PORT ST. LUCIE, FLA. — HFF has arranged the sale of Publix at St. Andrews, a 65,271-square-foot neighborhood shopping center in Port St. Lucie. HFF represented the seller, a client portfolio managed by American Realty Advisors, in the transaction. Publix Super Markets Inc. purchased the unencumbered property for an undisclosed amount. The shopping center is located at 5455-5489 N.W. St. James Drive and is the only grocery-anchored center within a two-mile radius. The 11-year-old property is 87.1 percent leased to tenants including Hair Cutlery, Subway, H&R Block and the UPS Store. Danny Finkle and Luis Castillo of HFF led the sales team in the transaction.
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ATLANTA — UC Funding LLC has structured and funded a $16.8 million acquisition bridge loan for a 262,000-square-foot office building located in Atlanta's Central Perimeter office submarket. The property is situated with more than 1,000 feet of direct frontage on Interstate 285. Dan Palmier, president and CEO of UC Funding says, “We provided our new sponsor with what they needed to win the deal, a quick commitment and closing in less than 21 days.”
FAYETTEVILLE, ARK. — Bridge Partners, a real estate investment company headquartered near San Francisco, has acquired The Crowne at Razorback apartments, a student housing community near the University of Arkansas (UA) in Fayetteville. The 480-bed property offers amenities including a resort-style pool and sundeck, fitness center, business center, dog park and sand volleyball court. The community is located less than one mile from the UA campus and is located along UA's bus route. The financing of The Crowne at Razorback was executed through a Freddie Mac loan assumption.
MIAMI — Construction has begun on Wynwood Central, the first major ground-up, mixed-use real estate development in the Miami neighborhood of Wynwood. The approximately 385,000-square-foot development will include 69 residences integrated with 40,000 square feet of retail space specifically curated to fit the needs of the community, which is known as an arts hub. It will also provide approximately 50,000 square feet of mixed-use, showroom, office and commercial space for Miami's arts, technology and design sectors. The eight-story atrium building will consist of three floors of retail and commercial space, a parking garage with 420 covered spaces, and a rooftop pool and bar. Marc Kovens and Shawn Chemtov are developing the project. Other parties to the development are Amicon Construction Management and Chariff Realty Group. The project is expected to be completed by mid-2015.
CHICAGO — Jones Lang LaSalle’s (JLL) has arranged a $27.5 million floating-rate, balance sheet loan that was provided by a money center bank for The Hotel Monaco in Chicago. JLL arranged the loan for Inland American Lodging Advisor, which purchased the hotel in November 2013. Mathew Comfort, managing director, and Mike Huth, senior vice president, along with Keith Largay, executive vice presidents, led the JLL in the transaction. The Hotel Monaco Chicago is located at 225 N. Wabash Ave., in close proximity to the city’s central business district, cultural attractions and entertainment venues. The 191-key hotel features 4,100 square feet of meeting space, South Water Kitchen restaurant, a fitness center and spa services.
TROY, OHIO — Marcus & Millichap has arranged the $11.3 million sale of Towne Park Apartments, a 204-unit Class A community in Troy, located about twenty minutes north of Dayton, Ohio. Built in 2004, the multifamily property spans 201,528 square feet. Michael Barron, Daniel Burkons, and Joshua Wintermute of the Barron, Burkons, Wintermute Group in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller.
CHAMPAIGN, ILL. — Quantum Real Estate Advisors Inc. has arranged the $3.1 million sale of a 24,300-square-foot, multi-tenant retail center located at 2012-2032 N. Prospect Ave. in Champaign, a suburb of Chicago. A private trust based in the western suburbs of Chicago sold the property. A Chicago-based private group purchased the retail center. Chad Firsel, president of Quantum Real Estate Advisors Inc., represented the buyer and the seller in the transaction.
NOVI, MICH. — Bernard Financial Group has arranged a $1.6 million loan for Pine Ridge Shopping Center, a 37,810-square-foot retail property in Novi, about 30 miles northwest of Detroit. Kevin Kovachevich of Bernard Financial originated the loan for Pine Ridge Associates LP. Bank of Ann Arbor provided the loan.
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $17.1 million sale of The Selkirk, a 13-story, 49-unit apartment building on Manhattan’s Upper West Side. The sales price equates to $350,000 per unit and $600 per square foot. Scott Edelstein, Peter Von Der Ahe and Seth Glasser of IPA advised the seller, a private investor. The buyer is also a private investor. Built in 1906, The Selkirk is located at 308 W. 82nd St. near local schools and the Broadway retail corridor.
BOSTON —Jones Lang LaSalle Construction has completed construction of Life is Good’s new 22,000-square-foot headquarters at 51 Melcher St. in Boston. Designed by Baker Design Group, the new space features a variety of different-sized private conference rooms, as well as phone booths for individual calls. Life is Good’s new office also includes community worktables, stand-up media-sharing tables and living room areas with lounge chairs, sofas and large flat-panel video displays for laptop or iPad presentations. Jones Lang LaSalle Construction team included Steven Wassersug, managing director, Brendan Boyle, senior construction manager, and Chris Hardiman, senior estimator.