WASHINGTON, D.C. — Rockrose Development Corp. has purchased the 2000 L Street office building in Washington, D.C.'s central business district from Brookfield Office Properties for $192 million. The eight-story, freestanding asset spans a full city block from 20th to 21st streets N.W. The property is 96 percent leased to 31 tenants. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matt Nicholson of HFF represented the seller in the transaction.
CHARLOTTE, N.C. — ARA has brokered the $41.5 million sale of Cielo, a 205-unit, Class A apartment community located in Charlotte's Montford neighborhood. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the seller, Cornerstone Real Estate Advisers LLC, in the transaction. Weinstein Properties purchased the property, which was 94 percent occupied at the time of sale.
MIAMI — CBRE has arranged the sale of The Boutique, a 43-unit, two-story apartment community located at 8000 N.E. Bayshore Court in Miami's Shorecrest neighborhood. Bar Invest Realty LLC purchased the community from Boutique at Bayshore LP. The community was fully occupied at the time of sale. Calum Weaver of CBRE represented the seller in the transaction.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has recently closed $28.6 million in first mortgage financing for three manufactured housing communities in Florida. The properties include a 293-site community in Ocala, a 213-site community in Homosassa and a 229-site community in Lake Alfred. John Segrest of Grandbridge's Birmingham, Ala., office originated the Fannie Mae DUS loans with a 10-year term and 30-year amortization schedule.
COLUMBUS, OHIO —Nationwide Realty Investors (NRI) has begun construction on Phase II of its Grandview Yard Apartments development in Columbus. The phase will add 120 upscale units in three-interconnected, four-story buildings, bringing the project’s residential to a combined 274 units. The new one- and two-bedroom apartments will range from 700 square feet to more than 1,000 square feet. Located on Yard Street just north of the existing Grandview Yard apartments, Phase II will also feature 28,000 square feet of Class A, ground-floor office space. The project is slated for completion by summer 2014. The new apartments are part of Grandview Yard, a 1.5 million-square-foot mixed-use development located on the former Big Bear warehouse site. The Grandview Yard project includes retail, restaurant and office space and more than 600 condo and apartment units.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has closed a $4.5 million first mortgage loan secured by a 107-unit apartment complex in St. Louis Park, a western suburb of Minneapolis. Funding for the 20-year loan was arranged through a life insurance company and featured a fixed interest rate in the low four percent range. Proceeds from the loan were used to retire existing debt and provide cash out to the borrower. The property, which was 100 percent occupied at closing, features a variety of unit types and amenities. Tony Carlson of Grandbridge originated the transaction.
CINCINNATI — Marcus & Millichap has arranged the $2.6 million sale of Machine Flats Lofts, a 60-unit apartment property in Cincinnati. Matt Snyder, Dan Burkons, Michael Barron and Josh Wintermute, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a bank/financial institution, and represented the buyer, a private investor. Machine Flats Lofts is located at 3301 Colerain Ave. The property was renovated in 2005 and includes 60 units ranging from 980 square feet to 1900 square feet.
BEDFORD PARK, ILL. — Principal Real Estate Investors (PREI) has fully leased its 341,114-square-foot, multi-tenant industrial building in Bedford Park, a southwest suburb of Chicago, in two transactions. FAMSA Inc. signed a new lease for 65,347 square feet. Leggett & Platt Fashion Bed, which moved into the building in August 2012, will expand its current space in the facility by 21,363 square feet for a total of 275,767 square feet. Larry Much and Steve Connolly of NAI Hiffman’s industrial services group, represented PREI in the two transactions. Bobby Mendoza of LRS Real Estate and Jeff Malk of Aleran Real Estate represented FAMSA Inc. Eileen Curry of CIBCO Realty represented Leggett & Platt.
HARTFORD, CONN. — EagleBridge Capital has arranged $11 million in construction/permanent mortgage financing secured by a 57,753-square-foot medical office building (MOB) in Hartford. Ted Sidel and Brian Sheehan, principals at EagleBridge Capital, arranged the financing with a regional financial institution on behalf of The Keystone Cos. St. Francis Hospital Medical Center leases the five-story building on a triple-net basis. The property is located at 103 Woodland St. on a 3.9-acre site across from the main campus of St. Francis Hospital Medical Center. The MOB is undergoing a major rehabilitation, which includes the build-out of new office space, as well as upgrading the roof, electrical system and elevators.
NEW YORK CITY — Marcus & Millichap has arranged the $8.3 million sale of three contiguous five-story multifamily buildings on the Upper West Side in New York City. The sales price equates to $417 per square foot. Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and Sean Lefkovits, investment associate, of Marcus & Millichap, represented the buyer and seller, both private individuals. The multifamily walk-up buildings total 30 units and 19,801 square feet.
