JACKSONVILLE, FLA. — Crocker Partners has unveiled its new identity and capital improvements program to upgrade the former Freedom Commerce Center office park, a 54-acre campus located on the southwest corner of Baymeadows Road and Interstate 95 in Jacksonville’s Butler Corridor. The 752,154-square-foot office park will be known as Prominence. Crocker Partners has also hired Kaycee Gardner and Jesse Shimp of Jones Lang LaSalle to handle the property’s leasing efforts. Crocker plans to spend several million dollars in upgrades to the park, including renovations for the building signage, lobbies, restrooms, elevator cabs, lighting fixtures and parking lots. Current tenants include Chase Bank, ING Financial Services and Incomm.
ELGIN, ILL.— Chicago-based real estate investment firm Bridge Development Partners LLC has sold its 319,043-square-foot industrial facility in suburban Chicago to Boston-based TA Associates for $20.2 million. The property, which is located at 2700 Alft Lane at Randall Crossings Business Park in Elgin, features 30-foot clear ceiling heights. Jeff Devine and Steve Disse of Colliers International, as well as Ken Franzese and John Cassidy of Lee & Associates, represented Bridge and its capital partners, Wanxiang America Real Estate Group and Hunt Realty Investments Inc., in the transaction.
JOLIET, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged $10.6 million in debt for the acquisition of North Ridge Plaza, a 238,000-square-foot retail center in Joliet, located about 45 miles southwest of Chicago. Richard Lynn, a director in MMCC’s Oak Brook, Ill., office, arranged the four-year loan, which includes a fixed interest rate of 4.5 percent and a 25-year amortization schedule. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. Scott Wiles, Craig Fuller, Sean Sharko, Erin Patton and Austin Weisenbeck, also of Marcus & Millichap, represented the seller in the transaction. Current tenants at the retail center include Ultra Foods, OfficeMax, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty and Supply.
UNIVERSITY CITY, MO. — Kwame Building Group has completed construction of the new $3 million Firehouse #1 at Vernon and Westgate Avenues in University City, located about 10 miles west of downtown St. Louis. The new 17,000-square-foot, two-story building replaces the original Firehouse #1, which was more than 100 years old. The new facility features five fire engine bays, a training room and administrative offices on the first floor, with a workout room on the mezzanine. Living quarters on the second floor include 10 bedrooms with 30 beds, a full kitchen and an outdoor deck. The project was funded in part by a $2.6 million American Recovery and Reinvestment Act grant, and University City funded the remaining balance. St. Louis Archimages was the architect.
BELLEFONTAINE, OHIO — A Dublin, Ohio-based plastic injection mold manufacturer has acquired a 33,000-square-foot industrial facility at LCG Commerce Park in Bellefontaine, located about 55 miles northwest of Columbus. M3/IEG has plans to move into the new location by the end of February or beginning of March. Link Construction will retrofit the restrooms and office space, update the sprinkler system and add a few doors. Tim Echemann of Industrial Property Brokers arranged the leasing transaction.
CINNAMINSON, N.J. — Meridian Capital Group LLC has arranged $40 million in permanent financing for Camelot at Cinnaminson Harbour, a luxury multifamily complex in Cinnaminson. The five-year loan features a fixed interest rate of 3.64 percent and a 30-year amortization schedule. Camelot is a recently constructed 405-unit, waterfront multifamily complex. The property is part of the master-planned community Villages at Cinnaminson Harbour, located about 12 miles northeast of Philadelphia. Amenities at the community include an outdoor pool, fitness center and business center, as well as access to hiking trails along the Delaware River. Josh Munk, a vice president at Meridian Capital Group, arranged the loan.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 281 Clifton Place, an 11-unit apartment property in Brooklyn for $2.3 million, or $208 per square foot. Shaun Riney and Dan Greenblatt from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, an individual/personal trust. Riney and Greenblatt also represented the buyer, a private investor, in the transaction.
NEW YORK CITY — Wenner Bread Products has signed a 72,000-square-foot lease renewal at 2001 Orville Drive in Bohemia, a community in Long Island. The building at 2001 Orville Drive is a 72,000-square-foot property that offers access to the Long Island Rail Road, Long Island Expressway and MacArthur Airport. Rechler Equity Partners owns the property. Wenner Bread Products is a maker of breads and frozen dough for supermarket bakeries and restaurants. Chuck Tabone, managing principal of Newmark Grubb Knight Frank’s Long Island office, represented the tenant in the transaction.
NEW YORK CITY — ProHealth has signed a lease to occupy 10,913 square feet at the Glen Oaks Shopping Center, located at 259-27 Union Turnpike in Queens. The agreement brings the center to 99 percent occupancy. The medical services provider will lease space at the east endcap of the 187,650-square-foot center and is expected to open in March. ProHealth is renovating the façade and expanding the existing space to increase its frontage on Union Turnpike. Nicholas Forelli, director of leasing, represented the Feil Organization, the center’s owner and manager, in-house. Todd Cooper of Ripco Real Estate represented ProHealth.
HOUSTON — CBRE has brokered the sale of Atascocita Commons, a 316,395-square-foot power center in northeast Houston. Located at 7061 FM 1960 East, the Class A retail property was 99.2 percent leased at the time of the sale to tenants including Ross, Kohl’s, TJ Maxx, HomeGoods, Party City, Office Depot and Petco. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the buyer, New York-based Kimco Realty. Cole Real Estate Investments, based in Phoenix, sold the asset.