NORTH FORT MYERS, FLA. — Venture Commercial Real Estate has brokered the $4.5 million sale of a 23,104-square-foot retail building in North Fort Myers fully leased to Northern Tool + Equipment. The building is located at 14571 N. Cleveland Ave. Clay Mote of Venture Commercial represented the seller, DRW Partnership LLLP, in the transaction. The buyer, Realty Income Properties 6, was self-represented.
ATLANTA — Three new restaurants have signed on at Peachtree Center, a mixed-use campus comprising six high-rise buildings in downtown Atlanta. Tin Lizzy’s Cantina and Gus’s World Famous Fried Chicken recently opened locations at Peachtree Center, and Panbury’s Double Crust Pies will open a new eatery there this fall. JLL brokered the lease transactions on behalf of Peachtree Center’s owner, Banyan Street Capital.
It’s no secret that the Sunbelt states have been, and continue to be, the front-runners for corporations looking to relocate to cities with a much lower cost of doing business. With each state taking different approaches, North Carolina does not often offer the relocation incentives that can be found in states such as South Carolina and Texas. Instead, North Carolina favors a system that offers less up-front cash incentives, but tries to offset that with a tax structure and business-friendly climate in an effort to compete for the large, attractive relocations. Because of this, the catalyst for growth in Charlotte has only been moderately associated with the recruitment of out-of-market users looking to relocate headquarters to more affordable and attractive markets. In large part, Charlotte’s growth has been driven by organic growth of existing businesses. In fact, more than 70 percent of the positive absorption in the central business district (CBD) since 2010 has occurred through organic growth. This expansion of existing business has provided for employment growth conditions that work hand-in-hand with the rapidly swelling population. In between new-to-market relocations that provide headline-grabbing bursts of employment, the diverse and impressive growth of Charlotte’s existing companies has attracted talent and …
INDIANAPOLIS — Marcus & Millichap has brokered the sale of Tuscan Pointe Apartments, located at 1451 E. Southport Road in Indianapolis. The purchase price was $11.7 million, or $35,671 per unit. Built in 1971, Tuscan Pointe Apartments is a 328-unit complex that features a mix of one-, two- and three-bedroom units. The apartments include screened-in balconies and private patios, wall-to-wall carpeting and individual climate control. Select units have vaulted ceilings. Community amenities include a swimming pool with a large sundeck, fitness center, clubhouse and party room. James Walsh of Marcus & Millichap’s Chicago office represented the buyer, a California-based investment fund, and the seller, a Chicago-based family partnership.
ANN ARBOR, MICH. — Armada Real Estate Services has brokered the $12 million sale of an 84,000-square-foot office complex located at 3027 Miller Road in Ann Arbor. Constructed in 2000, Forest Cove is 100 percent occupied with 17 tenants, including ETAS Inc., Enlighten and Perficient Inc. Darryl and Bruce Goodwin of Armada Real Estate Services represented both the buyer, Oxford Co., and the undisclosed seller.
ROCHESTER, MINN. — Knutson Construction and Rochester Community & Technical College (RCTC) have broken ground on a $6.5 million education facility at the University Center Rochester Campus in Rochester. RCTC selected Knutson to provide construction management services for the 22,350-square-foot Career Technical Education Center (CTECH) and Science, Technology, Engineering and Math (STEM) facility addition. The building is expected to service 400 students per year and will offer classroom and laboratory spaces for career, technical education and training, plus administrative and faculty support spaces. Funding for the project is being provided by the city of Rochester. The target date for the project to be completed is July 2016.
KANSAS CITY, MO. — Walker & Dunlop Inc. has arranged a $4.3 million Freddie Mac loan for Cloverleaf Apartments in Kansas City. The 204-unit affordable housing complex is located near US Highway 71 and features a mix of two- and three-bedroom apartments. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged the fixed-rate loan with a 10-year term, two years of interest-only payments and a 30-year amortization schedule. Walker & Dunlop arranged the acquisition loan on behalf of the borrower, Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Section 8 housing projects across the United States.
DEERFIELD, ILL. — The Philipsborn Co. has arranged $4 million in first mortgage financing for an 81,550-square-foot, multi-tenant office building located at 707 Lake Cook Road in Deerfield, a northern suburb of Chicago. Ameritas Investment Partners provided the 21-year, fixed-rate, self-amortizing refinancing loan. Constructed in 1979, the three-story office building is located in the north village’s corporate business corridor and is currently 80 percent leased. David Kubert of Philipsborn represented the lender and the borrower, an Illinois-based limited liability company.
PORTLAND, ORE. — An institutional invester has purchased Burnside 26, a mixed-use property with 135 residential units in Portland, for $41.5 million. The community is located at 2625 E. Burnside St., next to the Laurelhurst Theater. Burnside 26 is situated near Whole Foods Market and Starbucks. Top employers in the area include Providence Portland Medical Center, Kaiser Permanente Northwest, City of Portland, Portland State University, and Oregon Health and Science University. The seller was a joint venture between Capstone Partners, Green Light Development and Premium Property USA, a subsidiary of German company MIAG Mutschler Immobilien AG.
WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare real estate investment trust based in Westlake Village, has completed the previously announced acquisition of a 10-property portfolio for $142 million. The properties provide 891 units of independent living, assisted living and memory care services. Nine of the properties are located in Wisconsin and one is located in Illinois. Specific names and locations were not disclosed. LTC entered into a triple-net master lease agreement with an affiliate of Senior Lifestyle Corporation, which will operate the communities. Blueprint Healthcare Real Estate, led by Ben Firestone, brokered the deal on behalf of the undisclosed seller. The purchase was funded by the LTC’s revolving credit facility. LTC’s stock closed at $43.90 on Wednesday, Aug. 19, up from $40.03 a year prior.
