LAKELAND, FLA. — Meridian Capital Group LLC has arranged $10.7 million in refinancing for The Park at Verona, a 236-unit apartment property located at 3520 Cleveland Heights Blvd. in Lakeland. Seth Grossman and Sarah Kuebler of Meridian Capital’s Carlsbad, Calif., office arranged the five-year loan through a correspondent portfolio lender on behalf of the borrower, a joint venture between Blue Rock Partners LLC, Konover South and Stonecutter Capital Management LLC. The joint venture purchased the multifamily community in December 2012.
Property Type
CHARLOTTE, N.C. — Thanks to new tenants, lease renewals and lease expansions, Ally Center in downtown Charlotte’s Third Ward neighborhood is 96 percent leased. The Class A, LEED Gold-certified office building, located at 440 S. Church St., is occupied by tenants such as Ally Financial, HDR Engineering, JELD-WEN Windows and Doors, Driven Brands, Trinity Partners and Trinity Capital Advisors. A joint venture between Trinity Capital Advisors and Principal Real Estate Investors owns Allly Center. Leah Bailey and John Ball of Trinity Partners lease the building on behalf of the ownership.
DETROIT — The Downtown Development Authority (DDA) has approved Barton Malow-Hunt-White to serve as the general contractor for construction of the new Detroit events center, which will be home to the Detroit Red Wings. The new facility is set to be located west of Woodward Avenue at I-75. The construction of the new center, residential and commercial mixed-use district will create approximately 8,300 jobs and $290 million in job-related income. Barton Malow-Hunt-White is an industry leader in sports and entertainment construction. Notable projects of the joint venture include the expansion and renovation of Michigan Stadium, Detroit Riverfront, Detroit Medical Center Pediatric Specialty Center and Amway Arena in Orlando, Fla. The new Detroit events center is a part of the $650 million public-private catalyst development project that includes a $200 million investment by Olympia Development of Michigan to redevelop an underutilized area in downtown Detroit. The area will be redeveloped into a mixed-use development of residential, retail and office space. Of the project costs, ODM will contribute $367 million (or 56 percent) and the state of Michigan and the DDA will contribute $283 million (or 44 percent). It is expected that the project’s economic impact on Detroit, the region and state …
ROMEOVILLE, ILL. — The Missner Group has completed a $35 million food processing facility in Romeoville for Peacock Engineering Co. The 532,560-square-foot project included the complete renovation of the existing warehouse; the addition of 20,000 square feet of office space; multiple processing areas and production lines; and temperature-controlled storage spaces. The renovated property is located at 1001 W. Crossroads Parkway within ProLogis Park 55. The facility will be used to repackage frozen goods, which requires portions of the building to be temperature controlled to specific degrees at all times. The property features 113,907 square feet of refrigeration and freezer space and a 90,814-square-foot production area. Sparks Architects Inc. provided architectural services for the project.
BELLEVILLE, ILL. — Marcus & Millichap has brokered the sale of DaVita Metro East Dialysis, a 13,445-square-foot net-leased property in Belleville. The property, located at 5105 W. Main St., sold for approximately $3.9 million. Valerie Cook, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor. Cook, Weisenbeck and Sharko also represented the buyer, Art Belleville.
BOSTON — Construction is continuing for the Millennium Tower and Burnham Building development in Boston’s Downtown Crossing neighborhood with a concrete pour. Suffolk Construction recently completed the project’s 6,000-cubic-yard continuous mat slab concrete pour, which is the largest continuous concrete pour in Boston’s history. The $700 million project consists of the restoration of the Burnham Building, which was built in 1912, and the construction of Millennium Tower, a 62-story mixed-use tower containing 450 residential units. The proposed 1.4 million-square-foot project will offer office space, street-level retail and luxury residential condominiums. Designed by Handel Architects, the project is slated for completion in summer 2016. New York-based Millennium Partners is developing the project.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 90 Chambers Street in the Tribeca neighborhood of New York City. Claude Castro LLC purchased the approximately 9,400-square-foot mixed-use property for $8.5 million or $906 per square foot from Chambers Street Realty. The five-story property offers five free-market residential units and a vacant ground-level retail space. Adelaide Polsinelli and Lipa Lieberman of Eastern Consolidated arranged the sale on behalf of the seller and buyer.
RARITAN, N.J. — Energy Battery Group, a national battery distributor, has signed a long-term lease for 72,937 square feet at 1200 Route 523 in Raritan. The space comprises 64,044 square feet of industrial space and 8,893 square feet of office space. With this lease, the 851,000-square-foot building is 90 percent occupied. Joe Nitti of Colliers International represented the landlord, Equity Industrial Flemington LLC, in the transaction. Jason Adams of Coldwell Banker Commercial Feist & Feist Realty Corp represented the tenant.
SALEM, N.H. — Foxx Life Sciences has leased space at 6 Delaware Drive Crossing, a 20,700-square-foot industrial/flex building in Salem. The company will occupy 18,302 square feet at the property, which will allow it to relocate and expand its headquarters and operations. Foxx Life Sciences previously occupied space at 8E Industrial Way Suite 1 in Salem. Chris Healy of CBRE/New England represented the tenant in the transaction.
LONG ISLAND CITY, N.Y. — Juice Press has opened a new super-store concept in the Falchi Building in Long Island City. The 18,000-square-foot space is part retail store and part production facility. The facility will allow the company to grow its production of juices, smoothies and food and expand its offerings. The Long Island City store brings the company into its third New York City borough. In April, Juice Press opened two locations in Manhattan: one at the corner of Greenwich and Laight streets and one at 65 West 55th Street. Since its creation in 2010, Juice Press has opened or announced openings for 21 stores in the New York area.