PHOENIX — MIG Real Estate has acquired Arcadia Gateway Center, an 89,835-square-foot office building in Phoenix, for an undisclosed sum. The Class A center is located at 4222 East Thomas Road near Arcadia Crossing and Desert Palm. It is currently 93 percent leased. Cushman & Wakefield represented the seller in this transaction.
RALEIGH, N.C. — Cassidy Turley has arranged $78.7 million in financing for The Forum, an office campus consisting of 635,380 square feet of space in Raleigh. The park, located on a 19-acre lot at the intersection of Strickland and Six Forks roads a mile from Interstate 540, is 96 percent leased. John Campanella and Paul Spellman of Cassidy Turley arranged the loan through an unnamed commercial bank.
RALEIGH, N.C. — Passco Cos. LLC has purchased Wakefield Glen Apartments, a 246-unit, Class A multifamily community located in Raleigh, for $31 million. The community is part of the 2,220-acre Wakefield Plantation master-planned complex. Wakefield Glen is Passco’s second multifamily acquisition this year in the Raleigh-Durham market, according to Passco. The property features a resort-style pool, clubhouse, fitness center, business center, playground and car care center.
MIAMI — Aztec Group Inc. has arranged a $30 million construction loan for the Shoppes at Civica, a two-story, 50,000-square-foot retail and entertainment complex located in Miami’s Health District. The property, located at 1050 N.W. 14th St., will feature international retailers, food and beverage options and entertainment venues. Phase I of the development is slated to open in mid-2015. Demolition of the existing property has begun, and vertical construction of the project will begin in early 2014. Howard Taft and Charles Penan of Aztec arranged the loan through Sabadell United Bank on behalf of the borrower, the Swerdlow Group.
MIAMI — A joint venture between Mayan Properties, Concord Hospitality and Travelers Hotel Group has begun building the Hyatt Place Miami Airport, a 135-room hotel in Miami. The hotel is located at 3549 LeJeune Road near Miami International Airport. The joint venture expects to open the hotel in the fourth quarter of 2014. The $21 million hotel is the first Hyatt Place hotel in Miami to be constructed from the ground up, according to Mayan Properties. Aztec Group, an affiliate of Mayan Properties, recently secured a $15 million construction loan and raised additional equity for the project. Concord Hospitality will manage the hotel once construction is complete. The project team includes general contractor RCI Inc. and architects PFVS Architecture, Israel Bigelman and MoniOmi Design. The new hotel will include 42-inch TVs in the guestrooms, a pool deck, outdoor terrace, fitness center and a market featuring Starbucks Coffee, bars and dining options.
MARIETTA, GA. — HFF has arranged the sale of Shallowford Falls, a Kroger-anchored shopping center located in Marietta’s East Cobb neighborhood. The retail center is located at the intersection of Johnson Ferry and Shallowford roads, about 15 miles northwest of downtown Atlanta. The property’s other tenants include Ace Hardware, Subway and The UPS Store. Jim Hamilton, Richard Reid, Mike Allison and Pete Anastasi of HFF represented the seller in the transaction. Branch Properties LLC was the buyer.
GRANGER, IND. — Hampton Hotels has broken ground on the 99-room Hampton Inn & Suites Mishawaka in Granger, located about 10 miles northeast of South Bend. Each guest room at the four-story hotel will feature high-speed Internet, refrigerator, microwave, hair dryer, iron and ironing board, 42-inch LCD television and Serta Suite Dreams beds. The hotel will also include a two-story lobby, business center, indoor swimming pool, a 675-square-foot fitness center and 500 square feet of meeting room space. The development is a joint venture between Holladay Properties, the owners of the Hilton Garden Inn South Bend/Gillespie Conference Center, and Gateway Hospitality Group, which will oversee construction. The hotel will be located at 7347 Heritage Square Drive and is slated for a fall 2014 completion.
WHITEWATER, WIS. — Marcus & Millichap has arranged the $6.2 million sale of Fox Meadows, a 73-unit apartment property in Whitewater. Scott Harris, an investment specialist in Marcus & Millichap’s Oak Brook, Ill. office marketed the 61,836-square-foot property on behalf of the seller, a private investor. Matthew Whiteside, an investment specialist in Marcus & Millichap’s Milwaukee office, represented the buyer, a limited liability company, in the transaction. Fox Meadows is located at 291 N. Fraternity Lane, about 44 miles southeast of Madison. Built in 1985, the 9.3-acre property is within two blocks of the University of Wisconsin-Whitewater campus. The property includes four one-bedroom apartments, 60 two-bedroom units and nine three-bedroom residences.
NAPERVILLE, ILL. — The Boulder Group has completed the $3.8 million sale of a net-leased Brunswick Zone XL property located at 1515 West Aurora Ave. in Naperville. Brunswick Zone XL has operated at this location since 1997 and recently extended its lease through June 2018. The 80,425-square-foot building is situated on a 6.9-acre parcel, about 34 miles west of Chicago. Brunswick Zone XL offers 40 lanes of bowling, 16 billiard tables, event rooms, game zone arcade, laser tag, bumper cars and a bar. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Maryland-based private partnership, in the transaction. The purchaser was a 1031 exchange buyer.
HOFFMAN ESTATES, ILL. — GiGi’s Playhouse has leased 10,539 square feet of retail space at Barrington Square Town Center in Hoffman Estates, a northwest suburb of Chicago. The company will lease the space for 10 years as the national prototype for Down Syndrome Achievement Centers. Albert Lindeman and Wayne Caplan, senior vice presidents at Sperry Van Ness Chicago Commercial, represented the landlord in the transaction. Town Center shopping center spans more than 100,000 square feet and is located across from St. Alexius Medical Center. Existing tenants include McDonald’s, Buona Beef, Fred Astaire Dance Schools, Garibaldi's Restaurant and Advance Pre-School Daycare.