SHEPHERDSVILLE, KY. — Dermody Properties has commenced construction on LogistiCenter at I-65, a 631,336-square-foot industrial development located in Shepherdsville, about 15 miles south of downtown Louisville. The property will be located at 972 Conestoga Parkway in the Settlers Point Business Park. The development will feature 36-foot clear ceiling heights, T-5 lighting and 2,000 linear feet of exposure on I-65.
CHESTERFIELD COUNTY, VA. — Norfolk, Va.-based Robinson Development Group has plans to break ground on a new Class A, luxury apartment community in Chesterfield County in the fourth quarter. The new community will be located on Charter Colony Parkway within the 725-acre, mixed-use CenterPointe development near the Bon Secours St. Francis Medical Center, about 16 miles west of Richmond. Hank Boyd of BB&T's Norfolk office originated construction financing for the project, which is slated to open in fall 2014. The project is a joint venture between Robinson Development and Drucker & Falk, which will provide leasing and management services for the facility. This will be the joint venture's second apartment project.
SPARTANBURG, S.C. — Marcus & Millichap has brokered the $4.8 million sale of Timber Creek, a 116-unit apartment community located at 501 Camelot Drive in Spartanburg. The community was built in 1972 and renovated in 2008. Timber Creek was 98 percent occupied at the time of sale. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller and the buyer, both limited liability companies, in the transaction.
MINNEAPOLIS — The Opus Group has completed the construction of a new student housing and retail complex, The Station on Washington in Minneapolis near the University of Minnesota. The 97-unit property includes 156 bedrooms and approximately 11,000 square feet of ground-floor retail. Walgreens, occupying 7,000 square feet, opened in mid-August and Haiku Sushi will occupy about 4,000 square feet later this month. Amenities at the complex include private underground parking, top-floor clubroom with televisions, shuffleboard and views of downtown Minneapolis. Opus Development Co. LLC served as the developer and Opus Design Build was the contractor. Minneapolis-based Elness Swenson Graham Architects Inc. was the project architect, and Opus AE Group LLC managed the structural engineering and interior design.
MONTGOMERY, ILL. — Shaker and Associates Inc., an Oak Park, Ill.-based investment real estate company, has sold Holly Ridge Apartment Complex in Montgomery for $5 million. A privately held investment group purchased the property in an all-cash transaction. The multifamily property is located about 50 miles west of Chicago. The 96-unit apartment complex includes four buildings situated on six acres. The community also features 80 two-bedroom units, 16 one-bedroom units and 76 garages.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 729 Oakdale, a 23-unit apartment property in Saint Paul, for $1.2 million. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. The buyer was a private investor.
CHICAGO — Sperry Van Ness has completed the $1.4 million sale of a mixed-use property in the heart of Chicago's Andersonville neighborhood. The building, located at 5356-58 N. Clark St., is fully leased and includes four apartments and four retail stores. Wayne Caplan of Sperry Van Ness LLC represented the seller in the transaction.
HARRISBURG, PA. — Marcus & Millichap Capital Corp. has arranged a $11.7 million loan for the refinancing of Campus Heights, a student housing property located near Penn State University in Harrisburg. The 10-year loan includes a 30-year amortization schedule and carries a 4.1 percent interest rate. Campus Heights is located at 277 W. Main St., about 0.2 miles from Penn State’s campus. Rent begins at $595 per month for a one-bedroom unit.
MANSFIELD, MASS. — Fantini & Gorga has arranged $3.7 million in permanent first mortgage financing for Rumford 214 Lofts in Mansfield, located about 34 miles south of Boston. Rumford Management LLC, an affiliate of Crugnale Properties, was the borrower. Casimir Groblewski, managing director at Fantini & Gorga, represented the client and arranged the financing. A Massachusetts-based financial institution was the lender. Rumford 214 Lofts is a newly completed multifamily property located next to Mansfield’s commuter rail station. Annino Inc. designed the property, and The Reskon Group of Boston provided construction management services. The four-story building includes 24 loft-style, two-bedroom units and 4,000 square feet of first-floor retail space.
NEW YORK CITY — Colliers International has arranged a 15-year lease at 469 Seventh Ave. with the City of New York leasing 66,800 square feet in the building as part of a large relocation. The multiple-floor space will serve as administrative offices and meeting rooms for the New York City Police Department’s Manhattan south traffic enforcement division. The city agency will occupy part of the ground floor, including a private entrance and elevators, as well as the entire second, third and fourth floors and part of the sixth floor. The 267,000-square-foot office building is situated at the southeast corner of West 36th Street, with access to transportation, including Penn Station and the Port Authority Bus Terminal. The agency is slated to move into its new space in January 2014. Eric Meyer and Marty Meyer and Dan Shavolian of Foremost Real Estate own the building. Keith Cody, John Morrill and Doug Holowink of CBRE Group represented the city of New York in the transaction.