MINNEAPOLIS — Doran Construction has completed construction on Latitude 45, a luxury apartment building located at 301 Washington Ave. South for Alatus LLC. The building is 13 stories and contains 319 units, with 10,000 square feet of retail on the ground floor. The facility came in under budget and ahead of schedule. Alatus is a real estate developer with expertise in residential high-rise development, office redevelopment, parking management and single-family home redevelopment. The Doran Cos. offer commercial development, general contracting and management of multifamily residential and commercial properties.
ELIZABETH, N.J. — Cronheim Mortgage has arranged $35 million in financing for an industrial property located at 102 Bay Ave. in Elizabeth. The loan was structured with a five-year term and a 30-year amortization schedule for the borrower, Hartz Elizabeth Inc., an affiliate entity of Hartz Mountain Industries Inc. Built in 1990, the 509,093-square-foot facility features 26-foot clear heights, 61 loading docks and approximately 9,000 square feet of mezzanine office space. Andrew Stewart and Dev Morris of Cronheim secured the financing for the borrower.
NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality are developing a two-building Marriott hotel at New York City’s John. F. Kennedy International Airport. The partnership has tapped Gene Kaufman Architect to design the 260,000-square-foot project, which Soundview and Chartwell plan to break ground on in 2016.
UNION CITY, N.J. — Cushman & Wakefield has brokered the sale of two multifamily buildings located at 1000 West and 522 10th streets in Union City. An undisclosed buyer acquired the properties for $2.1 million, or $176,667 per unit, in an all-cash transaction. The adjacent properties total 16,698 square feet and include 12 residential units in a mix of one-bedroom and two-bedroom apartments. Fahri Ozturk and Alexander McGee of Cushman & Wakefield represented the undisclosed seller, while Miriam Lebovitz of Dwell Realty represented the buyer in the transaction.
GREENFIELD, MASS. — Integrated Builders has topped off the new Greenfield Toyota and Ford joint car dealership in Greenfield. Located at 1 Main St., the 32,000-square-foot facility will replace the previous dealership located on the site. The facility will offer a combined 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine area. The new facility is slated for completion in November 2016. Integrated Builders is providing construction management services for the project. The project team includes The Curtis Architectural Group, SVE Associates, Flood Consulting and Environmental Design Engineering Inc.
NASHVILLE, TENN. — GBT Realty Corp. has acquired a one-acre site in Hillsboro Village, a historic Nashville neighborhood, from Regions Bank with plans to develop a $45 million mixed-use project. The site is located at the corner of 21st Avenue South and Wedgewood Avenue. The plans for the development, known as Village 21 at Regions Park, include 22,000 square feet of retail space and 101 Class A apartment residences. Regions Bank will operate a 3,800-square-foot bank branch in the retail portion, which will also include a two-story, 6,000-square-foot restaurant. Regions will occupy a temporary, on-site facility during construction, which is scheduled to wrap up in spring 2017. The multifamily portion of Village 21 will feature a courtyard deck that includes a pool, outdoor grilling area and fire pit. Other amenities will include a fitness center, yoga lawn, clubroom and surface and below-grade parking totaling 250 spaces. The development team includes EOA Architects, Yates Construction, Littlejohn Engineering and Waller Law Firm.
DULUTH, GA. — Emma Capital Investments Inc. has acquired Berkeley Landing Apartments, a 240-unit, garden-style apartment community located at 3700 Peachtree Industrial Blvd. in Duluth, a northeast suburb of Atlanta in Gwinnett County. Emma Capital purchased the asset for $21.5 million, bringing the Toronto-based investor’s total acquisitions to date over $150 million and more than 2,500 apartment units. This is Emma Capital’s 11th purchase in the United States and fifth in the metro Atlanta area. Berkeley Landing features terraced pools with a waterfall, two lighted tennis courts and a media room. The apartment units feature washer and dryer connections, large closets, wood-burning fireplaces (in some units) and fully equipped kitchens, as well as private sunrooms. Emma Capital plans to upgrade the property’s unit interiors, as all of the units feature original finishes.
VIRGINIA BEACH, VA. — CBRE|Richmond has arranged the $12 million sale of a Walgreens Pharmacy at 645 First Colonial Road in Virginia Beach. Sequoia Frankford Springs purchased the newly constructed property from Old Brandon First Colonial Associates LLC. Built in June 2015, the 14,200-square-foot, freestanding store is located at the intersection of Laskin and First Colonial roads. Craige Pelouze of CBRE|Richmond represented the seller, Old Brandon First Colonial Associates LLC, in the transaction.
DALLAS, GA. — Marcus & Millichap has brokered the $4.2 million sale of a 17,930-square-foot strip retail center located at the intersection of Seven Hills Boulevard and Cedarcrest Road in Dallas. CVS Health occupies roughly 70 percent of the center and has a 15-year corporate-guaranteed double-net lease for the store. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the seller and procured the buyer, an all-cash 1031 investor, in the transaction. Taylor and McMinn are principals of Marcus & Millichap’s Taylor McMinn Team.
AUGUSTA, GA. — Furniture and specialty home goods retailer Conn’s Inc. has opened its first Georgia store at 270 Bobby Jones Expressway in Augusta. The 50,000-square-foot store has created roughly 30 local jobs. The new location is part of Conn’s national growth strategy to open nearly 20 stores during a 12-month period (February 2015 to February 2016). Conn’s, which has stores in 12 states, will open its 100th location next month. “Augusta is a great community and we are proud that it is the home of our first Georgia store,” said David Trahan, president of Conn’s retail division.