GREENVILLE, S.C. — ARA has arranged the sale of two apartment communities in Greenville totaling 559 units. The communities include the Crestmont at Thornblade and Thornblade Park. Blake Okland, John Heimburger, Dean Smith and Sean Wood of ARA represented the seller in the transaction. Levin Realty Advisors LLC, a Chicago-based multifamily acquisition and management consultant, purchased the portfolio.
NAPLES, FLA. — Madison Marquette Retail Services has arranged three long-term lease transactions at Crossroads Market, a 126,834-square-foot shopping center in Naples. The new leases bring the center to 100 percent occupancy. The three new tenants joining anchors Publix and Walgreens are Physicians Regional Healthcare Group, Andis Insurance and Chase Bank. The new leases total 13,650 square feet. Also, Publix has renewed its 56,000-square-foot lease for five years.
CINCINNATI —Phillips Edison–ARC Shopping Center REIT Inc. has acquired 11 grocery-anchored shopping centers located throughout the U.S. for $156 million. The acquisition include a seven-property portfolio of Walmart Supercenter-anchored shopping centers located in Ohio, Michigan and Indiana; Southgate Shopping Center in Des Moines, Iowa; Sterling Pointe Shopping Center in Lincoln, Calif.; Arcadia Plaza in Phoenix; and Stop & Shop Plaza in Enfield, Conn. The properties total 1.3 million square feet. The acquisitions added two new states to the company’s portfolio, Michigan and Connecticut, as well as a new grocery anchor, Stop & Shop. Cincinnati-based Phillips Edison–ARC Shopping Center REIT’s portfolio now includes interests in 83 shopping centers anchored by 28 grocers in 23 states.
JOLIET, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.6 million loan for the acquisition of North Ridge Plaza, a 238,000-square-foot retail power center in Joliet. Richard Lynn, a director in MMCC’s Oak Brook office, arranged the loan. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. Scott Wiles, Craig Fuller, Sean Sharko, Austin Weisenbeck and Erin Patton, also of Marcus & Millichap, represented the seller. The four-year loan carries a fixed interest rate of 4.5 percent and includes a 25-year amortization schedule. The loan-to-value is 75 percent. Current tenants at the retail center include Ultra Foods, OfficeMax, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty & Supply.
MILWAUKEE — Pro-Safety Inc. has signed a 10,000-square-foot industrial lease at 6621 W. Mill Road in Milwaukee. Anthony Huenerbein of The Dickman Co. Inc./CORFAC International represented Pro-Safety Inc., a manufacturer of chainsaw parts for the logging industry, in the transaction. Jim Larkin of Colliers International represented the landlord, 6601 Mill LLC.
PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.
BETHEL, CONN. — Urstadt Biddle Properties Inc. has acquired the 30,940-square-foot Bethel Hub Shopping Center in Bethel, located about three miles south of Danbury, for $9 million. A 7,596-square-foot Rite Aid pharmacy and a 13,884-square-foot Caraluzzi’s liquor store anchor the property. Other tenants in the center include People’s Bank, which occupies 2,500 square feet, Wah Lah Soups Salads and More, Pizzeria Lauretano, a dry cleaner and a laundromat. The shopping center was fully occupied at the time of sale.
NEW YORK CITY — Magnum Real Estate Group has selected Ismael Leyva Architects to design the new 147,000-square-foot School of Visual Arts dormitory at 407 First Ave. in Kips Bay neighborhood of Manhattan. The School of Visual Arts dormitory will include 500 beds within 242 suites. The 14-story building will serve as the flagship residence hall for the art school. The building’s L-shape will make another part of the building six stories tall. The building will also feature administrative and faculty offices on the first floor and basement level, as well as a public terrace on the roof on the six-story portion of the building. Construction is expected to wrap up in summer 2016 in time for a fall semester opening that year.
COLTS NECK, N.J. — Marcus & Millichap has arranged the $2.7 million sale of a ground lease for a 3,960-square-foot property occupied by Chase Bank in Colts Neck, located about 19 miles north of Brick. Michael Lombardi, senior associate, director of the Net Leased Property Group in Marcus & Millichap’s New Jersey office, represented the seller. Lombardi also secured and represented the buyer, a private investor. The triple-net leased bank branch sold at a 5 percent cap rate.
RICHARDSON, TEXAS — Jones Lang LaSalle has brokered the sale of Arboretum Estates, a 338-unit apartment property in the Dallas suburb of Richardson. The community, which was 95 percent occupied at the time of the sale, offers one- to three-bedroom layouts plus amenities including two swimming pools, a fitness center, business center and pet park. Select units feature fireplaces, vaulted ceilings and walk-in closets. The complex is located at 411 Buckingham Road, in proximity to the metro area’s telecom corridor. Jeff Price and Bill Simmons of JLL represented the seller, The Connor Group, in the transaction. CAF Capital partners purchased the asset.