SOUTH HACKENSACK AND SECAUCUS, N.J. — G.S. Wilcox & Co. has closed two loans totaling $19.7 million for two properties in New Jersey. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. originated a $13.5 million loan for a local value-add fund. The loan will be used to acquire a 245,824-square-foot industrial property in South Hackensack. The five-year loan features a 25-year amortization schedule. In the second deal, Wilcox and David Fryer arranged a $6.2 million loan for a 100,000-square-foot, fully occupied industrial property in Secaucus. The 10-year loan features a 25-year amortization schedule. The borrower was not disclosed. Mutual of Omaha, a correspondent lender, provided funding for both loans.
LIVINGSTON, N.J. — HFF has brokered the sale of Livingston Shopping Center located at 530 W. Mount Pleasant Ave. in Livingston. The two-building, 140,000-square-foot power center is 97 percent leased to six national tenants that include Nordstrom Rack, TJ Maxx, Buy Buy Baby, DSW, Cost Plus World Market and Ulta Beauty. Situated on 20 acres, the property was fully repositioned in 2014. A partnership between KABR Group and G&G Investors sold the property to Kite Realty Group for an undisclosed price. Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.
GREENVILLE, S.C. — CBRE has brokered the $44.7 million sale of McBee Station Apartments, a 197-unit, Class A apartment community in downtown Greenville. The property is located adjacent to a Publix-anchored shopping center, the Swamp Rabbit Trail, Cleveland Park and Falls Park. Atlanta-based TriBridge Residential purchased McBee Station from an undisclosed seller. Phil Brosseau, Kevin Kempf and Malcolm McComb of CBRE represented the seller in the transaction. Steve Haffner and Nate Sittema of CBRE arranged $29 million in acquisition financing through Allianz Real Estate of America on behalf of TriBridge Residential.
CHARLOTTE, N.C. — Beacon Partners has begun construction on 500 East Morehead, a 180,000-square-foot office building on Morehead Street in Midtown Charlotte. The property will be located next door to the Dowd YMCA and adjacent to the Carson Boulevard light rail station, Southend Rail Trail, Little Sugar Creek Greenway and Latta Park. Upon completion, the asset will feature 15,000 square feet of retail space targeted for a coffee shop, lunch restaurant and an upscale restaurant. The property will also feature a 1,000-square-foot Sky Terrace, three private outdoor terraces, a lounge area with TVs, on-site fitness center, conference centers and an attached parking deck. Charlie Swanson and Kristy Venning of Beacon Partners are the leasing agents for 500 East Morehead. The design team includes architect BB+M and general contractor Balfour Beatty. Beacon Partners expects to deliver the asset in November 2016.
ORLANDO, FLA. — Orlando-based Roger B. Kennedy Inc. has broken ground on Zen Luxury Living Apartments, a four-story, 258-unit apartment community located at 10463 Perrihouse Acres Lane in Orlando. The property will be located near State Road 535 and adjacent to the Hyatt Regency Grand Cypress. Roger B. Kennedy has a $30 million contract with Orlando-based developer Zen Luxury Living LLC to construct the property. Maitland, Fla.-based Slocum Platts Architects designed the apartment community, which is slated for an October 2016 completion.
DUNCAN, S.C. — Marcus & Millichap has brokered the $11.3 million sale of the 133-room Hampton Inn & Suites Greenville/Spartanburg. The five-story hotel is located at 108 Spartangreen Blvd. in Duncan, a suburb of Greenville. The hotel is located near I-85, Tyger River Park, the headquarters of Denny’s and the BMW manufacturing plant. David Greenberg and Robert Hunter of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and seller in the transaction. Raj Ravi is Marcus & Millichap’s broker of record in South Carolina.
COLUMBIA, S.C. — DTZ has brokered the sale of Crown Pointe, a Class A office building in Columbia. The property was fully leased at the time of sale to Allstate, CGI Technologies and Sharp Corp. Rob Cochran and Jared Londry of DTZ represented the seller, Charleston, S.C.-based Durlach Associates, in the transaction. The buyer, East West Capital, purchased the office building for an undisclosed amount. Crown Pointe is East West Capital’s first purchase in South Carolina.
CHICAGO — Hyatt Centric The Loop Chicago, located downtown at 100 W. Monroe St., celebrated its grand opening on Thursday, July 30. The 22-story historic building was originally constructed in 1927. Hyatt Centric The Loop Chicago features 257 guestrooms, 2,500 square feet of meeting space, a 24-hour fitness center, rooftop bar and a French bistro restaurant. Located in the Loop district, the hotel puts guests near many external attractions such as Millennium Park, Navy Pier and The Art Institute of Chicago. Integrated Clark Monroe LLC owns Hyatt Centric The Loop Chicago, which is operated by Interstate Hotels & Resorts.
LIBERTYVILLE, ILL. — I.M. Construction Group (IMCG) has completed the construction of a 7,500-square-foot, single-story building for the Illinois Bone & Joint Institute (IBJI) located at 724 Florsheim Drive in Libertyville, a northern suburb of Chicago. Construction included the demolition of the existing interior and the build-out of new medical office space with therapy areas and exam rooms. IBJI is relocating its physical and occupational therapy space to the new building from an adjacent location at 720 Florsheim Drive, where it will also continue to maintain operations. Brubaker Architects provided architectural services for the project.
CHICAGO — J.C. Anderson Inc. has been selected to complete a 9,000-square-foot build-out to DePaul University’s Chartwells Cafeteria on the Loop Campus located at 1 E. Jackson St. Renovations on the 11th floor cafeteria space include an all new dining area, new equipment and food prep stations. Construction is scheduled for completion in September. Nvironment Architecture is providing the architectural services. Katrina Latendorf from DePaul University is coordinating construction management responsibilities.