BURLINGTON, MASS. — The Gutierrez Company has begun construction on its 4 Burlington Woods project in Burlington. Located off Route 128, the 100,000-square-foot, LEED-certified office building is designed for completed end-user flexibility. The property features efficient and open floor plates, a two-story lobby, five acres of landscaped grounds and direct highway access. Additionally, the four-story building will include interconnecting stairways, floor-to-ceiling windows along the main façade, high ceilings and energy-efficient systems. On-site amenities include three full service cafeterias, a fitness center and parking. Designed by CUBE 3, the development is slated for completion in first quarter 2015. Chris Decembrele, Matt Daniels, Andrew Whipple and Stephen Steinberg of JLL are serving as leasing agents for the property.
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LOWER MAKEFIELD TOWNSHIP, PA. — Advalurem Group, along with its local joint venture partner Pembroke Hobson, has acquired 1000 Floral Vale, a Class A office building located in Lower Makefield Township, for $19 million or $214 per square foot. Built in 2009, the 89,000-square-foot office property is LEED Gold certified. The property is currently 80 percent leased to two investment-grade tenants on long-term leases with extension options.
WALL, N.J. — AB Monmouth LLC, a wholly owned subsidiary of Amboy Bank, has proposed constructing an extended-stay hotel at the unfinished The Monmouth site, located at the intersection of routes 70 and 35 in Wall. The planned hotel will offer 199 guest units for short- or long-term guest. Originally designed by a previous developer as a 4,000-square-foot age-restricted community of condominiums, The Monmouth site has remained been half-built since 2011. AB Monmouth cannot sustain the undeveloped site indefinitely, and the company believes an extended-stay hotel is the best option for the property.
ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has arranged a $10.9 million HUD 223 (f) loan for the refinancing of e2 Apartments, a 58-unit market-rate rental property in St. Louis Park. The apartment community, which is located at 3920 Excelsior Blvd. approximately six miles from downtown Minneapolis, features energy efficient designs with oversized windows. Floor plans range from studios to two-level penthouse plans. Dougherty structured the 35-year loan with a 35-year amortization schedule for the borrower, Ellipse II LLC.
CARPENTERSVILLE, ILL. — Leopardo Cos. Inc. has broken ground on a new 27,000-square-foot child and family center for Children’s Home + Aid in Carpentersville, approximately six miles north of Elgin. The site for the facility is at 229 Lake Marian Road. The Jerri Hoffmann Child + Family Center will rebuild the existing Tom Thumb Community Childcare Center, which has been serving at-risk children and families in the Carpentersville area since 1970. The new facility will expand the center’s capacity from 110 to 230 students. The center will include 15 classrooms, a gross motor skills room, outdoor play area, administrative spaces, staff lounge and kitchen. Leopardo is serving as general contractor on the project, which is set for completion in early summer 2015. Designhaus Inc. is providing architectural services for the project.
SCHAUMBURG, ILL. — Adelphia Properties has arranged the $4.2 million sale of a triple-net-leased, single-tenant Joe’s Crab Shack restaurant in Schaumburg. The property is located at 2000 E. Golf Road. The property sold at a 6.5 percent capitalization rate. Joe’s Crab Shack is the sole occupant of the 7,500-square-foot, freestanding building, which was built in 1994. George Spirrison & Simeon Spirrison represented the seller, a private group. An out-of-state investment group purchased the property in a 1031 tax-deferred exchange.
BELPRE, OHIO — Marcus & Millichap has arranged the $1.7 million sale of a 6,895-square-foot property in Belpre. The net-leased Advance Auto Parts property is located at 1218 Washington Blvd. The asset is a newer construction and has 14 years remaining on the corporately guaranteed lease. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Columbus office listed the property on behalf of the seller, a limited liability company. A California-based buyer purchased the property in a 1031 tax-deferred exchange.
BEVERLY HILLS, CALIF. — The Wanda Group has acquired an eight-acre site in Beverly Hills for an undisclosed sum. The space is located at 9900 Wilshire Blvd. The site is adjacent to the Beverly Hilton Hotel, which will soon be a Waldorf Astoria Hotel. The space previously housed a Robinsons-May store. The group plans to develop this space into a luxury mixed-use project with residential condominiums. The groundbreaking is planned for next year. The condos will feature 360-degree views that span over the Los Angeles Country Club golf course. They will be designed by architect Richard Meier. The seller, Joint Treasure International, was represented by CBRE’s Laurie Lustig-Bower and Rebecca Shum, along with Robert Stamm and Frank Marriott of Savills Studley. Joint Treasure invests on behalf of a select investor base into prime real estate in global gateway cities.
FULLERTON, CALIF. — Shin Yen International Pty Ltd. has acquired Amerige Heights Town Center, a 163,514-square-foot retail center in Fullerton, for $48.5 million. The center is located at 1895-1897 West Malvern Ave. Notable tenants at the center include Barnes & Nobles, Gold’s Gym, Ross Dress for Less, Olympic Golf and T-Mobile. Amerige is shadow anchored by Target and Albertson’s, which were not included in the sale. Shin Yen was represented by Michael Randall of Randall Realty Advisors. The seller, an institutional investment manager, was represented by HFF’s Ryan Gallagher and CJ Osbrink.
SANTA MONICA, CALIF. – A local private investor has purchased a 60-unit apartment complex in Santa Monica for $26.5 million. The complex is located at 3111 4th Street. It is referred to as 3 One Eleven Apartments. The community is situated less than two miles from the new downtown Santa Monica Expo light rail station. The Abbot Kinney shopping and dining area is three blocks away, while the beach is just two blocks from 3 One Eleven Apartments. Facebook, Google and YouTube all have offices within the area, which is known as Silicon Beach. The community was built in 1971. Upgraded units include stainless-steel appliances, new paint, quartz kitchen countertops, modern ceramic/glass-tiled kitchen backsplashes and bamboo-tiled ceramic bathroom walls. The new rooftop sundeck features 180-degree views of Santa Monica and Los Angeles. Community amenities include a new fitness center and on-site laundry facilities with coin-operated machines on each floor. The property also features a large, Spanish-style tile courtyard and two sundecks with patio tables and lounge chairs. The seller, a joint venture between MWest Holdings LLC and GreenOak Real Estate LP, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.