ST. PETERSBURG, FLA. — CBRE has brokered the sale of Marina Village, a 61,775-square-foot retail center in south St. Petersburg. The property is located at 4701-4949 34th St. South and is 79 percent leased to Dollar Tree, Radio Shack, Beef O’Brady’s, JSA Healthcare, The UPS Store and Domino’s Pizza. The buyer, a partnership between Paradise Ventures and ADJ-DIG LLC, purchased the center from EBK Properties Inc. for approximately $3.9 million. CBRE represented the seller in the transaction.
MIRAMAR, FLA. — Spirit Airlines has signed a 70,819-square-foot lease renewal and expansion of its South Florida headquarters in the Miramar Park of Commerce. The Spirit Support Center is located at 2800 Executive Way in Miramar. The company’s expansion totals 14,625 square feet of office space at 2844 and 2854 Corporate Way. The airline employs approximately 1,300 people in South Florida, including its staff at the Spirit Support Center. Andrew Ansin and Maridee Bell of Sunbeam Properties represented the landlord in the lease deal. Chris Lovell, Greg Katz and Roy Abernathy of Studley Inc.’s Miami office represented Spirit Airlines.
MELROSE PARK, ILL. — A partnership comprised of Chicago-based Origin Capital Partners and Newgard Development has completed the sale of a shopping center, located at the intersection of North Avenue and 25th Avenue in Melrose Park. A national REIT acquired the 113,624-square-foot property for $17.8 million. A 65,439-square-foot Food 4 Less and 30,076 square feet of inline retail tenants, including Starbucks Coffee, FedEx and T-Mobile, occupy the center.
NEWBURGH, IND. — RCG Ventures (Fund I) has completed the sale of Apple Center in Newburgh. A private investment group acquired the 88,348-square-foot retail center for an undisclosed price. Kroger, Ace Hardware and Tradebakers anchor the property. Dan Cooper of Cooper Commercial Group represented RCG in the transaction.
BEAVERCREEK, OHIO — Los Angeles, Calif.-based Griffin Capital Corp., along with five single-purpose borrowing entities operated by Griffin Capital Essential Asset REIT, has acquired the Northrop Building in Beavercreek. The 99,246-square-foot property is occupied by Northrop Grumman Systems. The acquisition is part of a five-property office and industrial portfolio totaling 889,805 square feet in Ohio, New Jersey, North Carolina, Texas and Arizona. Kevin MacKenzie, John Chun, Stephen Skok and Tucker Knight of HFF arranged $110.6 million in financing for the portfolio acquisition. The portfolio includes the 210,524-square-foot Verizon Building in Warren, N.J., the 198,898-square-foot UTC Building in Charlotte, the 146,683-square-foot Schlumberger Building in Houston, and the 231,454-square-foot Avnet Building in Chandler, Ariz.
COLUMBUS, OHIO — Cleveland-based Goodman Real Estate Services Group has completed the sale of an approximately 91,892-square-foot Burlington Coat Factory property in Columbus. The property, located at 3565 W. Dublin Granville Road, sold for $3.4 million, or $37 per square feet. The property is located across the street from retail center that is anchored by Whole Foods, DSW and Bed, Bath & Beyond. Kyle Hartung of Goodman Real Estate Services Group represented the undisclosed buyer in the transaction. The acquisition was an off-market transaction and purchased at an 11.9-percent cap rate.
JEFFERSON CITY, MO. — American Hotel Income Properties REIT LP (AHIP) has completed the renovation of Oak Tree Inn, which is located at 1710 Jefferson St. in Jefferson City. The $1 million renovation included the implementation of Oak Tree Inn’s brand standards at the 77-room property, including noise, light and temperature control features. The property was purchased in 2013, and is now under a long-term railway contract with a leading U.S. railroad customer. Through its wholly owned indirect subsidiaries, AHIP currently owns 38 hotels in 20 states.
NEW YORK CITY — Tsilo Group is developing Icon 52, a luxury rental development located at 5205 Queens Blvd. in the Woodside neighborhood of Queens. Designed by Todd Ernst of Ernst Architect, the property will feature 66 studio, one- and two-bedroom apartments ranging from 403 to 806 square feet. Amenities include a virtual doorman, a landscaped rooftop deck with chaise lounges, a parking garage, barbeque and sitting areas, tenant storage, laundry facilities and a bicycle storage room. Modern Spaces has been selected as the exclusive leasing and marketing firm for the luxury rental development, which is slated to open this year.
NEW YORK CITY — Developer Sam Chang has acquired a five-story, 25-foot-wide loft/office property at 11 West 37th St. in Midtown. Elvee Rosenberg Inc. sold the property for $8.25 million. Through McSam Hotel Group, the buyer plans to convert the property into a boutique hotel. The vacant property includes 15,000 square feet of unused air rights and a total of 25,000 buildable square feet. David Schechtman and Steven Zimmerman of Eastern Consolidated arranged the transaction on behalf of the seller. Alan Miller, also of Eastern Consolidated, represented the buyer.
BEDFORD, MASS. — Tremont Realty Capital has arranged a $14.5 million bridge loan for the redevelopment of an office building, located at 201 Burlington Rd. in Bedford. The two-building complex comprises 135,000 square feet. Dennis Walsh of Tremont Realty Capital’s Boston office arranged the non-recourse loan, which was funded by a regional bank.