LORTON, VA. — The JCR Cos. has acquired 51,800 square feet of retail space at Lorton Station Town Center in Lorton, located 18 miles southwest of Washington, D.C., for $13.8 million. The Lorton Station Town Center, which occupies the ground-floor area above the Virginia Railway Express commuter train station, was sold by Regency Centers. It is fully leased to 19 local, regional and national tenants, including Wells Fargo, Fireside Grill, Subway, Pan e Vino and FedEx. It is part of a mixed-use project with more than 170,000 square feet of office and commercial space, and nearly 1,200 single-family homes, townhomes, condominiums and apartments. Cantor Commercial Real Estate financed the acquisition.
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SCHAUMBURG, ILL. — Zurich North America has broken ground on its new facility headquarters in Schaumburg. The multi-line insurance provider purchased nearly 40 acres from Motorola Solutions at the northwest corner of I-90 and Meacham Road to construct its new facility. The new campus will feature 735,000 square feet with the potential to add on in the future. The developer and design builder, Clayco and financier/landlord Stonemont Financial Group, have made a $300 million investment and plan to lease the building to Zurich for the next 26 years.The new facility is scheduled to open in 2016. The Village of Schaumburg assisted in Zurich’s decision to remain in the area, offering incentives through the newly created North Schaumburg Tax Increment Financing district. Zurich is in the final stages of executing a package with the state of Illinois to receive Economic Development for a Growing Economy, or EDGE, incentives, according to the company.Representatives from Zurich, the state of Illinois and the business community recently joined together for a groundbreaking ceremony for the new facility. Zurich currently employs approximately 2,500 people in Schaumburg and also has an office in downtown Chicago. Zurich employs about 60,000 people worldwide serving customers in more than 170 …
DALLAS — Capital Senior Living Corp. has purchased three senior living communities, known as the Ohio JV Communities, located in Ohio from joint ventures in which it held a 10 percent interest for $83.6 million. The Dallas-based company previously managed the Ohio JV Communities under long-term management agreements. The Ohio JV Communities are comprised of 433 units, consisting of 227 independent living units and 206 assisted living units. Two communities are financed with $40.1 million of 10-year fixed rate debt that is non-recourse to the company with a blended interest rate of 4.41 percent. The third community is financed with a $21.6 million two-year bridge loan with a variable interest rate beginning at approximately 2.9 percent.
MINNETONKA, MINN. — PCCP LLC has provided a $30.3 million loan to Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-room hotel in Minnetonka, approximately 12 miles southwest of Minneapolis. The hotel, located at 5801 Opus Parkway, is situated on more than 10 acres. Built in 1988, Marriott Minneapolis Southwest is a 16-story hotel with more than 14,500 square feet of meeting facilities, more than 4,700 square feet of function space, a restaurant, lobby bar/lounge, fitness center and indoor pool. The new owner plans to invest nearly $10 million to enhance management and staffing of the hotel and implement a full renovation of the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.
FRANKLIN, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 56,000-square-foot industrial building in Franklin, a suburb of Milwaukee. The property is located at 10179 S. 57th St. GHN Franklin LLC purchased the building from Joseph Kraft Sr. for an undisclosed price. Samuel D. Dickman and Samuel M. Dickman Jr. of the Dickman Co. negotiated the transaction.
EAST RUTHERFORD, N.J. — Newport Beach, Calif.-based KBS REIT II, a public non-traded real estate investment trust, has completed the disposition of Metropolitan Center in East Rutherford. The office property was sold to One Met Center LLC, which is owned and operated by Vision Properties, a wholly owned subsidiary of Arena Capital Group, for $108.7 million. Located at One Meadowlands Plaza, Metropolitan Center is a 15-story, 421,317-square-foot LEED Gold-certified office building. The property is also adjacent to MetLife Stadium and the American Dream development, which is slated to include 1.7 million square feet of retail space and 1.2 million square feet of attractions and dining.
NEW YORK CITY — Cleveland-based Forest City Enterprises and Greenland USA, a subsidiary of Shanghai-based Greenland Group Co., have partnered to develop Atlantic Yards, a 22-acre residential and commercial real estate development in Brooklyn. The joint venture covers both phases one and two of the project, including infrastructure, a permanent MTA rail yard, a platform above the rail yard, future residential units and future commercial high-rise development. The initial joint venture does not include the Barclays Center and B2 BKLYN, the first residential tower. Under the agreement, Greenland USA has acquired 70 percent of the project and will co-develop the project with Forest City, with both companies sharing all project costs going forward in proportion to their ownership interests. Forest City Ratner Companies, the New York-based subsidiary of Forest City, will co-manage the daily activities and develop project consistently with the approved master plan along with Greenland USA. The project will bring 6,430 residential units, including 2,250 units of affordable housing, to the Brooklyn area.
LAKEWOOD, N.J. — Gebroe-Hammer Associates has arranged the two multifamily property sales totaling $38.3 million in Lakewood. In the first transaction, The Crest at Washington Square, a 144-unit residential property located at 415 Cedar Bridge Road, sold for $26 million. Built in 2006, the building features a mix of one- and two-bedroom/one-bathroom units and two- and three-bedroom/two-bathroom layouts. Also included in the sale was a two-story, 17,516-square-foot retail and office building, which has a fully occupied ground-floor retail center. Joseph Brecher of Gebroe-Hammer represented the seller and procured the buyer in the transaction. In the second transaction, the 72-unit Shenandoah Village, located at 102 Susan Dr., sold for $12.3 million or more than $173,000 per unit. Built in 2000, the property features one- and two-bedroom floorplans with central air conditioning, washer/dryer, and a balcony, deck or patio. Community amenities include an outdoor barbecue area, playground and 160 parking spaces. Brecher represented the seller in the transaction, while Debbie Pomerantz of Gebroe-Hammer procured the buyer.
DOYLESTOWN, PA. — Doylestown-based Zencorr Properties has acquired Center Square Towers, a 35-unit apartment complex in Doylestown. AIMCO sold the property, which is located at 555 N. Broad St., for $31.5 million. The buyer has a capital campaign planned for the property to refresh the units and common areas. Adam Gillespie of SSH Real Estate represented Zencorr in the transaction. The company purchased the property with 1031 funds.
NEW YORK CITY — TerraCRG has arranged the sale of 55 St. Nicholas Street in Brooklyn’s Bushwick neighborhood. Located between Starr Street and Willoughby Avenue, the 5,832-square-foot, six-unit multifamily property sold for $1.6 million or $266,667 per unit. The property features three newly renovated units each comprising three bedrooms and two bathrooms. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller in the transaction.