AUBURN, MASS. — Kelleher & Sadowsky Associates has brokered the sale of Laurel Hill Apartment Complex, located at 11 Whitney Circle and 1-17 Temple St. in Auburn. Micozzi Management Inc. acquired the property from Laurel Hill Realty Inc. for $3.9 million. The property features 44 two-bedroom/one-bath units and was fully occupied at the time of closing. Donald Mancini and Will Kelleher of Kelleher & Sadowsky brokered the transaction.
ENFIELD, CONN. — Colliers International has brokered the long-term lease of 102,000 square feet of industrial space at Enfield Distribution Center, located at 35 Manning Road in Enfield. Namco will occupy the space in the $2.6 million transaction. Nicholas Morizio of Colliers represented the undisclosed landlord, while Tim McNamara of SullivanHayes represented the tenant in the lease transaction.
HOUSTON — i3 Interests and Atlas Real Estate Partners have closed a 202,978-square-foot acquisition of a three-building portfolio located on the campus of the Tenet Health Systems-operated Northwest Medical Center in Houston. Scott Carter of Transwestern represented the seller. Texas Capital Bank provided financing. The company plans to update the portfolio’s lobbies, landscaping, corridors, bathrooms, elevators and internal building components that will be followed by a rebranding campaign. Transwestern will provide both leasing and property management services.
WACO, TEXAS — Coca-Cola Refreshments has received a tax abatement incentive to expand its Waco presence with a $13.3 million blow-molding line. The line will be used for in-house production of bottles in its Waco facility, located in Texas Central Park. Coca-Cola established its first Waco manufacturing facility in 1995, and Coca-Cola Enterprises constructed a 50,000-square-foot regional distribution center to supply the central Texas market in 2007. The expanded operations are a result of the company’s continued growth in product demand and a long-established partnership with the city of Waco, McLennan County and the Waco Industrial Foundation.
DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on Phase II of a $75 million self-storage development plan. The firm will build three self-storage facilities in infill locations located in Dallas, Carrollton, Texas and Denver. Cornerstone has begun preparation to break ground on a 105,606-square-foot, 928-unit self-storage facility on the southeast corner of Maple Avenue and Butler Street in Dallas. Located in the Dallas Medical District, the facility is expected to open in the fourth quarter of 2016. In addition to the Dallas facility, Cornerstone plans to break ground on an 110,150-square-foot storage facility on E. Hebron Parkway in Carrollton. The 776-unit, multi-story facility will offer climate control in 94 percent of its units and is expected to open in the third quarter of 2016. The development company also closed on a property in metro Denver to develop an 116,325-square-foot self-storage facility. All three new developments will be managed by and branded Extra Space Storage.
ARLINGTON, TEXAS — SVN (formerly Sperry Van Ness) has arranged the sale of Olympic Club Apartments, a 305-unit garden-style community located at 504 Dudley Circle in Arlington. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller, a Colorado partnership. The team also procured the buyer, a local partnership. The new owner plans to upgrade the buildings’ interiors and amenities to compete with other complexes in the immediate area.
DALLAS — Marcus & Millichap has arranged the sale of Courtyard Condominiums, a 32-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie also procured the buyer, a limited liability company. Courtyard Condominiums is located at 6003 Ridgecrest Road in Dallas just off Hemlock Avenue. Situated on approximately 0.7 acres, the asset was built in 1983. The Class B apartment community has a unit mix of 14 one-bedroom/one-bath units and 18 two-bedroom/one-bath units. At the time of listing, the seller reported an occupancy of 94 percent.
BOCA RATON, FLA. — HFF has brokered the $35.8 million sale of Bank of America Tower located at 150 E. Palmetto Park Road in downtown Boca Raton. The Class A, 109,553-square-foot office building features a Bank of America branch on the ground floor and restaurant space that will soon be occupied by Besito Boca. The property was 87 percent leased at the time of sale to tenants such as Bank of America, Zen Offices, Veretech Holdings and Charles Schwab & Co. Hermen Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Clarion Partners, in the transaction. The buyer was Dividend Capital Diversified Property Fund Inc.
ATLANTA — A joint venture between McShane Construction Co. and IBG Construction Services LLC has completed construction on Oasis at Scholar’s Landing, a 60-unit affordable assisted living community in Atlanta. The complex, made up of three- and four-story buildings, is located on a 2.1-acre site and totals 65,193 square feet. The joint venture built the property for the developer, Integral Group LLC. Along with 60 one-bedroom units, the complex incorporates a fitness center, hair salon, commercial kitchen and dining room, two activity rooms and a covered patio. The Georgia Department of Community Affairs’ low-income housing tax credit program and the Atlanta Housing Authority partially funded the project. Kitchen & Associates provided architectural services. McShane is a construction firm based in Rosemont, Ill. IBG is an Atlanta-based general contractor and a sister company of Integral Group, an Atlanta-based real estate developer.
EUSTIS, FLA. — Housing Trust Group (HTG), a real estate developer, has closed on the construction financing for Valencia Grove in Eustis, a town in Central Florida. The $21 million, 144-unit affordable housing community will be situated on the northwest corner of Huffstetler Drive and Kurt Street and will comprise one-, two- and three-bedroom units with rents ranging from $358 to $790 per month, depending on tenants’ income levels. Community amenities will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family support coordination. Construction began in late November and is expected to be completed in 13 months. HTG secured financing from a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp, a grant from the city of Eustis, tax credit equity from U.S. Bank Corp and tax-exempted multifamily revenue state bonds from SunTrust.
