ARLINGTON, VA. — Atlanta-based Invesco Real Estate has sold Randolph Square, a nine-story, 189,871-square-foot office building in Arlington, about five miles west of Washington, D.C. The Class A office building is located in The Village of Shillington development at 2800 S. Randolph St. The LEED Gold-certified property is fully leased to the United States Patent and Trademark Office. Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented Invesco in the sale of the asset to Easterly Partners.
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FOUNTAIN INN, S.C. — Special-purpose entity TDI-Southchase has acquired a 40-acre site in the Southchase Business Park in Fountain Inn, about 20 miles southeast of Greenville. The buyer is planning a 250,000-square-foot industrial light manufacturing or distribution facility at the site. NAI Earle Furman is leading the development, marketing and management services for the project. Atlanta-based TPA Group, whose principals lead TDI-Southchase, is providing investment and capital services. TDI-Southchase plans to either sell the facility or lease it to one, two or three tenants upon completion. The project team includes Atlanta-based architect Wakefield Beasley & Associates and Greenville-based civil engineer Bluewater Civil Design. The facility will break ground this spring and wrap up construction in the first quarter of 2015.
FAIRHOPE, ALA. — Country Place Senior Living has opened its first assisted living property in Fairhope at 8127 Gayfer Road Extension. The 24-suite property, known as Country Place Senior Living of Fairhope, is designed so that every resident’s room is within 150 feet of all the features and amenities, including 24/7 staffing and emergency response systems, housekeeping services, laundry services and life-enrichment programs.
CHICAGO — Acadia Realty Trust has acquired 865 W. North Avenue, a 16,000-square-foot retail property located in the Lincoln Park neighborhood of Chicago for $14.8 million. Elk Grove Village, Ill.-based Tri-equities LLC sold the two-story property, which is fully leased to Forever 21. Stephen Lieberman of Marcus & Millichap represented Acadia Realty Trust in the transaction. Brad Teitelbaum and Peter Block of Colliers International represented the seller.
MINNEAPOLIS — Dougherty Mortgage LLC has originated a $12.1 million loan under the HUD 223(a)(7) program for the refinancing of Minnehaha Senior Living, a 77-unit seniors housing facility in Minneapolis. Dougherty's Minneapolis office arranged the 40-year, self-amortizing loan for Covenire Care Nokomis LLC. The Minnehaha Senior Living property targets residents 62 years or older. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
MARYLAND HEIGHTS, MO. — Prism Medical, a patient-handling equipment and mobility equipment provider, will relocate from its current 30,000-square-foot office to an 81,000-square-foot space at 10876 Metro Blvd. in the same Maryland Heights area. Prism Medical signed a 12-year lease and will add between 10 to 20 employees when the company moves in May 2014. The property was previously the home of KV Pharmaceutical Co., which was foreclosed on in August 2013. Jeff Altvater of Hilliker Corp. represented Prism Medical in the transaction, while Cassidy Turley represented the landlord.
ARNOLD AND WENTZVILLE, MO. — Ross Dress For Less has signed two leases totaling 50,000 square feet in suburban St. Louis. Ross signed a lease for 25,000 square feet at 818 Arnold Commons Drive in Arnold, located about 16 miles south of St. Louis. Arnold Triangle Development LLC owns the property. Ross also signed a lease for 25,000 square feet from THF Wentzville Two Development LLC at 1275 West Pearce Blvd. in Wentzville, located about 40 miles west of St. Louis. L3 Corp. represented Ross in both transactions.
PHILADELPHIA — Treetop Development LLC has acquired Charter Court at East Falls, a 502-unit high-rise apartment complex located in Philadelphia, for $47.3 million. The transaction represents the Teaneck, N.J.-based real estate company’s first foray into the Philadelphia market. Treetop plans to invest more than $7 million into Charter Court. The company will renovate the vacant properties with high-end finishes, including hardwood flooring, espresso cabinetry with blizzard white countertops and fully renovated bathrooms. Charter Court at East Falls consists of two 11-story high-rise buildings featuring a unit mix of studio, one-, two- and three-bedroom apartment homes.
NEW YORK CITY — Marcus & Millichap has arranged the $12 million sale of two five-story apartment buildings totaling 40 units on Manhattan’s Upper East Side. The buildings are located at 234 East 88th St. and 518 East 88th St. The sale price equates to $300,000 per unit. Peter Von Der Ahe, Joseph Koicim and David Lloyd, all in Marcus & Millichap’s Manhattan office, represented the seller, The Orbach Group LLC. Von Der Ahe, Koicim and Lloyd also represented the buyer, Aimco. Of the 40 total apartments, 33 are one-bedroom units, three are two-bedroom apartments and four are studios.
QUAKERTOWN, PA. — Ayer Capital Advisors, an investment firm, and The Wankawala Organization, a hotel owner and management firm, have acquired a 78-room Holiday Inn Express & Suites Hotel in Quakertown, a southern suburb of Allentown, Pa. Ayer will work with The Wankawala Organization to manage the property. Ayer and Wankawala plan to acquire more than $150 million worth of select-service hotels in the next 18 months.