MONTGOMERY, ALA. — Brown Realty Advisors has brokered the sale of a Montgomery multifamily community for $6.7 million. Hillwood Apartments is a Class B property constructed in 1982. It features 118 units that average 1,419 square feet each. Brown Realty completed the sale of the property in conjunction with Auction.com. Starwood Mortgage Capital provided acquisition financing on behalf of the undisclosed buyer, which plans to complete a $1 million capital improvements program for the property.
LOUISVILLE, KY. — A joint venture between Rosemont, Ill.-based First Hospitality Group and Louisville-based City Properties has announced plans to construct a new hotel in downtown Louisville. The new Hilton Garden Inn will be located in the Clay Commons District. It will feature 156 guestrooms over eight stories along with a rooftop bar and restaurant containing an open-air patio and meeting rooms. The hotel is scheduled to open in summer 2014.
COLUMBIA AND CHARLESTON, S.C. — Newmark Grubb Wilson Kibler (NGWK) has brokered the sale of two South Carolina office buildings leased to URS Corp. The first property totals 42,000 square feet and is located at 101 Research Drive in Columbia. The second property totals 16,000 square feet and is located at 4019 Salt Point Parkway in Charleston. NGWK’s Billy Way, Jeremy Wilson and H. Haskell Kibler represented the seller of both properties. Both parties’ names were undisclosed.
CHICAGO — Related Midwest has completed its redesign of The Grant, a 54-story condominium tower in downtown Chicago. Located at 1201 S. Prairie Ave. and named for its proximity to Grant Park, The Grant features redesigned residences and common areas and more amenities and services. Amenities at the tower include a fitness center with an indoor pool, hot tub, locker rooms, a screening room and lounge with projection screen, a pet grooming area and outdoor dog park. The condominium tower is one of three previously stalled South Loop towers taken over by Related Midwest last year and relaunched this spring as the South Loop Luxury by Related collection. Residences at The Grant range from 1,207 to 3,000 square feet and are priced from the $300,000s to more than $2 million. Related Midwest teamed up with Simone Deary Design Group to redesign the building’s common areas and amenity spaces.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the sale of a mixed-use property in Chicago's West Loop for $3.4 million. The 23,000-square-foot property, located at 413 N. Carpenter/410 N. Morgan, includes 10 loft-style apartments, approximately 11,000 square feet of commercial space and an adjacent 30-car parking lot. Previously owned by a division of Chicago-based Ansley Materials, the property was purchased by an entity controlled by Skokie, Ill.-based Ravine Park Partners. Wayne Caplan of Sperry Van Ness was the sole broker in the transaction.
PLAINFIELD, IND. — USAA Real Estate Co. has hired Cassidy Turley to manage three industrial buildings in metro Indianapolis totaling more than 2 million square feet. This portfolio marks Cassidy Turley's first partnership with USAA Real Estate Co. in the Indianapolis region. The properties in Plainfield include the 493,000-square-foot Plainfield Distribution Center at 2150 Stanley Drive; the 770,640-square-foot GreenParke at Airwest at 3747 Plainfield Road; and the 804,586-square-foot Airwest Distribution Center at 2801 Airwest Blvd. Leading the assignment for Cassidy Turley will be Timothy Michel, senior managing director and principal; Cheri Shepherd, managing director and principal; and Tracy Johnson, property manager. Additionally, Luke Wessel, senior managing director and principal at Cassidy Turley, will lead leasing efforts at GreenParke at Airwest.
PLAINFIELD, IND. — The Opus Group plans to develop and construct two speculative industrial warehouse buildings totaling 924,530 square feet at the Plainfield Business Center in Plainfield, a western suburb of Indianapolis. Milwaukee-based Northwestern Mutual will own the buildings. Construction on both buildings began in early July. Located on 52 acres of land north of I-70 near downtown Indianapolis, the project includes two side-by-side warehouse buildings known as Airwest 12, totaling 448,305 square feet, and Airwest 13, totaling 476,225 square feet. The project is slated for completion in spring 2014. Opus Development Co. LLC is the developer, Opus Design Build LLC will serve as the design-builder and Opus AE Group LLC is the project architect.
BOSTON — Suffolk Construction has celebrated the groundbreaking of the Brigham Building for the Future project, a $280 million research lab and clinical facility in Boston. Located on the Brigham and Women’s Hospital campus, the 620,000-square-foot, 11-story building will include a 460-car parking garage, lab and outpatient clinical space, imaging facilities and a conference center. A pedestrian bridge will be constructed to connect the Brigham Building for the Future to the existing Carl J. and Ruth Shapiro Cardiovascular Center, which was also built by Suffolk. Designed to achieve LEED Gold certification, the building will feature a roof garden to reduce storm water runoff; a system that cleans and reuses storm water for mechanical equipment; and a co-generation plant to supply the building with electricity, steam and hot water. Suffolk is partnering with architecture firm NBBJ. Construction is slated for completion in fall 2016.
NEW YORK CITY — The University Avenue Portfolio, which includes a flex building and 10 surrounding development parcels in the Highbridge section of the West Bronx, has sold for approximately $13.2 million. The 142,030-square-foot flex building includes warehouse and office space, and is located adjacent to the Major Deegan Expressway. The 10 development parcels total more than 72,000 square feet and are located throughout the Highbridge neighborhood of the West Bronx. Tuck-It-Away Associates L.P., a self storage company, purchased the flex building and the five vacant parcels located at 930, 950, 969-973 and 998 University Ave. Tuck-It-Away plans to make the building its new headquarters. The remaining five lots located at 920 University Ave. and 939, 950, 977-979 and 985 Summit Ave. were sold to individual developers. Nicholas Burns and David Simone of Massey Knakal were the brokers in the transaction.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $12.4 million mortgage loan to refinance the Paul Robeson Residence multifamily property in New York City on behalf of Golson Realty Corp. The 10-year loan carries a fixed-interest rate of 3 percent and was provided by a regional balance sheet lender. Judah Hammer, a vice president at Meridian Capital’s New York City headquarters, negotiated this transaction. The 13-story property includes 128 units and is located at 555 Edgecombe Ave. The landmarked building is known as the Paul Robeson Residence and has been home to a number of famous New Yorkers including musician Count Basie, boxer Joe Louis and actor Paul Robeson.
