CHARLOTTE, N.C. — The Connor Group has purchased The Arboretum, a 277-unit, Class A apartment community in south Charlotte. The Connor Group purchased the asset from Simpson Financial LP for $32.3 million. The apartment community features a resort-style swimming pool, indoor lap pool, business center, fitness center, billiards and media room and lighted tennis courts. The Arboretum is The Connor Group’s third acquisition in the Charlotte market in the past seven months.
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PORT CHARLOTTE, FLA. — Aries Capital LLC has arranged a $3.8 million, non-recourse CMBS loan for La Quinta Inn & Suites in Port Charlotte. The 81-room hotel, built in 2008, is located at I-75 and Kings Highway. Leonard Smith of Aries Capital’s Houston office orginated the loan on behalf of the borrower, an unnamed developer that also owns the Four Points by Sheraton in Punta Gorda, Fla.
MINNEAPOLIS — NorthMarq Capital has arranged a $22 million loan for financing of Solhavn Apartments, a 137-unit multifamily property in Minneapolis. The property is located at 815 N. Second St. Dan Trebil of NorthMarq Capital structured the loan on a 14-year term. The loan includes a two-year interest only period and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a life insurance company lender.
BELOIT, WIS. — Marcus & Millichap has brokered the $623,000 sale of an Advance Auto Parts ground lease in Beloit, located approximately 55 miles southeast of Madison. The address of the 8,500-square-foot, net-leased property is 2224 Prairie Ave. Matthew Hazelton, Adam Prins and Terry Jacobs of Marcus & Millichap’s Minneapolis office represented the seller and the buyer, both limited liability companies. Matthew Fitzgerald of Marcus & Millichap’s Milwaukee office assisted in closing this transaction.
GROVEPORT, OHIO — The Opus Group is developing a 484,216-square-foot speculative industrial warehouse building in the Opus Business Center at Rickenbacker in Groveport near Columbus. The property is located at 6201 Greene Pointe Drive South. Construction has begun on Building 8 and is slated for completion in November. The industrial warehouse building will feature a 32-foot clear height and 2,500 square feet of office space, which will be constructed with the shell allowing for quick tenant occupancy. The building will also accommodate parking for 200 cars and 50 trucks with room for additional parking. Building 8 at the Opus Business Center at Rickenbacker will be owned by a joint venture partnership between Opus Development Co. LLC and Founders Properties LLC. Opus Development will be the developer, Opus Design Build will be the design-builder and Opus AE Group will be the architect and engineer for the project. Opus has developed seven industrial buildings at Opus Business Center at Rickenbacker totaling 3.6 million square feet.
ROMEOVILLE, ILL. — Lee & Associates has arranged the lease of 15,308 square feet of warehouse space for IB Roofing Systems in Romeoville, which is approximately 30 miles southwest of Chicago. The property is located at 1225 Lakeside Drive. Jeff Galante and Terry Grapenthin of Lee & Associates represented the landlord, Venture One Real Estate. Mike Plumb and Tim McCahill of Lee & Associates represented the tenant in the transaction.
STAMFORD, CONN. — Mesa West Capital and RCG Longview have provided $90 million in debt financing to a venture controlled by an affiliate of George Comfort & Sons. The loan will refinance High Ridge Park Corporate Center, a 580,000-square-foot office campus located off Merritt Parkway in Stamford. The borrower acquired the property in 2003 and completed a multi-million dollar renovation that included new lobbies and common areas, as well as other upgraded amenities. The office complex is currently 83 percent occupied by a variety of national and regional tenants. The financing included $77.5 million in short-term senior debt from Mesa West and a $12.5 million mezzanine loan from RCG Longview. A portion of the proceeds will go toward leasing costs associated with further stabilizing the property.
NEW YORK CITY — Time Inc. has signed a lease for 700,000 square feet of office space at 225 Liberty Street in Lower Manhattan. The company will relocate its global headquarters from Midtown Manhattan. The property is one of the five office towers of Brookfield Place complex, which is owned by Brookfield Office Properties (NYSE: BPO). Brookfield Place is currently undergoing a $250 million renovation of its retail and common areas, which will be fully completed in 2015. Mitch Steir, Michael Colacino, Matthew Barlow and Howard Nottingham of Studley represented the tenant, while Jerry Larkin, David Cheikin and Alex Liscio represented Brookfield in-house.
NEW YORK CITY — A joint venture between The Kalikow Group and Steelpoint Property Group has acquired a pre-war, four-story mixed-use building located at 517 Second Avenue in Manhattan’s Kips Bay/Gramercy neighborhood. Rana Associates sold the property for $5.1 million. The building features an existing ground-floor restaurant and apartments on the other floors. The apartments are currently vacant.
STAMFORD, CONN. — Starwood Hotels & Resorts Worldwide has signed a 20-year lease renewal and expansion for 430,000 square feet of office space at One StarPoint at Harbor Point in Stamford. The company will continue to use the space as its global headquarters. Starwood currently occupies 300,000 square feet at the property and under the new lease will be able to expand into additional space as it becomes available. Constructed in 1989 and renovated in 2011, One StarPoint is a two-tower, 430,000-square-foot Class A office complex. Building and Land Technology is the owner and developer of Harbor Point, the mixed-use waterfront development where One StarPoint is located.