ATLANTA — Newport Beach, Calif.-based KBS Strategic Opportunity REIT has signed three new leases totaling 36,853 square feet in its Northridge Center I & II office buildings, located in Atlanta's Central Perimeter submarket. The lease transactions include a 17,325-square-foot lease with Allstar Financial Group, a 10,166-square-foot lease with Woolpert and a 9,362-square-foot lease with One Source Relocation.
ORLANDO, FLA. — Avison Young has been selected to broker the sale of the 177-acre tract of land known as Tradeport Industrial Park Development Site, located at 3650 8th St. in Orlando. The industrial sales assignment marks Avison Young's entrance into the Orlando market. David Duckworth of Avison Young will handle the assignment.
ROLLING MEADOWS, ILL. — The Davis Cos. (TDC) and Marquette Cos. have sold The Apartments at Woodfield Crossing, a 662-unit apartment property in suburban Chicago, for $57 million, or $86,000 per unit. An institutional investor purchased the property, which is located in Rolling Meadows. TDC acquired the property in October 2010 and partnered with Marquette to stabilize the complex. The partnership embarked on a $9 million capital improvement program and brought new management to the complex. The property was 94 percent occupied at the time of sale.
SIOUX CITY, IOWA — Irgens and UnityPoint Health – St. Luke’s have opened Sunnybrook Medical Plaza, an 86,315-square-foot medical center in Sioux City. The two-story glass and masonry facility will serve as a regional hub for healthcare delivery in the tri-state area, according to Irgens. Sunnybrook Medical Plaza provides expanded outpatient services and improved access to advanced medical technology. Healthcare services at the facility include family and internal medicine, urgent care, imaging, lab, infusion, cardiology, podiatry, diabetes and other specialty clinics and services. Irgens oversaw all facets of the project including site due diligence, entitlements and design/construction administration. In addition to Irgens and St. Luke’s, project team members included Eppstein Uhen and Cannon Moss Brygger & Associates as architects, along with W.A. Klinger as general contractor.
ST. LOUIS — McGrath & Associates has completed the $1.5 million expansion of the Saint Louis University Hospital emergency department in St. Louis. The 4,000-square-foot expansion project added five treatment rooms, a nurses’ station, work and storage spaces and a two-station registration area with three offices. McGrath constructed the project in two phases, the first completed while the main lobby, registration desk and escalators directly below and adjacent to the construction site continued to operate. They also relocated a main corridor to allow for the expansion. The design team included BSA LifeStructures and KJWW Consulting Engineers. The Saint Louis University Hospital emergency department treats more than 2,200 trauma patients from Missouri and southern Illinois, and more than 39,000 patients in the emergency department each year.
INDIANAPOLIS AND KALAMAZOO, MICH. — Bernard Financial Group has arranged a $1.3 million loan for Indy-C-Kal Inc. for two retail buildings in Indianapolis and one retail building in Kalamazoo.David Dismondy of Bernard Financial Group originated the loan. StanCorp Mortgage Investors LLC was the lender.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (ARC) has agreed to acquire a leasehold interest in the Viceroy Hotel and take preferred equity interest in an office building in Manhattan. The aggregate cost for the two assets is $188.5 million. The 29-story, 240-key Viceroy Hotel is located on West 57th Street, between 6th and 7th avenues. Architectural firm Roman and Williams designed the newly constructed hotel, which will be managed by Viceroy Hotel Group. The 513,000-square-foot, 27-story office building is located at 123 William St. in the Financial District of Manhattan. These acquisitions bring ARC ‘s portfolio to $1 billion in assets.
COVENTRY, R.I. — Cole Capital Advisors Inc. has acquired Coventry Crossing, a 20,752-square-foot shopping center in Coventry, located about 20 miles south of Providence, for $11.6 million. The sales price equates to $559 per square foot. CVS/pharmacy anchors the property and has 19 years remaining on its lease. Built in 2008 on 5.6 acres, the center is located at the intersection of Arnold Road and the New London Turnpike at 2250 New London Turnpike. Coventry Crossing features three freestanding buildings. CVS and Webster Bank occupy one building each and Dunkin’ Donuts and Radio Shack occupy the third building. CVS and Webster Bank make up 77 percent of the center’s gross leasable area and generate 73 percent of its income. Robert Horvath, Todd Tremblay and Margaret Huelskamp of Marcus & Millichap represented the seller, Coventry Crossing LLC. Horvath and Tremblay also represented Cole Capital Advisors in the transaction.
REVERE, MASS. — Dealership Boston Harley-Davidson has acquired the 120,000-square-foot former Johnnies Foodmaster retail plaza in Revere, a northern suburb of Boston. The two-building complex will feature Harley-Davidson’s new showroom and state-of-the-art service center. Steve Woodworth and Bob Borgman of Wyman Street Advisors represented Boston Harley-Davidson in the transaction. Scott Dragos of NAI Hunneman Commercial represented the seller.
LEAGUE CITY, TEXAS — HFF has brokered the sale of League City Towne Center, a 194,736-square-foot shopping center in League City, a suburb of Houston approximately 25 miles southeast of downtown. The property was fully leased at the time of sale to tenants including Ross Dress for Less, TJ Maxx and PetSmart. Completed in 2008, the center is located at the intersection of Interstate 45 and FM 646. Ryan West and Rusty Tamlyn led the HFF team that represented the seller, Property Commerce. Excel Trust Inc. (NYSE: EXL), a REIT primarily targeting retail assets, purchased League City Towne Center for an undisclosed amount.
