BELLEVUE, WASH. – The Eating Recovery Centerhas leased 25,179 square feet at Overlake Medical Pavilionin Bellevue. The specialty medical office building is located at 116th Street N.E. on the Overlake Hospital Medical Center campus. The pavilion will house the recovery center’s newest residential program, which provides constant observation and support, medical and psychiatric care and daily therapeutic programming to patients. Other tenants at the pavilion include Proliance Orthopedics & Sports Medicine, Center for Prosthetics Orthotics and Overlake Hospital Medical Center staff. It is currently 45 percent leased. The Class A building is owned by Healthcare Realty. Leasing efforts are handled by CBRE’s Paul Carr, Steve Perovich, Tim Owens or Marcus Yamamoto.
DANIEL ISLAND, S.C. — Trade Street Residential Inc., a multifamily community owner/operator, has purchased Talison Row, a 274-unit, Class A apartment community located at 480 Seven Farms Drive in Daniel Island, for $48 million. Daniel Island is a submarket of Charleston. The community is comprised of one-, two- and three-bedroom units that include hardwood floors, private porches/balconies, washer and dryers, designer lighting, granite countertops, subway tile back splashes, stainless steel appliances and crown molding. Talison Row's amenities include a salt water pool, outdoor fireplace and grilling areas, private cabanas, sunbathing lawn, clubhouse, community garden, private covered parking, yoga studio, game room, 24-hour fitness room and an outdoor gourmet kitchen.
BALTIMORE — Cassidy Turley has arranged the sale of a 28-story, 264,126-square-foot office tower located at 201 N. Charles St. in Baltimore's central business district (CBD). Baltimore-based Blue Ocean Realty purchased the property for nearly $19.7 million. The office tower is only LEED EB Gold certified office tower in Baltimore's CBD, according to Cassidy Turley. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, Lexington Charles Limited Partnership.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $2.3 million sale of Florida Federal Plaza, a 33,147-square-foot retail property located at 850 49th St. in St. Petersburg. Save-a-Lot Grocery and Dollar General anchor the center. Moe Derbala of Marcus & Millichap's Tampa office represented the seller, a private investor, in the transaction. Derbala also secured the buyer, a private investor from Clearwater, Fla.
ATLANTA — Thorofare Capital has funded a $8.2 million recapitalization loan for a three-property multifamily portfolio totaling 420 units in the greater Atlanta area. The properties are owned by an Arizona-based distressed real estate investment and management firm. The three properties include Dwell at the View (80 percent occupied) and Dwell at 55 (67 percent occupied) in Atlanta, in addition to Dwell at 1794 (74 percent occupied) in Marietta, a northern suburb of Atlanta. The sponsor plans to use the proceeds of the loan to pay off existing debt, provide equity for a separate purchase and reserve around $900,000 for capital improvements.
KALAMAZOO, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $18 million of debt for a 240-unit student housing property in Kalamazoo, a city in southwest Michigan. The 10-year loan amortizes over 30 years at a 4.6 percent fixed interest rate with a 70 percent loan-to-value. Rick Lynn, an associate director in Marcus & Millichap’s Chicago Oak Brook office, arranged the loan.
AVON, IND. — Mainstreet Property Group has finalized the $17.1 million sale of Wellbrooke of Avon, its newly built, 100-unit seniors housing and care facility in Avon, to Toronto-based HealthLease Properties Real Estate Trust. The fully occupied facility is leased on a triple-net basis to Life Care Services. The seniors housing property includes 70 units licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 units provide assisted living services . The facility is located at 10307 E. County Road 100 North in Avon.
DANVILLE, ILL. — Fairlawn Capital, a Champaign, Ill.-based asset manager and investor in distressed and value-add opportunities in the Midwest, has purchased a 96-unit apartment complex in Danville. South Lake Apartments is located at 2730 Townway Road, about 35 miles east of Champaign. Brian Pohl, executive vice president, and Tyler Hague, associate, both of Colliers International | Chicago, represented the seller, an institutional real estate owner.
BROADVIEW AND MELROSE PARK, ILL. — NelsonHill has been named the exclusive agent for the disposition of a multi-tenant industrial portfolio including three buildings totaling more than 653,190 square feet. The properties are located in Broadview and Melrose Park, western suburbs of Chicago, and owned by Joe Reina. The first property is a 389,155-square-foot facility at 2600 S. 25th Ave. in Broadview and is occupied by 23 tenants. Built in 1966 for General Motors and renovated in 2000 and 2010, the building is 99 percent leased. At 1930 George St. in Melrose Park, the second building spans 179,300 square feet and is situated on almost six acres of land. Built in 1963 and renovated in 2010, the property has seven tenants and is 99 percent leased. The third in the portfolio is an 84,735-square-foot complex at 5109 W. Lake St. in Melrose Park. The warehouse and office building is occupied by six tenants and is 82 percent leased. Mark Nelson, Mike Nelson and Frank Melchert of NelsonHill are the listing brokers for the portfolio.
WEBSTER, MASS. — CTA Construction has broken ground on a new $36 million, 109,067-square-foot elementary school for the town of Webster, a city located in southern Massachusetts. Designed by Dore & Whittier Architects, the new school will accommodate pre-kindergarten to 12th grade students and replaces the existing 50-year-old Park Avenue Elementary School. The new school will have state-of-the-art learning spaces, as well as special educational classrooms and include flexible class space. The school construction will be completed in three phases. Phase I includes the demolition of the upper portion of the existing building, followed by construction of the new building during phase II. The final phase includes the demolition of the lower portion of the existing building once the new building is complete. The project is targeting LEED Silver certification. Construction is slated for completion in summer 2015. Collaborative Partners is serving as project manager.