UPLAND, CALIF. — MG Properties has purchased the 300-unit Stoneridge Apartments in Upland for $42 million. The community is located at 1540 W. 8th Street. It was built in two phases in 1973 and 1976. Exterior renovations were completed in 2007, while about 75 percent of the units’ interiors have been upgraded. The seller, Sares-Regis Properties, was represented by Dean Zander, Vince Norris and Margie Molloy of Hendricks-Berkadia.
CHARLOTTE, N.C. — Trade Street Residential has acquired Fountains Southend, a transit-oriented, 208-unit apartment community in Charlotte, for $34 million. The Class A community features private balconies/porches, washers and dryers, stainless steel appliances, granite countertops, gourmet kitchens, wood flooring, resort style pool, hot tub, fitness center, spa, clubhouse and sky terrace. The property was delivered in August and is currently 96 percent leased. The community is located near the New Bern station on Charlotte's new light-rail system. Trade Street also took out a $23.8 million, 10-year mortgage fixed at 4.3 percent. The loan has a 30-year amortization schedule.
JACKSONVILLE, FLA. — NorthMarq Capital has secured $32.4 million in refinancing for Coventry Park at Southpoint, a Class A, 360-unit multifamily community located at 6650 Corporate Center Parkway in Jacksonville. Melissa Marcolini Quinn of NorthMarq's Orlando office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Epoch Properties Inc.
ST. PETERSBURG, FLA. — Pollack Shores Real Estate Group has recently acquired The Coves of Brighton Bay, a 382-unit apartment community located in St. Petersburg. The company has purchased 1,090 multifamily units in Central Florida in the past eight months. Pollack Shores plans to make capital improvements to the property, including upgrading the siding from stucco to Hardie Plank, installing new windows and renovating the clubhouse and apartment interiors.
TUPELO, MISS. — HREC Investment Advisors has arranged the sale of a 158-room Hilton Garden Inn in downtown Tupelo. Peachtree Hotel Group purchased the hotel and will take over the property management responsibilities. Patrick Culligan of HREC's Memphis office and Scott Stephens of HRE's Tampa, Fla., office represented the seller, Tom Ricketts and Master Hospitality Services, in the transaction.
MIAMI — Marcus & Millichap has brokered the sale of Virginia Gardens Apartments, a 66-unit apartment community located at 2890 Virginia St. in Miami's Coconut Grove neighborhood. The property sold for approximately $6.5 million. Paul Nudelman of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. Arthur Porosoff and Jorge Ruiz of Marcus & Millichap's Miami office represented the buyer, a developer based in Miami's Coral Gables submarket.
DUBLIN, OHIO AND CLIVE, IOWA — HREC Investment Advisors has arranged the sale of the 92-guestroom Chase Suites Hotel in Dublin and the 112-guestroom Chase Suites Des Moines Hotel in Clive. Columbus, Ohio-based Batra Hospitality Group LLC acquired the Chase Suites Hotel in Dublin, a northern suburb of Columbus. West Des Moines, Iowa-based DBM Investment LLC purchased the Chase Suites Des Moines. The purchase prices were undisclosed. Scott Stephens, COO and senior principal, Mark Rousseau, senior vice president, and Tom Sommer, vice president of HREC, represented the seller, The Hardage Group, a San Diego-based hotel and real estate company, in the transaction.
ORLAND PARK, ILL. — Marcus & Millichap has arranged the $1.8 million sale of Fountain Square Village, a 12,085-square-foot retail property located in Orland Park, a southern suburb of Chicago. Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investor. Ryan Engle, a multifamily specialist at Marcus & Millichap, represented the buyer, an individual/personal trust. Fountain Square Village is located at 11013-11045 179th St.
LAKE ZURICH, ILL. — ScrubAir Systems Inc. has purchased a 25,000-square-foot industrial building in Lake Zurich, located about 38 miles northwest of Chicago, for $1.9 million. The property, located at 1200 Ensell Road, includes three exterior docks, two drive-in doors and 22-foot clear ceiling heights on 1.8 acres. ScrubAir Systems is moving from a smaller space at a business park in Lake Zurich. The ventilation and air pollution control equipment company custom designs and installs systems for large firms and corporations throughout the world. Paul Cawthon and Angelo Labriola, senior advisors at Sperry Van Ness LLC, represented ScrubAir Systems in the transaction.
CHICAGO — Exit Plan Holdings LLC has purchased a 7,000-square-foot retail building located at 5025 N. Clark St. in the Andersonville neighborhood of Chicago from a private seller. The new owners, who own Crew Bar & Grill and The SoFo Tap, plan to renovate the building to include a new façade and replace the rear of the structure. A Mexican restaurant will move into the remodeled space next year. Most recently, the property was occupied by T’s Bar and Restaurant, which closed in March. Rebecca Lundstrom, senior consultant for @properties Commercial, represented the buyer in the transaction.