ORLANDO, FLA. — Rivergate Partners has purchased Beacon Hill, a 192-unit apartment community in Orlando’s Northwest submarket, for nearly $10 million. The property is less than six miles from downtown Orlando and three miles from Metro West. Constructed in 1999, the property was 96 percent occupied at the time of sale. Rivergate Partners purchased the property at approximately 50 percent of replacement cost. Beacon Hill features a mix of two- and three-bedroom floor plans averaging 1,134 square feet. Rivergate Partners is a Miami-based venture between real estate investors Jay Massirman and Oscar Vila.
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LENOIR CITY, TENN. — Halpern Enterprises has purchased Franklin Centre, a 31,153-square-foot shopping center, for roughly $4 million. The property is located at 913 Highway 321 North in Lenoir City, about 20 miles outside of Knoxville, Tenn. Franklin Centre is 95 percent leased to tenants such as Dollar Tree, Sally Beauty Supply and Shoe Show. Joe Montgomery and Tony DeAmbrosio of Colliers International’s Atlanta office brokered the transaction. Ziff Properties was the seller.
NEW YORK — Prodigy Network has purchased 17 John St. in downtown Manhattan for $85.3 million. The property was purchased with more than $25 million in crowd-funded equity, senior financing from Deutsche Bank and subordinate financing from a New York-based institutional investor. Accredited investors from more than 12 different states and 10 countries invested in participations starting at $50,000 in this New York building. Upon completion of construction, the extended-stay property will span 23 stories and feature 191 furnished units.
WALTHAM, MASS. — New Boston Fund Inc. has sold Watermill Center in Waltham, a suburb of Boston. Intercontinental Real Estate Corp. purchased the property for an undisclosed sales price. Constructed in 1984, Watermill Center is a six-story, 206,634-square-foot, Class A office building. Since purchasing the property in March 2000, New Boston has boosted the occupancy from 67 percent to 90 percent, with 150,000 square feet having been leased in the past nine months. Additionally, New Boston completed extensive upgrades and improvements to enhance the building’s entrance and main lobby, and has added several amenities. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented New Boston in the transaction.
SUFFIELD, CONN. — East Granby, Conn.-based Trevisan USA LLC has broken ground on its new industrial facility in Suffield. The 17,000-square-foot building will accommodate Trevisan’s previously announced expansion in the United States. The new facility is located on the corner of Austin and South streets. Bloomfield, Conn.-based PDS Engineering and Construction is leading the project.
NORTH HANOVER TOWNSHIP, N.J. — CBRE has arranged the $1.4 million sale of a newly constructed Dollar General property in North Hanover Township. The retail store is located at 189 Jacobstown New Egypt Road. The property has a 10-year net-lease in place with two five-year options, with 10 percent escalations in both option periods. The store is located at a signalized intersection and includes ample on-site parking.
BOLINGBROOK, ILL. — ML Realty Partners LLC has acquired a 56,931-square-foot industrial building in Bolingbrook for an undisclosed price. The distribution facility is located at 650 S. Schmidt Road and will be available for lease immediately. The property has highway visibility along I-55. Terry Grapenthin and Jeffrey Galante of Lee & Associates represented ML Realty Partners in the acquisition and will be responsible for the leasing of the building.
FARMINGTON HILLS, MICH. — L. Mason Capitani/CORFAC International has arranged the sale of a 38,000-square-foot office/flex property in Farmington Hills. The asking price for the property was for approximately $3.9 million, but the final sales price was undisclosed. The property is located at 27675 Halsted Road. JOT II LLC, a local investor, purchased the property from the seller, Halsted Investments, LLC. Michigan-based L. Mason Capitani collaborated with TRI Commercial, its CORFAC affiliate in San Francisco, Calif., to list and market the property.
CHICAGO — J.C. Anderson Inc. has completed an office build-out for The Camden Group at 29 N. Wacker Drive in Chicago. The firm, which provides management and consulting services to the health care industry, is relocating its Chicago offices from 155 N. Wacker Drive to this location. The 9,000 square foot build-out on the 10th floor includes conference rooms, private offices and a server room. The office also features exposed ceilings, new light fixtures, luxury vinyl tile flooring with wood planking, mechanical and electrical upgrades and new flooring. William Burfeind of J.C. Anderson was the project executive and Jason Hawkins of J.C. Anderson was the project manager. Horn Design provided architectural services.
LOMBARD, ILL. — NAI Hiffman has arranged an office lease of 16,691 square feet in Lombard. Veolia Water Solutions will occupy the space within the Butterfield Centre located at 700 East Butterfield Road. The property consists of two class A buildings totaling 280,672 square feet and includes covered parking, a conference facility with auditorium, a food service area and fitness center. Mike Van Zandt and Brian Edgerton of NAI Hiffman’s Office Services Group represented Travelers Insurance in the transaction. David Tropp and Jon Springer of CBRE represented Veolia Water Solutions.