RICHMOND, VA. — Thalhimer Realty Partners, the investment and development subsidiary of Cushman & Wakefield | Thalhimer, has acquired an approximately 100,000-square-foot industrial building located at 3200 W. Clay St. in Richmond from ABNOR Corp. for $1.8 million. Thalhimer plans to redevelop the property into a 100-unit apartment community that will also include a clubhouse, fitness center, pool and interior parking. Construction will begin in January 2014. Walter Parks Architects will design the project and MGT Construction will build it. Upon completion, Cushman & Wakefield | Thalhimer’s Residential Property Services Group will manage it.
TAMPA, FLA. — Franklin Street Real Estate Services has completed the sale of Courtyards of South Tampa, a 71-unit apartment complex located at 3814 W. Euclid Ave., for $4.1 million. The property was constructed in 1969 and features a swimming pool. Occupancy was 94 percent at the time of closing. The Franklin Street team of Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames represented the seller, a local investor. The buyer, a local real estate group, plans to continue renovating the units and eventually raise rents.
CORAL SPRINGS, FLA. — CB Richard Ellis (CBRE) has arranged the sale of two net-leased restaurant buildings in Coral Springs. Bonefish Grill leases a 5,000-square-foot, freestanding building at 1475 University Drive. Wendy’s occupies and holds the ground lease to the adjacent 3,000-square-foot, freestanding building at 1455 University Drive. The tenants have been at these locations since 2004. David Donnellan and Todd Weintraub of CBRE’s Fort Lauderdale office represented the seller, a private REIT. The buyer was North University Properties LLC.
INDIANAPOLIS — The RADCO Cos. has purchased Lakewood Lodge, a 454-unit apartment community in northern Indianapolis, for $16.5 million from the Lehman estate. RADCO plans to rebrand the property as Ashford at Keystone and improve its interiors, replace the exterior building skin, upgrade the landscaping, add amenities and improve exterior signage. The property sits on 35 acres inside the city's primary perimeter road with extensive frontage on Keystone Avenue. The acquisition increases RADCO's current multifamily portfolio to more than 3,700 units. RADCO financed the purchase through a mix of bridge debt and private equity.
INDIANAPOLIS — The Boulder Group has completed the $2.9 million sale of the single-tenant, net-leased Goddard School portfolio, including two properties located in the Indianapolis metro area. Each of the properties is fully leased to Goddard School, a preschool for children that has more than 386 locations in 34 states. The school located at 2291 Greenfield Ave. in Noblesville has five years remaining on its lease. The property located at 10925 Cork Place in Indianapolis has three years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based partnership, in the transaction. The buyer was an East Coast-based investment firm.
CLEVELAND, OHIO — The Cooper Commercial Investment Group has arranged the $1.3 million sale of the Cleveland Clinic Medical Building, a 5,800-square-foot medical office building in Cleveland. The sale of the property represents an 8.6 percent capitalization rate. Dan Cooper, president and broker of Cooper Commercial Investment Group, represented the owner, a New York-based private investment owner, and the buyer, also a New York-based private investor, in the transaction. The medical office property has a triple-net lease in place guaranteed by the Cleveland Clinic, which subleases the space to Neighborhood Health Care.
INDIANAPOLIS — Namdar Realty Group has purchased three shopping centers totaling 275,000 square feet in Ohio and Indiana. Major tenants of the shopping centers include Save-A-Lot, Family Dollar, Value City Furniture, Big Lots and Taco Bell. “Not only do these shopping centers have terrific cash flow, we have a 15 percent vacancy rate in the portfolio which will enable us to add value to the deal,” says Joel Gorjian of Namdar. This year, Namdar Realty Group has acquired more than 2 million square feet of shopping centers and regional malls throughout the East Coast and Midwest.
NEW YORK CITY — Meridian Capital Group LLC has arranged $155 million in financing on behalf of Cammeby’s International Ltd. for the purchase of The Monterey, a multifamily property located on Manhattan’s Upper East Side. Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, provided the 12-year loan at a fixed interest rate of 3.78 percent. The 29-story, 522-unit property is located at 175 E. 96th Street and includes a 209-space parking garage and 3,375 square feet of fully leased retail space. Abe Hirsch, managing director, and Zev Karpel, senior vice president in Meridian’s New York City headquarters, negotiated the transaction.
NEW YORK CITY — Savanna has sold a retail condominium at 465 Broadway in the SoHo Historic District of New York City for $80 million. The property includes 9,400 square feet of at-grade retail space and 4,700 square feet of below-grade space. Hines, Goldman Sachs and Andre Balazs developed the property in 2007, which was designed by architect Jean Nouvel. Savanna acquired the retail condominium in July 2012 for $57 million in an off-market transaction. The deal was financed with a $42 million acquisition loan from Mesa West Capital and equity from Savanna Real Estate Fund II. The street level space is fully leased to four tenants Bose, Wells Fargo, Dermalogica and Vivienne Tam. Woody Heller, Will Silverman, Eric Negrin and Daniel Parker of Studley were the sole brokers in the transaction.
HUDSON, N.H. — Good Neighbors Specialty Foods LLC has signed a lease for a 26,600-square-foot facility at 27 Executive Drive in Hudson, located about 20 miles south of Manchester. The property will serve as the headquarters for the organic food company and be used for food production, manufacturing, warehousing and distribution. Dave Fraser of Tinkham Realty Inc. represented Good Neighbors in the transaction. Karen Leonard of Leonard Lee Co. LLC represented the landlord, Lessor Blueberry Realty Trust.