BELTSVILLE, MD. — Morgan Properties and its equity partner Core Real Estate Capital LLC have purchased Lighthouse at Twin Lakes, a 700-unit garden-style and mid-rise apartment community in Beltsville. The asset is located off Powder Mill Road near the Interstate 95 interchange. Built in 1969, the property’s amenity package includes a leasing office with a business center and café, a fitness center, swimming pool, playground areas and a dog park. Morgan Properties and Core plan to invest $8.2 million to renovate the property. This is the third acquisition between Morgan and Core.
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BOSSIER CITY, LA. — Kandu Capital LLC and its operating company Bloom Senior Living have purchased Glenview Gardens, a 119-unit independent living community in Bossier City, for $5.5 million. As part of the transaction, the asset will be renamed Bloom at Bossier and a portion of the community will be converted to offer assisted living and memory care services. Michael Morrison and Trent Siskron of Vintage Realty Co. represented both the buyer and the seller in the transaction.
BOSSIER CITY, LA. — Berkadia Commercial Mortgage LLC has arranged a $19 million loan to refinance an existing construction loan on Le Rivage Apartment Homes, a 240-unit apartment community located at 2020 Valley View Circle in Bossier City. The multifamily property is currently 97 percent occupied and features a pool with a hot tub, fitness center and a walking trail. Stuart Wernick, Jason Rice and Eli Gershenson of Berkadia’s Dallas office originated the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, Le Rivage of Bossier LLC.
POMPANO BEACH, FLA. — Sterling Organization has executed a 10-year lease agreement with Chuck E. Cheese’s for 15,324 square feet at Pompano Citi Centre, a 908,000-square-foot retail center at 1955 N. Federal Highway in Pompano Beach. Other tenants include J.C. Penney, Ross Dress for Less, Big Lots and Office Depot. Originally built in 1970 as Pompano Fashion Square, the asset was redeveloped into an open-air shopping center in 2006. Chuck E. Cheese’s is expected to open its doors in the fourth quarter of this year. Jonathan Schuemann of Bluerock Real Estate brokered the lease transaction.
YORK, PA. — Americana Development has purchased 3380 Susquehanna Trail North in York. Constructed in 1990 and situated on 10.6 acres, the 113,000-square-foot warehouse/distribution facility features 21-foot clear ceilings and nine dock-high loading doors. American Development is a part of Kenda Group Cos. and plans to use the facility to distribute tires. Pat McBride, Gerry Blinebury, Adam Campbell, Leah Balerno and Marie Connell of Cushman & Wakefield represented the seller, Newport Beach, Calif.-based Hager Pacific Properties, which acquired the property in 2007. Jack Shepley of NAI CIR represented the buyer in the deal.
CRANBERRY TOWNSHIP, PA. — Hilton Worldwide has opened its 38th Home2 Suites by Hilton worldwide. Located at 1401 Cranberry Woods Dr. in Cranberry Township, the property is the fourth of the brand in Pennsylvania and the second in the Pittsburgh metro area. Home2 Suites by Hilton Pittsburgh Cranberry is located 30 minutes from the Pittsburgh International Airport and one mile from the City Center. The 79-suite hotel, which is owned and managed by Vista Host, features an Oasis lobby area, Home2 MKT, Spin2 Cycle and complimentary continental breakfast.
NEW YORK CITY — Lalezarian Properties has begun leasing BKLYN|AIR, a 41-story residential tower located at 309 Gold St. in downtown Brooklyn. Designed by Ismael Leyva Architects, the 255-unit tower will feature studio, one-, two- and three-bedroom apartments with nine- to 10-foot ceilings, floor-to-ceiling windows, dark oak hardwood floors and washer/dryers. The property will also feature a 50-foot outdoor heated swimming pool, roof deck, a two-level fitness center, a lounge with WiFi and a fully equipped kitchen. The property is slated for immediate occupancy with rents ranging from $2,315 to $8,500 per month.
MAYNARD, MASS. — Parsons Commercial Group has brokered the sale of 109 Powdermill Road in Maynard. KaileyBoo LLC purchased the 114,467-square-foot office and R&D facility for $2.3 million. Situated on 10 acres, the property is currently zoned for industrial use, which includes R&D, manufacturing, warehouse and professional uses. Victor Galvani of Parsons Commercial Group represented the seller, Great Point Investors, and the buyer in the transaction.
WAYNE, PA. — DrugDev has signed a lease for 31,000 square feet of office space at 1170 Devon Park Dr. in Wayne. The company plans to use the space as its U.S. headquarters. Owned by Liberty Property Trust, the three-story, 88,000-square-foot building recently underwent a $2.5 million renovation that included new floor-to-ceiling glass curtain walls on the corners, an expanded lobby, new restrooms and a state-of-the-art fitness and locker facility. Scott Miller of CBRE represented DrugDev in the transaction. Environetics served as architect and interior designer and Shields Construction served as general contractor for the renovation.
CHICAGO — USAA Real Estate Co., in partnership with Chicago-based Golub & Co., an international real estate investment and development firm, has acquired Chestnut Place, a 30-story residential building located at 850 N. State Street in Chicago. Crain’s Chicago Business reports the purchase price was $80.5 million. Built in 1980, Chestnut Place consists of 280 convertible, one-bedroom and two-bedroom apartments with an average unit size of 769 square feet. Current amenities include a fitness center and 24-hour doorman. The building also includes a 196-space, four-story parking garage and 6,500 square feet of ground-floor retail space. Michael Goldman and Collin McKenna of Golub, and David Reahl of USAA, negotiated the acquisition. CBRE represented the seller, Chestnut Place Associates.