CHARLOTTE, N.C. — J.McLaughlin, a sportswear and accessories retailer, is relocating its Charlotte store to Phillips Place, a mixed-use development in Charlotte featuring 133,059 square feet of retail space. Tenants at Phillips Place include Brooks Brothers and Dean & Deluca. The new J.McLaughlin store will open in the fall. Charlotte-based Lincoln Harris, owner of Phillips Place, inked the lease with J.McLaughlin.
Property Type
WASHINGTON, D.C. — HFF has arranged the sale of The Woodley, a 212-unit multifamily high-rise building recently constructed in Washington, D.C.’s Woodley Park neighborhood. TIAA-CREF purchased the asset from The JBG Cos. and CIM Group for an undisclosed amount free and clear of existing debt. The property, located at 2700 Woodley Road N.W., has studio through three-bedroom units averaging 1,119 square feet each. The property’s amenity package includes a courtyard with reflecting pool, infinity edge swimming pool, rooftop lounge and clubroom with catering kitchen, library and fitness center. Dave Nachison, Alan Davis, Brenden Flood and Bret Thompson of HFF represented the sellers in the transaction.
MINNEAPOLIS — NorthMarq Capital has arranged a $35 million loan to refinance Flux Apartments, a 216-unit multifamily property in Minneapolis. The Class A asset is located at 2838 Fremont Ave. South. NorthMarq arranged financing for the borrower, AFL-CIO Building Investment Trust through its correspondent relationship with Allianz Life Insurance Co. of North America.
NEW LENOX, ILL. — HSA PrimeCare will develop a business center at Silver Cross Hospital in New Lenox, an eastern suburb of Joliet. The on-campus business center will be located at the intersection of Silver Cross Drive and Cedar Crossings Drive. The two-level, 30,000-square-foot facility will offer hospital staff and employees a comfortable working environment within a short walk to each of the other facilities on the medical campus. HSA PrimeCare plans to break ground in July 2014. Itasca, Ill.-based Premier Design + Build will serve as the project’s general contractor, and Partners in Design Architects with offices in Riverwoods, Ill., and Kenosha, Wis., is responsible for the design services. Projected occupancy for the building is January 2015.
MILWAUKEE — The Ehmer Group has brokered the $7 million sale of the Hilton Milwaukee River Hotel in Milwaukee. A Delaware-based investment group consisting of several Canadian-based and domestic hotel operators purchased the 164-room full-service Hilton Hotel. The buyer plans to invest $8 million for renovations and to convert the hotel into a Holiday Inn. The Hilton license expires this month and the hotel will be operated independently as the Milwaukee River Inn until the Holiday Inn PIP and conversion are complete. Greenbelt, Maryland-based Chesapeake Hospitality Management will manage the Holiday Inn Milwaukee River. Richard Ehmer of The Ehmer Group brokered the transaction.
CHICAGO — Marcus & Millichap has arranged the $1 million sale of a 10,854-square-foot, mixed-use property in Chicago. The property is located at 2939 W. Belmont Ave. and consists of one- and two- bedroom units. The building also includes two retail spaces on the first floor, which consist of approximately 1,500 square feet each and one space includes a self-contained studio in the back. The property features an on-site laundry facility, storage space for each unit, parking in the back of the building for five cars, and a resident garden. Tony Mazur of Marcus & Millichap represented the seller, a limited liability company. Marcus & Millichap’s Kyle Stengle and Joseph Bergman represented the buyer, another limited liability company.
CONSHOHOCKEN, PA. — Keystone Property Group and the borough of Conshohocken have formed a public-private partnership to redevelop the former Verizon building at 400 Fayette in Conshohocken. The partnership plans to redevelop the approximately 44,000-square-foot property into a modern office, retail and community facility, which will house the new borough hall, administrative offices and police headquarters. Under its agreement with Keystone, the borough will maintain ownership of the property and occupy approximately 22,000 square feet of the facility. The remaining portion of the building — 16,500 square feet of office space and 5,500 square feet of retail space — will be marketed by Keystone to prospective office and retail tenants.
FREEHOLD AND ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered two multifamily transactions totaling $8.95 million in New Jersey. In the first transaction, Steven Follman, Joseph Brecher and Elimelech Herskowitz of Gebroe-Hammer arranged the sale of Monmouth Pines, which is located at Eight Monmouth Ave. in Freehold. The four-building, 40-unit apartment property sold for $4.7 million. In the second transaction, Follman negotiated the $4.25 million sale of Grand Regency Condominiums in Asbury Park. Located at 315-410 Eighth Ave., the two-building property features nine studio, 31 one-bedroom and 10 two-bedroom units.
NEW YORK CITY — GFI Realty Services has brokered the sale of a package of residential condo units at 2781 Ocean Ave. in Brooklyn’s Sheepshead Bay neighborhood. The condo package sold for $6.5 million or $155,000 per unit. The package includes 42 unsold residential condo units, three community facilities, a laundry room, an antenna and 11 parking spaces. The units consist of 20 free market and 22 rent-stabilized apartments. Constructed in 1957, the 69,586-square-foot building is located near the Neck Road and Sheepshead Bay subway stations. Erik Yankelovich of GFI represented both the seller and buyer, both of which are local investors, in the transaction.
SAN ANTONIO — Transwestern’s Austin-based Multifamily Capital Markets Group has brokered the sale of the Springwood Apartments in San Antonio. Springwood, developed in 1984, is a 176-unit residential community that went through foreclosure in March 2012. The property is located at 1400 Gardina St. in the Northeast submarket. Jeff Rogers and Chris Stutzman of Transwestern represented the seller, Florida-based Ocwen. Calton Investments, a Texas-based multifamily investment firm, acquired the property for an undisclosed price. Approximately 80 percent of Springwood’s units recently received interior upgrades ranging between $3,000 and $5,000 per unit.