ORLANDO, FLA. — CBRE Capital Markets has arranged acquisition financing for Northgate Lakes, a 710-bed student housing community located adjacent to the University of Central Florida in Orlando. Steve Roth and Ben Roelke of CBRE Capital Markets arranged the loan through a life insurance company on behalf of the borrower, Campus 150 Venture LLC, a joint venture between principals of Campus Advantage and a state pension fund. CBRE also arranged acquisition financing for VUE on University in Fort Worth, Texas, and refinancing for Zaragon Place in Ann Arbor, Mich. The three loans totaled more than $64.6 million.
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KANSAS CITY, MO. — Diversified Asset Management (DAMCO) has purchased Highland Tower, a 116,566-square-foot office building located at 6724 Troost Avenue in Kansas City. Formerly a hospital, the property will be repurposed for mixed use. DAMCO expects the new community to consist of approximately 300 units in studio, one- and two-bedroom layouts. Matt Ledom of Block Real Estate Services represented the buyer, while Aaron Mesmer and Bruce Johnson, also of Block, represented owner Cadles.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily property in Toledo, for $2.7 million. Located at 1435 Bernath Parkway, the apartment community offers one-, two- and three-bedroom options. Harlan Reichle and Walter Plath of Reichle Klein represented the seller, Pine Tree Apartments LLC.
CHICAGO — McShane Construction Co. has completed the rehabilitation and renovation of Borinquen Bella Apartments in Chicago’s Humboldt Park neighborhood. The work included both exterior and interior improvements for a total of 47 units and 62,896 square feet across four buildings, all owned by the Latin United Community Housing Association. Funding for the project, which was planned by Landon Bone Baker Architects, was made possible in part through Low-Income Housing Tax Credits and Housing and Urban Development funds.
CAMBRIDGE, MASS. — Skanska has signed a $130 million contract with Novartis for the expansion of its pharmaceutical research campus in Cambridge, about three miles west of Boston. Novartis, a pharmaceutical company based in Basel, Switzerland, is an existing client of Skanska. The initial work on the project began in 2012 and the expansion will be completed in 2015.
NEW YORK CITY — In a two-part transaction, Colliers International has arranged the relocation of The Albert Ellis Institute, a nonprofit psychotherapy training institute, from the Upper East Side to Midtown South. In the first transaction, Colliers arranged the sale of The Albert Ellis Institute headquarters, a six-story townhouse located at 45 E. 65th St., to a private buyer. The building is located between Madison and Park avenues. In the second transaction, Colliers arranged an 8,000-square-foot sublease on behalf of the institute at 145 E. 32nd St., a 102,000-square-foot medical office building in Midtown South. Eric Meyer and Marty Meyer of Colliers International Tri-State own the office building. The institute sublet the entire ninth floor from Ameripath, a subsidiary of Quest Diagnostics. Keith Cody of CBRE represented Ameripath in the sublease.
LOGAN TOWNSHIP, N.J. — Marcus & Millichap has arranged the sale of a new 70,000-square-foot refrigerated food storage and distribution building, located within the LogistiCenter business park at 1155 Commence Blvd. in Logan Township, 12 miles south of Philadelphia. The facility is triple-net leased to Albert's Organics/United Natural Food Inc. John Glass and Scott Pertel of Marcus & Millichap's San Francisco office represented the seller in the transaction. The buyer was a New York-based publicly traded REIT. Michael Fasano of Marcus & Millichap also provided representation in the transaction.
SOUTHLAKE — Forest Park Medical Center Southlake, an $82 million project of Ascension Group Architects and Adolfson & Peterson Construction, has opened with 54 beds and 12 operating rooms. Approximately 25 miles northwest of Dallas, the facility totals three floors and 141,700 square feet. Plans call for an additional 80,000-square-foot attached medical office building as well as Silver LEED certification. LandPlan Development and the Neal Richards Group were the developers of the property, located on the south side of State Highway 114.
LAREDO — Construction firm Brasfield & Gorrie has completed the South Texas Border Intelligence Center, a 7,300-square-foot facility that will provide administrative offices and communication services for about 20 U.S. and Mexican government agencies. The U.S. General Services Administration for U.S. Customs and Border Protection, a division of the Department of Homeland Security, funded the $3.5 million project. Local materials were used in the construction of the building in an effort to reduce shipping and transportation expenses, and sustainable features such as low-flow plumbing fixtures and high solar reflective roof have also been implemented.
KELLER — Capital Square Realty Advisors LLC has acquired a 43,801-square-foot retail property in the northern Fort Worth suburb of Keller. The facility, which currently houses a 24 Hour Fitness Super Sport, is located at 5901 Golden Triangle Boulevard and boasts 239 parking spaces. Constructed in 2008, the location sports amenities such as a full-sized basketball court, group exercise rooms, indoor lap pool, whirlpool, racquetball court and sauna.