FORT PIERCE, FLA. —The SRS Southeast investment sales team has brokered the sale of a 74,090-square-foot office property in Fort Pierce that is currently occupied by Virginia College. The property, located at 2810 South Federal Highway, sold for approximately $7.6 million. The property underwent a complete renovation in 2013. Kyle Stonis and Pierce Mayson in the SRS Atlanta office, along with Josh Burmeister and Buff Teague of Jones Lang LaSalle, represented the unnamed seller in the transaction. The undisclosed buyer did not have broker representation.
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WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of Vito Terrace Apartments, a 44-unit multifamily community at 734 Longefellow St. in Washington, D.C. The elevator-served property is located in the city’s Brightwood Park neighborhood south of Parks of Walter Reed, the redevelopment of the former Walter Reed Army Medical Center. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Urban Investment Partners LP, in the transaction. The buyer, Manna Inc., plans to work with property’s Tenant Association to preserve the property’s affordability and make moderate improvements. The sales price was undisclosed.
CHARLOTTESVILLE, VA. — CBRE | Charlottesville has brokered the sale of a 10,190-square-foot building, located at 925 E. Market St. in downtown Charlottesville. The buyer, CMB Development LLC, plans to develop a seven-story, mixed-use building at the location. The property will feature 18,000 square feet of Class A office space with units ranging from 2,500-6,000 square feet on the first four floors. Leigh Hughes and Rob Stockhausen of CBRE | Charlottesville, along with Duffy Birkhead of Frank Hardy Inc., represented the unnamed seller in transaction. Rob Stockhausen and Mason Graham of CBRE | Charlottesville are handling the commercial sales of the renovated project, which is scheduled for a spring 2015 completion.
CINCINNATI — Cassidy Turley has arranged the sale of the 811,670-square-foot Central Parke Business Park Portfolio for $34 million. The portfolio is comprised of five office buildings, five flex buildings and one retail building, Grand Central Station. The buildings are located in Norwood and Cincinnati. Locally based PBY Partners acquired the portfolio from 4600 Smith Road Holdings LLC. Jim O’Connell, Mike Sullivan and Tom Powers of Cassidy Turley represented the seller in the transaction.
APPLETON, WIS. — Marcus & Millichap has arranged the sale of the 80-room GrandStay Hotel & Suites in Appleton for $4.4 million. The hotel is located at 300 Mall Drive near the City Center Plaza. Hotel amenities include a fitness center, lobby bar, wellness pool, shuttle service, business center, cable and wireless Internet. Some of the guest rooms include fireplaces, spa tubs and luxury beds. Scott Brash of Marcus & Millichap listed the property on behalf of the seller, a private investor. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
DETROIT — HopCat, a Michigan-based beer pub, has purchased the former Agave restaurant building in Midtown Detroit for an undisclosed price. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan Inc. and Chris Muller of M Retail Solutions represented HopCat in the transaction. Midtown Detroit Inc. was the seller of the property. This will be HopCat’s third location in Michigan. The bar has locations in Grand Rapids and East Lansing. The new Midtown location at 4265 Woodward Ave. will feature 130 taps, which is set to be the largest craft beer bar in the state. The new bar is scheduled to open in August.
PROVIDENCE, R.I. — Construction is underway on 257 Thayer, a 267-bed student housing community, developed by Gilbane Development Co. The property will cater to undergraduate and graduate students attending Brown University and Rhode Island School of Design (RISD). It opens January 2015, and according to Gilbane, it is the first off-campus, purpose-built student housing community in Providence. Asset Campus Housing will lease and manage the property. The four-story community, located in the College Hill area, will be a multi-purpose facility that includes retail space on Thayer Street and an underground, heated parking garage with 75 spaces. Community amenities include a clubhouse room with high definition TVs and gaming tables; group study rooms; fitness center; bike storage; high-speed internet and Wi-Fi; and 24-hour resident services.
DARIEN, CONN. — Washington Trust’s commercial real estate group has provided a $1.5 million loan to Darien Hospitality Group LLC for the refinancing of a Whole Foods property. The five-acre parcel is located at 150-152 Ledge Road in Darien. Whole Foods Market leases 50,000 square feet at the property. Darien Hospitality Group LLC acquired the property in 1994. Howard Johnson hotel occupy the building until Whole Foods Market executed its lease in 2008.
PHILADELPHIA —Prestige Group Inc. has arranged the $ 3 million sale of Brighton Court Apartments, a 70-unit multifamily building located at 6212 Chestnut St. in West Philadelphia. A private investment group purchased the building from ELW Inc. Jon Mirsky and Michael Weiner of Prestige Group represented the buyer and the seller in the transaction. Built in 1920, the four-story multifamily building was 90 percent occupied and has a strong rental history.
NEW YORK CITY — Eastern Consolidated has arranged a 12-year lease for Pita Grill in New York City's Greenwich Village. The 2,700-square-foot space comprises 1,350 square feet on the ground floor and 1,350 square feet on the lower level, and has 25 feet of frontage on LaGuardia Place. The location will replace a Five Guys Burgers & Fries, and will be Pita Grill's ninth location since the first one opened on West Fourth Street in 1994.