WEST PALM BEACH, FLA. — New England Development plans to open Marketplace at the Outlets, a 300,000-square-foot retail center currently under construction, in the fall. The center is located adjacent to the recently opened Palm Beach Outlets in West Palm Beach. The center will feature 20 stores, including Bed Bath & Beyond, DSW Designer Shoe Warehouse, Nordstrom Rack, Old Navy, PetSmart, Pier 1 Imports, Sports Authority, T.J. Maxx, Ulta Beauty and Whole Foods. New England Development, also the developer of Palm Beach Outlets, partnered with Eastern Real Estate in the development of Marketplace at the Outlets.
Property Type
NASHVILLE, TENN. — Southeast Venture has purchased a 20,000-square-foot mixed-use building located at 714 8th Ave. in Nashville for approximately $4.3 million. The asset sits at the northeast corner of 8th Avenue and Division Street in Nashville’s Gulch East submarket. The property’s tenant roster includes Alfred Williams & Co., Studio Eight Design and Flyte, an upscale restaurant and wine bar. Southeast Venture was represented internally by Tarek El Gamel. The seller, AWC Partners, worked directly with the buyer without a broker.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of a government-leased, five-floor office building on Embassy Row in Washington, D.C. The Embassy of the Republic of Georgia has leased the asset, located at 2209 Massachusetts Ave. N.W., since 2007. Ari Firoozabadi, Gil Neuman, Kyle Tangney, John Mullen, Henry Schuldinger and Caleb Brown of Greysteel represented the seller, Delshah Capital, in the transaction. The buyer, RezRoss Investment Group LLC, purchased the building for an undisclosed price.
NORCROSS, GA. — Pembrook Capital Management LLC has closed a $22 million bridge loan that will finance the renovation of two multifamily communities in Norcross, a suburb of Atlanta. The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 and 1983, respectively, and include 434 units combined. Pembrook provided the loan to a joint venture between Audubon Communities and Five Mile Capital. The joint venture will utilize the loan for exterior and interior renovations at both apartment communities.
DETROIT — Bernard Financial Group has arranged a $40 million CMBS loan to refinance Pointe Plaza, a mixed-use development at the border of Gross Pointe Woods and Detroit. The property, located at the intersection of Mack Avenue and Moross Road, consists of approximately 273,000 square feet of gross leasable space, which includes a medical office building, a retail building and a parking structure containing 1,800 parking spaces. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Pointe Plaza Development LLC.
FORT WAYNE, IND. — Steadfast Income REIT Inc. has acquired Oak Crossing, a 222-unit apartment community in Fort Wayne, Ind., for $24.2 million. The Class A apartment community, built in 2013, consists of garden-style buildings with one-, two- and three-bedroom units. The average monthly in-place rent is $952. Apartment units include private balconies/patios, washer and dryers, walk-in closets and kitchen appliances. Select floor plans come with attached garages, and detached garages are available for rent. Oak Crossing is currently 94 percent occupied. Amenities at the complex include a fitness center, swimming pool, clubhouse with a stone fireplace, business center and grilling area. Oak Crossing is Steadfast Income REIT’s third property in Indiana. The REIT also owns the 268-unit Lodge at Trails Edge in Indianapolis and the 250-unit Sycamore Terrace in Terre Haute.
INDIANAPOLIS, IND. — Tikijian Associates has brokered the sale of Suncrest Apartments, a 140-unit community in western Indianapolis, to a Geneva, Ill.-based investment group. The sales price was undisclosed, but the property was listed for $4.5 million. The apartment community, built in 1986, is located near I-465 and the Indianapolis International Airport. The buyer plans to upgrade the kitchens and bathrooms to include granite counter and vanity tops, new flooring and appliances. Tikijian Associates represented the seller, JVM Realty Corp., an Oak Brook, Ill.-based privately held real estate investment and management firm.
HILLSIDE, ILL. — Marcus & Millichap has brokered the $670,000 sale of 25 & 29 North Hillside Ave., a 14-unit apartment property located in Hillside, a western suburb of Chicago. The property consists of one and two-bedroom units and features an on-site laundry room and off-street parking. Ryan Engle and Andrean Angelov of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, another private investor.
BETHEL TOWNSHIP, PA. — Dermody Properties and Granite Real Estate Investment Trust will start construction on a 750,000-square-foot industrial facility at Berks Park 78 in Bethel Township. Located at 41 Martha Dr., the state-of-the-art industrial warehousing and distribution facility will feature 36-foot clear height, 316 car parking spaces and 322 trailer parking spaces. Dermody Properties is serving as developer and operating partner, and Granite is the majority equity partner on the project. Located off Interstate 78 in the heart of the Pennsylvania I-81/I-78 Industrial Corridor, the 323-acre Berks Park 78 is currently home to distribution operations for Dollar General and PetSmart. Gerry Blinebury, Pat McBride and Adam Campbell of Cushman & Wakefield are marketing the new facility.
WEST CHESTER, PA. — New York Life has acquired Bradford Plaza, a shopping center located at 700 Downington Pike in West Chester, for $35.7 million. The 161,000-square-foot center is 88 percent occupied by Giant Foods, Petco, Walgreens and a Giant fuel station. The 22-acre site also has a 4,300-square-foot proposed pad site for future development. Karen Iman and Gary Gabriel of Cushman & Wakefield handled the transaction.