CHARLOTTE, N.C. — ARA has arranged the $7.7 million sale of The Edison, a 53-unit apartment community in Charlotte’s historic Plaza Midwood neighborhood. Constructed in 2013, The Edison was fully occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA represented the seller, Charlotte-based Lat-Purser & Associates Inc., in the transaction. Raleigh-based Chaucer Creek Capital purchased The Edison, which is the company’s second investment in the Charlotte area.
Property Type
ORLANDO, FLA. — Landmark Apartment Trust has acquired Landmark at West Place, a 342-unit garden-style apartment community located at 753 Sherwood Terrace Drive in Orlando. Constructed in 2002, the asset was 94 percent occupied at the time of the sale. Landmark funded the acquisition through a 1031 tax-deferred exchange, using proceeds from a previous disposition. Formerly known as Villa Tuscany, the property’s amenity package includes a resort-style swimming pool, fitness center, playground, clubhouse with billiards room, movie theater, dog park and business center.
MORRISTOWN, N.J. — Morristown-based G.S. Wilcox & Co. has arranged $87.1 million in financing for a healthcare portfolio in eastern Pennsylvania. The non-recourse financing was place in seven, non-crossed collateralized loans secured by nine hospital and medical buildings. The tenant, Coordinated Health, is a privately held, physician-owned, specialized hospital, network healthcare provider. The nine-building portfolio consists of 411,000 square feet. The portfolio includes Allentown Hospital and Bethlehem Hospital and seven additional buildings housing a variety of medical services, including physical therapy and rehabilitation, laboratory, orthopaedics, diagnostics, sports medicine, primary care and women’s health. David Fryer and Joe Smerdon of G.S. Wilcox & Co. handled the financing assignment. The financing, which was placed with a CMBS lender, has a 10-year term and a 30-year amortization.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 120 Union Ave. in Brooklyn's Williamsburg neighborhood. Located between Union Avenue and Broadway, the site sold for $15.5 million or $220 per buildable square foot. Adam America, Slate Property Group and Naveh Shutter Limited purchased the site and plan to develop a 100-unit residential property with 2,000 square feet of ground-level retail space. The development site is zoned R6A/C2-4, which allows for more than 93,000 buildable square feet. Additionally, the 26,000-square-foot lot is packaged with a lot at 100 Union Ave., which is scheduled to close later this year. The seller, Robles Realty, has owned the property since 1998. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented the seller in the transaction.
NEW CANANN, CONN. — Cronheim Mortgage has arranged $4.1 million in financing for a retail and office building located in downtown New Canaan. The property is a 9,431-square-foot fully occupied mixed-used building on Elm Street. The ground-floor space is leased to Ralph Lauren and Nail Hollywood, while the second-floor space is leased to six office tenants and one retail tenant. The 4-percent fixed-rate loan was structured with a seven-year term and 18-year amortization for the borrower, Campana 109 LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.
HARTFORD, CONN. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of a multifamily portfolio in Hartford. Built in the 1960s, the 903-unit portfolio features approximately 800,000 square feet of rental space. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and buyer in the transaction. Details of the transaction were not disclosed.
PISCATAWAY, N.J. — Trammell Crow Co. and its joint venture partner, Clarion Partners, has signed Dawn Food Products Inc. to a long-term lease at 30 Knox Drive within South Washington Park in Piscataway. Dawn Foods will occupy 130,681 square feet of the 227,042-square-foot industrial building. Located in the Northern New Jersey Industrial Market, South Washington Park features two industrial buildings: the 305,750-square-foot 10 Knox Drive and 30 Knox Drive. Each building includes high ceiling heights, efficient loading areas, wide column spacing and ESFR sprinkler systems. Additionally, the site features full building circulation, high trailer parking ratios and subdivided parcels.
WEST CHICAGO, ILL. — Leopardo Cos. Inc. has completed the new 70,000-square-foot West Chicago Park District Athletics, Recreation and Community Center. The complex is located at 201 W. National St. in Reed-Kepler Park. The one-story park district facility includes three gyms, a fitness area and a play area for children. The project was completed on time and within its $15.5 million budget. The indoor recreation complex features an elevated walking and jogging track, dance and aerobic studios for group fitness classes, event rental space and a catering kitchen. Hoffman Estates-based Leopardo served as construction manager, with the Chicago office of Sink Combs Dethlefs as the architect of record.
BATTLE CREEK, MICH. — The Chicago office of Tremont Realty Capital has arranged a $7.5 million loan for the acquisition of Bedford Hills MHC, a 340-site community located in Battle Creek. Tom Lorenzini of Tremont arranged the 10-year, non-recourse loan with a low 4 percent interest rate and a 30-year amortizing schedule for the borrower, Nodel and Associates. A CMBS lender provided funding for the loan. The property was 72 percent occupied at the time of closing, including more than 60 rental units. Amenities include a resident clubhouse and fully equipped playgrounds.
WHEATON, ILL. — Meridian Design Build has completed the construction of an 81,543-square-foot self-storage facility in Wheaton. The Lock Up is located adjacent to the Main Street Marketplace shopping center at the northwest corner of Main Street and Geneva Road. The four-story facility offers climate controlled and drive-up units and features covered loading bays with secure access. Partners in Design Architects provided architectural services for the project and Watermark Engineering Resources Ltd. provided civil engineering work.