LOS ANGELES – A 28-unit apartment complex in Los Angeles has sold to Trion Properties for $6.8 million. The community is located at 4620 South Slauson Ave. It was built in 1988. Robert Narchi of Marcus & Millichap represented both the buyer and private seller in this transaction.
SALT LAKE CITY – The 9,234-square-foot Metro Place office building in Salt Lake City has sold to a local social security disability law firm for an undisclosed sum. The building is located at 243 East 400 South. The law firm plans to occupy the space. The seller, ACRES Metro LLC, was represented by Mark Jensen, of Newmark Grubb ACRES.
LAKEWOOD, COLO. – A 41-unit apartment building in Lakewood has sold to a 1031 Exchange buyer for $4 million. The community is located at 375 S. Depew Street, near the Belmar Shopping Center. The buyer was represented by Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team. The unnamed seller was represented by Josh Newell of the firm’s Newell Team.
NEWINGTON, CONN. — NorthMarq Capital has secured $24 million to refinance Newington Commons Shopping Center located at 196 Kitts Lane in Newington. The 189,864-square-foot shopping center is tenanted by Stop & Shop, Bob’s Stores, Party City, Petco, Planet Fitness and Michaels. The 10-year loan features two years of interest-only payment and a 30-year amortization schedule. Keith Braddish of NorthMarq Capital’s New York office arranged the financing for the borrower through NorthMarq’s relationship with a CMBS lender.
YONKERS, N.Y. — A wholly owned subsidiary of Urstadt Biddle Properties Inc. has acquired a 51 percent equity interest in a joint venture that owns McLean Plaza Shopping Center in Yonkers for $7.8 million. Built in 1982, the 57,000-square-foot center is occupied by a 35,000-square-foot A&P Supermarket, other tenants includes Duane Reade pharmacy, an E-Z Pass Service Center, Dunkin’ Donuts and Ridgewood Savings Bank. The purchase price is subject to the company assuming its share of a $2.78 million first mortgage payable that encumbers the shopping center. The company purchased its interest from an affiliate of The Great Atlantic & Pacific Tea Company (A&P), which is a tenant at the shopping center. In conjunction with the purchase, A&P modified its lease and extended the initial term until 2034. The remaining 49 percent of the joint venture is owned by entities owned by the two real estate families that originally developed the shopping center with A&P.
NEWARK, DEL. — Ingerman has broken ground for the development of Alder Creek, Delaware’s newest affordable housing community. Located in Newark, the community will feature 13 two-story buildings offering a total of 56 one-, two-, three- and four-bedroom apartment units. Each residence will have a private entrance, front porch, rear balcony or patio, and ample parking. On-site amenities include a community building with a meeting room, laundry facilities, fitness center and maintenance space, as well as an after-school program. The project is slated for completion in summer/fall 2015.
EAST MEADOW, N.Y. — Stalco Construction and Ehasz Giacalone Architects have completed the $700,000 renovation and upgrade of The Peter W. Addiego Health Sciences Library at the Nassau University Medical Center in East Meadow. Renovations and upgrades to the two-story 12,000-square-foot building includes an improved layout design, energy-efficient building systems and new interior finishes. The project team included Stalco as the general contractor, Ehasz Giacalone Architects as interior designer, SCC Construction Management Group as construction manager and KP Professional Engineering as mechanical engineer.
HOBOKEN, N.J. — Marcus & Millichap has brokered the sales of two apartment buildings in Hoboken. 406 Madison, an eight-unit apartment building, sold for $1.1 million, and 120 Jefferson, an eight-unit residential building, sold for $1.3 million. Steven Matovski and Lawrence Conway of Marcus & Millichap’s New Jersey office had the exclusive listings for both properties. Additionally, Matovski and Conway secured all-cash, non-contingent offers for the properties.
LOUISVILLE, KY. – Doster Construction Co. has broken ground on the $45 million The Clubhouse Student Apartments in Louisville. The project will be located adjacent to the University of Louisville campus and consists of three five-story wood frame buildings. The new complex will have 758 beds and more than 400,000 square feet of living space. Amenities will include two courtyards, a swimming pool, a club room, fitness area, a theater, computer/study room and a hammock garden. The project also includes a five-and-a-half level parking garage that will accommodate more than 625 spaces. Buck Development Louisville LLC, affiliated with The John Buck Co., is the project’s developer, Doster is the general contractor and Henneman Engineering Inc. is the architect of record. Peak Campus Management will manage the asset.
MIAMI — Swire Properties Inc. has announced that Akerman LLP, a leading transactions and trial law firm, will be the lead office tenant of Brickell City Centre, a $1.05 billion, 5 million-square-foot mixed-use development underway in Miami. Akerman will occupy approximately 108,000 square feet once construction is complete in 2015. The law firm will occupy 80 percent of the Class A office space at Brickell City Centre Green, which is one of two office buildings under construction at the development. Brickell City Centre Green will be located at 98 S.E. Seventh St. Akerman’s Miami office employs 160 lawyers, making it the largest law office in Florida. The law firm has played a significant legal role in the development of Brickell City Centre as real estate and land use counsel to Swire Properties. Tere Blanca of Blanca Commercial Real Estate represented Akerman in the lease transaction. Alexander Cahlin and David Valdez of Blanca Commercial Real Estate assisted in the deal.