EAST HANOVER, N.J. — Colliers International has brokered the sale of a retail strip center in East Hanover. Located at 346 Route 10, the 30,000-square-foot property sold for $12.9 million. The multi-tenanted property is currently occupied by Party City, Verizon Wireless and Jersey Mike’s Subs and has 25 percent of unoccupied space remaining. Jacklene Chesler of Colliers represented the seller, JEMB Realty, and procured the buyer, The Klein Group, in the deal.
MERIDEN, CONN. — Marcus & Millichap has brokered the sale of a CVS/pharmacy property located at 540 West Main St. in Meriden. A New Jersey-based investor purchased the property for $4.1 million. Originally constructed in 1999 for CVS, the property offers street exposure and a drive-thru lane. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the transaction.
HAMDEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of a four-building apartment portfolio located at 63-69 and 75 Fairview Ave. and 154-164 Warner St. in Hamden. The portfolio, which features a total of 18 units, sold for $1.1 million. Stephen Press of Press/Cuozzo represented the owner, Tomer Real Estate Associates, and procured the buyer, Warner-Fairview LLC, in the transaction.
RESTON, VA. — American Real Estate Partners and funds managed by Square Mile Capital Management LLC have formed a joint venture to acquire Reston International Center for $35 million. The property is a 15-story, 179,000-square-foot office building located at 11800 Sunrise Valley Drive in Reston. The office tower is located within the mixed-use Reston Heights development and is within walking distance of the planned Reston Parkway Silver Line Metrorail station. Upon completion, Reston Heights will contain approximately 400 multifamily units and 95,000 square feet of retail space in addition to the office building. The joint venture partners are planning a $10 million renovation of Reston International Center, including the addition of a three-and-a-half story parking deck, and will fully renovate the lobby and building common areas. The Reston International Center acquisition is American Real Estate Partners’ third investment through its American Real Estate Partners Strategic Office Fund.
CORAL GABLES, FLA. — The city of Coral Gables has selected Cooper, Robertson & Partners of New York to design its Streetscape Project in downtown Coral Gables. The selection marks the start of the design phase of the much-anticipated project, which will provide a facelift to Miracle Mile and Giralda Avenue. The approximately $20 million project, which received the go-ahead from the City Commission last August, will widen sidewalks, plant trees, create garden areas and add outdoor dining along newly landscaped curbs. The plan also calls for benches, kiosks, mid-block parks, intimate public spaces and plazas for events and gatherings. It will also feature better signage for businesses and parking garages, more welcoming connections to garages and alleyways and permanent valet stations.
ST. AUGUSTINE, FLA. — Capital Health Group LLC and Fortress Ventures LLC have formed a joint venture to develop a 64-bed memory care community on nine acres of land located at 840 State Road 16 in St. Augustine. The land was purchased by the venture in December 2014, and the new facility is scheduled to open in the second quarter of 2016. Symphony Manor at St. Augustine will be a single-story facility with a secure memory care courtyard, large activity space, surround sound theater with an 80-inch screen and a dining room. Resident apartments will have cable TV, Wi-Fi, 24-hour emergency call systems, walk/roll-in showers and individual thermostats. Symphony Manor will also offer residents 24-hour staffing, dining services, concierge assistance, linen services, housekeeping, daily entertainment, fitness programming, educational services, social events and a private town car for resident appointments. Compass Pointe Healthcare System will manage Symphony Manor at St. Augustine.
CARY, N.C. — Chambers Street Properties has completed the $16.4 million sale of Regency Creek I, a 122,087-square-foot office building located in Cary. The four-story property is located at 12040 Regency Parkway. The building is 100 percent leased and serves as the North American headquarters for ABB, a leading power and automation technology company. The buyer, Intercontinental Real Estate Corp., assumed mortgage loans of approximately $8.6 million in the transaction. This property was included in the Chambers Street’s joint venture with Duke Realty Corp. and the sales price represents Chambers Street’s 80 percent share. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented Duke Realty in the transaction.
ORLANDO, FLA. — Baltimore-based Continental Realty Corp. has purchased Towne Square Shopping Center, a 126,000-square-foot retail center located at 11029 W. Colonial Drive in Ocoee, a suburb of Orlando. Continental Realty purchased the asset for $10.1 million through CRC Fund III LP, the company’s value-add retail and multifamily investment fund. The center is currently 95 percent occupied and is anchored by an Old Time Pottery. Ray Turchi of Marcus & Millichap’s Orlando office represented the seller, a private investor based in New York, in the transaction. Charlie Boscarino of Retail Solutions Advisors has been selected as the exclusive leasing broker for the center.
CHICAGO — GLL Real Estate Partners has purchased 550 W. Adams, an 18-story office building in the West Loop area of downtown Chicago. The seller was SEB Asset Management, an established Frankfurt, Germany-based real estate manager, which had owned the property since it opened in 2006. The purchase price was undisclosed, but Crain’s Chicago reports that the office tower sold for $185 million. The 483,677-square-foot tower is currently 94 percent leased and is anchored by the global headquarters of USG Corp., a producer of high performance buildings systems. Other major tenants include the law firm of Lewis, Brisbois, Bisgaard & Smith LPP, healthcare provider Humana HealthPlan and JP Morgan, which recently renewed its lease and, like USG, will remain a tenant on a long-term lease.
DALLAS — Dougherty Mortgage LLC has arranged a $3.6 million Fannie Mae loan for the refinancing of Oak Hollow Apartments, a 160-unit multifamily affordable housing property located in Dallas. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower Dallas Oak Hollow Apartments Ltd.
