NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of an 8,000-square-foot lot at 180 Concord St. in Brooklyn’s Vinegar Hill section. Red Rock Resources sold the property to Greentown Equities for $4.5 million. The property consists of a 5,000-square-foot building and a 3,000-square-foot parking lot. Greentown Equities plans to develop two four-story residential buildings totaling 14 units, on the site. Robert Klein of Kalmon Dolgin represented both parties in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 411 Graham Ave. in Brooklyn’s Williamsburg neighborhood. The 4,375-square-foot property sold for $2.4 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, also a private investor, in the transaction.
MURFREESBORO, TENN. — National Health Investors Inc. (NHI) has signed a purchase agreement to acquire eight communities known as the Seniors Living Communities Portfolio for $476 million. Following the acquisition closing, Senior Living Communities will lease the properties under a 15-year term. NHI will also provide a $15 million working capital line of credit to Senior Living Communities to finance construction/renovation projects at the eight properties. The eight facilities total 1,671 units and have an average occupancy of 85.4 percent. The properties include: • Brightwater in Myrtle Beach, S.C. • Lakes at Litchfield in Pawley’s Island, S.C. • Cascades Verdae in Greenville, S.C. • Summit Hills in Spartanburg, S.C. • Homestead Hills in Winston-Salem, N.C. • Ridgecrest in Mt. Airy, N.C. • Marsh’s Edge in Saint Simons Island, Ga. • Osprey Village in Amelia Island, Fla.
ORLANDO, FLA. — Highwoods Properties Inc. has acquired Lincoln Plaza, a 16-story, 246,000-square-foot office building in Orlando’s central business district (CBD). Highwoods Properties’ total investment is expected to be $68.3 million, which is financed through equity, its ATM program and borrowings under its revolving credit facility. Highwoods did not assume any debt in the transaction. The property is currently 82 percent leased and features a fitness center and a café. Including Lincoln Plaza, Highwoods owns 1.5 million square feet of office space in Orlando’s CBD.
BELLEVILLE, ILL. —IMPACT Strategies has begun construction on a senior living community in Belleville. The $6 million Cottages at Cathedral Square will include 32 units across five buildings totaling more than 31,000 square feet. EWR Associates of Fairview Heights designed the community and Cottages Limited Partnership of Chicago is the developer. Construction on the Cottages at Cathedral Square is expected to be complete by September 2015. The project is one of several multi-housing and senior living projects built by IMPACT Strategies throughout the St. Louis Metropolitan area.
ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties are partnering to develop, manage and build a 240-unit apartment community in Orlando. The property will be located on a 9.5-acre site at the corner of John Young Parkway and Taft-Vineland Road. The joint venture project between the three Florida-based companies is expected to break ground in the first quarter of 2015, with delivery projected for the first quarter of 2016.
MONROE, N.C. — JLL has brokered the sale of Monroe Corporate Center, a 102,000-square-foot property located at 4275 Corporate Center Drive in Monroe, about 24 miles southeast of Charlotte. Glenmark Pharmaceuticals Ltd. purchased the facility for an undisclosed amount. The company plans to invest more than $15 million in the next five years to develop three separate pharmaceutical manufacturing units at the site. Glenmark expects to begin manufacturing oral solids at the location by mid-2015. John Buckley, Shawn Straka, John Cashion and Matt Treble of JLL represented Glenmark in the transaction. The seller, the city of Monroe, was represented in-house.
ALTON, ILL. — Cassidy Turley has arranged a retail lease in Alton, 15 miles north of St. Louis. Ross Dress for Less has leased 28,000 square feet at Alton Square Mall. The store will open in the first half of 2015 and will serve as one of the anchors for the 639,172-square-foot regional mall, which currently includes JC Penney, Macy’s and Illinois Wholesale Furniture. More than 85,000 square feet has been leased within the mall in the last year. Chase Young and Nick Cascella of Cassidy Turley represented the mall owner, Bloomington, Minn.-based NorthMarq Capital, in the transaction.
CHICAGO — Millennium Properties R/E has brokered the $3.4 million sale of five former Dominick’s Finer Foods outlots throughout the suburbs of Chicago. The five outlots were sold as a portfolio to GMX Real Estate Group, a regional retail developer and real estate service company. Three of the properties – located in Fox Lake, Oswego and Shorewood – were developed as gas stations with small convenience stores. The stations have been decommissioned and are ready for redevelopment. Two outlots, in Aurora and Frankfort, are both zoned for retail or future gas station development. Chicago-based Millennium Properties is working with Safeway on the sale and lease assignment of several former Dominick’s properties throughout Chicagoland.
CHICAGO — Mid-America Real Estate Corp. has arranged a new retail lease on behalf of Yoga Six in the River North neighborhood of Chicago. Yoga Six signed a lease for 5,600 square feet at 9 W. Erie St. The studio is a new construction project expected to open in early 2016. Paul Bryant and Michael Wexler of Mid-America represented the tenant in the transaction. New York-based Jenel Management Corp. is the landlord.