LOUISVILLE, KY. — PRG Investments has arranged the sale of the 192-unit, Class C Colonial Oaks Apartments in Louisville for $4.3 million. The property is located at 101 Colonial Oaks Court in southern Louisville off Southside Drive. Reed Weinberg and Fred Sutterlin of PRG Investments represented the seller, New York City-based Intervest Bank, in the transaction. Multifamily owner and manager Goldin Management acquired the property from Intervest Bank.
RALEIGH, N.C. — KBS Realty Advisors, a commercial real estate investment advisor firm based in Newport Beach, Calif., has signed pharmaceutical company Salix to a lease extension and expansion at its Colonnade One office building in Raleigh. Colonnade One is a five-story, 126,928-square-foot office building and is now fully leased. Salix signed an extension to its existing 42,949-square-foot lease, as well as a 16,749-square-foot expansion. Both lease terms run through 2023. Ed Pulliam of CBRE represented Salix in the transaction.
MOUNT PROSPECT, ILL. — McShane Construction Co. has completed construction on Myers Place, a 39-unit supportive apartment complex in Mount Prospect, a northwest suburb of Chicago. The multifamily community provides housing for people with mental and physical disabilities. The four-story, 41,715-square-foot apartment complex is located on a 3.7-acre site at 1585 W. Dempster St. Myers Place includes 21 furnished one-bedroom apartments and 18 studios. An individual who can live independently without assisted care occupies each unit. However, access to available supportive services is located on the first floor of the facility, if required. The first floor of the residential building also features laundry facilities, a computer room, tenant and bicycle storage areas, staff and management services offices, as well as 4,500 square feet of retail. Daveri Development Group LLC and the Kenneth Young Center developed the property. Cordogan, Clark & Associates served as the architect.
CHICAGO — The Chicago City Council has approved development plans for Vue53, a mixed-use retail and apartment project in downtown Chicago. The development team includes Mesa Development, Peak Campus Development, the University of Chicago and their financial partner, Blue Vista Capital Management. The University of Chicago administered the RFP process for the team. The development will serve the Hyde Park and Kenwood neighborhoods and will include approximately 28,000 square feet of ground-level retail, 267 apartment units and 230 parking spaces. The project builds upon efforts by the University of Chicago, the city of Chicago, and the Hyde Park community to create a mixed-use district on 53rd Street and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. Vue53 is expected to break ground in early 2014 and is slated for completion in summer 2015.
COUNCIL BLUFFS, IOWA — NorthMarq’s Omaha regional office has arranged a $11.5 million first-mortgage loan for the refinancing of Valley View Apartments in Council Bluffs, located about 10 miles east of Omaha. The 258-unit, market-rate multifamily community is located at 720 Valley View Drive. Jason Kinnison, vice president at NorthMarq, arranged the 20-year, self-amortizing loan. A life insurance company provided the loan.
PHILADELPHIA — Home2 Suites by Hilton has opened its 20th and largest U.S. hotel in Philadelphia. The nine-story, 248-suite hotel is located across from the Pennsylvania Convention Center at 1200 Arch St. in Center City. Co-developed by Philadelphia-based Wurzak Hotel Group and Parkway Corp., the property represents the largest Home2 Suites to open since the inception of the brand in 2011. A joint venture between DoveHill Partners, Parkway Corp. and New York-based investment fund Glenmont Capital Management LLC own the hotel, which will be operated by Wurzak Hotel Group. The hotel is part of a $60 million mixed-used project featuring more than 9,750 square feet of retail and restaurant space. The hotel includes high ceilings, natural woodwork and an oversized display of a Philadelphia historical map. The property features a mix of studio, one-bedroom and connecting suites, as well as several accessible suites designed to fit the needs of guests with disabilities.
SAYREVILLE, N.J. — The Azarian Group has begun the renovation of the Raritan International Center, a 75,000-square-foot shopping center in Sayreville, located about eight miles east of New Brunswick. Walgreens and Family Dollar anchor the one-story retail property. Work on the center includes new landscaping, light poles, parking lot and storefront façade throughout the shopping center. Additionally, the renovation includes the construction of a 15,000-square-foot pad site and playground for The Learning Experience. Construction is slated for completion by spring 2014. The shopping center runs along Raritan Street, directly off of Exit 124 of the Garden State Parkway. Available retail space for lease ranges from 2,500 square feet to 13,650 square feet.
NEW YORK CITY — Ariel Property Advisors has arranged the $8.3 million sale of six properties, including five multifamily buildings and one vacant lot, in Central Harlem, the Bronx and Brooklyn. The New Sierra Portfolio includes four walk-up buildings at 423 and 439 Lenox Ave., 134 W. 133rd St. and 140-42 W. 133rd St. in Central Harlem that sold for $5.2 million. The properties feature 47 residential units and three retail units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, an affordable housing developer and operator, and procured the buyer, ABJ Properties. The fifth multifamily building, located at 868 Faile St. in the Hunts Point section of the Bronx, sold for $2 million. The four-story, 17,860-square-foot building includes 21 apartments. Scot Hirschfield, Shkury, Jason Gold, and Sozio of Ariel Property Advisors marketed the property on behalf of the seller, a private investor, and procured the buyer, a local investor. The vacant lot, located at 1164 Greene Ave. in the Bushwick section of Brooklyn, sold for $1.1 million. The property features 50 feet of frontage and approximately 11,000 buildable square feet. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors marketed …
STATE COLLEGE, PA. — The remodeling of Hills Plaza South, an 111,000-square-foot shopping center in State College, is under way. Construction started with the project’s anchor tenant, Weis Markets, which underwent interior renovations in December and exterior renovations with an expansion in June. The shopping center owner, South Canadian Pacific Realty Co., hired architect Albert A. Drobka to design a remodeling for the remainder of the retail center. Veronesi Construction was awarded the construction contract. Vita & Vita Realty Corp. recently signed several tenants at the property including Huntington Learning Center, Pella Windows, Cosmo Prof and H2O To Go, totaling 6,725 square feet. A grand re-opening is planned for November.
HOUSTON — In a deal arranged by CBRE, Braun Enterprises has purchased two historic downtown Houston buildings, totaling 107,879 square feet, from Spire Realty Group. The Great Jones Building, located at 708 Main Street, is a 10-story, 78,843-square-foot mixed-use property originally built in 1908 and renovated in 2002 and 2012. The McCroy Building entails 29,036 square feet of office and retail space and was known as the Isis Theater from its construction in 1912 until 1929. Mike Hassler and Todd Casper of CBRE’s Houston office represented the seller. Houston-based Braun Enterprises expands its portfolio to 2.2 million square feet with this transaction.
