MAITLAND, FLA. — Crocker Partners has acquired a 174,048-square-foot office building located at 851 Trafalgar Court in Maitland, a northern suburb of Orlando. The property is currently 80 percent leased to tenants including Sprint/Nextel, Rasmussen College and Digital Risk. Crocker Partners will manage the property and CBRE will handle the building’s leasing responsibilities. The property will undergo a capital improvement program that will enhance the building’s elevator systems, signage and common area finishes. Including this acquisition, Crocker Partners owns more than 3.2 million square feet of office space in Florida.
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CHICAGO — Weis Builders has completed the $44 million second phase of Lake Park Crescent, a multifamily redevelopment in Chicago. Phase II, called Sullivan Station, encompasses more than two city blocks in the North Kenwood-Oakland neighborhood.The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.
INDIANAPOLIS — CBRE has arranged a $14.5 million loan for the acquisition of Waterside at Castleton Apartments, a Class B multifamily property located on the northeast side of Indianapolis. CBRE worked on behalf of Yakima, Wash.-based Wilkinson Corp. to secure the CMBS financing.The 400-unit apartment community features a mix of one- and two-bedroom layout. Jason Brown, vice president of CBRE’s debt and structured finance office in Indianapolis, originated the loan.
CHICAGO— Pembrook Capital Management LLC has closed $7.3 million in preferred equity financing for a recently renovated mixed-use building in Chicago. Proceeds from the funding will be used to recapitalize the property, which includes 192 apartment units and 20,833 square feet of retail space. The 11-story building recently received a $28 million renovation, which included façade work, improvements to the retail spaces and storefront upgrades. The 148,877-square-foot property is located at 5307 S. Hyde Park Blvd. Constructed in 1918, the building was previously occupied by the Del Prado Hotel until the early 1970s, when it was converted into apartments. The current owner acquired the property in January 2008. The building was 90 percent occupied at the time of the transaction.
CHICAGO — J.C. Anderson Inc. has completed the first phase of the 22,000-square-foot renovation for TransUnion at 555 W. Adams in downtown Chicago. TransUnion, a provider of credit information and information management services, selected J.C. Anderson Inc. to renovate its offices on the fifth floor. Phase I of the construction focused on the capital improvements to the property, which included the addition of a fitness center and a café, as well as extensive lobby renovations. Phase II of the renovation is now underway, which includes the demolition of offices to accommodate a renovated and open floor plan. The new office space will feature angled walls, millwork and glass throughout the space, as well as an upgraded kitchen. Michael Yazbec, president of the J.C. Anderson Inc. is the project executive, Joe Maguire is the project manager and Bob Hickey is the project superintendent for J.C. Anderson. SAS Architects is providing the architectural services for the renovation project, and Adriana Calderon of Jones Lang LaSalle is the project manager.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 37,663-square-foot industrial building located at 6500 W. Calumet Road in Milwaukee. Enterprise Realty Group LLC purchased the building from Anchor Bank fsb. Samuel M. Dickman, Jr. and Samuel D. Dickman of the Dickman Co. Inc. represented the buyer in the transaction. Andy Hess of Colliers International represented the seller.
BURLINGTON, MASS. — KeyPoint Partners LLC has completed the sale of eight properties totaling 440,000 square feet located throughout the New England region for more than $30 million. The properties include shopping centers, mixed-use and single-tenant buildings in Massachusetts, Rhode Island, New Hampshire and Connecticut. The sold properties include Shaw’s Plaza, a 121,660-square-foot shopping center in Providence, R.I.; Colony Mill Marketplace, a 112,000-square-foot mixed-use property in Keene, N.H.; The Center at Keene, a 100,000-square-foot mixed-use property also in Keene; and a 6,889-square-foot Advance Auto Parts in Groton, Conn. The properties in Massachusetts include Norfolk Commons, a new development anchored by a 14,409-square-foot freestanding Walgreens in Norfolk; Lakeview Shopping Center, a 36,250-square-foot neighborhood shopping center in Dracut; a 5,610-square-foot building fully leased to Sleepy’s and Supercuts in Salem; and 8 Brookside Road, a 40,000-square-foot industrial facility in Westford.
NEW YORK CITY — UC Funding LLC has arranged a $6.4 million construction bridge loan for a five-story, 15,763-square-foot luxury condominium development in Brooklyn. Upon completion, the five-story building will include 10 condo units. The property will feature one 537-square-foot studio condo, four one-bedroom condos that average 921 square feet, two two-bedroom condos that average 1,254 square feet, two three-bedroom condos that average 1,372 square feet and one 2,230-square-foot, four-bedroom condo. Condos will feature stainless steel appliances, granite countertops in the kitchens, marble tile flooring in the bathrooms and hardwood flooring. Community amenities will include a roof terrace, bike room, package room and virtual doorman.
COLONIA, N.J. — Ingerman and BCM Affordable Housing have broken ground on Reinhard Manor, a new affordable seniors housing community at 350 Outlook Ave. in Colonia. The project will transform a vacant and unused school facility into 62 one- and two-bedroom affordable rental residences for seniors. Ingerman was granted $8.7 million in tax credits over 10 years and a $4.8 million Community Development Block Grant to develop Reinhard Manor. The company is partnering with BCM Affordable Housing and the Woodbridge Affordable Housing Corp. to develop the community.
SADDLEBROOK, N.J. — The Hampshire Cos. has acquired a 200,000-square-foot industrial building located at 301 Mayhill St. in Saddle Brook from Arrow Fastener Co. LLC. The property is located adjacent to the Conrail freight line and also includes additional land for development. Additionally, the building offers easy access to Routes 46 and 17, the New Jersey Turnpike and the Garden State Parkway. Tom Monahan of CBRE represented The Hampshire Cos. in the transaction.