MIAMI — Colliers International South Florida has arranged the sale of two sites totaling nearly three acres in Miami’s central business district (CBD) for $33.1 million, or $256 per square foot. Larry Stockton, Alex Morcate and Jeff Resnick of Colliers International represented the sellers, Riverfront Parcel 5 LLLP and Riverfront Parcel 6 LLLP, both controlled by Intergra Investments. The buyers, MRP Parcel 5 LLC and MRP Parcel 6 LLC, are both controlled by KAR Properties. The land parcels are part of Miami River Village, Miami CBD’s only gated waterfront community. KAR is approved to develop 1,426 units in three high-rise towers, the first of which is an 800-foot tall condominium property. Colliers International has another multifamily site in Miami’s Brickell neighborhood that is under agreement, according to Stockton.
Property Type
ROCKVILLE, MD. — NAI KLNB has brokered the sale of 1801 and 1803 Research Boulevard, a two-building office portfolio in Rockville. RFII Acquisitions LLC purchased the two assets for approximately $18.3 million from DMARC 2006-CD2 Research Office LLC. The six-story properties are 48 percent leased to tenants such as Allied Technologies, Adventist Healthcare and BLH Technologies. Christopher Kubler of NAI KLNB, in cooperation with C-III Realty Services LLC, brokered the transaction on behalf of the buyer.
MIAMI — Koniver Stern Group has arranged the $10.1 million sale of Eureka Plaza, a 66,142-square-foot shopping center located at 18300 S.W. 137 St. in Miami. The shopping center is comprised of a 52,450-square-foot Winn-Dixie, a 3,367-square-foot McDonald’s, a 3,500-square-foot Pollo Tropical and three free-standing retailers. Larry Soroka of Koniver Stern Group represented the buyer, Eureka Plaza Group LLC.
BROOKS, KY. — Mumford Co. has brokered the sale of Baymont Inn-Louisville South in Brooks, a suburb of Louisville. Kishu Inc., a local investor group, purchased the 65-unit hotel from Supertel Hospitality. David Mumford and Burton Brooks of Mumford Co. represented the seller in the transaction. The hotel is the 49th disposition that Mumford Co. brokered on behalf of Supertel.
MCCOOK, ILL. — The PrivateBank has provided a $27.2 million construction loan to the Bridge Development Group to finance a 365,369-square-foot distribution center in McCook. The property located at 8201 W. 47th St. is a build-to-suit property for Freeman Decorating Services Inc., a tradeshow exhibit company. The PrivateBank served as the administrative agent in the transaction. Associated Bank served as the joint lead arranger.
WOODBURY, MINN. — The Boulder Group has arranged the $2.3 million sale of a single tenant Chuck E. Cheese’s ground lease in Woodbury. The newly constructed 15,762-square-foot retail building is located at 445 Commerce Drive on a 2.3-acre parcel. The new building is adjacent to a SuperTarget and is the most recent addition to the Commerce Hill Shopping Center, which also includes a McDonald’s, Bruegger’s Bagels, European Wax, Great Clips and CorTrust Bank. Chuck E. Cheese’s is the sole occupant of the building and has 15 years remaining on the ground lease, which features 10 percent rental escalations every five years. The entertainment franchise operates a system of 567 stores located in 47 states and nine foreign territories. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a private investor from the West Coast.
HOMER GLEN, ILL. — Marcus & Millichap has arranged the $3.1 million sale of Chili's, a 5,557-square-foot net-leased property located in Homer Glen. The restaurant, located at 14205 S. Bell Road, is a 20-year, absolute net-lease property that includes four, five-year option periods with 1.5 percent annual rental increases throughout the lease. ERJ Dining guarantees the lease.Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor. Sharko and Weisenbeck also represented the buyer, also a private investor.
COLUMBUS, OHIO — The Gilbert Group Inc. has been selected by a California-based owner to provide property management and project leasing services for the Georgesville Center, a shopping center in Columbus. Located at 1355-1397 Georgesville Road, the property consists of two retail buildings totaling approximately 26,390 square feet of space. The center is visible from I-270 and is shadow anchored by a Walmart Supercenter. Tenants at the center include Starbucks Coffee, Jimmy Johns Subs, Davita Dialysis and Verizon Wireless. There are currently four spaces available at the center, which range from 1,365 square feet to 5,506 square feet.
NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Triangle Equities have executed a lease for a long-vacant, three-acre site in the St. George neighborhood of Staten Island. This transaction paves the way for the construction of the $200 million mixed-use Lighthouse Point development. Situated adjacent to the St. George Ferry Terminal and the Stapleton waterfront, Lighthouse Point will include 85,000 square feet of retail, restaurant and entertainment space; a 12-story, 94,000-square-foot residential building with 100 units; an approximately 160-room hotel; a communal-style workspace for local start-up businesses; an urban beach; and outdoor recreational areas. Twenty of the residential housing units will be designated as permanently affordable for New Yorkers earning 60 percent or less of the area median income. Construction is scheduled to commence this fall with completion slated for late 2019. Project construction will be phased with each portion of the project opening to the public as it is completed.
BEAVER, PA. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of Friendship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh. A private consortium of owners and investors based in New York and New Jersey purchased the property for $33.5 million from Beaver County, Pa. Situated on 25 acres at 246 Friendship Circle, the nursing home facility has been in operation since 1959. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia office, represented the seller in the transaction.