CARLISLE, IOWA — Hubbell Realty Co. has broken ground on Danamere Village Townhomes, a rental townhome community located at 840 Bellflower Drive in Carlisle. The projected $5.8 million development will include 44 townhomes within 22 duplexes. Each two-story townhome will feature three bedrooms and two-and-a-half baths with a one-car garage. The townhomes will also include contemporary interiors, open living areas, large master suites with private bathrooms and walk-in closets and in-home washers and dryers. Hubbell Apartment Living will manage Danamere Village Townhomes. Hubbell Construction Services is building the community, which will be completed in fall 2014. Carlisle is located about 13 miles southeast of Des Moines.
CLEVELAND, OHIO — Marcus & Millichap has arranged the $11.8 million sale of the Melrose Portfolio, a five-property manufactured housing portfolio. Four communities are located in Ohio and one is in New York State. The sales price equates to approximately $22,736 per site. Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. UMH Properties Inc., a public equity REIT based in Freehold, Township, N.J., was the buyer. The Melrose Portfolio includes 519 developed manufactured home sites situated on approximately 200 acres. Average occupancy at the time of sale was approximately 82 percent.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $9 million loan for The Pines Apartments in Southfield. The multifamily complex consists of 100 units. The borrower was Pine Investors LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Goldman Sachs Commercial Real Estate LP was the lender. The Pines Apartments is located at 29500 Franklin Road.
CHICAGO — Data Stream LLC, a technology services company, has signed a 7,882-square-foot, long-term lease at the Chicago Board of Trade Building in The Loop neighborhood of downtown Chicago. The company plans to build and maintain a service-oriented data center at the location. Houston-based Data Stream officially entered the Chicago market in August when it signed a 1,459-square-foot lease at the Chicago Board of Trade Building to house its regional sales team. GlenStar Properties LLC and partner USAA Real Estate Co. purchased The Chicago Board of Trade Building in April 2012. Built in 1930, the 44-story building spans 750,000 square feet.
NEW BRITAIN, CONN. — Pennrose is developing The Jefferson, a 70-unit affordable seniors housing community in New Britain that is being built in conjunction with the New Britain Housing Authority. The three-story building will include residences with spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms, along with secure access entry. Modern kitchens in the units are fully equipped, including dishwashers. Eight of the apartments are handicapped-accessible, and all units have 24-hour emergency call systems in the bedrooms and bathrooms. Energy-saving features include 100 percent Energy Star appliances, solar-assisted hot water and energy-efficient, resident-controlled heating and cooling. Amenities include a community room, a fitness center, outdoor patio with picnic area and on-site laundry facilities. The first resident move-ins are expected later this month. Rents are affordable and vary depending on resident income. To live at The Jefferson, at least one member of each household needs to be age 62 or older. Philadelphia-based Pennrose, which operates more than 150 affordable, market-rate and senior residential communities in eight states, will manage the property.
NEW YORK CITY — Marcus & Millichap has arranged the $11.3 million sale of an 86,560-square-foot development site in the Flushing neighborhood of Queens in New York City. The sales price equates to $130 per buildable square foot. Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and the buyer, a local partnership. The property is located on Avery Avenue in Flushing between College Point Boulevard and 131st Street. The site features 339 feet of frontage on Avery Avenue. The property is comprised of four lots currently occupied by one-story retail stores.
WATERTOWN, MASS. — Boylston Properties and The Wilder Cos., owners of the Arsenal Mall in Watertown, have announced a new name and new look for the property. The Arsenal Project spans approximately 500,000 square feet and includes Arsenal Mall and One Arsenal Marketplace, plus several buildings housing Harvard Vanguard Medical Associates, Golfsmith and Charles River Saab. Just months after paying $81 million for the Arsenal Mall, the property's new owners have detailed $500,000 in planned upgrades, according to the Boston Business Journal. The owners recently completed Phase I of upgrades to the property, which included a new interior layout as well as upgrades to the buildings’ exterior and landscaping. The owners are now working with Watertown officials to design a redevelopment strategy that would maximize the economic impact of the project. Boylston Properties and The Wilder Cos. purchased the mall and two adjacent office buildings with Jonathan Bush Jr., CEO and co-founder of Athenahealth Inc., from Simon Property Group.
WOODLAND PARK, N.J. — Azarian Realty Co. has leased 5,500 square feet at Lenox Plaza Shopping Center in Woodland Park to two tenants. Coco Chateau, which is a retailer of gowns and dresses, signed a 4,000-square-foot lease. The retailer operates two locations in the New Jersey area. Restaurant 46 Denville Grill has leased 1,500 square feet in Lenox Plaza. The restaurant serves hot dogs, burgers, fried chicken and more. The 50,000-square-foot Lenox Plaza Shopping Center is located at 1750 Route 46 W., about 13 miles north of Newark. Golfsmith, Party City, Pizza Hut and Sleepy’s anchor the property. The Azarian Group LLC and Azarian Realty Co. currently owns, manages and leases 20 properties totaling more than 1 million square feet throughout New Jersey and New York.
GRAND PRAIRIE, TEXAS — Lee & Associates has brokered the sale of a 20,150-square-foot industrial building in the Dallas/Fort Worth suburb of Grand Prairie. The facility is located at 1610 111th St., approximately 15 miles west of downtown Dallas. Mark Graybill of Lee & Associates represented the buyer, Trident Commercial Partners. The seller, Grand Prairie Ventures, was represented internally by Sarah Hart.
DALLAS — Hudson Peters Commercial has brokered the sale of an 18,160-square-foot industrial building in Dallas. The facility, located at 12500 Schroeder Road, features two dock-high doors and two grade-level doors, as well as proximity to Interstate 635 and State Highway 75. Scott Jackson of Hudson Peters represented the buyer, G G Squared LLC, in the transaction. Stephen Cooper and Chad Albert of NAI Robert Lynn represented the seller.