VIRGINIA BEACH, VA. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Courthouse Marketplace, a 106,863-square-foot shopping center located in Virginia Beach, for $16.1 million. Harris Teeter anchors the property, which includes other tenants such as The UPS Store, Great Clips and Wendy’s. The property is located across the street from the Municipal Center and Courthouse Complex. Additionally, Phillips Edison-ARC has recently purchased two other grocery-anchored shopping centers: The Fresh Market Shopping Center in Normal, Ill., and Pioneer Plaza in Springfield, Ore.
RALEIGH, N.C. — Federal Capital Partners has purchased Tree Top Apartments, a 206-unit apartment community located at 1328 Steinbeck Drive in Raleigh. Federal Capital purchased the garden-style community for $10.5 million. The property’s amenities include a clubhouse with a club room and fitness center, a playground, volleyball court, lighted tennis court and swimming pool. Brandon Whitesell and Alex Brown of Cushman & Wakefield represented the seller in the transaction.
STOCKBRIDGE, GA. — The LaSalle Group has broken ground on Autumn Leaves of Stockbridge, a 26,000-square-foot memory care facility located at 100 Monarch Village Way in Stockbridge. The $10 million property is the first stand-alone memory care facility in Henry County. The LaSalle Group partnered with Silverado Interests and OmniAmerican Bank for the project. The memory care facility is expected in open in the summer of 2014.
CHARLOTTE, N.C. — HFF has closed on the sale of The Apartments at Blakeney, a 295-unit multifamily community located in Charlotte. The property is the first apartment community to close in a seven-asset, Class A multifamily portfolio that HFF marketed on behalf of the owner, Northwood Raven and its affiliates. Associated Estates Realty Corp. purchased The Apartments at Blakeney and expects to close on the balance of the portfolio in stages through the fourth quarter of 2014. Jason Nettles, Matthew Lawton and Mark Gibson of HFF represented the seller in the transaction.
BIRMINGHAM, ALA. — Johnson Capital has arranged $16.6 million in refinancing for Brook Highland Place Apartments, a 400-unit community located in southeast Birmingham. The garden-style complex is located on Meadow Drive, and approximately 75 percent of the units have been renovated in the past five years. Darren Fisk of Johnson Capital’s Denver office arranged the Freddie Mac loan through Prudential Affordable Mortgage Co. on behalf of the borrower, a West Coast-based apartment REIT, which owns 27 multifamily properties. The seven-year loan has a fixed interest rate of 3.5 percent with a 30-year amortization schedule.
CHICAGO — Grosvenor Americas has sold a 126,000-square-foot retail building at 830 North Michigan Ave. in Chicago’s Magnificent Mile shopping district to General Growth Properties Inc. The property sold for $166 million, according to Crain’s Chicago. The building’s tenants include Topshop, a London-based apparel retailer, which occupies 50,000 square feet on four levels. Other tenants in the building, located at the corner of North Michigan Avenue and Pearson Street, are Columbia Sportswear and Ghirardelli Chocolates. Built in 1947 and renovated in 1994, the property was acquired by Grosvenor Americas in 1993. The company owns two other properties in the Chicago metropolitan area — Rice Lake Square in Wheaton and Church Street Plaza in Evanston.
CHICAGO — The Tile Shop, a specialty retailer of manufactured and natural stone tiles, will open a new 13,000-square-foot retail store along the Clybourn Corridor in downtown Chicago. The new location, the ninth retail store for The Tile Shop in the Chicago area, will feature up to 2,000 products and be located in Blackhawk on Halsted, a mixed-use property located at 1460 N. Halsted St. Blackhawk on Halsted is a 225,000-square-foot property featuring healthcare businesses such as Town and Country Pediatrics and Northwestern Memorial Hospital. The property is home to The British School of Chicago, a private school with 750 students, and the only REI retail store in the city of Chicago. The Tile Shop has partnered with Structured Development, the developer of Blackhawk on Halsted, to develop the new store on the ground floor of the mixed-use development. The new Lincoln Park Tile Shop location is expected to open in mid-February 2014. Construction on the space will begin in December. The project will be led by general contractor Power Construction and architecture firm Valerio Dewalt Train Associates.
ITASCA, ILL. — ARC Property Investment LLC has purchased a 40,134-square-foot flex building located at 150 Spring Lake Drive in Itasca, a western suburb of Chicago, for $2.3 million. Jeff Janda and Jim Planey, both principals, and Mike Plumb, senior vice president at Lee & Associates of Illinois LLC, represented the seller, Spring Lake Partners. Joe Karmin of Newmark Knight Frank Epic, represented the buyer in the transaction.
BROOKFIELD, WIS. — TekSystems, an information technology staffing firm, has signed a lease for 10,622 square feet of office space in Brookfield, a western suburb of Milwaukee. TekSystems new office is located at 13935 Bishop’s Drive. Pinnacle Property Holdings is the landlord. David Barry of Cassidy Turley Barry represented TekSystems in the lease transaction.
NEW YORK CITY— Pontiac Land Group of Singapore has joined Hines and Goldman Sachs in the ownership of 53 W. 53rd Street, a 72-story residential condominium development adjacent to the Museum of Modern Art (MoMA) in New York City. In addition to its equity investment, Pontiac Land secured $860 million of construction financing to be funded by a consortium of Asian banks. The 750,000-square-foot tower, designed by Pritzker Prize-winning architect Jean Nouvel, will house 145 high-end condominium residences, designed by architect Thierry Despont. Additionally, the building’s lower floors will include 36,000 square feet of new exhibition spaces distributed over three floors, designed for MoMA by architects Diller Scofidio + Renfro. Hines and Goldman Sachs acquired the 18,000-square-foot site, located between 53rd and 54th streets just west of MoMA, for $125 million from the museum in 2007. Construction is slated to begin in mid-2014, with initial occupancy expected in late 2018.