WINSTON-SALEM, N.C. — CBRE has brokered the $14.5 million sale of The Gallery Lofts, a Class A, 82-unit apartment property in downtown Winston-Salem. The property is an adaptive reuse of a former textile manufacturing facility and is listed on the National Register of Historic Places. The asset features exposed brick, hardwood flooring, high ceilings and upgraded amenities. Jeff Glenn, Richard Montana and Hal Kern of CBRE represented the seller, Landex Corp., in the transaction.
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AURORA, ILL. — Simon Property Group has broken ground on a 50-store expansion of Chicago Premium Outlets in Aurora. The multi-million dollar project will expand the outlet center by almost two-thirds for a future total of more than 170 stores. Among the new retailers slated to open in late spring 2015 will be Saks Fifth Avenue Off 5th, which will join the center’s current list of designer and name brands, including Adidas, Coach, Gap Outlet, Kate Spade New York, Levi's, Michael Kors, Polo Ralph Lauren, Theory, Vera Bradley and more. Expansion plans include the addition of fire pits, art installations, a pond, and the addition of approximately 1,900 parking spaces. The new stores will occupy 45 acres on a vacant industrial site just east of the current Chicago Premium Outlets at Farnsworth Avenue and Bilter Road. The project also calls for renovation of the existing center, including enhanced landscaping and newly paved sidewalks, upgraded seating and lounge areas, improved lighting, a fresh new paint color scheme and updates to the center's food offerings.
TOPEKA, KAN. — Mid-America Real Estate Corp.’s investment sales team brokered the $18 million sale of Wanamaker Shopping Center in Topeka, Kan. Fort Wayne, Ind.-based Equity Investment Group Inc. purchased the regional shopping center. Wanamaker Shopping Center is located at the southeast corner of Wanamaker Road and 17th Street in Topeka, Kan. Big Kmart, Hobby Lobby and Bed Bath & Beyond anchor the 269,875-square-foot center. Joe Girardi of Mid-America Real Estate Corp. in cooperation with Eric Gonsher of The R.H. Johnson Co. represented the seller, Kansas City, Mo.-based Eighteen Capital Group in the transaction.
GURNEE, ILL. — The LaSalle Group will begin construction later this month on Autumn Leaves of Gurnee, an $11.3 million memory care community in Gurnee, a northern suburb of Chicago.The 29,000-square-foot facility, scheduled to open in 2015, will provide specialized care to nearly 46 residents living with Alzheimer’s, dementia, and memory impairment. The community will also offer respite care. The property is located at 505 N. Hunt Club Road, approximately two miles from Gurnee Mills Mall and Six Flags Great America and about three miles from the United Hospital System Gurnee Physician Clinic. Autumn Leaves of Gurnee is the result of a partnership between The LaSalle Group, MedProperties and TCF National Bank. The community will provide some free services for families in the area including educational seminars and Alzheimer’s support groups.
WICHITA, KAN. — A new Sam’s Club has opened in Wichita, Kan. The 136,000-square-foot store is located at 3084 N. Maize Road. A grand opening ceremony for the new membership warehouse club took place on Thursday, July 17. Associates of Sam’s Club presented several local organizations with more than $18,000 in grants during the ceremony. The new store features a variety of members-only amenities, including a fresh bakery, tire and battery center, a café and a fuel station. Sam’s Club, a division of Wal-Mart Stores Inc., hired more than 180 new associates for the new store.
SYRACUSE, N.Y. — Carrols Restaurant Group has entered into a definitive agreement to purchase 21 Burger King restaurants from Kessler Group. The restaurants are around Rochester, N.Y., and in the Southern Tier region of Western New York. The transaction is expected to close by the end of July. This transaction is the latest in Carrols’ move to expand and increase its ownership of Burger King restaurants. The company recently acquired eight restaurants in two separate transactions — four locations in the Pittsburgh market and four locations in Fort Wayne, Ind.
SEABROOK, N.H. — DDR Corp. has opened Seabrook Commons, a ground-up retail power center in Seabrook, a northern suburb of Boston MSA. The 380,000-square-foot retail center is 96 percent leased. Retail tenants include Walmart, Dick’s Sporting Goods, PetSmart, Michaels, ULTA, Famous Footwear and Five Below. Additionally, the center offers a variety of restaurants, including Panera Bread, Outback Steakhouse and Noodles & Company. Seabrook Commons serves a trade area population of 251,000 people with an average household income of $90,000.
PITTSBURGH — UMH Properties has acquired four manufactured home communities located in the Pittsburgh metropolitan area for $12.2 million. The all-age communities total 336 developed homesites situated on 239 total acres. The average occupancy for the properties is 84 percent. With this acquisition, UMH now owns 86 communities totaling approximately 14,800 developed homesites.
CAMBRIDGE, MASS. — NorthMarq Capital has arranged a $4.24 million loan for the acquisition of the Global Organics Headquarters Building in Cambridge. Located at 68 Moulton St., the property offers 24,500 square feet of office space. Joseph Hegenbart secured the financing for the borrower, RHAD LLC, through NorthMarq’s relationship with a local bank. The 10-year loan features a 25-year amortization schedule. Global Organics is the major tenant in the building and an affiliate of the borrower.
NEW YORK CITY — TerraCRG has brokered the sale of a commercial loft building, which is located at 73 Washington Ave. in Brooklyn’s Clinton Hill/Navy Yard neighborhood. The 9,000-square-foot vacant building sold for $2.5 million or $278 per square foot. The property is situated in the Brooklyn Tech Triangle, which consists of Brooklyn Navy Yard, Dumbo and Downtown Brooklyn. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG arranged the transaction.