BUCKNER, KY. — Monmouth Real Estate Corp. has acquired a 558,600-square-foot industrial building located at 4555 W. Highway 146 in Buckner for $27 million. The property is within the Louisville MSA. Monmouth purchased the facility from Atlanta-based Industrial Development International (IDI), the developer of the industrial building. The property is net-lease for 20 years to Ralcorp Holdings Inc., a division of ConAgra Foods.
Property Type
CORAL GABLES, FLA. — Marcus & Millichap has brokered the sale of the retail, office and parking portion of 55 Miracle Mile, a mixed-use development in Coral Gables. The portion of the trophy asset sold for approximately $26.8 million. The retail and office portion totals 65,242 square feet and is 90 percent occupied by Ben & Jerry’s, Cibo Wine Bar, HSBC and Tarpon Blend. The parking garage features 400 spaces and is open to the public. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale, Fla., office, along with Benjamin Silver of the firm’s Miami office, represented the seller, CF Miracle Mile LLC, in the transaction. CGI Merchant Group purchased the asset.
ATHENS, GA. — CBRE’s Atlanta Private Capital Group has arranged the sale of the West Washington Building, a 40,818-square-foot mixed-use property in downtown Athens, two blocks north of the University of Georgia campus. The property is LEED Gold certified and features 12,882 square feet of ground-level retail space, 27,936 square feet of penthouse office space and five levels of deck parking in between the office and retail components. The parking portion is owned by the city of Athens was not included in the sale. The 88 percent-leased property sold to a private investor based in the Southeast.
CUMMING, GA. — Prudential Mortgage Capital Co. has provided a $25.3 million Fannie Mae loan for Preston Pointe at Windmere, a 346-unit apartment community in Cumming. The apartment community is in the Alpharetta/Cumming submarket and is located near the Windermere Golf Club. Brian Salyards of Prudential’s Boston office arranged the seven-year loan with a fixed interest rate for Milestone Apartments REIT.
OCOEE, FLA. — Morgan Property Group LLC has acquired a 20-acre lot at the southwest corner of Ocoee Apopka Road and Ocoee Crown Point Parkway in Ocoee. The site will house a proposed mixed-use development that will consist of residential and retail components. Morgan Property purchased the land through affiliate Ocoee Land Trust from Redus Florida Land LLC, an affiliate of Wells Fargo.
ROCK ISLAND, ILL. — Meridian Design Build’s national projects group has broken ground on a 189,926-square-foot package sorting and distribution center in Rock Island. Meridian is building the facility for Indianapolis-based Scannell Properties. The property will feature 8,259 square feet of office, 59 loading docks, 193 exterior trailer stalls and 160 van storage spaces. A separate security building and fenced enclosure will provide controlled access to the facility. Michael Winger, director of the Meridian’s national projects group, leads the company’s project team. Precept Design LLC is providing architectural services, and civil engineering work is being completed by Shive-Hattery. Rock Island is part of the Quad Cities region bordering Illinois and Iowa and is located 1.5 miles south of Davenport, Iowa.
FENTON, MO. — KP Development, a St. Louis-based build-to-suit developer, has agreed to purchase the former Chrysler assembly plant in Fenton, located about 20 miles southwest of Fenton. KP plans to redevelop the 294-acre site into new industrial and office spaces. Specific details about the proposed development were undisclosed. Local, state and federal officials have been trying to attract a buyer for the plant site since Chrysler closed its operations there in 2009, according to KP Development.
MACOMB TOWNSHIP, MICH. — Bernard Financial Group has arranged a $2 million loan on behalf of Retail Works Funding LLC for Mill River Marketplace, an 11,440-square-foot retail property in Macomb Township. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Starwood Mortgage Capital LLC was the lender. The shopping center is located at the intersection of Hall and Garfield roads, about 30 miles north of Detroit.
CHICAGO — Reed Construction has been selected for a 22,000-square-foot tenant build-out at 100 N. Riverside Plaza in Chicago on behalf of new tenant, Carroll McNulty & Kull. The law firm is opening a new office in Chicago and has selected the 770,000-square-foot, 36-story, Class A office property in Chicago’s West Loop for its new location. The build-out will include new stone flooring at the reception area, carpet and paint throughout, updated millwork at three pantries and upgraded washroom facilities. Bryan Krueger, project executive, and Steve Sandquist, project manager are leading the construction team for Reed. Interior Architects is providing design services. Cushman & Wakefield is acting as the owner’s representative. Construction is slated for completion in January 2014.
BROOKLINE, MASS. — Clarion Partners has acquired 10 Brookline Place, a 173,439-square-foot office building in Brookline, for $121 million. The six-story building serves as the southwest gateway to the Longwood Medical and Academic Area, a large medical campus that includes Harvard teaching hospitals in Boston. Clarion purchased the property from Invesco Real Estate. The Dana-Farber Cancer Institute anchors the building. The cancer treatment center has occupied space at the property since 2001. Eastdil Secured arranged the transaction.