MIDLOTHIAN, ILL. — Marcus & Millichap has brokered the $1.4 million sale of 14800 Kenton Ave., a 24-unit apartment property located in Midlothian. The property is located at 14800-16 S. Kenton Ave., and includes two-bedroom units. The asset includes off-street parking and on-site laundry facilities in each building. Scott Harris, Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office, represented the seller, a private investor and the buyer, a limited liability company.
BLOOMINGTON, ILL. — Carmike Cinemas Inc. has opened Ovation 10 featuring Carmike Cinemas’ new cinematic dining experience in Bloomington. The new movie theater is located at 415 Detroit Drive. The dine-in entertainment complex features 10 large, wall-to-wall screens, all-new stadium seating with accessible service buttons, a projection system, which delivers crystal-clear 2D and 3D images, as well as special services for visually and hearing-impaired guests. The complex also provides kiosks and guest services and a cocktail lounge with a full service bar.
MINNEAPOLIS — Shorenstein Properties LLC has arranged the lease of 21,877 square feet of space for Sports Authority at the Minneapolis City Center. Sports Authority will occupy the ground-floor retail space on the Nicollet Mall and 7th Street side of the property. Sports Authority’s lease of space brings the total retail occupancy at Minneapolis City Center to 86 percent. Additionally, Shorenstein recently signed a lease for more than 40,000 square feet with discount luxury apparel retailer Saks Fifth Avenue OFF 5TH for a store that is slated to open in April 2016. The Sports Authority store is expected to open this fall. Shorenstein Properties acquired Minneapolis City Center in 2012. Minneapolis City Center is the two-story retail portion of a 1.6 million-square-foot mixed-use development.
NEW YORK CITY — Madison Realty Capital has provided $65 million in construction financing for the development of a mixed-use property at 19 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The undisclosed borrower plans to transform the vacant 80,000-square-foot site into a 384,000-square-foot mixed-use building offering retail, office and community facility space. Loan proceeds will be used to retire existing debt and fund future construction costs. The development site comprises four adjacent parcels occupying the entire block from Wythe Avenue to Kent Avenue between North 12th Street and North 13th Street. Current development plans call for a eight-story building offering floors ranging in size from 30,000 to 50,000 square feet.
BRAINTREE, MASS. — Bierbrier Development has purchased South Shore Plaza, a shopping center located at the corner of Routes 128 and 37 in Braintree. Carpenter & Co. sold the property for $41.5 million. The 45,000-square-foot retail property is fully occupied by a variety of local and national tenants, including Legal Sea Foods, Starbucks, AT&T, Jos. A. Bank and TGI Friday. Brian Corcoran of Ackman-Ziff arranged $29.6 million in acquisition financing through Wells Fargo for the transaction. Ben Sayles and Coleman Benedict of HFF represented the seller in the deal.
UPPER CHICHESTER TOWNSHIP, PA. — An affiliate of Endurance Real Estate Group has acquired Naaman’s Creek Business Center, a five-building, 190,729-square-foot flex portfolio located in Upper Chichester Township, for $9.8 million, or $51.12 per square foot. Situated within Naaman’s Creek Center, the business center’s five buildings range from 25,000 to 60,000 square feet. At the time of acquisition the property was 50 percent occupied. Built in the late 1990s through the early 2000s, the buildings feature all-masonry facades, 19-foot clear ceiling heights and flexible configurations to accommodate a variety of tenant requirements. The seller was not disclosed.
BOSTON — Arbor Commercial Mortgage has funded a $2.4 million loan for Adams Court Apartments, located at 415 River St. in Boston’s Mattapan neighborhood. Secured under the FHA 223(f) Loan product line, the 35-year refinance loan features a 35-year amortization schedule. The 50-unit property features laundry facilities in each building, off-street parking and balconies for most non-ground-level apartments. Ryan Duff of Arbor’s Boston office originated the loan for the undisclosed borrower.
BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.
NAPLES, FLA. — Miami-based 13th Floor Investments has sold Sierra Grande, a 273-unit luxury apartment community located at 6975 Sierra Club Circle in Naples, for $44.3 million. 13th Floor and The Estate Cos. purchased the asset, which was under construction as a condominium project, out of distress in 2011 for $5.2 million. Construction was completed approximately two years after the purchase and the first tenants moved into the complex in March 2014. The community was approximately 95 percent occupied at the time of sale. Sierra Grande’s amenities include a clubhouse, lakefront pool, fitness center, yoga and pilates wellness center, Wi-Fi lounge, tennis courts, a children’s play room, sand volleyball court, barbecue and picnic areas and a dog park. Hampton Beebe and Avery Klann of ARA’s Boca Raton office represented the seller in the transaction. The buyer was Continental Realty Corp., a REIT based in Maryland.
BRANDON, FLA. — Grandbridge Real Estate Capital has arranged a $17.9 million loan and arranged joint venture equity for Camden Lakeside, a 228-unit, garden-style apartment community in Brandon, part of the Tampa metropolitan area. Taylor Williams and Purvesh Gosalia of Grandbridge arranged the 10-year Fannie Mae DUS loan with a 30-year amortization schedule and two years of interest-only payments. The community comprises one- and two-bedroom apartments with private patios, walk-in closets and breakfast bars. Camden Lakeside’s amenity package includes two natural lakes on the grounds, a lakeside gazebo, fitness center, tennis courts and a racquetball court.