LAKEWOOD, COLO. – The 318-unit Belmar Villas in Lakewood has sold to Seagate Properties for an undisclosed sum. The community is located at 700 S. Reed Court. It was 97 percent occupied at the time of closing. Seagate plans to renovate the property. The unnamed seller was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
Property Type
GREENVILLE, N.C. — The Hampshire Cos., a private real estate investment firm based in New Jersey, has acquired Lynncroft Shopping Center, a 180,000-square-foot power center located at 3150 Evans St. in Greenville. The center's tenant roster includes Lowes Foods, Best Buy, Bed Bath & Beyond, Ross Dress for Less, Ulta Beauty, David's Bridal and Omega Sports. The company purchased the center on behalf of the HUH US Real Estate Income Fund, which targets stabilized assets in the eastern U.S. The Hampshire Cos. purchased the center in a joint venture with MCB Real Estate and ARGUS Development Group, the original developers of the center. ARGUS continues to manage and operate the center. Approximately 2,500 square feet is available for lease at the property.
PLANTATION, FLA. — Brookwood Financial Partners LLC, a Massachusetts-based real estate investment and asset management firm, has acquired Lakeside Office Center in Plantation. The Class A, 134,443-square-foot office building was constructed in 1986 and renovated in 2006. The property is located eight miles from downtown Fort Lauderdale and has 33,000 square feet available for lease. Brookwood plans to renovate the lobby, building entrance and common areas. CBRE represented the seller in the transaction, and Brookwood was self-represented.
STOCKBRIDGE, GA. — Franklin Street Real Estate Services has arranged the $1.9 million sale of Plaza at Eagles Landing, an 18,000-square-foot retail strip center located at 1058 Eagles Landing Parkway in Stockbridge. The property's tenant roster includes Starbucks, Randstad, Preston's Salon, Minky Bling and Sarah's Country Kitchen. Mac McCall of Franklin Street represented the seller, an Atlanta-based investment firm, in the transaction. The buyer is a private investor based in Spain. The buyer plans to continue to operate the center with retail and office tenants, while also attempting to lease up the remaining vacancies.
ATLANTA — Lincoln Southeast LLC, a subsidiary of Dallas-based Lincoln Property Co. Southeast, has been named the court-appointed receiver for Buckhead West, a 110,000-square-foot office complex located near the intersection of Interstate 75 and Howell Mill Road in Atlanta. Buckhead West is suited to tech tenants and creative firms, and has recently become home for movie and television production companies. The complex is within walking distance of the Howell Mill Village retail center adjacent to Post's Collier Hill apartments. The property has already received interest from various groups for either loft office, medical office and multifamily potential.
ORLANDO, FLA. — CBRE Capital Markets has arranged acquisition financing for Northgate Lakes, a 710-bed student housing community located adjacent to the University of Central Florida in Orlando. Steve Roth and Ben Roelke of CBRE Capital Markets arranged the loan through a life insurance company on behalf of the borrower, Campus 150 Venture LLC, a joint venture between principals of Campus Advantage and a state pension fund. CBRE also arranged acquisition financing for VUE on University in Fort Worth, Texas, and refinancing for Zaragon Place in Ann Arbor, Mich. The three loans totaled more than $64.6 million.
KANSAS CITY, MO. — Diversified Asset Management (DAMCO) has purchased Highland Tower, a 116,566-square-foot office building located at 6724 Troost Avenue in Kansas City. Formerly a hospital, the property will be repurposed for mixed use. DAMCO expects the new community to consist of approximately 300 units in studio, one- and two-bedroom layouts. Matt Ledom of Block Real Estate Services represented the buyer, while Aaron Mesmer and Bruce Johnson, also of Block, represented owner Cadles.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily property in Toledo, for $2.7 million. Located at 1435 Bernath Parkway, the apartment community offers one-, two- and three-bedroom options. Harlan Reichle and Walter Plath of Reichle Klein represented the seller, Pine Tree Apartments LLC.
CHICAGO — McShane Construction Co. has completed the rehabilitation and renovation of Borinquen Bella Apartments in Chicago’s Humboldt Park neighborhood. The work included both exterior and interior improvements for a total of 47 units and 62,896 square feet across four buildings, all owned by the Latin United Community Housing Association. Funding for the project, which was planned by Landon Bone Baker Architects, was made possible in part through Low-Income Housing Tax Credits and Housing and Urban Development funds.
CAMBRIDGE, MASS. — Skanska has signed a $130 million contract with Novartis for the expansion of its pharmaceutical research campus in Cambridge, about three miles west of Boston. Novartis, a pharmaceutical company based in Basel, Switzerland, is an existing client of Skanska. The initial work on the project began in 2012 and the expansion will be completed in 2015.