PENSACOLA, FLA. — KeyBank Real Estate Capital has secured an $11.7 million fixed-rate CMBS loan for Jasmine Creek Apartments, a 200-unit garden-style apartment complex in Pensacola. KeyBank also secured a $7.6 million fixed-rate CMBS loan for Flats at Ninth Apartments, a 168-unit multifamily property located in Pensacola. Both loans were used to pay off existing KeyBank credit facilities. The sponsor for both loans was The Kislak Organization, a private investor based in Miami.
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BUFFALO, N.Y. — CBRE Group has arranged the sale of Ingram Micro East Coast Headquarters, an office complex located in suburban Buffalo. American Realty Capital Partners, a REIT, purchased the property for $24.5 million or approximately $123 per square foot. Situated on 21 acres, the two-building property offers 200,075 square feet of office space: the 170,346-square-foot 1759 Wehrie Drive and the 29,729-square-foot 395 Youngs Road, which are connected by a two-story atrium. Edward Midgley and Dan Kaplan of CBRE’s New York City office, along with V. Jeffrey LiPuma and Bob Starzynski of the Buffalo office represented the owner, Winthrop Realty Trust, in the transaction.
EAST BRUNSWICK, N.J. — HFF has arranged the $6.5 million sale of Cranbury Corporate Center, a medical office facility located at 620 Cranbury Road in East Brunswick. Completed in 2005, the two-story, 63,855-square-foot building is 80 percent leased to a variety of medical specialty groups such as MRI, surgical centers, OBGYN, eye care, rehabilitation, podiatry and general patient care. LabCorp and Life Alert are both tenants in the building. Kevin O’Hearn and Steve Simonelli of HFF represented the seller in the transaction.
BOSTON — Marcus & Millichap has arranged the sale of 28-38 L Street, a 12-unit apartment building located in South Boston. A dual family trust sold the property for $2.1 million to a private investor. Built in 1920, the property features two studio and 10 one-bedroom units. Evan Griffith of Marcus & Millichap’s Boston office represented the seller and procured the buyer in the transaction. Todd Tremblay is the broker of record for Marcus & Millichap’s Boston office.
LOCKPORT AND TULLY, N.Y. — NorthMarq Capital has arranged financing totaling $1 million for two Dollar General stores in Lockport and Tully. The stores offer a combined total of 16,250 square feet of retail space. The 10-year loan features a 25-year amortization schedule. Scott DeVinney of NorthMarq Capital’s Rochester, N.Y., office arranged the financing for the borrower through NorthMarq’s relationship with a regional bank.
DETROIT — Olympia Development of Michigan, a company of Ilitch Holdings Inc., has released plans to transform dozens of underutilized blocks between downtown and midtown Detroit into a sports and entertainment district, including a new arena for the Detroit Red Wings hockey team. The Detroit Free Press reports the development is a $650 million project. In April, the city's Downtown Development Authority (DDA) approved Barton Malow-Hunt-White to serve as the general contractor for the construction of the new 650,000-square-foot multipurpose center. The new events center is a part of the public-private development project that includes a $200 million investment by Olympia Development of Michigan to redevelop an underutilized area in downtown Detroit. The project will connect existing and new development efforts in downtown and midtown Detroit along Woodward Avenue into five walkable, livable mixed-use district neighborhoods. Development in the district will be integrated with existing sports and entertainment venues in or adjacent to the space, including the Fox Theatre, Comerica Park, MotorCity Casino Hotel, Ford Field, the Detroit Opera House, the Fillmore Detroit and more. The new arena is set to open in the summer of 2017. The project is expected to have a total economic impact of at least …
APPLE VALLEY, MINN. — Baceline Investments LLC has sold a 25,500-square-foot, multi-tenant retail center in Apple Valley to Wellington Management Inc. for $4.6 million. The Denver-based boutique real estate investment and management company purchased the property in 2009 for $3.16 million. Pinnacle Ridge Retail Centers, south of downtown Minneapolis, was acquired as part of Baceline’s No Debt Real Estate Fund III. The purchase also included a 1.24-acre land lease to Discount Tire. Other tenants at the property include T-Mobile and Anytime Fitness. Baceline’s strategic model is to purchase cash-flowing real estate without the use of debt in America’s Heartland, an approach that David Puchi, principal of Baceline Investments, says continues to yield rewards for investors.
OAK BROOK, ILL. — Morgan/Harbour Construction has completed a 130,000-square-foot build-to-suit office project for Hub Group in Oak Brook, a suburb of Chicago. The asset-light freight transportation management company relocated its headquarters and consolidated nearly 500 employees from several locations in Illinois at the new ground-up, four-story building located at 2000 Clearwater Drive. The new facility sits on a 17-acre site in the I-88 tech corridor. Upon demolition of an existing building and site preparation, Morgan/Harbour constructed the new building to feature open work areas, semi-private offices, executive offices and conference rooms throughout the building. The firm also incorporated freight containers within the space to serve as informal meeting spaces. The facility also features underground parking, natural habitat landscaping, ponds and walking trails. The site has the capacity for an additional 200 employees. Additional features include a high-efficiency HVAC system, energy-efficient lighting controls and storm water harvesting. The property is LEED Gold certified. Morgan/Harbour’s Warren Seil and Ben Warriner led the project team, which also included Graeme Foster and Jim McCarron. Solomon Coldwell Buenz provided the architectural services.
CHICAGO — Wirtz Realty Corp. and MB Real Estate (MBRE) have arranged the lease renewal of a 23,000-square-foot office space in Chicago for Meredith Corp. The media and marketing company will continue to occupy space on the 14th and 15th floors at 333 N. Michigan Ave. Built in 1928, 333 N. Michigan was one of the city’s first Art Deco skyscrapers. The City of Chicago designated the property as a historical landmark in 1997. Wirtz Realty Corp. and MBRE are in the midst of a $47 million redevelopment of the 34-story office property. Renovations include office space modernizations, updated finishes to the lobby and elevators as well as the addition of turn-key spec suites and up to 44,000 rentable square feet of divisible retail space. Wirtz Realty Corp. and MBRE will also incorporate a tenant amenity floor featuring a lounge, conferencing facilities and a fitness center. MBRE leases and manages the building, which is owned by Wirtz Realty Corp. Mark Buth and Kelsey Karp of MBRE represented ownership in the lease transaction. Meredith Corp. represented itself.
SANTA CRUZ, CALIF. – The 33-room Casa Blanca Inn in Santa Cruz has sold to Kishor and Nita Patel for $7.2 million. The hotel is located at 101 Main Street. Acquisition financing was provided by Bruce Whitaker of TMC Financing through the SBA 504 commercial real estate loan program. The lender was Bank of The Orient. The transaction was facilitated by Neville Parujanwala of hospitality management firm Hospitality Funding.