ATLANTA — Houlihan-Parnes Realtors LLC has closed a $34 million loan for The Preserve at Legacy Park, a 498-unit apartment community in Atlanta. The property, built in 2001, is 98 percent occupied. Fred Stahl and Sheldon Stahl of Houlihan-Parnes Realtors LLC originated the 10-year loan with a fixed interest rate of 4.45 percent.
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MIAMI — Marcus & Millichap has arranged the $11.6 million sale of Plaza Del Rey, a 50,186-square-foot shopping center located at 10000 W. Flagler St. in Miami, approximately one mile from Florida International University. The property is 95 percent leased to tenants such as Navarro Discount Pharmacy, Rent-A-Center, T-Mobile and Vicky Bakery. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller and the buyer, both limited liability companies based in Miami.
STOCKBRIDGE, GA. — Wheeler Real Estate Investment Trust Inc. has assumed the contract to acquire Freeway Junction, a 156,834-square-foot shopping center in Atlanta suburb Stockbridge, for $10.5 million. Wheeler REIT (NASDAQ: WHLR) is assuming the contract from Wheeler Interests LLC, an affiliated company. The shopping center, located along Georgia Highway 138, is 95.5 percent leased to tenants such as Northern Tool + Equipment, Goodwill, Ollie’s, Farmer’s Furniture, Cato Fashion, Citi Trends and Jackson-Hewitt.
ROMEOVILLE, ILL. — Molto Properties plans to develop a 189,731-square-foot distribution facility in Romeoville, approximately 30 miles southwest of Chicago. The 10.8-acre development will be located at 1485 Normantown Road. The building will feature a 32-foot clear height ceiling, car and trailer parking and ESFR sprinklers. The building will be visible from I-55. Jim Estus of Colliers International will market the speculative building on behalf of Molto Properties. Meridian Design Build has been selected as the general contractor for the project.
LUDINGTON, MICH. — Spartan Real Estate Services has arranged the $8.1 million sale of a multifamily development in Ludington, approximately 58 miles north of Muskegon. Sherman Oaks Apartments, located at 700 Sherman Oaks Drive, consists of 172 two-bedroom units. Matt Callendar of Callendar Commercial represented the seller, Morren Wiltjer LLC. Wayne Loebig of Spartan Real Estate Services represented the buyer, Ludington-Sherman Oak LLC.
ALTOONA, IOWA — New England Development plans to build a 325,000-square-foot outlet center in Altoona, a suburb of Des Moines. The new facility will be located at the intersection of I-80 and U.S. Highway 65. The 32-acre Des Moines Outlets will feature approximately 75 retailers. The outlet center will be an integral part of The Shoppes at Prairie Crossing, a 174-acre, mixed-use site being developed by Heart of America Group. The Shoppes at Prairie Crossing will consist of more than 1.4 million square feet of leasable space. The Shoppes at Prairie Crossing site is adjacent to Prairie Meadows Racetrack & Casino, Adventureland Amusement Park, Bass Pro Shops and the Facebook Data Center. According to The Des Moines Register, construction on the project is expected to begin next year and will be completed in early 2016.
LAKEMOOR, ILL. — The Boulder Group has brokered the $6.7 million sale of a 14,820-square-foot Walgreens property in Lakemoor, a Chicago suburb approximately 25 miles north of Schaumburg. Walgreens is the sole occupant of the single-tenant, triple-net-leased property, located at 28895 W. Highway 120. Walgreens has 25 years remaining on the lease that began in November 2013. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, and buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.
BRICK, N.J. — Brick-based Tryko Partners LLC has added five skilled nursing facilities, totaling 470 beds, to its Massachusetts portfolio. The company has acquired two properties from Ventas Inc. and entered into a lease contract to operate three additional assets that Ventas will continue to own. Tryko acquired the 88-bed Hammersmith House Nursing Care Center, which will be renamed Chestnut Woods Rehabilitation and Healthcare Center, in Saugus, Mass.; and the 87-bed Hillcrest Nursing and Rehabilitation Center, which will be renamed Valley Stream Rehabilitation and Healthcare Center, in Fitchburg, Mass. The Ventas-owned properties to be operated by Tryko include the 132-bed Blueberry Hill Skilled Nursing and Rehabilitation Center in Beverly, Mass.; the 82-bed River Terrace Rehabilitation and Healthcare in Lancaster, Mass.; and the 81-bed Oak Wood Rehabilitation and Nursing Center, which will be renamed Brookside Rehabilitation and Healthcare Center, in Webster, Mass. Financing for the two acquisition was provided by The PrivateBank, and Tryko is financing working capital for the three Ventas-owned properties through a regional bank with extensive healthcare lending experience.
CHELSEA, MASS. — NorthMarq Capital’s Boston office has secured a $34.4 million refinance for Parkside Commons Apartments located at 100 Stockton St. in Chelsea. The 238-unit multifamily property is owned by John M. Corcoran & Co. and Guardian Life Insurance Company and managed by Corcoran Management Company Inc. James Murphy of NorthMarq arranged the transaction, which is structured with a 7-year term with five years of interest only payments.
HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has opened Woodmont Knolls at Hanover, a luxury apartment community situated on a 15-acre former industrial site along Cedar Knolls Road in Hanover. The property, which is more than 60 percent preleased, features 126 one- and two-bedroom flats and carriage homes. Community amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, dog park, picnic and barbeque area, and a swimming pool with a sundeck. Additionally, the community’s 15-acre setting includes walking paths and green space that runs along the Whippany River and has direct access to the historic Patriots Path, a 35-mile multi-use nature trail operated by Morris County, N.J.