ARLINGTON, VA. — Finmarc Management Inc. has purchased an 85-unit apartment community located at 3409 Wilson Blvd. in Arlington for $39.9 million through a joint venture partnership with The Goldstar Group. The eight-story property was formerly an AKA Luxury Suites Residences. The property is located approximately two blocks away from the Virginia Square Metro Station and within walking distance of stores and restaurants in the Rosslyn and Ballston neighborhoods. Finmarc plans to invest $6 million to upgrade the property and convert it into a luxury condominium community. The Goldstar Group will manage the community. Alexandria, Va.-based McWilliams | Ballard will begin selling the condominium units in September. Wells Fargo provided senior debt for the community, and Metropolis Capital Finance arranged debt and equity.
Property Type
BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has provided a $21.2 million acquisition loan for Lake Heather Reserve at Inverness, a 252-unit, Class A apartment community in Birmingham. Mike Ortlip, Josh Davis and C.J. Webb of Grandbridge originated the Fannie Mae DUS Structured ARM loan.
HALETHORPE, MD. — Enterprise has opened The Greens at English Consul, a $14.6 million seniors housing community located at 4120 Oak Road in Halethorpe in Baltimore County. The property features 72 one-bedroom and 18 two-bedroom apartments affordable for seniors earning up to 60 percent of the area’s median income. In addition to developer Enterprise, the design team includes architect Grimm + Parker and general contractor The Whiting-Turner Contracting Co. The development includes a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness center. Bank of America provided construction financing for the project. Financing also came via government funds, a grant, bond, construction loan and developer equity.
TAMPA, FLA. — Gramercy Property Trust Inc., a New York-based real estate investment trust (REIT), has acquired a 176,000-square-foot production and warehouse bottling facility in Tampa. The REIT purchased the asset for $9.5 million in an all-cash transaction. The property is fully leased through January 2020 to an unnamed beverage producer.
ORLANDO, FLA. — Continental Real Estate Cos. (CREC) has arranged the $8.5 million sale of Parkway Plaza, a 65,000-square-foot shopping center located one-half mile from The Mall at Millennia in Orlando. The Publix-anchored property is located at the crossroads of American Boulevard and John Young Parkway. Warren Weiser and Harry Blyden of CREC represented the seller, a tenant-in-common (TIC) ownership group managed by Los Angeles-based National Asset Services. The buyer was J-9 Land Partners LLP, a private investment firm based in Ormond Beach, Fla. Parkway Plaza is 95 percent leased to Publix, Chase Bank, Radio Shack, Subway and Little Caesar’s Pizza.
WILMINGTON, ILL. — Ledcor Construction Inc. has broken ground on a 1.7 million-square-foot regional distribution center at Ridgeport Logistics Center, a 1,500-acre, rail-served intermodal park in Wilmington, 17 miles south of Joilet. Ridge LEGO LLC on behalf of Michelin contracted with Ledcor to complete the project. Ledcor is scheduled to finish the three-building facility in the summer of 2015. Ridge Development, the industrial arm of Transwestern Development Co., is developing the new facility. Itasca, Ill.-based Cornerstone Architects Ltd. is the lead architect for the project. Vernon Hills, Ill.-based Manhard Consulting Ltd. will provide civil engineering design. Ledcor has completed more than $8.5 million in infrastructure work at the RidgePort Logistics Center.
MINNEAPOLIS — Loews Hotels & Resorts has entered into an agreement to purchase the 255-room Graves 601 Hotel Wyndham Grand in Minneapolis from the Graves Hospitality Corp. for an undisclosed price. The acquisition is expected to close in early July. Graves 601 Hotel is the fourth major hotel purchase announced by Loews Hotels in the last two years. Graves 601 is located directly across the street from the Target Center and is connected by the Minneapolis Skyway System, an interlinked collection of enclosed pedestrian footbridges. The hotel features two restaurants and bars, more than 9,000 square feet of meeting and event space, and a recently renovated spa and a fitness center.
ALGONQUIN, ILL. — Marcus & Millichap has arranged the $5 million sale of a 17,343 square-foot medical facility in Algonquin, a northwest suburb of Chicago. The Advocate Good Shepherd Outpatient Center is located at 2284 County Line Road. The single-tenant, net-leased property is leased to Advocate Health and Hospitals Corp. The property has less than two years of lease term remaining. Advocate Health and Hospitals Corp. signed a 10-year net lease with two, five-year options to renew. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor. Glen Kunofsky and Judson Kauffman of Marcus & Millichap’s Manhattan office represented the buyer, a private investor in a 1031 tax-deferred exchange.
GRAND LEDGE, MICH. — Bernard Financial Group has arranged a $5.1 million HUD loan to refinance Sandstone Creek Apartments, a 169-unit property in Grand Ledge, a suburb of Lansing. The property is located at 1110 Jenne St. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Sandstone Creek Apartments LP.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to purchase 719 Seventh Avenue in Times Square for $41.1 million. Located on the southeast corner of 48th Street and Seventh Avenue, the site can accommodate a building up to 28,114 square feet in addition to highly coveted LED signage towers. SL Green plans to demolish the existing building to take advantage of the development rights. This acquisition will increase the size of SL Green’s retail property portfolio, which features assets along New York City’s primary retail corridors. The transaction is expected to close during the second quarter of 2014. David Berkley, a private investor, helped to arrange the transaction.