PHOENIX — Coldwater Plaza, a 10,017-square-foot shopping center in Avondale, has sold to Sparty Holdings for $2 million. The plaza is located at 1461 North Dysart Road, just west of Scottsdale. It is fully leased to tenants like Pacific Seafood Buffet, Cricket Wireless, Hire Source Staffing and Checkmate Loans. Sparty was represented by Ken Gatt of Evergreen. The seller, a partnership between North Dysart SG LLC and Coldwater Dysart Partners LLC, was represented by Joseph Compagno, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office.
Property Type
MIAMI — Melo Group plans to develop Melody, a 36-story multifamily high-rise tower in Miami’s Arts & Entertainment District. The tower will be located at 245 N.E. 14th St., adjacent to the Adrienne Arsht Center for the Performing Arts. Melody will feature 497 luxury apartments and 8,500 square feet of ground-floor restaurant and retail space. The property will feature a fitness center, sauna, covered parking and a lounge area for residents. Construction on the project is slated to begin in June and wrap up in May 2015. The high-rise tower will be located within walking distance of the Metrorail, Miami Trolley and Metromover.
FREDERICK, MD. — Federal Capital Partners has sold Willowdale Crossing Apartments, a 432-unit garden-style multifamily community, for $41 million. The apartment community is located at 108 Willowdale Drive in Frederick. Drew White, Sean Piplico and Ryan Ogden from ARA’s Mid-Atlantic office represented Federal Capital Partners in the transaction.
GREENVILLE, N.C. — SYNCO Properties Inc. and Stonecutter Capital Management LLC have purchased a three-property multifamily portfolio in Greenville for an undisclosed price. The buyers purchased the assets from the estate of William Dansey, the developer of the three multifamily communities. The three properties — The Madison (formerly Hyde Park), Courtney Square and Arlington Square — total 645 units. Courtney Square and Arlington Square will be consolidated into a 429-unit community known as Southgate Apartments. SYNCO and Stonecutter plan to invest $8 million in the coming months for capital improvements to the three properties. Synco Property Management, a subsidiary of SYNCO, will manage the communities. Prime Finance provided acquisition financing for the three apartment communities.
WASHINGTON, D.C. — Skanska USA Commercial Development Inc. has signed a ground lease with George Washington University to develop on Square 75A, known as the 2100 block of Pennsylvania Avenue. The 25,000-square-foot site, located five blocks from the White House, is approved for a 250,000-square-foot, LEED Gold-certified office building with 7,000 square feet of ground-floor retail space. Skanska, which will self-finance the project, will serve as the office building’s developer and general contractor. San Francisco-based Gensler will design the Class A office building. Square 75A is one of the last significant development sites along Pennsylvania Avenue, according to Skanska.
ST. LOUIS — The city of St. Louis has contracted Kwame Building Group Inc. to provide construction supervision and materials testing services for a taxiway reconstruction project at Lambert-St. Louis International Airport. Construction is set to begin in September and wrap up in 2015. The contract includes three projects: reconstruction of a taxiway, removal of a taxiway, and reconstruction of an apron. Kwame currently is the project manager on Lambert’s nearly complete $70 million Airport Experience renovation project.
ST. LOUIS — Cushman & Wakefield | Gateway Commercial has arranged the lease of a 32,445-square-foot industrial building in St. Louis for Fitz’s Root Beer. The bottling company will occupy space at 6135 Horton Place. Pat Reilly and Dan Bamberger of Cushman & Wakefield | Gateway Commercial represented Fitz’s in the transaction. Hilliker Corp. represented the landlord, JGDD Horton LLC.
FARMINGTON HILLS, MICH. — L. Mason Capitani has brokered the sale of a two-building office complex in Farmington Hills. The Westridge Office Center spans 18,412 square feet. The office complex was 78 percent leased at the time of sale. California-based investor LSTC California LLC purchased the property. The asking price for the property was approximately $1.4 million, but the final sale price was undisclosed.
INDIANAPOLIS — Lee & Associates has arranged the lease of a 1,600-square-foot retail space for a tanning salon in Indianapolis. Fast Tans will occupy space in the George Thomas Plaza located at 1016 N. Shadeland Ave. Cindy Hoskinson of Lee & Associates represented the tenant and the landlord, Ladywood Apartments LLC, in the transaction.
WALTHAM, MASS. — Equus Capital Partners, through one of its affiliates, has recapitalized University Office Park in Waltham, a suburb of Boston. The two-building, 288,127-square-foot office park was 87 percent occupied at the time of closing. Equus and Direct Invest LLC worked to restructure and recapitalize the previous tenant-in-common ownership structure. In addition to its preferred equity infusion, Equus also acquired more than 25 percent of the ownership interests in the buildings. The property will be managed by affiliates of Equus. The acquisition of the leasehold interest in University Park was made on behalf of BPG Investment Partnership IX, Equus’ $310 million private equity fund.