NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 10 Westminster Road in Brooklyn. The 25,990-square-foot asset sold for $6 million, or $300,000 per unit. The 20-unit property features a mix of three- and four-bedroom apartments. Derek Bestreich, Lucien Sproviero, Adam Lobel and Erik Rodriguez of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
WARWICK, PA. — NAI Mertz has brokered the sale of an 8,750-square-foot flex building located at 1528 Campus Drive within Warwick Business Campus in Warwick. The buyer, Larry Sfinas of Guardian Academy and Indoor Range Inc., acquired the property from an undisclosed seller. The purchase price also was not disclosed. The buyer plans to expand the building into a 20,000-square-foot, 22-lane indoor gun range and retail store. The completed property will feature an advanced Carey air filtration system, a 3,500-square-foot shoot house, 360-degree computer-generated simulation training, and a 50-person banquet hall. Construction is slated to start in August, with a grand opening scheduled for January 2016. Jeff Licht and Adam Lashner of NAI Mertz arranged the transaction.
WAYNESVILLE, MO. — McCarthy Building Cos. Inc. has completed construction of the $18 million, four-story Phelps County Regional Medical Center (PCRMC) Waynesville Medical Plaza in Waynesville. The new facility, visible from I-44 and located next to the Veteran’s Primary Care Clinic in the heart of the Missouri Ozarks, enables PCRMC to offer expanded healthcare services to Pulaski County. Services include a walk-in clinic, a full imaging suite, cardiac testing services, physicians’ offices, physical therapy and a sleep lab. It also provides a physicians’ clinic with 23 exam rooms and space for various services. The Waynesville Medical Plaza is part of a five-year master plan that PCRMC began implementing in 2013 in an effort to expand and improve patient care in the area. As part of the plan, McCarthy also completed the renovation of the pharmacy and cardiac rehabilitation departments at the main medical center in Rolla and broke ground on the new Delbert Day Cancer Institute at PCRMC this spring.
HAMDEN, CONN. — Press/Cuozzo Commercial Services has brokered the long-term lease of 2,664 square feet of office space at Hamden Center II in Hamden. FC USA Inc., the parent company of GOGO Worldwide Vacations, will occupy the space at 2321 Whitney Ave. Stephen Press of Press/Cuozzo represented the landlord, while Steve Inglese of The New Haven Group represented the tenant in the transaction.
CHICAGO — Associated Bank has provided a $17 million construction loan for a new mixed-use development at 2501 W. Armitage Ave. in Logan Square. The developer is a partnership between Mario Greco and Dimitri Nassis of Spearhead Properties LLC and Chris Fifield of Fifield Construction and Realty Inc. Michael McGovern of Associated Bank’s commercial real estate division originated the loan. The LEED-certified development will include two buildings comprised of 78 apartments and 6,500 square feet of retail space along Armitage. The project will feature a private courtyard and large landscaped second-floor terraces. Eight affordable units will be made available. Once completed, the new apartments will offer tenants sleek modern finishes and an amenity package that includes an automated package room, high-speed fiber Internet service, a workout area, 55 parking spaces, bicycle parking and a 1,300-square-foot amenity space overlooking a 6,000-square-foot landscaped courtyard. Demolition is scheduled to start in early August and construction will begin soon after.
EDEN PRAIRIE, MINN. — Mortgage banking firm Dougherty Mortgage LLC has closed a $10.6 million HUD 223(f) loan for the refinancing of Olympic Ridge Apartments, a 143-unit market-rate apartment property located in Eden Prairie. Dougherty Mortgage’s Minneapolis office arranged the fully amortizing 35-year loan for the borrower, Olympic Ridge Limited Partnership. Olympic Ridge Apartments, which is managed by Park Avenue of Wayzata Inc., offers nine three-story, wood-framed walk-up buildings with attached garages, some with individual entrances. Amenities include a whirlpool spa, exercise and party rooms, restrooms with showers, tot lot and volleyball net.
SHELBY TOWNSHIP, MICH. — Ciena Healthcare, a manager and operator of skilled nursing and rehabilitation centers in Michigan and Connecticut, has opened its newest skilled nursing and rehabilitation center in Shelby Township, about 30 miles north of Detroit. To meet the medical needs of the residents, the 116-bed Regency at Shelby Township offers a range of comprehensive therapy and nursing care under the direction of a board-certified physician. Skilled services include 24-hour nursing care, physical and occupational therapy, speech and language pathology, wound care and pain management, and IV therapy. Therapy is available seven days a week in the state-of-the-art therapy gym that helps bridge the gap between hospital and home. Regency at Shelby Township is dedicated to improving patients’ mobility and function, allowing them to return home in a timely manner. Located on six acres and built at a cost of $10 million, the facility includes 60 private suites and 28 semi-private suites with individual showers, complimentary television, phone, and Internet service, 24-hour room service, rejuvenating spa, full-service salon with massage room, manicure and pedicure services, spacious dining room and common areas throughout. All rooms in the center offer scenic views for resident relaxation and rejuvenation. Lush courtyards and …
GALENA, ILL. — CBRE Hotels has arranged the sale of the 72-room Ramada Galena Hotel and Day Spa, including a 4,000-square-foot banquet hall, in Galena to Galena Prime Hotels LLC for an undisclosed price. Galena Pines LLC was the seller. Brian Silberman, Stanley Wang and Scott Miller in the Chicago office of CBRE Hotels represented Galena Pines in the sale of the property. Ramada Galena Hotel and Day Spa is located at 11383 U.S. 20, two miles from historic downtown Galena and 12 miles from Dubuque, Iowa. The property, which offers bed-and-breakfast charm in northwestern Illinois, is situated on nearly 10 acres, including a catch-and-release fishing pond and gardens. The city of Galena attracts over 1 million visitors annually with a historic downtown shopping district, winter outdoor activities, museums, historic homes and buildings, wineries and more. The new owners have over 20 years of hospitality experience.
IRVING, TEXAS — Greysteel, a Washington, D.C.-based real estate investment services firm, has arranged the sale of Knollwood, a 188-unit multifamily community in Irving. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel’s multifamily investment sales team served as advisor and agent to BJS Knollwood LLC in the sale of Knollwood to TwinkleStar Asset LLC. Over the past 30 months, the property received more than $650,000 in improvements, including office renovations, laundry area improvements, landscaping, new paint and a renovated pool area.
HOUSTON — Ashford Crossing LLC, an affiliate of Hartman Short Term Income Properties XX, has purchased the Ashford Crossing II office building in Houston. The property is a 158,451-square-foot, six-story office building located at Dairy Ashford Road and Whittington Drive on the southern edge of the energy corridor and the northern border of the Westchase submarket. Ashford Crossing II was built in 1983 and has been institutionally owned and managed since 2002. The property is 87 percent leased to a mix of tenants, including Rignet, a provider of communications, networks and collaborative applications for the oil and gas industry. H. Dan Miller and Marty Hogan of HFF represented the seller in the transaction. Dave Wheeler, Julian Kwok and Russell Turman of Hartman represented the buyer, Hartman Ashford Crossing LLC.
