ORLANDO, FLA. — CRBE has brokered the $50.7 million sale of Auvers Village, a 480-unit apartment community in Orlando’s affluent Baldwin Park neighborhood. The 1989-era asset is located at 5800 Auvers Blvd. The buyer, Bridge Investment Group Partners, plans to upgrade the interiors and the amenities at Auvers Village. This is the first multifamily purchase in Central Florida for the Salt Lake City-based buyer. Shelton Granade of CBRE led the sales team that included Luke Wickham, Robert Given and Justin Basquill to represent the undisclosed seller in the transaction.
Property Type
MIAMI — JLL has arranged the $42 million sale of a 238,420-square-foot office building in western Miami. The buyer, Ryder System Inc., a global commercial transportation and supply chain management solutions company, purchased its existing corporate headquarters property for roughly $176 per square foot. The asset is located at 11690 N.W. 105th St. on a 16.8-acre parcel in the Flagler Station Business Park. Steven Medwin, Rod Loschiavo and Nick Wigoda of JLL represented Ryder in the transaction. Stuart Gordon represented the seller, an entity controlled by Flagler Development, internally.
RICHMOND, VA. — Walker & Dunlop has arranged $33.5 million in permanent debt for the refinance of Miller & Rhoads, an adaptive reuse project of the historic Miller & Rhoads department store in Richmond. The project is located next to the Richmond Convention Center and features 133 residential units, a 250-room Hilton Garden Inn and more than 20,000 square feet of retail space. Andrew Coleman and Stephen Farnsworth of Walker & Dunlop led the team that structured the seven-year fixed-rate loan with two years interest-only payments on behalf of the borrower, HRI Properties LLC. HRI plans to invest $8 million to convert the existing hotel to a full-service Hilton property by the end of 2015. The property was originally built between 1888 and 1909 as a one-room store and is considered a significant historic structure in the Grace Street Commercial Historic District.
JACKSONVILLE, FLA. — The Shopping Center Group has arranged Old Time Pottery’s 84,180-square-foot lease at 380 Blanding Blvd. in Jacksonville. The discount home décor and accessories retailer will occupy the space formerly housing Kmart and will be Jacksonville’s first Old Time Pottery location. Nancy Sumner and Stephanie McCullough of The Shopping Center Group represented the landlord, Kmart Corp., in the transaction, and Todd Snyder of Trademark Properties Inc. represented Old Time Pottery, which is slated to open its store next summer.
NEW YORK — Madison Realty Capital (MRC) has provided $33 million in first mortgage financing for 45 Park Place, a condominium tower under development by Soho Properties. Construction is expected to begin in 2015 and end in 2017. The loan will be used to fund pre-development and other costs associated with the as-of-right project, which totals 120,000 square feet. 45 Park Place is a glass and steel tower that will stand at 665 feet when finished. Jean Nouvel is the project’s architect and Tishman Construction is the construction manager.
GREENWICH, CONN. — Urstadt Biddle Properties Inc. has acquired two properties totaling 89,000 square feet in Greenwich. The first property is a three-story, 48,000-square-foot mixed-used building located on Boston Post Road. It was 97 percent occupied at the time of sale and is occupied by retail tenants including CVS/Pharmacy, Robek’s, Domino’s Pizza and Member’s Credit Union. The second property is a group of two-story mixed-use properties located at the intersection of Sound Beach Avenue and Arcadia Road. The property is anchored by an 18,200-square-foot King’s Supermarket, with other tenants including Dunkin’ Donuts, Panache Salon and Chillybear.
NEW BRITAIN, CONN. — The Grossman Cos. has acquired Columbus Plaza, a 54,450-square-foot shopping plaza in New Britain, for $7.7 million. The acquisition is Grossman’s sixth in Connecticut in the last two years. Jeff Dunne, David Gavin, Erik Edeen, Chris Angelone, Bill Moylan and Nat Heald from CBRE’s New York and Boston offices brokered the transaction. Peter Kenn of Goedecke & Co. arranged mortgage financing with Blue Hills Bank. Columbus Plaza is located at 150-174 Columbus Blvd. directly off Route 9.
WESTBOROUGH, MASS. — Ferris Development Group has signed a seven-year, 114,000-square-foot lease that will bring Genzyme, a Sanofi company, to One Research Drive in Wesborough. Genzyme will be relocating operations from its offices in Framingham later this year. The lease brings One Research Drive to 93 percent occupancy. John Lashar, Paul Leone and Danielle DeMarco of Transwestern | RBJ represented Ferris Development. Louis Kluger, Jeff Zell and Marc Sobel of JM Zell represented Genzyme.
NORMAL, ILL. — Co-developers CA Ventures and Tartan Realty Group have begun Phase I of One Uptown on the Circle, a $27 million mixed-use development in Normal’s Uptown neighborhood, roughly seven minutes north of Bloomington. Phase I will include an eight-story tower housing a 114-room Hyatt Place Hotel and 1,600 square feet of retail space. The property will be located across the street from the Marriott Hotel and Conference Center and will feature a 2,300-square-foot outdoor terrace connected to a 1,500-square-foot meeting space, as well as a pool and fitness center. Phase II will feature a 6,500-square-foot restaurant or retail below 34 multifamily units.
BOLINGBROOK, ILL. — Marcus & Millichap has arranged the $5.9 million sale of Shops at Lily Cache Creek, a 17,960-square-foot retail property in Bolingbrook, a suburb of Chicago. The shopping center is located at 741-769 E. Boughton Road and is nearly 93 percent occupied. A majority of the current leases are set to expire in 2016 or later with each tenant operating under a net-lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a privately owned limited liability company, and the buyer, a national shopping center owner.