GREENSBORO, N.C. — HREC Investment Advisors has arranged the sale of a 116-room Sleep Inn in Greensboro. The hotel is located at the intersection of Interstate 40 and Route 62 near the Piedmont Triad International Airport, University of North Carolina-Greensboro and Greensboro Coliseum. Monty Levy, Ketan Patel and Scott Stephens of HREC Investment Advisors represented the seller, an institutional loan servicer, in the transaction.
CINCINNATI — Finance Fund has awarded $8 million in federal New Markets Tax Credit (NMTC) financing for the construction of University Station, a $53 million mixed-use development near Xavier University in Cincinnati. The project has been in development for six years and includes retail, residential units, office space and parking plus the infrastructure needed for future phases. Phase I is a 15-acre mixed-use project near Xavier University's campus that will be completed by August 2014. This phase includes 176 student housing units, 39,000 square feet of retail, 46,000 square feet of office and more than 1,000 parking spaces. The University Station site is owned by Xavier University and will be developed in collaboration with Messer Construction and Ackermann Group. Finance Fund is one of five participating community development entities providing federal NMTC allocations. The other four are Cincinnati Development Fund, Enterprise Community Investment Inc., The Community Builders Inc. and US Bank Community Development Corp.
ELGIN, ILL. — Marcus & Millichap has arranged the $1.1 million sale of 308 Kathleen Drive, a 12-unit apartment building and 314-318 Kathleen Drive, two six-unit apartment buildings in Elgin. Andrean Angelov and Ryan Engle, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. The properties include two-bedroom/one-bathroom units and one storage space per unit.
BRIDGEVIEW, ILL. — Menasha Packaging has signed a 166,683-square-foot lease in Bridgeview, a southwest suburb of Chicago. The industrial property is located at 7770 West 71st St. Patrick McCaffrey and Rob Wheeler with Cresa Partners represented Menasha in the transaction. Steve Connolly and Chris Gary of NAI Hiffman’s Industrial Services team represented the landlord, ML Realty Partners. Menasha Packaging specializes in creating graphic packaging and merchandising products for retail, food and pharmaceutical applications.
NEW YORK CITY — Vornado Realty Trust has agreed to sell 866 United Nations Plaza, a 360,000-square-foot office building in Manhattan, for $200 million. The New York-based real estate investment trust did not disclose the buyer’s information for the 38-story building, which occupies an entire square block between 48th and 49th streets, First Avenue and F.D.R. Drive. However, Crain's New York Business reported the buyer was a venture between real estate investors Meadow Partners and United Realty Partners. Major tenants at the building include the consulates of Chile, Finland, the United Nations Office of Foreign Missions and law firm Fross, Zelnick, Lehrman & Zissu. Vornado says the sale of the building will result in net proceeds of about $146 million, after repaying existing debt and closing costs. The sale is slated for completion by the end of the year.
NEW YORK CITY — SL Green Realty Corp. and partner Jeff Sutton have formed a venture that has acquired a 49-year leasehold interest for the entire retail portion of 650 Fifth Ave. in Manhattan. The investment provides the SL Green/Sutton partnership with control of the building’s basement, grade-level, second- and third-floor retail spaces that are currently occupied by Juicy Couture, Godiva Chocolate and Devon & Blakely. Former U.S. Magistrate Judge Kathleen A. Roberts was the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Avenue Co. David Green from Cushman & Wakefield acted on behalf of the property owner.
MILFORD, MASS. — An affiliate of Capital Senior Living Corp. has purchased the 87-unit Whitcomb House, an assisted living and memory care community in suburban Boston. The property includes three interconnected buildings totaling 48,565 square feet. The community features 66 assisted living beds and 21 memory care beds and is approximately 97 percent occupied. Situated on 9.3 acres, Whitcomb House is located at 245 West. St. in Milford. Allen McMurtry, executive managing director at Cassidy Turley, represented the seller, a local owner who developed and managed the property.
PHILADELPHIA — CBRE Group Inc. has arranged the $2 million sale of 2120 S. 23rd St. in Philadelphia. Dollar General occupies the 11,685-square-foot building under a 10-year net lease, with two five-year option periods. The building, which was constructed in 1920 and fully renovated in 2012, includes a new roof with a 20-year warranty. Elli Klapper and Charles Berge of CBRE arranged the transaction on behalf of the seller.
FORT WORTH, TEXAS — Full-service real estate firm Lockard and partner Moriah Real Estate Co. held the grand opening for The Shoppes at Renaissance Square, a $75 million retail center in southeast Fort Worth. Located along East Berry Street between Mitchell and Vaughn boulevards, the 400,000-square-foot development is anchored by Walmart and houses other tenants such as 7-11, McDonald’s, Jack in the Box, Marshalls and Shoe Carnival. Lockard maintains leasing duties for the property.
THE WOODLANDS, TEXAS — Whole Foods Market plans to break ground this month on a new 40,000-square-foot location at Hughes Landing, a development of The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company. Expected to open in 2015, the store will be located off Lake Front Circle near the Lake Woodlands Drive intersection and will feature adjacent surface parking. The larger Hughes Landing development includes office, hotel and multifamily uses in addition to retail. Tim Hughes of The Falcon Companies represented Whole Foods in the deal, while Howard Hughes was internally represented by Mike Zoob and Rip Reynolds.