MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $18.1 million sale of a seven-property retail portfolio in Miami Beach's South Beach neighborhood. The portfolio totals 43,000 square feet and includes six properties on the Alton Road corridor and one property at Collins Avenue and 73rd Street. The tenants include Panera Bread, Papa John's Pizza, Alex Linens, Beach Food Market, Lambs Laundry, Nu Art Signs and Provecho Bistro Latino. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, Twin City Realty LLC, and the buyer, a local family trust, in the transaction.
LITHIA SPRINGS, GA. — Blanchard & Calhoun Commercial, a real estate development and brokerage firm based in Augusta, Ga., has arranged the sale of Paradise Crossing, a 67,470-square-foot shopping center in Lithia Springs, located about 17 miles west of Atlanta, for $9 million. The property is situated at the intersection of Lee and Fairburn roads (Highway 92). Publix anchors the center, which is 95 percent leased to a mix of local, regional and national tenants. Ryan McArdle, Steve Collins and David Rivers of Blanchard & Calhoun Commercial represented the buyer, a public non-traded REIT, in the transaction. The retail REIT purchased the center from The Simpson Organization.
ORLANDO, FLA. — The Boulder Group, a net leased investment brokerage firm based in suburban Chicago, has arranged the sale of a single-tenant CVS/pharmacy, located at 1201 E. Colonial Drive in Orlando, for approximately $2.7 million. CVS/pharmacy is the sole tenant of the 10,767-square-foot property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private individual based on the East Coast, and the seller, a private individual based in the Midwest.
BIRMINGHAM, ALA. — NorthMarq Capital has arranged approximately $1.6 million in first mortgage refinancing for the Omega Health Building, a 10,000-square-foot medical office building located at 250 State Farm Parkway in Birmingham. Jeff Robertson of NorthMarq Capital arranged the two-year loan with a three-year extension option through a regional bank.
DES MOINES, IOWA — Hubbell Realty Co. has broken ground on Phase I and Phase II of the $14.8 million Broadway Heights, a 155-unit mixed-income multifamily property in northern Des Moines. Phase I of the project includes 90 market-rate units within three buildings, as well as a clubhouse. Phase II of Broadway Heights includes 65 affordable housing units within two buildings. The apartment community is located at 4216 N.E. 50th St. near the intersection of US-65 and US-6/Hubbell Avenue. Community amenities will include a community room, fitness centers, dog park, business centers and playground area. Hubbell Construction Services is the builder. Apartment homes will be available in summer 2014.
OMAHA — Q10 | Daisley Ruff Financial has arranged $5 million in financing for Parkwood Terrace Apartments, a 126-unit apartment complex in Omaha. The 20-year loan includes a 4.25 percent fixed interest rate. Roger Porter of Q10 | Daisley Ruff Financial secured the financing. The borrower plans to use the funds to recapitalize on Parkwood Terrace Apartments. The apartment community is located at 1015 S. 78th St. and includes one- and two-bedroom floor plans.
CHICAGO — Children’s Learning Place has signed a 12,260-square-foot lease for first-floor space at 3532 N. Halsted St. in Chicago. The 15-year lease is valued at more than $4.8 million, according to Jameson Commercial LLC, which represented the landlord in the lease transaction. Children’s Learning Place provides early childhood and preschool education for families in its existing locations in Wicker Park, Logan Square and downtown Chicago. This new Lakeview facility, which is slated to open in mid-2014 after a planned remodeling project estimated at more than $1.5 million, will accommodate approximately 140 children. Noah O’Neill of RN Realty represented Children’s Learning Place. Chris Irwin, senior vice president of retail sales & leasing at Jameson Commercial represented the landlord.
CHICAGO — Water Tower Realty Management has secured four leases at two of its commercial properties in Chicago. Three of the four leases are for office space at 415 N. LaSalle St., a 68,000-square-foot loft building in Chicago’s River North neighborhood. Larry Cohn, senior broker, and Lindsay Guhl, broker at @properties Commercial arranged the leases for Water Tower Realty. 1060 Capital Management LLC, an investment management firm, signed a three-year lease for 1,475 square feet of space in the building. David Burkards, senior vice president for MB Real Estate, represented the tenant in the transaction. Bialow Real Estate LLC, a full-service real estate consulting firm, also signed a three-year lease for 1,475 square feet of space. Cohn was the sole broker in the transaction. Hartland Mortgage Centers, a mortgage company with locations throughout the U.S., opened its new Chicago office in the building after signing a three-year lease for 1,400 square feet of space. Cohn was also the sole broker in the transaction. Whitney Abrams Jewelry Inc. signed a three-year lease for 840 square feet of retail space at 1 E. Superior St., in Chicago’s River North neighborhood. The custom jewelry designer moved from its previous location at 9 E. …
GLOUCESTER TOWNSHIP, N.J. — Kärcher North America has signed a 130,930-square-foot warehouse lease at 500 University Court in Blackwood, a community within Gloucester Township. Remaining in Blackwood, Kärcher’s relocation to the 275,930-square-foot building will double its amount of space. Kärcher North America is a manufacturer of commercial, industrial and consumer cleaning equipment, with manufacturing and distribution facilities throughout the country. The company’s new space will feature 10,000 square feet of office, 24-foot ceilings, 16 tailgate loading doors and one oversized drive-in door. Marc Isdaner, senior vice president and principal of the Colliers International’s Southern New Jersey office represented Kärcher in the transaction. NAI Mertz represented the landlord.
MILFORD, CONN. — Washington Trust’s commercial real estate group has provided $4.3 million in acquisition financing to Metro 100 LLC for a mixed-use property in Milford. Located at 100-102 Lansdale Ave., 10 miles south of New Haven, the property includes 23 apartment units and 20,808 square feet of retail space. Proceeds from the loan will be used to make enhancements to the property.