MIDLOTHIAN, VA. — Robinson Development Group Inc. has commenced construction on a new 255-unit, Class A apartment community in Midlothian. The property is located within the 725-acre, mixed-use CenterPointe development. Construction is slated to wrap up in 18 months. BB&T will provide construction financing for the project. Robinson Development has formed a joint venture with Drucker & Falk LLC to develop the unnamed apartment community.
Property Type
DURHAM, N.C. — Cushman & Wakefield | Thalhimer has arranged the $12.5 million sale of Research Tri-Center North V, a 203,385-square-foot multi-tenant industrial facility situated within Research Triangle Park. The fully leased property is located at 3500 N. Tri-Center Blvd. in Durham. Stoltz Real Estate Partners LLC purchased the property from The Silverman Group. Chris Norvell, Scot Humphrey, Jackson Rives and Bill Simerville of Cushman & Wakefield | Thalhimer’s capital markets group represented The Silverman Group in the transaction.
ALEXANDRIA, VA. — Akridge has partnered with Long Wharf Real Estate Partners to acquire 2800 Eisenhower Ave., a four-story, 116,000-square-foot office building in Alexandria’s Carlyle/Eisenhower submarket. The property is part of the Alexandria Tech Center, a nine-building complex than includes office buildings and two hotels. Matt Konrad of Akridge, along with Philip Murphy and John Schonborn of Long Wharf, represented the ownership in the transaction. Steve Gichner and Eric Berkman of Cushman & Wakefield represented the seller in the transaction.
FORT MYERS, FLA. — Tampa-based Aileron Capital Management has closed a $7.2 million loan for the construction of The Rose Gardens of Fort Myers, a 110-bed assisted living facility in Fort Myers. The property is located at 2117 Earl Road. Aileron provided a $4.5 million first mortgage and a $2.7 million mezzanine loan on behalf of the borrower, a Florida-based seniors housing owner and developer. The SBA 504 loan will convert to long-term permanent financing upon the completion of construction, expected for June 2015.
OAK BROOK, ILL. — NAI Hiffman has arranged more than 55,000 square feet of office lease renewals and expansions at Regency Towers, two multi-story, Class A office buildings joined by a one-story retail concourse. The property is located at 1415-1515 W. 22nd Street in Oak Brook, approximately 19 miles west of Chicago. The leases were for Bancorp Financial Inc., Rasmussen College, John Wiley & Sons Inc., and Moet Hennessy USA. Patrick Kiefer of NAI Hiffman represented American Realty Advisors in all four transactions. On-site amenities at Regency Towers include an attached, three-level covered parking garage, conference center, newly renovated fitness center, full-service bank, sundry store and an Italian restaurant and deli. Available suites range in size from 1,092 to 17,289 square feet.
FRIDLEY, MINN. — Cushman & Wakefield | NorthMarq has brokered the sale of a 32,000-square-foot bowling alley in Fridley. The former AMF Bowling Center is located at 6310 Highway 65, approximately nine miles north of Minneapolis. Scott Beitz purchased the property for an undisclosed price. Banquets of Minnesota will renovate the building to serve as an event center, which will offer full-service catering and event planning for any occasion. The sale of a small parcel of land, which will be utilized for overflow parking at the new facility, was completed as a separate transaction. Deb Carlson of Cushman & Wakefield | NorthMarq represented AMF Bowling Centers in the sale of the building and Sinclair Oil Corp. in the sale of the land.
SOUTH BARRINGTON, ILL. — The LaSalle Group will open a 29,000-square-foot freestanding memory care community in the village of South Barrington, approximately 35 miles northwest of the Chicago Loop. Autumn Leaves of South Barrington located at the northeast corner of Higgins and Bartlett Road, will open in July. The $11.1 million memory care community will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia or memory impairment. The LaSalle Group has nine communities open or under construction in the suburbs of Chicago. Autumn Leaves of South Barrington is approximately one mile from the Arboretum of South Barrington shopping mall and five miles from St. Alexius Medical Center. The new community will offer free programs to the public including seminars,speakers, monthly Alzheimer’ssupport groups and respite care. Volunteer opportunities for the community will also be available.
SOUTHFIELD, MICH. — Signature Associates has arranged the lease of 16,320 square feet of industrial space in Auburn Hills, six miles west of Rochester Hills. The property is located at 2670 Auburn Court. Kris Pawlowski and Gary Stephens of Signature Associates represented the landlord, Gold Star Development LLC. Pawlowski represented the tenant, Fenkell Automotive Services Ltd.
LEBANON, N.J. — HFF has arranged the sale of Presidential Place, a multifamily property located at 701 Presidential Dr. in Lebanon. Pizzo & Pizzo sold the 150-unit property to Eagle Rock Multi-Family Property Fund for $38 million or $253,000 per unit. Constructed in 2011, the six-building community features a mix of one-, two- and three-bedroom units and a clubhouse with fitness center and swimming pool. At the time of sale, the property was 95 percent leased. Zac Pierce and Mark Thomson of HFF Philadelphia, along with Jose Cruz of HFF’s New Jersey office, arranged the off-market transaction.
NORTHBOROUGH, MASS. — Marcus & Millichap (M&M) has brokered the sale of a FedEx freight facility located at 300 Bartlett St. in Northborough. Built in 2013 and situated on 24 acres, the 31,551-square-foot facility sold for $17 million or $538 per square foot. Laurie Ann Drinkwater of M&M’s Boston office and Seth Richard of M&M’s Manhattan office represented the buyer, a regional private investor, in the transaction.