KANSAS CITY, MO. — Retail Properties of America Inc. has sold The Shops at Boardwalk, a 122,397-square-foot shopping center located in Kansas City, for an undisclosed price. GDA Real Estate Services LLC purchased the asset on behalf of ACF Property Management free and clear of existing debt. The fully leased center is home to tenants including Gold’s Gym, Jos. A. Bank, Kirkland’s, Chipotle, Houlihan’s, Rue 21, Maurices and a separately owned Lowe’s and Walmart. Amy Sands, Clinton Mitchell and Barry Brown of HFF worked on behalf of the seller in the transaction.
HACKENSACK, N.J. — Redwood Realty Advisors has arranged the sale of two apartment properties located in Hackensack. Totaling 99 apartment units, the assets sold for $16.4 million. Built in 1975, the properties include the 46-unit Driftwood Apartments at 20 Second St., and the 53-unit El Dorado Apartments at 240 Anderson St. The undisclosed buyer plans to reposition the properties. Thomas McConnell, Kevin McCrann, Michael Scrima and Jeremy Wernick of Redwood Realty represented the seller, Rose Realty Inc., in the transaction.
HORSHAM, PA. — HFF has arranged a $28 million loan for the refinancing of a two-building portfolio in Horsham, a suburb of Philadelphia. The borrower was an affiliate of Endurance Real Estate Group LLC. The 10-year loan, which features a fixed rate, was provided by Silverpeak Real Estate Finance. Loan proceeds will be used to refinance existing debt. The portfolio includes 200 Precision Drive, a 126,500-square-foot facility with 63,000 square feet of warehouse space, 49,400 square feet of office space and a 14,200-square-foot laboratory; and 425 Privet Road, a 120,290-square-foot property fully leased to Teva Pharmaceuticals. 200 Precision Drive is leased to Finisar Corp., C&D Technologies and DrugScan. Ryan Ade and Campbell Roche of HFF represented the borrower in the financing.
GROTON, MASS. — Senate Construction Corp. has completed the second phase of construction at Boynton Meadows, a mixed-use development in Groton. The second phase consists of eight townhomes, ranging in size from 2,000 square feet to 2,500 square feet with additional walkout and basement space. The first phase of the project, which was completed in 2012, included mixed-use office and retail space, including a yoga studio, bakery and dental office, and the third phase, slated to begin soon, will include seven residential units. Developed by Mount Laurel Development the overall project includes the restoration of a historic, colonial structure, the addition of retail space and the construction of 15 townhouse units overlooking Gibbet Hill. Maugel Architects designed the mixed-use project, which was financed by Bank of New England.
NASHUA, N.H. — M&T Realty Capital has provided an $11.2 million Fannie Mae loan for the refinancing of Clocktower Place in downtown Nashua. The 10-year loan features a 3.97 percent fixed rate and a 30-year amortization schedule. Clocktower Place offers 143 rental units in one-, two-, three-bedroom or townhome layouts. Community amenities include an on-site health club, covered parking, function rooms and concierge services. Daniel Kerner of M&T Realty Capital’s Boston office secured the financing, while Fantini & Gorga provided brokerage services for the borrower.
NEW YORK CITY — Greystone has closed a $9.5 million loan for the refinancing of Rego Park Gardens, a cooperative apartment building in Queens. Andrew Ellis of Greystone and Peter Grazide of Total Real Estate Finance Solutions arranged the loan for the undisclosed borrower. The loan includes a 15-year term with a 30-year amortization schedule. Located in the Elmhurst neighborhood of Queens, Rego Park Gardens features 527 multifamily units. This loan is the company’s first Freddie Mac Fast-Track Co-op Early Lock loan.
TYSONS, VA. — Akridge and the Ronald D. Paul Cos. have acquired 1690 Old Meadow Road in Tysons, a Virginia suburb of Washington, D.C., for $7.6 million. The pair plans to redevelop the existing 13,000-square-foot training facility for GEICO into a 250,000-square-foot office building. Upon completion, the 11-story project will sit atop a five-story parking garage and offer ground-floor retail space and on-site amenities such as a conference facility, in-building wireless, a restaurant and a landscaped terrace with common space and bocce ball courts. The property sits directly across the street from the McLean Metro Station and planned Wegmans grocery store. KGD Architecture is designing the redevelopment. The sale of 1690 Old Meadow Road resulted from a tri-party agreement with GEICO and Merritt Properties. GEICO is relocating its current training facility to a new build-to-suit facility in Merritt’s Ashbrook business park in Ashburn, Va. Jeff Groh and Michael Blyumin of JLL represented GEICO, and Joseph Svatos of Akridge represented the buyers in the transaction. Andrei Ponomarev of Akridge represented GEICO in the development and construction phase of the project.
MIAMI — In a joint venture with a real estate fund advised by Crow Holdings Capital Partners, Lincoln Property Co. has completed Turnpike Park, a 136,500-square-foot industrial building located in Miami. The joint venture has also secured its first two tenants. SV Orchids & Potted Supply Inc., a subsidiary of Silver Vase Inc., signed a 39,000-square-foot lease, and Southpoint Sportswear LLC signed a 24,440-square-foot lease at Turnpike Park. Americas Industrial Realty Corp. represented the ownership in both lease transactions. Turnpike Park features 52-foot by 45-foot column spacing with a 50-foot staging area, three-phase electrical power, T5 energy-efficient lighting, an ESFR fire sprinkler system and four dock doors per bay. The property also offers access to the Florida Turnpike, Palmetto Expressway, Okeechobee Road (US 27), I-75 and the Dolphin Expressway.
ATLANTA — Multi Housing Advisors (MHA) has brokered the $23.9 million sale of 1500 Oak, a 368-unit apartment community located in Atlanta. The property recently received a comprehensive renovation and now features new cabinets with brushed nickel hardware, new bathtubs, granite countertops, stainless steel sinks, two-inch wood blinds, vinyl plank flooring and energy efficient toilets. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Cortland Partners, in the transaction. Engineering Partners purchased the property.
GOOSE CREEK, S.C. — Marcus & Millichap has brokered the $12.8 million sale of a 41,117-square-foot, freestanding Walmart Neighborhood Market in Goose Creek, a suburb of Charleston. Built in 2014 and opened for business in June 2015, the store features a drive-thru pharmacy and a six-pump Walmart fuel station on an outparcel. Walmart has signed a 20-year modified triple-net lease on the property with four five-year options, each with rent increases. Don McMinn and Zach Taylor of Marcus & Millichap’s Atlanta office and principals of the firm’s Taylor McMinn Group represented the seller, a developer. The buyer is a private investor in a 1031 exchange. Raj Ravi of Marcus & Millichap’s Charleston office is the firm’s broker of record in South Carolina.