VIRGINIA BEACH, VA. — Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has purchased three development sites in Virginia and North Carolina for $4.2 million. Wheeler REIT purchased the sites from Development Fund I LLC, an affiliate of Wheeler REIT, and plans to develop the sites into future retail assets. The sites include a 52.9-acre tract in Edenton, N.C., suitable for a 300,000-square-foot development; a 1.3-acre tract in Moyock, N.C., suitable for a 9,000-square-foot property; and a 1-acre parcel in Courtland, Va., suitable for a 8,400-square-foot property.
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STAMFORD, CONN. — A joint venture between Clal Insurance and Chicago-based Waterton Associates has acquired 75 Tresser, a multifamily apartment community located in downtown Stamford, for $121 million. The property offers 344 units, ranging from studio to three-bedroom layouts; 5,500 square feet of retail space with a two-story parking lot; a 9,000-square-foot resident’s lounge; a 5,000-square-foot fitness center; pool; two courtyards; a private screening room; meeting/dining rooms; a catering kitchen; and business center. The residential units feature designer kitchens with stainless steel appliances, elevated nine-foot ceilings, wood-style floors, in-unit washer/dryer and panoramic windows. Waterton will retain a 51 percent stake in the property, while Clal will own the remaining 49 percent.
BOSTON — DivcoWest and Boston-based Synergy Investments has acquired 38 Chauncy Street, an office building located in downtown Boston, from New York City-based Brickman. The 132,000-square-foot building is the fourth office building that DivcoWest and Synergy have purchased in downtown Boston in recent months. In June, the partners acquired 71, 77 and 78 Summer Street, a three-building office portfolio totaling 90,000 square feet. The partnership now owns seven assets in Boston, including three buildings in the Seaport district that were purchased last year.
HARRISON, N.J. — Starwood Hotels & Resorts Worldwide has opened its second eco-wise Element brand hotel in New Jersey. Located in Harrison, Element Harrison – Newark features 138 sustainable rooms and a light-filled design throughout the hotel. Designed by New York City-based HWKN, the hotel features a distinctive façade that takes a nod from the innovative Element by Westin brand. Additionally, the hotel offers a 24-hour fitness center, an indoor pool, and a 1,500-square-foot meeting room. Developed by Ironstate Holdings and The Pegasus Group, the hotel will be part of the partnership’s mixed-use development that will comprise 2,600 residential residences and 80,000 square feet of street-level retail space. The hotel is owned by Harrison Hotel 1, a joint venture entity of Ironstate Holdings LLC and The Pegasus Group, and managed by Crescent Hotels & Resorts.
CHERRY HILL, N.J. — CBRE Group represented Quality Management Associates Inc. (QMA) in its lease of 7,129 square feet and 5,475 square feet of office space at Colwick Business Center in Cherry Hill. Founded in 1992, QMA is a provider of services and support for adults with intellectual and/or developmental disabilities and acquired brain injuries. QMA will join Colwick Business Center’s tenant roster, which includes The Philadelphia Inquirer, The Internal Revenue Service and Urban Engineers. Dan McGovern of CBRE represented QMA, while Wolf Commercial Real Estate represented the landlord, Endurance Real Estate Group, in the transaction.
SPRINGFIELD, ILL., TERRE HAUTE AND EVANSVILLE, IND. — Carrols Restaurant Group Inc. has signed definitive agreements to purchase 64 Burger King restaurants from certain subsidiaries of Heartland Food LLC for approximately $18 million excluding inventory. The restaurants include 11 restaurants in Springfield, Ill., 15 restaurants in Terre Haute, Ind., seven restaurants in Evansville, Ind., 27 restaurants in Nashville, Tenn. and four restaurants in other markets. The transaction is subject to certain closing conditions. In conjunction with the transaction, Burger King Corp. has also agreed to make a cash payment to Heartland at closing based on Carrols’ commitment to remodel 46 of the restaurants. Closing is expected to occur in late September or early October.
GURNEE, ILL. — The Boulder Group has completed the $2.2 million sale of a single-tenant IHOP property in Gurnee, approximately 40 miles north of Chicago. The property is located at 5670 Northridge Drive. The IHOP is an outparcel to Six Flags Great America, a 304-acre theme park. The restaurant is also near Gurnee Mills, a 1.8-million-square-foot indoor mall featuring Bass Pro Shops, Macy’s, Kohl’s, T.J. Maxx, Burlington Coat Factory and Sears. IHOP has approximately two years remaining its lease, which expires February 29, 2016. The lease is triple-net and features no landlord responsibilities. IHOP is a subsidiary of DineEquity. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Florida-based private individual. A Chicago-based real estate investor purchased the property in a 1031 tax-deferred exchange.
MANKATO, MINN. — Dougherty Funding LLC has secured a $6.4 million first mortgage acquisition/term loan for the Park Place Townhomes in Mankato. The existing 72-unit townhome property is fully leased. The property includes free on-site parking and an outdoor fire pit and grilling area. Unit amenities include fully equipped kitchens, washers and dryers, Wi-Fi Internet, ceiling fans, granite countertops and decks or patios. Dougherty Funding arranged the loan for the borrower, PPT Mankato LLC. Dougherty Funding served as lead lender and servicer for the loan.
NORTHWOOD, OHIO — The Cooper Commercial Investment Group has brokered the $450,000 sale of an Arby’s located in Northwood, approximately eight miles southeast of Toledo. Bob Havasi of the Cooper Commercial Investment Group in Cleveland represented the seller, a New York partnership. A California-based private investor purchased the property in an all-cash transaction.
PHOENIX – The 114-room Holiday Inn & Suites Phoenix has received a $9.3-million loan. The property is located two miles south of the Phoenix Sky Harbor Airport. It is also situated near Arizona State University. The property was built in 2009. The non-recourse, fixed-rate, CMBS first-mortgage was secured by KeyBank Real Estate Capital.