CHARLOTTE, N.C. — Toronto-based Agellan Commercial REIT has purchased the Linville Building, a Class A,118,497-square-foot office property located in Charlotte, for $19 million. The property was 96 percent occupied at the time of sale. Dunn Mileham of Trinity Partners represented the seller in the transaction. Agellan has retained Trinity Partners to handle leasing the property.
MORROW, GA. — Stage Equity Partners LLC, a Chicago-based healthcare real estate firm, has purchased a 38,000-square-foot medical office building in Morrow, a southern suburb of Atlanta, for $5.8 million. The property is located at 1000 Corporate Center Drive. Stage Equity acquired the property in a sale-leaseback transaction with Clayton Eye Centers, the primary tenant of the building. The building is fully leased, with Tenet Health Systems being an additional tenant. MB Financial Bank provided acquisition financing for the transaction.
KNOXVILLE, TENN. AND SAVANNAH, GA. — NorthMarq Capital has arranged $15.3 million in refinancing for two apartment communities in Knoxville and Savannah. The properties include the 109-unit Tillery Ridge Apartments in Knoxville and the 208-unit Buccaneer Trace Apartments in Savannah. Greg Duvall of NorthMarq Capital’s Kansas City office arranged a $2.8 million loan for the Knoxville property and a $12.5 million loan for the Savannah community. Both loans featured 10-year terms and 30-year amortization schedules. Duvall arranged both loans through Freddie Mac.
CHICAGO — Jones Lang LaSalle (JLL) has secured $43 million in construction financing for a 190-unit, boutique apartment building in Chicago’s West Loop submarket. JLL arranged $37.5 million in debt financing through First Merit Bank and an additional $5.5 million in equity from Oak Realty for JeffJack Investments LLC. Located at 601 W. Jackson Blvd., the site will include apartment units and ground-floor retail. Units will feature open floor plans, floor-to-ceiling windows, stainless steel appliances and modern fixtures. Construction will begin later this month with first occupancy by spring 2015. Dave Hendrickson, managing director, and Keith Largay, executive vice president, led the JLL team in the transaction.
BENSENVILLE, ILL. — Marcus & Millichap has arranged the $5.2 million sale of Accent Apartments, a 72-unit apartment property located in Bensenville, a western suburb of Chicago. Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Oak Brook office, marketed the property on behalf of the seller, a private investor. Investment specialists in Marcus & Millichap’s Chicago office represented the buyer, also a private investor, in the transaction. Accent Apartments is located at 1001, 1002 and 1004 Argyle St. and features ample parking, one storage space per unit and an on-site laundry facility.
WEST DES MOINES, IOWA — Hubbell Realty Co. is continuing development of the Grimes Distribution Center in West Des Moines with a third building, 1400 SE Gateway Drive, located directly west of the current facilities at 1300 and 1350 SE Gateway Drive. The new facility will be identical to the other buildings and total 110,000 square feet and feature 24-foot clear ceiling heights. Construction is slated to begin this spring and is scheduled for occupancy in late fall 2014.
EDISON, N.J. — Mack-Cali Realty Corp. and its joint venture partner, Ironstate Development Co., have broken ground on a new residential tower, URL Harborside, in Jersey City. Phase I, URL Harborside 1, is a 69-story, $291 million multifamily residential tower that will feature 763 residences. The phase is slated for completion in mid-2016. Ultimately, URL Harborside, will feature three towers comprising 2,358 residences overlooking the Manhattan skyline.
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $47.3 million sale of the Exo Astoria, a 14-story, 117-unit multifamily building in the Astoria neighborhood of Queens in New York City. The sales price equates to approximately $404,000 per unit. Peter Von Der Ahe, Joe Koicim and David Lloyd of IPA represented the seller, the financial services firm TIAA-CREF, in the transaction. The buyer is a partnership between Forest Properties, a Massachusetts-based property management firm, and real estate entrepreneur Jeff Greene. Constructed in 2008 and recently upgraded, units at the property feature oak-plank flooring, recessed lighting and Bosch washers and dryers. Amenities at the property include an around-the-clock concierge, on-site covered parking, a residents’ lounge with gourmet kitchen, billiards, flat-screen TV and Wi-Fi access.
NEW YORK CITY — Chesterfield Faring Ltd. (CFL) has arranged a $31 million loan for the refinancing of Hotel Americano, a 56-room hotel located at 518 W. 27th St. in Manhattan. Hotel Americano features a rooftop pool, two restaurants and three separate bars. Jordan Roeschlaub, Daniel Fromm and Jordan Shrier of Chesterfield Faring arranged the financing for an affiliate of Blackhouse Development. Chesterfield Faring Ltd. is a real estate investment banking firm specializing in real estate and corporate finance. Blackhouse Development is a real estate investment company specializing in the acquisition, development and operation of residential, office and hospitality assets based in New York City.
NEWARK, N.J. — HFF has arranged the $24.3 million sale of Mount Prospect Towers, two 15-story multifamily towers totaling 219 units in Newark. HFF represented the sellers, Praedium Group and KABR Group, in the transaction. Azure Partners purchased the multifamily property, which is located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark. The 96 percent-leased property is comprised of studio, one-, two- and three-bedroom units that are undergoing renovations with updated kitchens, baths and flooring. Senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver led the HFF investment sales team representing the sellers.