CONCORD, N.C. — Monmouth Real Estate Investment Corp., a publicly traded REIT, has purchased a new 330,717-square-foot industrial building located at 4690 Global Ave. N.W. in Concord, a northern suburb of Charlotte. Monmouth purchased the distribution center, which is net-leased to FedEx Ground Package System Inc., for nearly $32 million. The facility is located on a 59.4-acre site near I-85.
WASHINGTON, D.C. — CAS Riegler Cos. has completed construction on HOLM, a 38-unit luxury apartment community located at 1550 11th St. N.W. in Washington, D.C.’s Logan Circle neighborhood. The four-story property includes a rooftop deck, approximately 3,000 square feet of street-level retail space, catering kitchen, below-grade parking garage, private courtyard and bike storage. This new apartment community is pet-friendly and is situated right across the street from Shaw Dog Park and four blocks for a Metrorail station. Monthly rental prices start at $2,250 for one-bedroom apartments and $3,200 for two-bedroom units; penthouse apartments range from $4,200 for a one-bedroom unit to more than $7,500 for a three-bedroom residence.
PRAIRIEVILLE, LA. — Greystone has provided a $30.6 million construction loan for Manchac Lake Apartments, a 272-unit luxury multifamily community that is set to be built in Prairieville. Donny Rosenberg of Greystone originated the FHA-insured loan on behalf of the borrower, Noland McKay Manchac LP. The loan features a 40-year term following the initial construction period. Upon completion, the property will feature a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garages.
BRASELTON, GA. — Winter Construction has completed a 33,000-square-foot, two-level addition to the Chateau Elan Winery & Resort, a four-diamond hotel in Braselton. The addition includes a ballroom with partitions, pre-function and service space, restrooms, storage and office space. The new Paris Ballroom features 20-foot ceilings, French chandeliers and an outdoor terrace. The addition is the largest construction project at the hotel in recent years, according to Winter Construction. The Atlanta-based general contractor worked with architect Chapman, Griffin, Lanier, Sussenbach Architects on the addition.
GENEVA, OHIO — Lee & Associates has arranged the $14.3 million sale of a manufacturing facility used for research and development in Geneva, approximately 50 miles northeast of Cleveland. Triple Net Acquisitions LLC purchased the single-tenant property from Chadbourne Industries and Austieboy LLC. The property consists of 239,454 square feet split between two buildings. The buildings were renovated in 2006 and 2008. At the time of sale, Hunter Defense Technologies (HDT Global Inc.) had 10 years remaining on a 15-year, triple-net lease. HDT Global is a manufacturer of products for mobile expeditionary missions in extreme environments for military, government, industrial and commercial market customers. Ryan Barr, Ryan Bennett and Joseph Greenberg of Lee & Associates represented the sellers in the transaction. Brian Garbutt of Lee & Associates represented the buyer.
MIAMISBURG, OHIO — Foresite Realty OH LLC, an affiliate of Foresite Realty Partners, has brokered the sale of an 117,410-square-foot shopping center in Miamisburg, a southwest suburb of Dayton, for an undisclosed price. Southland 75 Shopping Center is anchored by Hobby Lobby and Dollar Tree. The retail center, located at 8265-8361 Springboro Pike, is shadow anchored by Furniture Fair and the Dayton Mall. The buyer, an affiliate of RCG Ventures that specializes in value-add retail properties, was represented by Jeff Miller of RCG. Foresite Realty represented the undisclosed seller in the transaction.
AURORA, ILL. — Adelphia Properties has arranged the $2.7 million sale of a single-tenant, net-leased retail property in Aurora, approximately 40 miles west of Chicago. CVS/pharmacy occupies the 13,013-square-foot property located at 2360 W. Indian Trail. The freestanding building was developed in 2005. CVS/pharmacy has 16 years remaining on its lease term. Simeon Spirrison of Adelphia Properties represented the private investor in the all-cash transaction. The buyer is not a 1031 exchange buyer. Stan Johnson Co. represented the seller, also a private real estate investor.
ANN ARBOR, MICH. — Colliers International has arranged the sale of two attached office buildings in downtown Ann Arbor to Wickfield Properties for an undisclosed amount. The Barden family sold both buildings, located at 307-311 N. Main St., which span a total of 8,943 square feet. The Ann Arbor Credit Bureau, which formerly occupied the space, is relocating to a property it acquired at 2090 S. Main St. A ballet studio has begun occupying the building at 307 N. Main St., and Atwell LLC will occupy the building at 311 N. Main St. Jim Chaconas and Brendan Cavender of Colliers International represented both parties in the transaction. Chaconas and Cavender also represented the Ann Arbor Credit Bureau in the purchase of its new building at 2090 S. Main St.
BURR RIDGE, ILL. — Lagestee-Mulder has purchased a 54,000-square-foot office property in Burr Ridge, a southwest suburb of Chicago, for an undisclosed amount. Burr Ridge Office Center includes 14 office suites and was 94 percent leased at the time of sale. The property is located at 361 S. Frontage Road. Lagestee-Mulder has acquired, leased constructed and developed commercial real estate in metro Chicago for more than 25 years. Alissa Adler and John Homsher of Podolsky | Circle CORFAC International represented the seller in the transaction, a private investment group. Don Price of Lagestee-Mulder represented the buyer.
GLENDALE AND TEMPE, ARIZ. — Lee & Associates has arranged the sale of two Arizona shopping centers for a combined $16.4 million. Properties include 51st & Olive Square, an 88,225-square-foot shopping center located in Glendale; and Playa Del Norte, an 11,499-square-foot shopping center located in Tempe. Patrick Dempsey and Jan Fincham of Lee & Associates worked on behalf of both the buyer, 51st & Olive Station LLC, and the undisclosed seller in the 51st & Olive Square transaction. Dempsey, Fincham, Chris McClurg and Matt Frederick of Lee & Associates co-listed and secured the buyer, Crow Holdings Capital Real Estate, in the Playa Del Norte transaction.