CHEHALIS, WASH. — The 60-unit Chehalis Avenue apartments has sold to Chehalis Avenue Apartments 2, LLC for $2 million. The HUD community is located at 366 SW Third Street in Chehalis. It was built in 1969. The transaction was executed by Robert DiPietrae of Hendricks-Berkadia’s Seattle office. The seller was Chehalis Avenue Company, LP.
JEFFERSON CITY, KNOXVILLE AND POWELL, TENN. — CNL Healthcare Properties has purchased four medical office buildings in the Knoxville area for approximately $57.3 million. The portfolio totals more than 200,000 square feet of Class A space. It includes Jefferson Medical Commons in Jefferson City, Physicians Regional Medical Center – Central Wing Annex in Knoxville, and Physicians Plaza A and B in Powell. CNL acquired the portfolio from N.T. Brinkman, whose affiliate will continue to manage the properties.
SOUTH CAROLINA — Reger Holdings has purchased a five-property portfolio of South Carolina industrial buildings for $8.6 million. The portfolio contains 349,000 square feet of space. The properties comprise 1001, 1005 and 1025 Technology Court in West Columbia; 103 Lachicotte Road in Lugoff; and 7421 E. Spartan Blvd. in North Charleston. With this purchase, Reger Holdings now controls nine industrial buildings in South Carolina totaling 710,000 square feet of space. Chuck Salley and Dave Mathews of Colliers International represented the buyer in the deal. The seller’s name was not disclosed.
TAMPA, FLA. — Marcus & Millichap has completed the sale of Green Oaks, a 100-unit multifamily property located at 3801 W. Tyson Ave. in Tampa. Built in 1983, the community includes eight, two-story buildings on six separate parcels that total 2.83 acres. The buildings’ roofs were replaced last year, and 70 percent of the units were remodeled during the same time period. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, Florida-based private investors, in the deal.
FRANKLIN, TENN. — Hodges Ward Elliott (HWE) has brokered the sale of the aloft Cool Springs, a 143-room, boutique hotel located in the Nashville suburb of Franklin. MHF Cool Springs IV LLC acquired the property for an undisclosed amount. HWE represented the undisclosed seller.
KEY WEST, FLA. — Cronheim Mortgage has arranged $10.6 million in financing for The Home Depot located on North Roosevelt Boulevard in Key West. The property contains 90,000 square feet of space with an additional 16,000-square-foot garden center. Dev Morris and Andrew Stewart of Cronheim arranged the self-liquidating loan, which carries a term of 19 years and 10 months as well as a 3.63 percent interest rate. The borrower was Industries Exchange No. 2 LLC.
MOUNT PROSPECT, ILL. — KTR Capital Partners has purchased 1660 Wall Street, a 108,732-square-foot warehouse/distribution building in Mount Prospect, located about 22 miles northwest of Chicago. Situated at the intersection of Algonquin and Elmhurst roads, the building is part of The Alter Group’s Lake Center Corporate Park. The property features 30-foot ceilings, 19 exterior truck docks, two drive-in doors and 16 trailer parking stalls. EnTrust Realty Advisors LLC, an affiliate of The Alter Group, was the seller. The purchase price was undisclosed.
BIRMINGHAM, MICH. — Bernard Financial Group has arranged a $12 million loan for Merrillwood Building, a mixed-use property located at 225 E. Merrill St. in Birmingham, about 20 miles north of Detroit. The property includes 54 multifamily units and 42,344 square feet of office/retail space. Merillwood Building LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Goldman Sachs Commercial Real Estate LP provided the loan.
CHICAGO — Essex Realty Group, Inc. has arranged the $1.4 million sale of a mixed-use property located at 2200 W. Lawrence Ave. in Chicago’s Lincoln Square neighborhood. The 12,500-square-foot property was vacant at the time of the sale. The building is situated on the northwest corner of Lawrence Avenue and Leavitt Street, within walking distance of the Western and Damen CTA brown line stations. Doug Fisher and Matt Welke of Essex represented the seller and Jim Darrow and Jordan Gottlieb of Essex represented the buyer in the transaction.
NEW YORK CITY — The estate of Leona Helmsley has agreed to sell the Park Lane Hotel on Central Park South in New York City to a group of investors led by the Witkoff Group for $650 million, according to the Wall Street Journal. The Witkoff team plans to convert the bulk of the 46-story property into luxury condominiums. Presently, it is unclear if there are plans to tear down the 370,000-square-foot hotel and build a new tower, or whether the developer would convert the existing hotel into condominiums. The Park Lane hotel was part of the real estate portfolio of Harry Helmsley, who died in 1997. Since the death of Leona Helmsley in 2007, the Helmsley estate has gradually been selling off its remaining properties. CBRE Group began soliciting bidders for the Park Lane this past spring.