GREEN BAY AND APPLETON, WIS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of four Cottage Living assisted living and memory care communities in Green Bay and nearby Appleton for $18.4 million. Blueprint represented the undisclosed seller, which sold the properties to a non-traded real estate investment trust. At the time of sale, the portfolio was 92 percent occupied. The purchase price equates to approximately $150,000 per unit and there are 123 units. The buyer partnered with an operator from the West Coast. The portfolio will represent the new operator’s first entry into the Wisconsin market. Jacob Gehl of Blueprint was the lead advisor on the transaction.
CHICAGO — S Loop Chicago Development LLC has received approval from the Chicago Plan Commission to develop the first phase of a residential development located at the southwest corner of Grant Park in the city’s South Loop neighborhood. Phase I will feature a 76-story apartment tower to be designed by Rafael Viñoly Architects. The tower, 1200 S. Indiana, is slated to become one of the tallest residential buildings in Chicago. Phase I of the apartment building will feature 792 units, multiple amenity floors and a total of 622 parking spaces. The tower will provide options ranging from studios to three-bedroom units. The building will also include an indoor and outdoor pool, a fitness center and gathering spaces. The proposal for Phase II includes a 648-unit residential tower on the west end of the Phase I parcel and will be connected by ground-floor retail and parking at the base. The Phase III proposal calls for a 100-unit development. Once completed, the development will represent one of the final pieces within the Central Station master plan, a development that was previously stalled by the recession. S Loop Chicago Development purchased the three-acre site in 2012. Construction on the first phase of 1200 …
AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.3 million refinancing loan for Five Point Medical Office Building in Auburn Hills, approximately 33 miles northwest of Detroit, and is 53,000 square feet. Five Points Professional Office Building LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the CMBS loan.
FRANKLIN, IND. — May Realty Advisors has arranged the $1.1 million sale of a freestanding building net leased to Starbucks in Franklin, approximately 25 miles south of Indianapolis. Thomas Levin, a private investor, purchased the building from Elias and Anthony Rantisi. The building, which was constructed in 2004 and spans 1,850 square feet, is located at 2279 N. Morton St., in a shopping center anchored by Lowe’s and Costco. Starbucks has signed a 10-year lease. Matthew May and Richard Huelsman of May Realty Advisors represented the buyer in the transaction. Frank Swiss of Swiss Company Real Estate represented the seller.
ATLANTA — CBRE Strategic Partners U.S. Value 7 has purchased 7000 Central Park, a 415,490-square-foot, Class A office building located in Atlanta’s Central Perimeter submarket, for $85.3 million. The 18-story office building was 86 percent occupied at the time of sale. The property includes amenities such as an on-site management office, café, Wi-Fi lounge, conference facility, EV charging stations, outdoor lakeside dining area, covered parking and walkways and a 7,200-square-foot fitness center. The seller was a joint venture in which Parkway Properties Inc. owns a 40 percent interest.
MIAMI — Colliers International has brokered the $65 million sale of the Holiday Inn Port of Miami located at 340 Biscayne Blvd. in Miami. Roughly 1.1 miles from the Port of Miami, the hotel will be the site of the proposed World Trade Center of the Americas, a 77-story mixed-use project that will feature 400 condominiums, 240 hotel rooms, 270,000 square feet of retail space and 246,000 square feet of office space, according to the Miami Herald. The city of Miami’s Urban Design Review Board has approved site plans for the project. An entity run by Gilberto Bomeny, the developer of the World Trade Center of the Americas, known as 340 Biscayne Owner LLC purchased the site from Marina Park Inn LLC. Larry Stockton and Jeff Resnick of Colliers International’s South Florida office brokered the sale.
MIAMI BEACH, FLA. — Stantec’s Miami office has begun renovations of the Berkeley Shore Hotel, a historic hotel located at 1610 Collins Ave. in Miami Beach. The 45,100-square-foot redevelopment will comprise 96 guestrooms, a restaurant and the addition of a new 10-story tower with a rooftop Zen garden and pool. The tower will sit behind the existing structure and will resemble the original Art Deco exterior of the Berkeley Shore Hotel that opened in 1940. The hotel renovations are scheduled to wrap up in spring 2016.
SILVER SPRING, MD. — H&R Retail has arranged a 42,000-square-foot lease transaction with Dave & Buster’s at Ellsworth Place in downtown Silver Spring, roughly six miles north of Washington, D.C. The entertainment venue and restaurant was previously located at the former White Flint Mall in Bethesda, Md. David Ward and Sean Harcourt of H&R Retail represented the landlord, Petrie Ross Ventures, in the lease transaction.
KNOXVILLE, TENN. — Marcus & Millichap has brokered the $11.9 million sale of Farragut Pointe, a 71,406-square-foot office building located at 11132 Kingston Pike in Knoxville. Formerly a retail building, the office property was 100 percent leased at the time of sale to office and medical office tenants. Gary Lee, Paul Johnson, Korey Prefontaine, Don McMinn, Zachary Taylor and Tyler Fish of Marcus & Millichap represented the seller, an unnamed private partnership, in the transaction. Jason Yukins of Marcus & Millichap’s Fort Lauderdale, Fla., office secured and represented the buyer, a limited liability company. Michael Fasano is Marcus & Millichap’s broker of record in Tennessee.
MENIFEE, CALIF. — Cushman & Wakefield has brokered the sale of Sun City Plaza, a retail center located at 26100 Newport Road in Menifee, a southwestern suburb of Los Angeles, for $10.2 million. The seller, a developer, recently repositioned the former Alberston’s into a multi-tenant property. New tenants include 99 Cents Only, Fitness 19 and True Value. Dixie Walker, Charley Simpson, Tom Blake and Andrew Milne of Cushman & Wakefield brokered the transaction. The name of the buyer was not released.