SLIDELL, LA. — RCG Ventures has acquired the 144,638-square-foot Village at Northshore, a shopping center located in Slidell, within the New Orleans MSA. Bed Bath & Beyond, JoAnn, Marshalls, Baskins and Dollar Tree anchor the center. Jones Lang LaSalle represented the seller in the transaction.
RICHMOND, VA. — Capstone Advisors, a real estate investment, development and advisor firm based in Carlsbad, Calif., has purchased The Shops at Wellesley in Richmond. The 42,250-square-foot center is located in the Short Pump area of suburban Richmond and serves the affluent Wellesley neighborhood. Current tenants include daycare center Minnieland, Wellesley Animal Hospital and Vinnie's Italian Grill. Capstone Advisors plans to hold the center for a long-term investment. The center is part of a three-property, $16 million acquisition that Capstone recently announced. The other two properties are located in California and Arizona.
PARAGOULD, ARK. — Belk has announced its 10,000-square-foot expansion at Town West Shopping Center in Paragould, a city in northeast Arkansas. The $1.8 million project will include updated decor with new paint, carpet, tiled aisles and lighting. The remodeled 48,000-square-foot store is set for a mid-October grand reopening. Real Estate Southeast LLC handled the lease expansion.
ESSEX, MD. — NorthMarq Capital has arranged $2.5 million in first mortgage refinancing for Townhomes at River's Crossing, a 66-unit multifamily property located in Essex, about eight miles east of Baltimore. Nancy Ferrell of NorthMarq's Baltimore office arranged the 10-year loan with a 30-year amortization schedule through a life company lender.
SPRINGFIELD, MO. — Hotel owners John McQueary and Billy McQueary have launched the redevelopment of a historic, circa-1906 building in downtown Springfield to become a boutique hotel set to open in mid-2014. Most recently the building was used for office and performance space, but was originally a Masonic Temple. Once the renovation is complete, the Vanivort hotel will feature subtle masonic references, along with 36 guest rooms and 14 suites. The owners plan for LEED Silver certification. The redevelopment team includes local architecture firm Bates & Associates; hospitality interior design firm Studio R Interiors; construction company Larry Snyder & Co.; hotel consulting firm IDM Group; and brand development firm Marlin Co.
NEOSHO, MO. — Boston Capital is investing $3.6 million in the construction of Prairie View Estates, a 27-unit multifamily development in Neosho, a city in southwest Missouri. The development will be built with tax credit equity from the Low Income Housing Tax Credit program. Affordable Housing Development Inc. is the developer. The construction of Prairie View Estates will generate $2.8 million in local salaries and create more than 40 new jobs in the Neosho area. Boston Capital's investment in the development adds 27 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in approximately 5,000 units of affordable housing in Missouri. Prairie View Estates will feature 27one-story, single-family rental homes available to families earning 60 percent or less of the area median income. Each 1,408-square-foot home will include three bedrooms and two bathrooms, as well as in-unit washers and dryers, two-car garages, patios, walk-in closets and FEMA-approved safe rooms.
PLAINFIELD, ILL. — Marcus & Millichap has arranged the $2.8 million sale of Plainfield Medical, a 19,232-square-foot, multi-tenant medical office property in Plainfield. James Clough, John Abuja and Joseph Smazal, investment specialists in Marcus & Millichap’s Chicago downtown office, marketed the property on behalf of the seller, a family estate. Howard Wiese, an investment specialist in Marcus & Millichap’s Chicago O'Hare office, represented the buyer, a private investor in a 1031 tax-deferred exchange. Plainfield Medical is located at 23909 W. Renwick Road. The property was at 86 percent occupancy with six tenants under lease at the time of sale.
HUTCHINSON, KAN. — The Boulder Group has completed the $1.2 million sale of a single-tenant retail property located at 1418 E. 4th Ave. in Hutchinson. Aaron’s is the sole occupant of the 7,200-square-foot retail building, which was developed in 2011. The lease has 13 years remaining and features 7.5 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a private Midwest-based investment firm. A Texas-based investment partnership was the buyer.
JOHNSTON, R.I. — French company Dassault Systèmes has leased 90,000 square feet within the Northwoods Office Park in Johnston, a western suburb of Providence. Currently under construction, the renovation of Northwoods will offer 338,600 square feet of Class A office space, which is slated for completion in fall 2014. The space for Dassault, a provider of 3D design software, is expected to achieve LEED Silver certification. Hobbs Brook Management LLC is the owner of the complex, which is located at 1301 Atwood Ave. The project team for the renovation includes architecture firm Margulies Perruzzi Architects; construction manager Dimeo Construction; and mechanical, electrical and plumbing engineers AHA Consulting Engineers. Other members of the team include structural engineers Odeh Engineers, Inc.; civil and landscape engineers Vanasse Hangen Brustlin, Inc. (VHB); lighting designer HLB Lighting Design; and kitchen consultants Colburn & Guyette.
BERNARDSVILLE, N.J. — Marcus & Millichap has arranged the $1 million sale of Westover Apartments, a six-unit apartment property in Bernardsville, located 30 miles west of Newark. Steven Rutman, Zachary Pierce and Mark Thomson, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a private investor. Rutman, Thomson and Pierce also procured the buyer. The property, which is located at 30 W. St., includes six two-bedroom units with detached garages and private entrances.