SUNNY ISLES BEACH, FLA. — J. Milton & Associates, a Miami-based real estate development firm, plans to break ground on a luxury multifamily community in Sunny Isles Beach in spring 2014. The Parque Towers at St. Tropez will feature concierge services, car wash and detailing services in the parking garage, private cinema, performance theater and a private beach club. Residents will also be able to rent out guest suites on the premises. Other features include a public park, family picnic area, cascading water wall, interactive water feature for children, butterfly garden and an outdoor plaza.
ORLANDO, FLA. — Orlando-based NAI Realvest has closed the $24 million sale of an industrial portfolio totaling more than 525,000 square feet. The properties are located in Orange and Seminole counties in Florida. The industrial facilities include Monroe CommerCenter North and Monroe CommerCenter South in Sanford, Hanging Moss CommerCenter in Orlando and Goldenrod CommerCenter in east Orlando. George Livingston, Christie Alexander, Drew Saphos, Paul Vera and Michael Heidrich of NAI Realvest handled the transaction. NAI Realvest will continue to serve as property manager for the new owners. A joint venture between Chicago-based Blue Vista Capital Partners and Baltimore-based Rio Hondo Capital Partners purchased the facilities from Cornerstone Core Properties REIT.
UPPER MARLBORO, MD. — Greysteel has brokered the sale of Largo Center Apartments, a 100-unit apartment community located in Upper Marlboro, part of metro Washington, D.C. The transit-oriented, affordable apartment community is located at 520 Largo Center Drive, within walking distance to Largo Town Center Metro Station and Boulevard at Capital Center. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones of Greysteel represented the sellers, Boston Capital and Humphrey-Stavrou Associates Inc., in the transaction. Beachwold Residential purchased the Largo Center Apartments.
KISSIMMEE, FLA. — Aztec Group Inc. has arranged a $10 million refinancing loan for The Park at Sorrento, a recently renovated, 208-unit apartment community located in Kissimmee. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan on behalf of the borrower, a partnership between affiliates of Miami-based Mayan Properties and Tampa-based Blue Rock Partners. The apartment community recently underwent a $2.5 million renovation program to all of its unit interiors, common areas, exteriors and grounds.
DEERFIELD, ILL. — Walgreen Co. has completed the sale-leaseback of six office buildings in its headquarters complex in Deerfield, a northern suburb of Chicago. Escondido, Calif.-based Realty Income Corp. purchased the property. Jones Lang LaSalle, which marketed the property, previously said the drugstore giant intended to sell the campus for approximately $85 million. The complex spans 574,605 square feet on 38 acres. Guy Ponticiello and Bruce Westwood-Booth, both managing directors, and Brian Shanfeld, senior vice president, led the Jones Lang LaSalle team in the transaction.
MINNEAPOLIS — Hyatt Hotels Corp. has opened Hyatt Place Minneapolis Downtown, which has just completed a rebranding and renovation. Connected to Minneapolis’ climate-controlled skyway, the 213-room hotel is located minutes away from the historic Hennepin Theater District and shopping, restaurants and nightlife. The hotel includes 1,800 square feet of high-tech meeting and function space and a coffee-to-cocktails bar. Each guestroom features a 42-inch HDTV and a sectional sofa sleeper.
CHICAGO — Marcus & Millichap has arranged the sale of DaVita Dialysis Building, a 18,965-square-foot property in Chicago, for $5.9 million. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook office, marketed the property on behalf of the seller, a private investor. David Weinberg, an investment specialist in Marcus & Millichap’s Detroit office, represented the buyer, a Michigan-based investor. The newly constructed building is located at 4253 S. Cottage Grove Ave. at the intersection of South Cottage Grove Avenue and 43rd Street. The property is a build-to-suit, flagship facility for DaVita Dialysis, which occupies 89 percent of the building. At the end of 2012, DaVita operated or provided services at 1,954 outpatient centers in the United States.
CARROLL, IOWA — Phillips Edison–ARC Shopping Center REIT Inc. has acquired its first shopping center in Iowa for $3.8 million. CitiCentre Plaza is a 63,518-square-foot shopping center in Carroll, located approximately 90 miles northwest of Des Moines. Hy-Vee grocery store occupies 45,613 square feet, anchoring the center. CitiCentre Plaza is 87.7 percent leased to six tenants. Davis-HV LLC sold the property to Phillips Edison.
NEWARK, DEL. — Galman Group has purchased Morgan Crossing, a 432-unit apartment complex in Newark, a city in northeast Delaware. Galman has renamed the property Cooper’s Place. Located at 146 Chestnut Crossing Drive, Cooper’s Place is a three-story garden apartment complex with a brick façade, consisting of one-, two- and three-bedroom units. Amenities at the complex include a pool, fitness center and tennis courts. Karen Iman and Brian Whitmer of Cushman & Wakefield represented the seller, Morgan Management, in the transaction. Galman Group, which owns and manages more than 6,000 apartments and condominiums in Pennsylvania and Delaware, was represented in-house.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.1 million sale of 475 Ocean Ave., a six-story apartment building in the Flatbush section of Brooklyn. The sales price equates to twelve times the rent roll and $150,000 per unit. Constructed in 1931, the 47-unit apartment property spans 54,854 square feet. Josh Orlander, a salesperson at GFI Realty Services, represented the seller and the buyer, both local investors, in the transaction. The multifamily building is located within close proximity to Prospect Park, as well as the B and Q subway lines.