HOMEWOOD, ALA. — Marcus & Millichap has brokered the sale of The Hill Apartments, a 122-unit apartment community located at 1840 Oxmoor Road in Homewood, a suburb of Birmingham. The community sold for approximately $22.9 million, or about $187,500 per unit. The Hill Apartments are located near the new City Hall. Patrick Jordan and Eddie Greenhalgh of Marcus & Millichap represented the seller, a local property owner, in the transaction. Jordan also represented the New Jersey-based buyer. The Hill Apartments were built in 2012 and feature a gated entry, saltwater swimming pool, gazebo, outdoor kitchen, 24-hour fitness center, and a coffee shop/business center.
BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has arranged the sales of two Birmingham apartment complexes for a total of $21.1 million. The communities include the 256-unit High Pointe and the 250-unit Brookstone. Jimmy Adams of MHA represented the seller, Ruffner Mountain, in both transactions. A limited liability company based in Michigan purchased the two communities.
JACKSONVILLE, FLA. — Namdar Realty Group has purchased the Jacksonville Regional Shopping Center, a 220,000-square-foot retail property located at 3000 Dunn Ave. in Jacksonville. The shopping center is 85 percent leased to tenants such as Winn Dixie, JC Penney, Payless Shoe Source, Cato, Hibbett Sporting Goods and GNC. CBRE represented the seller, DDR Corp., in the transaction. Namdar Realty Group was self-represented by Joel Gorjian.
KEY LARGO, FLA. — Meridian Capital Group LLC has arranged $10.1 million in acquisition financing for the Ocean Reef office property, located at 31 Ocean Reef Drive in Key Largo. Tenants at the office property include Bank of America, Northern Trust, The UPS Store and the local government. Noam Kaminetzky of Meridian Capital Group’s Boca Raton, Fla., office arranged the seven-year loan through a local portfolio lender on behalf of the borrower, a foreign sponsor. The loan includes a fixed interest rate of 3.95 percent and a 25-year amortization schedule.
DETROIT —Rock Ventures and its real estate arm, Bedrock Real Estate Services, have purchased two mixed-use properties in downtown Detroit totaling 84,000 square feet. The properties are located at 1505 Woodward Ave. and 1265 Griswold St. The eight-story, 48,000-square-foot building at 1505 Woodward was designed by renowned architect Albert Kahn and built in 1931. Its original tenant was the Richman Brothers clothing store. The six-story, 36,000-square-foot 1265 Griswold building was built in 1897 by architectural firm Spier & Rohns. Bedrock Real Estate Services brokered the acquisitions and will oversee renovations, management and leasing of the currently unoccupied spaces.
LENEXA, KAN. — Darland Construction Co. has begun construction on the new Renner 89 @ City Center Lenexa, a 20,000-square-foot mixed-use complex in suburban Kansas City. The two-story development will feature retail and restaurant space on the first floor, while the second floor will include a conference center and meeting rooms for global enterprise software provider Perceptive Software. Kansas City-based Copaken Brooks is the developer, and Klover Architects is providing design services.
MENDOTA HEIGHTS, MINN. — The Opus Group has completed the new 96,000-square-foot student activities center for Saint Thomas Academy in Mendota Heights, a southeast suburb of Minneapolis. Named Vincent J. Flynn Hall, the new facility provides spaces for art and music, academics and athletics. The athletics areas include a competition gymnasium seating more than 1,300 and an auxiliary gymnasium. The facility also features a large meeting room, health education classrooms, weight room, locker room and office space for coaches and physical education instructors. A two-story structure connects the new athletic facility to the school’s existing main building and includes a main entrance and lobby, classrooms and a school bookstore on the ground level. The upper level houses fine arts space with a band and choir suite, and a new art and multimedia room. Opus completed the project in August.
WESTMONT, ILL. — Centene Corp. has signed a 40,521-square-foot office lease renewal and expansion at 999 Oakmont Plaza Drive in Westmont, about 22 miles west of Chicago. The 117,841-square-foot One Oakmont Plaza is a Class A, six-story office building that includes amenities such as covered parking, a new deli, tenant lounge and conference facility. Patrick Kiefer and Jud Henry with NAI Hiffman’s office services group represented the building’s owner, Sun Life Assurance Co. of Canada, in the transaction. Scott Bazoian of Cassidy Turley in St. Louis represented Centene Corp., a healthcare service provider.
MARLBOROUGH, MASS. — Colliers International has arranged $60 million in bridge financing for 200 Forest St., a 527,580-square-foot office building in suburban Boston. The research and development facility is located adjacent to Interstate 495 in the Forest Street Office Park in Marlborough. 200 Forest Street is part of the 109-acre former Hewlett-Packard campus acquired vacant by the Atlantic Management in 2011. Atlantic plans to use the loan to reposition and redevelop the property into a Class A, mixed-used development and pay off the original acquisition financing. Plans for the mixed-use project include the redevelopment of two existing office buildings; 350 units of multifamily housing; a 150-key hotel; and up to 75,000 square feet of retail. A state-of-the art diagnostic lab facility is currently under construction at 200 Forest St. for the property’s first tenant, Quest Diagnostics. Dave Douvadjian, Tom Welch and Brian Gaswirth led the Colliers’ Boston-based capital markets team in the transaction.
NEW YORK CITY — DelShah Capital LLC has purchased 100-102 Christopher St. in the West Village neighborhood of Manhattan for $26.8 million. The 21,849-square-foot, five-story white brick building includes 37 apartments. Recently renovated units feature new hardwood floors, kitchens with stainless steel appliances, marble baths and washers and dryers. The property also includes three ground-floor retail spaces, occupied by high-end clothing company Rag & Bone. The sellers were Jeffrey Kaye and Robert Morgenstern of Stone Street Properties, who purchased the building in 2011. Recent work to the property included renovation of the lobby, boiler room and common hallways.