LAS VEGAS – FPA has purchased the 210-unit Indigo Creek in the Las Vegas submarket of Summerlin for $19.6 million. The community is located at 2200 Club Pacific Way. FPA was represented by David Baird and Brandon Baird of Sperry Van Ness’ Las Vegas office. The seller, Tomanek, was represented by Michael Miyagishima of the firm’s San Francisco office.
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ADAIRSVILLE, GA. — Georgia Gov. Nathan Deal has unveiled that Shaw Industries Group Inc. will build a new carpet tile manufacturing facility in Adairsville, located in Georgia's Bartow County. Shaw is expected to make an $85 million investment in the new project and create 500 new jobs. The company will build and equip a facility in the 600,000 to 700,000-square-foot range. The new facility will be located on a 117.6-acre parcel near the intersection of Highway 140 and Hall Station Road. Construction on the facility is expected to begin in 2014. Shaw currently operates six facilities other facilities in Bartow County and employs nearly 15,000 people throughout Georgia.
BIRMINGHAM, ALA. — Beech Street Capital has provided $36.5 million in FHA 223(f) loans to refinance The Oaks at Lakeshore and The Oaks of St. Clair in Birmingham. The Oaks at Lakeshore is a 266-unit complex featuring a fitness center, theater room, cyber-cafe, swimming pool, dog park, car center, playground and tennis court. The Oaks at St. Clair is a 192-unit complex featuring a fitness center, laundry facility, car wash bay/car care center, swimming pool and a gated entrance. The property is located in east of Birmingham in Moody. Chad Thomas Hagwood of Beech Street's Alabama office originated the 35-year loans, which both feature a 35-year amortization schedule.
HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $1.3 million sale of Arthur Street Apartments, a 20-unit community located at 6051 Arthur St. in Hollywood. Derek Gibbs, Daniel Cunningham and Tal Frydman of Marcus & Millichap's Fort Lauderdale office represented the seller, a limited liability company based in Hallandale, Fla., in the transaction. Gibbs, Cunningham, Frydman and Hernando Perez, also with Marcus & Millichap's Fort Lauderdale office, represented the buyer, a private investor based in Hollywood.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of the former Douglas-Baird House, a 6,000-square-foot office property located at 101 E. Cary St. in Richmond. Pete Waldbauer and Mac Wilson of Cushman & Wakefield | Thalhimer represented the buyer, Madison Avenue Investments LLC, in the $685,000 transaction. Stuart Grove Investments LLC was the seller. Madison + Main will occupy the building.
CLEVELAND AND KANSAS CITY, KAN. — CNL Healthcare Properties has acquired five medical office buildings and one specialty hospital for $59.5 million. The properties are located in the Cleveland; Kansas City, Kan.; San Diego, Calif.; and Phoenix metropolitan areas. The 181,890-square-foot portfolio includes Cleveland Clinic Chestnut Commons Medical Office Building in Elyria, Ohio; Doctors Specialty Hospital Medical Office Building in Leawood, Kan.; The John C. Lincoln Medical Plaza I and II and North Mountain Medical Plaza in Phoenix.; and Escondido Medical Arts Center in Escondido, Calif. The properties in Ohio, Kansas, and Phoenix will be managed and leased by the healthcare division of Holladay Properties.
EVERGREEN PARK, ILL. — Inland Real Estate Corp. has announced that its joint venture with Dutch pension fund advisor PGGM has entered into a joint venture partnership with IBT Group LLC and Pine Tree Commercial Realty to develop Evergreen Promenade, a 92,512-square-foot shopping center in metro Chicago. Mariano’s will occupy 75,000 square feet and anchor the retail property located in Evergreen Park, about 15 miles south of Chicago. The shopping center will draw from a population base of 225,400 with average household incomes of approximately $65,300 within a three-mile radius. Including the lease signed with Mariano’s, Evergreen Promenade is more than 80 percent pre-leased. The joint venture intends to begin construction on the center this fall and expects Mariano’s to open in fall 2014. Upon completion, Inland’s joint venture with PGGM will have the option to acquire 100 percent ownership in the shopping center.
TOLEDO, OHIO — Reichle | Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily community in Toledo for $2.7 million. Harlan Reichle and Walter Plath of Reichle | Klein Group represented the seller, Pine Tree Apartments LLC, in the transaction. The property is located at 1435 Bernath Parkway.
LIVONIA, MICH. — Bernard Financial Group has arranged a $1.8 million loan secured by Sarmor Industrial, an 110,810-square-foot industrial property in Livonia. Sarmor 30 LLC was the borrower. Ameritas Life Insurance Co. was the lender. Kevin Kovachevich of Bernard Financial originated the loan.
LATHAM, N.Y. — Cronheim Mortgage has arranged $9.3 million in financing for Mountainview Terrace, a 128-unit apartment community in Latham, a northern suburb of Albany. The 10-year loan includes a 30-year amortization schedule and a fixed interest rate. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for Mountainview Terrace Apartments LLC. The property includes nine three-story buildings and units ranging in size from 685 square feet to 1,300 square feet.