LOUDON, TENN. — NAI Knoxville has arranged the sale of a 334,024-square-foot industrial property situated on a 108-acre lot at 9600 Corporate Park Drive in Loudon. Morgan Olson LLC, a walk-in van body manufacturer, purchased the asset from Astec Underground Inc. for $10 million, according to media outlets. Morgan Olson plans to bring more than 400 jobs to the facility. James Roberson of NAI Knoxville, along with Bryan Rudisill of NAI Charter, brokered the transaction.
KENNESAW, GA. — HFF has arranged a $41.4 million acquisition loan for TownPark Commons, a 349,635-square-foot office building located at 125 TownPark Drive in Kennesaw, a northwest suburb of Atlanta. Enercon anchors the property, which is located near I-75 and I-575 and was 99.6 percent leased at the time of financing. TSP Value and Income Fund, a value-add real estate fund managed by Transwestern Investment Group, purchased the office building. Brian Carlton and Gregg Shapiro of HFF arranged the five-year, fixed-rate loan through Ares Management. In addition to the purchase, the buyer will use the loan proceeds for tenant improvements and leasing commissions.
ORLANDO, FLA. — NorthMarq Capital has arranged a $16.1 million acquisition loan for Landmark at Siena Springs, a 252-unit apartment community located at 6101 Westgate Drive in Orlando. The lakefront apartment complex features seven pools, a dog park, Wi-Fi café, outdoor grill and picnic area, business center, recreation center, clubhouse and storage space. Ory Schwartz of NorthMarq’s Los Angeles office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through an unnamed conduit CMBS lender.
DULUTH, GA. — Passco Cos. LLC has purchased The Estates at Crossroads, a 344-unit apartment property located at 2620 N. Berkeley Lake Road in Duluth, a northeast suburb of Atlanta in Gwinnett County. Built in 2002, the property features one-, two- and three-bedroom units with 9-foot ceilings with crown molding, walk-in closets, ceramic tile flooring, full sized washer and dryer units, custom cabinetry, breakfast bars, garden tubs and a private patio or balcony. The property’s amenities include a resort-style pool with sundeck, clubhouse and cafe, fitness center, business center with Wi-Fi, detached garages and tennis facilities. The apartment complex was more than 97 percent occupied at the time of sale. Chris Black of KeyBank Real Estate Capital arranged an acquisition loan through Fannie Mae on behalf of Passco Cos. The sales price was undisclosed.
CHICAGO — Interra Realty has arranged the sale of four multifamily properties in Chicago for $1.9 million. Brad Feldman of Interra Realty represented both parties in each of the four separate transactions. Logan Square, a four-unit apartment building, sold for $775,000 and is located at 2613 W. Armitage Ave. All units were two-bedroom/one-bath. A 12-unit property located at 4950-4956 S. Michigan Ave. sold for $837,500. The building, which had all Section-8 renters, is located in the Bronzeville neighborhood. The property features six three-bedroom units and six two-bedroom units. An eight-unit property in the greater Grand Crossing neighborhood located at 7556 S. Eberhart Ave. sold for $247,500. It is made up of five two-bedroom and three one-bedroom units. In the South Shore neighborhood, a bank-owned 12-unit mixed-use property at 1735 E. 71st St. sold for $105,000. It consists of four retail spaces, one two-bedroom unit and seven studio apartments. The buyer and seller in the transaction were not disclosed.
CLAYTON, MO. — The Opus Group and AIG Global Real Estate have unveiled plans to build a six-story, mixed-use building in the downtown business district of Clayton, a western St. Louis suburb. The project will feature five stories of residential units. The units will be a mix of studio, alcove, one- and two-bedroom apartments. The ground level will consist of 13,000 square feet of retail space. Amenities will include a Fitness On Demand studio, secure bike storage, a rooftop terrace, clubroom, game room and a fire pit/grill area. Opus Development Company LLC will be the developer, and Opus Design Build LLC will be the design-builder. Opus AE Group LLC will be the engineer and project architect. Construction will begin late this year, and completion is slated for March 2017.
FORT WAYNE, IND. — JLL has arranged the lease of a 764,000-square-foot flex facility in Fort Wayne. The building is located at 2909 Pleasant Center Road, and VEREIT is the landlord. The building was built in 1994 and is a former Nestle distribution center. The property features 8,400 square feet of cooler space, 17,725 square feet of office space and is expandable to more than 1 million square feet. The asset has 66 front-load dock doors and parking for 300 trailers and 144 cars. Steve Schwegman and Brian Seitz of JLL represented the landlord in the transaction. Greg Pink of Bradley Cos. represented the tenant.
WAYNE, NEB. — Darland Construction Co. has broken ground on an expansion and remodeling project for Providence Medical Center located in Wayne, approximately 45 miles southwest of Sioux City, Iowa. Highlights of the project include a new emergency entrance, a new ambulance garage, 20 new patient rooms and the relocation of the pharmacy, X-ray lab, and administration offices. The expansion will add 9,150 square feet and will provide more space in the labor and delivery rooms. Completion of the renovation and expansion is slated for 2017. Avant Architects is serving as the primary architect on the project.
INDIANAPOLIS — Mid-America Real Estate Corp. has brokered the sale of a multi-tenant building in Indianapolis for an undisclosed price. Providence Development purchased the 4,935-square-foot Lawrence Commons from Sitehawk Retail Real Estate. Tenants in Lawrence Commons include Jimmy John’s, Wok N Roll and Orange Leaf. LA Fitness and Family Dollar shadow anchor the property. Carly Gallagher and Rick Drogosz of Mid-America represented the seller and were the sole brokers in the transaction.
![North-Bellmore-Public-Library-Southeast-rendering[1]](https://rebusinessonline.com/wp-content/uploads/2015/10/North-Bellmore-Public-Library-Southeast-rendering11.jpg "North-Bellmore-Public-Library-Southeast-rendering[1]")
NORTH BELLMORE, N.Y. – The North Bellmore Public Library Board of Trustees has selected Elite Construction as construction manager for the expansion and renovation of the library building located at 1551 Newbridge Rd. in North Bellmore. Designed by the Pleasantville, N.Y.-based architectural firm of Gallin Beeler Design Studio (GBds), the project will completely renovate and expand the outdated library structure, originally constructed in 1962 and expanded in 1986. The improvements will include a gut renovation of the existing two-story, 13,000-square-foot building and a 4,200-square-foot addition. The project is financed through a 15-year, $8.9 million bond issue approved by the North Bellmore voters in May of 2015. In addition to Elite and GBds, the project team includes structural engineer The Di Salvo Engineering Group; mechanical, electrical, and plumbing (MEP) engineer TAS Engineering; and civil engineer Galli Engineering.
