DUNEDIN, FLA. — Franklin Street Real Estate Services has arranged the $10 million sale of Windemere Apartments, a 180-unit complex located at 1763 Main St. in downtown Dunedin. The buyer, Chicago-based Dunedin LLC, purchased the asset from Windemere Ltd., a Florida-based limited liability partnership that had owned the property since 1977. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zach Ames of Franklin Street represented both the buyer and seller in the transaction. The complex, which was 93 percent leased at the time of the sale, was built in 1974 and will undergo capital improvements upon closing of the transaction.
Property Type
CORAL GABLES, FLA. — Marcus & Millichap has arranged the $9 million sale of 1575 San Ignacio, a 30,668-square-foot office property located in Coral Gables. Baptist Health South Florida leases 60 percent of the property. The office building includes a 110-space parking garage and a 5,000-square-foot Gibraltar Private Bank & Trust. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller, a private investor based in Coral Gables, in the transaction.
CARROLLTON, GA. — The SRS Investment Sales team in Atlanta has brokered the sale of First Tuesday Mall, a 180,145-square-foot shopping center located at 1004 Veterans Memorial Highway in Carrollton. The property’s tenant roster includes Food Depot, Citi Trends, Farmers Home Furniture and Fred’s Super Dollar. The asset sold for approximately $4.4 million. Kyle Stonis and Pierce Mayson of SRS represented the seller, Mimms Enterprises, in the transaction. The buyer, RCG Ventures, was represented in-house by Scott Tarbet.
ELLSWORTH, WIS. —The Boulder Group has arranged the $2.3 million sale of a 32,100-square-foot, single-tenant, net-leased retail building in Ellsworth. The property is located at 598 West Lucas Lane. Shopko Hometown is the sole occupant of the building. The retailer has 10 years remaining on the lease, which features three five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer. The buyer was a private investor from Wisconsin completing a 1031 tax-deferred exchange. Shopko is a privately held company with annual sales of approximately $3 billion. The retail brand operates approximately 330 stores located in 21 states.
LOMBARD, ILL. — CBRE has arranged the lease of a 5,300-square-foot retail space for Troika Brewing Co. in Lombard, a western suburb of Chicago. The brewing company will occupy space at 800 E. Roosevelt Road in Lombard Square, a 60,843-square-foot shopping center. Lynne Brackett and Marisa Roussel of CBRE represented the landlord. Chris Schramko of Schramko Real Estate Corp. represented the tenant in the transaction.
JOHNSON CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of two industrial buildings totaling 53,800 square feet in Johnson Creek, a city situated approximately 46 miles west of Milwaukee. The properties are located at 258 and 260 Grell Lane. RJ Roehl Investments LLC purchased the buildings from Ashland Inc. Samuel M. Dickman Jr., Samuel D. Dickman and Dave Hazenfield of the Dickman Co. Inc. were the brokers in the transaction.
BOSTON, NEW JERSEY AND CONNECTICUT — HFF has closed the sale of a 24-property, 1.4 million-square-foot retail portfolio with properties located in the greater Boston area, New Jersey and Connecticut. Kimco Realty Corp. (NYSE: KIM) purchased the portfolio for $270 million, including the assumption of approximately $121 million of debt, from G.P.B. Holdings LLC. The portfolio was 96 occupied at the time of sale and anchored by a variety of national and regional tenants, including Walmart, Kohl’s, Lowe’s Home Improvement Warehouse, Whole Foods, Trader Joe’s, Petco, Pier 1 Imports, Walgreens and CVS/pharmacy, as well as Kings and Aldi supermarkets. Twenty-one properties are located in Massachusetts, two in New Jersey and one in Connecticut. Jim Koury and John Fowler led the HFF investment sales team representing the seller.
NEW YORK CITY — Hersha Hospitality Trust, an owner of upscale hotels in urban gateway markets, has closed on the sale of Hotel 373 in Midtown Manhattan. The hotel sold for $37 million or approximately $529,000 per key. The sales price valued the hotel at $1,680 per square foot and represented an economic capitalization rate of 5.2 percent based on the hotel’s net operating income for the year ending in December 2013. New York City-based Solid Rock Advisors East represented Hersha in the previously announced transaction.
NEW YORK CITY — Madison Realty Capital has closed a $13 million loan to finance the acquisition and redevelopment of a townhouse located at 39 East 72nd Street in New York’s Upper East Side neighborhood. The undisclosed borrower plans to reposition the five-story townhouse as a residential development. Architect and developer Robert B. Lynd constructed the building in 1881 as his personal residence. A mix of commercial tenants, including two art galleries, currently occupies the building.
Boston — Samuels & Associates and its partner Weiner Ventures have completed project financing for Barry’s Corner Residential and Retail Commons in Boston’s Allston neighborhood. The project is the first private development undertaken on Harvard University land in Boston and is subject to a long-term ground lease. Situated at the corner of North Harvard Street and Western Avenue, the site will be redeveloped as a LEED Gold-certified, mixed-use project for non-academic uses. The project will include 325 rental apartment units, 35,000 square feet of ground-floor retail space, approximately 180 below-grade parking spaces and 40 on-street parking spaces on two new to-be-created streets within the development. Construction is underway and residential units will be available in August 2015. HFF, on behalf of Samuels & Associates, secured joint venture equity with American Realty Advisors and a construction loan through Northwestern Mutual.