WEST PALM BEACH, FLA. — Miller Construction Co. has completed an environmentally friendly, 35,000-square-foot Ashley Furniture HomeStore showroom, located at 2101 Palm Beach Lakes Blvd. in West Palm Beach. The $5 million project is Miller Construction's 14th property for owner City Furniture, which operates 25 showrooms throughout southeast and southwest Florida, including 10 Ashley Furniture HomeStore locations. The store is designed to achieve LEED certification with high-efficiency climate control, lighting, plumbing and irrigation systems.
FORT WALTON BEACH, FLA. — Woodbine Development Corp. and InterMountain Management have commenced construction on a four-story, 112-room Marriott TownePlace Suites in Fort Walton Beach. An adjacent, waterfront parcel is also included in the transaction, which will soon house a yet-to-be-named restaurant up to 6,000 square feet. InterMountain will provide management services for the new hotel and Woodbine will provide asset management services for the property. The hotel is set to break ground in the summer of 2014. The project team also includes Jackson, Miss-based Harrell Contracting Group, Monroe, La.-based Architecture+ and Fort Walton Beach-based Choctaw Engineering Inc. Kevin Bethea of Realty House Commercial Properties is marketing the restaurant pad site.
DORAL, FLA. — Jones Lang LaSalle has completed three industrial property sales totaling 60,000 square feet in the Doral submarket of Miami. The sales price for the three acquisitions totaled $8 million. Steven Medwin and Nick Wigoda of JLL represented Smile Market, a cameras and accessories company, in its $2.4 million acquisition of an 18,500-square-foot warehouse at 3381-3389 N.W. 97th Ave. Kaizen Realty represented the seller, Chesapeake Bay International Inc., in the transaction. JLL also represented Vaxtronic LLC in its $2.3 million purchase of an 18,753-square-foot warehouse at 2150 N.W. 102 Place. Vivo Realty represented the seller, MJMB Enterprises Inc., in the transaction. Medwin, Wigoda and JLL's Matt Maciag also represented Americatel Inc. in its $3.3 million sale of a 21,000-square-foot office/flex building at 4045 N.W. 97th Ave. The buyer was Florida City Gas.
WATERFORD AND INDEPENDENCE, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $20.5 million in financing for two retail properties in the Detroit metropolitan area totaling 185,184 square feet. Ernie Katai, senior vice president, and William Brenner, vice president at Berkadia, worked with borrower DS Partners LP to secure the loan through Nationwide Life Insurance Co. The borrower will use the 27-year loan to refinance existing debt on the properties. The loan features a 4.55 percent fixed interest rate and a 75 percent loan-to-value ratio. Both properties are located 40 miles northwest of downtown Detroit at 5111 Highland Road in Waterford, and 5990 Sashabaw Road in Independence. The properties are 92 percent occupied collectively. Kroger anchors each property and additional tenants include Starbucks and Panera Bread.
MACOMB TOWNSHIP, MICH. — Bernard Financial Group has arranged an $11 million loan for North Macomb Professional Office Building in Macomb Township, a northern suburb of Detroit. The 56,000-square-foot property is a five-level medical/professional office building. North Macomb POB Investment I LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard originated the loan. Barclays Bank PLC was the lender.
BEDFORD PARK, ILL. — Bedford Industrial Center LLC has sold a 30-acre industrial site in metro Chicago to the city of Bedford Park and Reavis High School. The purchase price was undisclosed. The site formerly housed a multi-story industrial complex that was demolished by the previous owners three years ago. Located south of Midway Airport at 5401 W. 65th St. in Bedford Park, the site is in proximity to Central and Cicero avenues and I-55. Larry Much and Mark Moran, both executive vice presidents with NAI Hiffman’s industrial services group, represented the buyer and the seller in the transaction.
MILWAUKEE — FedEx Ground Package System Inc. has signed a lease for 58,500 square feet of industrial space at 5110 S. 6th St. in Milwaukee. Samuel M. Dickman Jr. and Samuel D. Dickman represented the landlord, CJF2 LLC, and FedEx in the transaction.
BRISTOL, CONN. — WinnDevelopment has completed the rehabilitation of Huntington Woods, a 280-unit, mixed-income apartment community in Bristol, located about 20 miles southwest of Hartford. The renovation included a major utility conversion, replacing outdated electric heating and hot water systems with high-efficiency natural gas systems. The project also includes replacing kitchen and bathrooms with Energy Star appliances, lighting and windows. WinnDevelopment also replaced the roofing, insulated the attic and updated the exterior stairs and balconies. Originally built in 1995, Huntington Woods includes 280 units within 17 buildings on 20 acres. The project’s design team included The Architectural Team and Keith Construction. Yankee Gas installed the new underground gas systems. WinnResidential will serve as the property manager for Huntington Woods.
EAST HANOVER, N.J. — Terreno Realty Corp. has acquired an industrial property located in East Hanover for $20 million. The estimated stabilized cap rate of the property is 7.4 percent. The property includes three multi-tenant industrial buildings totaling 167,000 square feet. The buildings are located on Melanie Lane and are approximately 94 percent leased to 37 tenants.
NEW YORK CITY — PCCP LLC has provided a $31 million construction loan to Arc Real Estate Group LLC for Solaria Riverdale, a 65-unit condominium project in the Riverdale section of the Bronx. Arc, a New York-based development company, constructed the 20-story condominium property in 2007 and plans to use the loan to finance the remaining units. Located at 640 W. 237th St., amenities at Solaria Riverdale include a rooftop terrace, playroom, gym and activity room for owners, as well as storage units and on-site parking. There are two to five units per floor, with the upper floors and roof deck offering views of the Hudson River to the west and Manhattan to the south. Solaria condo unit owners benefit from below-market costs, given the long-term tax abatement.