ORLANDO — Rockwood Real Estate Advisors has brokered the sale of the Holiday Inn Orlando-University of Central Florida. Constructed in 1987, the 245-room hotel is located on 9 acres at the main gate of the University of Central Florida. The buyer was Alena Hospitality UCF LLC. Rockwood represented the undisclosed seller. The sale price was also not released.
VIRGINIA BEACH, VA. — Los Angeles-based JRK Property Holdings has acquired a 430-unit multifamily community located in Virginia Beach from Norfolk, Va.-based Harbor Group International. Constructed in 1985 Chase Arbor is a class B property situated off of South Independence Boulevard. Occupancy was 94 percent at the time of closing. The Apartment Realty Advisors team of Drew White, Mike Marshall and Wink Ewing represented the seller. The acquisition price was not released.
FORT LAUDERDALE, FLA. — Avison Young has arranged the acquisition of Cypress Court, a 41,850-square-foot office building located in Fort Lauderdale, for $4.3 million. The three-story building is situated within Corporate Park at Cypress Creek at 6360 NW 5th Way. Its common areas were recently renovated. Wayne Schuchts and Greg Martin of Avison Young represented the buyer, NRNS Acquisition McNab Road LLC, which plans to occupy the majority of the building and lease the remaining space to third-party tenants. The seller’s name was not disclosed.
HOUMA, LA. — Marcus & Millichap has arranged the sale of Colonial Village, a 123-unit apartment community located at 400 Westside Blvd. in Houma. Billy Hoffpauir of Marcus & Millichap’s Lafayette office represented the seller, a limited liability company. The sale price was not disclosed, but the property listed for $4.2 million.
SOUTH BEND, IND. — Wharf Partners has begun construction on a $23 million luxury condominium project in South Bend. Planned for occupancy in 2014, The Cascade will include two eight-story buildings with two units on each floor spanning between 2,500 to 3,000 square feet. The complex will include enclosed parking, card-access entry, elevator service, private balconies and a ground-level courtyard. Panzica Building Corp. will construct the buildings to be LEED certified. Wharf Partners is the developer and owner of the project. The condominiums will be sold starting in the mid-$500,000 to $700,000 range.
MOUNT PROSPECT, ILL. — Shaker and Associates Inc. has arranged the $18 million sale of 10 residential buildings located at Colonial Greens, a condominium complex in Mt. Prospect, a northern suburb of Chicago. The buildings are situated on 21.5 acres and were constructed in 1969. Windy City R.E. was the buyer, and the seller was a privately held local investment group. The buildings include 251 one- and two-bedroom apartments and were fully leased at closing.
WAUWATOSA, WIS. — Premier Design + Build Group and HSA Commercial Real Estate have begun construction on a 255,000-square-foot retail redevelopment project near Milwaukee. Located two blocks north of Mayfair Mall, the retail space has been preleased to Dick’s Sporting Goods, Ulta Cosmetics, Old Navy and Nordstrom Rack. Plans for the large-scale development include demolishing portions of an old produce warehouse complex and removing a former water tower. Slated for a spring 2014 completion, the retail project will include space for up to 20 tenants. Phase I of the redevelopment project will complete the retail and warehouse segment of the Mayfair Collection in the Burleigh Triangle area.
LAPEER, MICH. — Marcus & Millichap has arranged the $4.9 million sale of Kmart Plaza, a 131,033-square-foot retail property in Lapeer, located about 20 miles east of Flint. Rick O'Connor, a retail investment specialist in Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller, a New York-based real estate investment firm. O'Connor also represented the buyer, Charlie Laurencelle of Laurencelle Properties, a Michigan-based private investor, in the transaction. Kmart Plaza is located at 863 S. Main St. and was 94 percent occupied at the time of sale. Anchored by Kmart, other tenants also include O’Reilly’s Auto Parts, Dollar Tree, Pet Supplies Plus, Rent A Center, Radio Shack and Maurice’s.
BETHLEHEM, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have broken ground on a 677,088-square-foot, Class A speculative industrial building in Pennsylvania’s Lehigh Valley industrial market. The building is scheduled for completion in spring 2014. The project is located on a 40-acre site within Lehigh Valley Industrial Park VII, a master-planned business complex in Bethlehem, an eastern suburb of Allentown. The building will feature 32-foot clear ceiling heights, 190-foot deep truck courts and ample parking. Joseph McDermott and Vincent Ranalli of CBRE will serve as the leasing team for the project. The building is located at 2485 Commerce Center Blvd.
NEW YORK CITY — National Cooperative Bank (NCB) has secured a $30 million loan for Amalgamated Houses in the Bronx. The financing will enable the owners of the multifamily community to refinance $8.5 million of existing debt at a lower interest rate. The borrower will use $19.6 million to undertake a number of exterior renovations projects during the next 10 years. Founded in 1927, Amalgamated Houses provides housing for 1,500 moderate-income families. NCB worked with Fannie Mae in securing the transaction. Edward Howe III, managing director at NCB’s New York office, arranged the financing.