RAINBOW CITY, ALA. — Paradise Ventures, a developer based in Safety Harbor, Fla., plans to build a new Publix-anchored shopping center in Rainbow City, about 60 miles outside of Birmingham, Ala. The Shoppes at Rainbow Landing will be located at the intersection of Rainbow Drive and Alabama Highway 77. The shopping center will feature a 45,600-square-foot Publix and 20,000 square feet of retail space and two outparcels. Paradise Ventures plan to open the center in the fourth quarter of 2014. Andrew Loveman of Birmingham-based Southpace Properties Inc. is handling the property’s leasing responsibilities.
NASHVILLE, TENN. — Walker & Dunlop Inc. has provided $44.2 million in acquisition financing for Madison at Ridgelake, a 560-unit apartment community located in Nashville. The borrower, Arenda Capital Management, will use the funds to purchase the apartment community and make capital improvements. Stephen West and Matthew Wallach of Walker & Dunlop led the team that structured the two-year interest-only bridge loan.
WESTON, FLA. — HFF has arranged the sale of Weston Shops, a 30,420-square-foot neighborhood center in Weston, located in Broward County. The property, located at 4473-4477 Weston Road, is fully leased to tenants including Walgreens and Mayors Jewelers. Danny Finkle, Luis Castillo and Coler Yoakam of HFF represented the seller, an affiliate of Spirit Realty Capital Inc., in the transaction. The buyer, Savitar Properties Inc., purchased the asset free and clear of existing debt.
MIDLOTHIAN, VA. — Ingenuity Development LLC has acquired Archway Sixty Office Park, a 65,000-square-foot office complex in Midlothian, about 16 miles west of Richmond, Va. Ingenuity Development is an affiliate of Virginia Beach, Va.-based Divaris Real Estate Inc., which will lease and manage the office complex. Ingenuity Development plans to upgrade the property’s interior and exterior, as well as give the complex a new name.
CHICAGO — Related Midwest has completed Adler Place, a 275-unit condominium building in downtown Chicago. The 32-story tower is the last in the trio of previously stalled South Loop condo towers that were re-launched by the developer. Related has redesigned the building’s common areas and amenity spaces, including the lobby, corridors and an entertainment suite on the 32nd floor with a full kitchen and access to an outdoor pool and grilling area. The developer has also redesigned the units to feature wide-plank wood floors, stainless steel appliances and quartz countertops in the kitchen. Adler Place includes one-, two- and three-bedroom units that range from 900 to 1,582 square feet. Residences are priced from the mid-$200,000s to the $600,000s. Adler Place is located at 1629 S. Prairie Ave. in the historic Prairie Avenue District. More than half of the condos in Related Midwest’s South Loop Luxury collection have sold.
MINNEAPOLIS — Dougherty Mortgage LLC has arranged $22.9 million in construction financing for Grain Belt Terraces, a 150-unit, market-rate multifamily property in Minneapolis. Grain Belt Terraces is a part of the Grain Belt Brewery redevelopment in the historic Sheridan neighborhood. Plans for the property include upgrading the community’s amenities and appliances within the units. The penthouse units will feature stainless steel appliances, upgraded flooring and 10-foot ceilings. Dougherty Mortgage’s Minneapolis office arranged the 40-year loan for Orth-Grain Belt LLC.
SAINT PAUL, MINN. — Marcus & Millichap has arranged the $1.9 million sale of Maple View, a 34-unit apartment property in Saint Paul. The sales price equates to $55,000 per unit. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. Linnell also represented the buyer, a California-based limited liability company. Maple View is located at 380 and 400 Larpenteur Ave.
BOSTON — Skanska USA has signed a contract with Harvard Business School in Boston to construct a $57 million educational facility. The 61,354-square-foot Ruth Mulan Chu Chao Center will be constructed on the current space of the existing Kresge Hall. Skanska USA is seeking LEED Gold certification for the building. Construction starts in March 2014 and is slated for a May 2016 completion. Headquartered in New York, Skanska USA has approximately 8,300 employees.
MILLSBORO, DEL. — The KLNB retail investment sales group has brokered the $37 million sale of Peninsula Crossing, a 330,000-square-foot regional power center in Millsboro, a city in southeast Delaware. Cole Real Estate Investments purchased the shopping center, which is located on Route 113. Lowe’s Home Improvement, BJ’s Wholesale Club and PetSmart anchor the property. Andy Stape, Mat Adler, and Vito Lupo of the KLNB represented the seller, Millsboro Towne Center LLC, in the transaction.
MASSAPEQUA, N.Y. — NorthMarq Capital’s New York City office has arranged $25 million in permanent mortgage financing for Sunrise Promenade Associates. The loan is secured by Sunrise Promenade Shopping Center, a 165,939-square-foot retail property in Massapequa, a city located on the South Shore of Long Island. Ernest DesRochers, senior vice president and managing director, and Charles Cotsalas, senior director at NorthMarq, arranged the loan through Lincoln National Life Insurance. The 10-year loan includes a 25-year amortization schedule. The Sports Authority, Babies “R” Us, Barnes & Noble and Pier 1 Imports anchor the property.