked a deal at Grandview Yard include: Hilliard Lyons: 2,900 square feet at 800 Yard St. Unum Life Insurance Co.: 6,300 square feet at 800 Yard St. Seamless Logistics: 3,400 square feet at 775 Yard St. Columbus Hospitality Management: 3,400 square feet at 775 Yard St. United States Navy: 2,200 square feet at 845 Yard St. Northeast Family Dental Associates: 2,000 square feet at 845 Yard St. FKP Architects Inc.: 1,900 square feet at 845 Yard St. Executive Eye Care LLC: 2,000 square feet at 895 W. Third Ave. In addition to the eight new tenants, the project developer, Nationwide Realty Investors, has announced that the first 320,000-square-foot building on Nationwide’s own 500,000-square-foot office campus will open this spring. Nationwide also announced that the 166-unit Apartments at Grandview Yard will open this spring, and a 135-room Courtyard by Marriott, along …
ELGIN, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a 32-unit multifamily property in Elgin, approximately 40 miles northwest of Chicago. Unit sizes at the property, known as 230 South State Street, range from 490 to 990 square feet. Features include ample parking, on-site laundry and storage lockers. An undisclosed limited liability company sold the building located at 230 S. State St. to a private investor. Ryan Engle and Andrean Angelov of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.
RALEIGH, N.C. — CBL & Associates Properties Inc. (NYSE: CBL) has closed on a new joint venture with DRA Advisors LLC that significantly reduces the retail real estate investment trust’s ownership stake in Triangle Town Center and Commons mall in Raleigh. The new joint venture acquired the property from an existing 50/50 joint venture between CBL and The Richard E. Jacobs Group for a total consideration of $174 million, including the assumption of a $171.1 million loan secured by the property. CBL now holds a 10 percent ownership position in the asset and is responsible for leasing and managing the property. DRA Advisors holds a 90 percent ownership position. The center, which was 96 percent occupied at the end of 2015, is anchored by North Carolina’s only Saks Fifth Avenue location, and is located at the intersection of Triangle Town Boulevard and I-540 near Capital Boulevard and Old Wake Forest Road. The $171.1 million loan on the property, which matured in December 2015, has been modified and restructured with an initial term of three years maturing in December 2018. The loan includes two one-year extension options available to the new joint venture for a final maturity date of December 2020. …
ALTADENA, CALIF. — Episcopal Communities & Services (ECS) has opened the doors on MonteCedro, a 206-unit continuing care retirement community (CCRC) in the Los Angeles suburb of Altadena. Development costs were not disclosed. Perkins Eastman provided design and planning services for the eight-acre community, comprising 186 independent living apartments, 20 assisted living and memory support residences, and coordinated in-home care. The community is the first of its kind to be built in Los Angeles County in over 20 years, according to Perkins Eastman. ECS, a nonprofit operator based in nearby Pasadena, operates two other CCRCs in Southern California — The Canterbury in Rancho Palos Verdes and The Covington in Aliso Viejo. Perkins Eastman is a global design firm. The company is based in New York City, but has 15 offices around the world.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has expanded its revolving credit facility from $300 million to $400 million, while simultaneously entering into a new $100 million, seven-year, non-amortizing unsecured term loan. Approximately $95 million of the term loan proceeds were used to pay off and terminate CareTrust’s existing secured mortgage indebtedness under its 2006 credit agreement with General Electric Capital Corporation. The lower interest rate resulting from the refinancing is expected to generate approximately $1.3 million in annual savings. CareTrust REIT Inc. is a publicly traded seniors housing and healthcare REIT based in San Clemente.
