DOWNERS GROVE, ILL. — J.C. Anderson Inc. has completed a 30,000-square-foot office renovation in Downers Grove. The firm completed a build-out at the Corridors II office building located at 2655 Warrenville Road. The facility will serve as the new headquarters for CompuSystems Inc., a registration service provider for the convention trade show industry. The firm, previously located at 2805 S. 25th Ave. in Broadview, was founded in 1976 and employs approximately 200 people. The renovation included the addition of private offices, conference rooms and workstations. Jason Hawkins, Greg Garland and Bill Dennison led the J.C. Anderson construction team. Dawn Newman of Newman Architecture provided architectural services and Syska Hennessy Group provided engineering.
WACONIA, MINN. — Upland Real Estate Group has arranged the $1.5 million sale of a Caribou Coffee retail property located in Waconia, approximately 32 miles west of Minneapolis. A local buyer purchased the property, which is a new construction. Caribou Coffee signed a 15-year lease at the building. Upland Real Estate Group represented the undisclosed seller in the transaction.
NOVI, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Premier Medical Office, a 44,833-square-foot medical/office building located at 44000 W. 12 Mile Road in Novi. Griffin-American Healthcare REIT III Holdings LP purchased the property for an undisclosed sales price. Built in 2006, the two-story building is occupied by a collection of physician practices. Barry Swatsenbarg and Richard Deptula of Friedman represented the seller and the buyer in the transaction.
HOUSTON AND SAN ANTONIO — The RADCO Cos. has acquired a three-property multifamily portfolio containing a total of 916 units in Houston and San Antonio. The 122-unit Country Place and the 458-unit Saddle Ridge are both located in Houston, while the 336-unit Trails of Westlakes is located in San Antonio. The properties were built between 1975 and 1984 and were foreclosed upon in 2011 by Fannie Mae, which was the seller. RADCO financed the acquisitions with a mixture of bridge debt and private equity. PCCP LLC. and Oklahoma Fidelity Bank provided the debt. The 17-building Country Place is located on Houston’s west side in the center of the city’s energy corridor, three miles east of Beltway 8. Saddle Ridge is located in Houston’s Northshore/Wood Forest submarket with access to the city’s central business district and the Port of Houston. Trails of Westlakes is located in western San Antonio. RADCO will invest $12.2 million to upgrade interiors at all three properties. The company will also improve the building exteriors and expand the amenity packages.
SPRING, TEXAS — Construction will soon begin on Havenwood Office Park at 25700 I-45 North, between Woodlands Parkway and Sawdust Road in Spring. The development will replace the current Brookhaven Business Park. Havenwood Office Park will feature a LEED Silver-certified, four-story building spanning 250,000 square feet of Class A office space. Everson Developments LLC is the developer and The J. Beard Real Estate Co. will handle leasing of the space.. The project will be designed by Powers Brown Architects and will be built by EE Reed Construction LP. Amenities will include a parking garage, covered walkways and an outdoor plaza. Construction will be completed in the fourth quarter of 2015.
LEAGUE CITY, TEXAS — NorthMarq Capital’s Kansas City office has completed the $20 million refinancing of Grand Villas at Tuscan Lakes, a 206-unit multifamily property located at 1800 S. Egret Bay Blvd. in League City. The 10-year loan includes five years of interest-only payments and a 30-year amortization schedule. Greg Duvall of NorthMarq arranged financing through its seller/servicer relationship with Freddie Mac.
AUSTIN, TEXAS — GLL Real Estate Partners has acquired Prominent Pointe I and II, a pair of mid-rise office buildings at 8310 N. Capital of Texas Highway in northwest Austin. San Francisco-based Divco West was the seller. Prominent Pointe I and II total 256,027 square feet of Class A office space. Current tenants include IXIA, JMJ Associates, Sony Online, UTC Fire and Security Americas, Texas Hospital Insurance Exchange and the law firm of Naman, Howell, Smith & Lee. Prominent Pointe I was built in 1985 and renovated in 2013. Prominent Pointe II was completed in 2008. The complex offers more than 900 parking spots, most of which are located in a central parking structure.
NEWBURGH, N.Y. — CBRE Group Inc. has brokered the sale of Newburgh Crossing, a retail center located in Newburgh. Monsey, N.Y.-based DBD Holdings LLC purchased the property from RPAI Newburgh Crossing LLC, an entity controlled by Retail Properties of America Inc., for an undisclosed price. Situated at the intersection of Route 300 and 17K, the 240,378-square-foot retail center is 100 percent occupied by national tenants, including Michaels, Barnes & Noble, Pier 1 Imports and TGI Friday’s. Jeffrey Dune and David Gavin of CBRE’s Institutional Properties team represented the seller and procured the buyer in the transaction.
CHERRY HILL, N.J. — United Realty Trust Inc. has acquired a medical office property located at 7 Carnegie Plaza in Cherry Hill. FRS Carnegie Plaza LLC sold the 90,000-square-foot property sold for $9.3 million. Built in 1988 and last renovated in 2009, the property is fully occupied by Fox Rehabilitation Services, a provider of physical, occupational and speech therapy services. Situated on 17.4 acres, the property provides infrastructure for more than 700 employees and includes 559 onsite outdoor parking spaces. United Realty Trust financed the acquisition in part through a $5.5 million first mortgage loan and a $1.8 million mezzanine loan.
SHELTON, CONN. — Continental Properties has broken ground for the development of The Mark | Fairfield County, a 228-unit residential community located in Shelton. Located at 740 Bridgeport Ave., the six-building property will feature 96 one-bedroom units, 132 two-bedroom units, a clubhouse, cinema room, library, sports lounge, fitness center, EV car charger, private dining room, pool cabana, fire pot, two gazebos and a dog park. The property is slated for completion in 2016.