DALLAS — General contractor Hill & Wilkinson and developers Gencap Partners and Spyglass Equities will break ground on a 180-unit multifamily complex in Dallas this month. The construction contract was worth a reported $32.5 million. The nine-story apartment building will include amenities such as a business center, exercise facility and outdoor pool, as well as space for a restaurant at street level. Located at 1900 Cedar Springs Road, the property is in proximity to Klyde Warren Park and Woodall Rodgers Freeway, which connects Interstate 35 and Interstate 45. Good Fulton & Farrell is serving as architect on the project, which is slated for completion in June 2015.
PASADENA, CALIF. – A 23,776-square-foot office building in Pasadena has sold to Markwood Enterprises, Inc. for $7 million. The office/medical office building is located at 66 Hurlbut Street. It is net leased to Pacific Clinics through June 2023. Markwood was represented by Marie Taylor and Dan Bacani of NAI Capital’s Pasadena office. The seller was Robert Leonard.
LOS ANGELES – The 16-unit Don Carlos Residences in Beverly Hills has sold to a private family trust for $6.7 million. The community is located at 132 South Bedford Drive, next to Saks Fifth Avenue. It was built in 1930. The property was recently approved for Phase I condo conversion. The buyer was represented by Michael Hanassab and Elliot Hassan of Marcus & Millichap. The seller, Christina Development Corporation, was represented by Richard Ringer of the same firm.
GRESHAM, ORE. — Furniture Connexion has signed a 22,108-square-foot lease at Burnside Commons in Gresham. The family operated furniture retailer will open a new showroom at the center, which is located at1776 NW Fairview Drive. Furniture Connexion was represented by the Stalick Company. The landlord, FMK Properties – Burnside, LLC, was represented by Jack Gallagher and Chris Schneider of NAI Norris, Beggs & Simpson.
GERMANTOWN, MD. — Cassidy Turley has arranged the $128.4 million sale of Milestone Business Park, a 635,272-square-foot office campus in Germantown. The campus features three office buildings, one flex property and sites for future development. Milestone Business Park was 85 percent leased at the time of the sale. Bill Collins, Paul Collins, Jud Ryan, Drew Flood and James Cassidy of Cassidy Turley represented the seller, Multi-Employer Property Trust, and its real estate advisor, Bentall Kennedy, in the transaction. Matan Fund IV, an affiliate of Matan Cos., purchased the 41.8-acre office park.
NORTH RALEIGH, N.C. — A joint venture between Forge Real Estate Partners III (FREP) and East Coast Acquisitions has purchased Tarrymore Square for an undisclosed purchase price. FREP is an investment fund between The Sembler Co. and Forge Capital. Tarrymore Square is a 256,805-square-foot shopping center that was 65 percent occupied at the time of sale. Tenants at the center include Walgreens, Rugged Warehouse, Rent-A-Center and Miller-Motte Technical College. The joint venture plans to renovate the shopping center and is working with a regional grocer, as well as a fashion retailer. These leases will boost occupancy to about 85 percent by year-end. The Sembler Co. will serve as the property's manager and leasing agent. This is FREP's second acquisition and its first in North Carolina. The joint venture is seeking additional grocery-anchored shopping centers throughout the Southeast.
ATLANTA — Waypoint Residential, a leading apartment investment firm based in Greenwich, Conn., has purchased Village on the Green, a 216-unit apartment complex located in Atlanta’s South Fulton submarket, for an undisclosed price. The property, which was constructed in 2004, is 93.5 percent occupied. The apartment community is Waypoint Residential’s second apartment acquisition in the Atlanta area. The company currently manages approximately 10,000 apartment units in seven states.
FORT MYERS, FLA. — Colliers International Southwest Florida has brokered the sale of the 63,515-square-foot Fairfax II office building, located at 4310 Metro Parkway in Fort Myers. The transaction closed in December 2013 and was the largest single office building sold in Southwest Florida in 2013, according to Colliers International. William Mankin and Jim Tamblyn of Colliers International Southwest Florida represented the property’s special servicer in the transaction. The buyer, Colonial Corporate Center LLC, plans to renovate and lease up the property.
JACKSONVILLE, FLA. — Crocker Partners has unveiled its new identity and capital improvements program to upgrade the former Freedom Commerce Center office park, a 54-acre campus located on the southwest corner of Baymeadows Road and Interstate 95 in Jacksonville’s Butler Corridor. The 752,154-square-foot office park will be known as Prominence. Crocker Partners has also hired Kaycee Gardner and Jesse Shimp of Jones Lang LaSalle to handle the property’s leasing efforts. Crocker plans to spend several million dollars in upgrades to the park, including renovations for the building signage, lobbies, restrooms, elevator cabs, lighting fixtures and parking lots. Current tenants include Chase Bank, ING Financial Services and Incomm.
ELGIN, ILL.— Chicago-based real estate investment firm Bridge Development Partners LLC has sold its 319,043-square-foot industrial facility in suburban Chicago to Boston-based TA Associates for $20.2 million. The property, which is located at 2700 Alft Lane at Randall Crossings Business Park in Elgin, features 30-foot clear ceiling heights. Jeff Devine and Steve Disse of Colliers International, as well as Ken Franzese and John Cassidy of Lee & Associates, represented Bridge and its capital partners, Wanxiang America Real Estate Group and Hunt Realty Investments Inc., in the transaction.