CLARKSTON, GA. — Pembrook Capital Management LLC has provided a $13.7 million bridge loan for the recapitalization and renovation of Alden Ridge, a 368-unit garden-style apartment community located in Clarkston, a northeast suburb of Atlanta. The property is located on the south side of Post Oak Road and the east side of Brockett Road. The borrower plans to use the financing to pay off an existing loan, recapitalize its ownership structure, fund property renovations and pay any closing costs and fees.
ANDERSON AND GREENVILLE, S.C. — NAI Earle Furman has arranged the sale of three apartment communities, including the 32-unit Newport Commons in Anderson, the 48-unit Colony North and the 36-unit Colony Place, both located in Greenville. The buyer, DHP Real Estate, purchased all three communities for $3.6 million. Tony Bonitati and Kay Hill of NAI Earle Furman represented the seller, Upstate Property Rentals LLC, in the transaction.
CHICAGO — New York-based Acadia Realty Trust has acquired the retail space at the base of the 188-unit Waldorf Astoria Chicago, located at 11 E. Walton St. in Chicago, for $44 million. Tenants of the 6,738-square-foot space include Marc Jacobs and Saint-Laurent. Adam Secher and Janika Brenner of Baum Realty Group, along with Cushman & Wakefield, brokered the sale.
BARTLETT, ILL. — MB Real Estate, serving as project manager, has completed the construction of an industrial document storage facility located within the Brewster Creek Business Park in Barlett for RhinoDox. Located on the corner of Munger Road and Humbracht Circle, the 66,617-square-foot property features 28-foot clear heights, two interior docks, two drive-in doors and extensive landscaping. The site is designed to accommodate a 24,000-square-foot expansion and parking for 97 vehicles. Premier Design & Build Group provided general contracting services, and Cornerstone Architects served as project architect for the project. NAI Hiffman represented RhinoDox in site selection. Headquartered in Glendale Heights, Ill., RhinoDox, which was formerly Federal Record Storage MDMC, was established in 1913. The company offers off-site hardcopy document storage, document scanning and imaging, enterprise content management systems, eForms and document workflow.
CHICAGO — MT Food Services has selected The Missner Group to complete an office/warehouse renovation and build-out for its 60,000-square-foot facility located at 400 N. Noble St. in Chicago. The industrial facility features 40,000 square feet of warehouse space with 21-foot clear heights, six exterior docks and two drive-in doors, as well as 20,000 square feet of office space. Glen Missner is the principal overseeing the project and Curt Burns of The Missner Group is serving as project manager. Cornerstone Architects is providing architectural services for the project, which is scheduled for completion in April.
OSAGE BEACH, MO. — A 20,000-square-foot Bed, Bath & Beyond has opened at Lakeview Pointe Shopping Center in Osage Beach. With this opening, approximately 137,000 square feet of the 150,000-square-foot, Dierbergs-anchored shopping center will be occupied. The center is occupied by The UPS Store, JJ Twigs Plaza, Great Clips, Eyes on Missouri, All-Pro Realtors, Dick’s Sporting Goods, The St. Louis office of Capitol Realty Group is the leasing agent for the center.
LIVONIA, MADISON HEIGHTS, FERNDALE AND BIRMINGHAM, MICH. — Pizza Hut has signed four leases for restaurant space in Southeast Michigan. Totaling 5,566 square feet, the leases are located at Wonderland Village in Livonia; a new development at 14 Mile and John roads in Madison Heights; Ferndale Avenue Shoppes in Ferndale; and a center on Woodward Avenue in Birmingham. Adam Goodman of Mid-America Real Estate-Michigan represented Pizza Hut in the transactions.
NEW YORK CITY — IHG has opened Crowne Plaza JFK Airport New York City hotel in Jamaica. Located at 138-10 135th Ave., the 330-room hotel features Internet access, free parking, extended dining and bar service hours, a fitness center, a zen room for yoga and meditation, and the brand’s Sleep Advantage program. Additionally the hotel offers 5,000 square feet of meeting space, including 10 meeting rooms and a ballroom.
NEW YORK CITY — A private investor has acquired 115 Atlantic Avenue, a 5,370-square-foot mixed-use property in Brooklyn, from an undisclosed seller. The property sold for $3.4 million, or approximately $843 per square foot. Shaun Riney, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap’s Brookyln and Manhattan offices represented the seller. Shaun Riney and Patxi Colbern, also of Marcus & Millichap, represented the buyer in the transaction.
EAST HANOVER, N.J. — Griffin Capital Corp. has selected Jones Lang LaSalle to provide leasing and property management for Eagle Rock Executive Office IV, located 120 Eagle Rock Avenue in East Hanover. The firm will provide a full range of property management and transaction services for the Class A, 177,820-square-foot commercial office building. Dennis McConnell and Dan Spero make up the leasing team, and Beth Pereira and Mary Oppel comprise the property management team. Griffin Capital acquired the property from Columbia Property Trust in late 2013 as part of an 18-building nationwide portfolio acquisition.