JACKSONVILLE, FLA. — Compass Rose Foundation has acquired the former Mercedes-Benz Vehicle Processing Facility located in Jacksonville for $5.2 million. The 168,000-square-foot, single-story warehouse is located on 16 acres along Interstate 95 at 8813 Western Way. The buyer plans to convert the facility into a vocational school focusing on automotive technology, heavy equipment repair, manufacturing technologies, commercial truck driving and logistics management. Bruce Jackson of CB Richard Ellis represented Compass Rose in the deal. The seller was COFE Fund One-Western Way LLC.
LOUISVILLE, KY. — PRG Investments has brokered the sale of Colonial Oaks Apartments, a bank-owned multifamily property located at 101 Colonial Oaks Court in Louisville. The Class C community contains 192 units in nine buildings as well as a clubhouse. PRG’s Reed Winberg and Fred Sutterlin represented the seller. The buyer was a New York-based investment firm.
EVANSTON, ILL. — The Dow Hotel Co. LLC (DHC) in a joint venture with Carlyle Realty Partners VI, has acquired the 269-room Hilton Orrington hotel in Evanston, a suburb of Chicago. The purchase price was undisclosed. The hotel will undergo a $6 million renovation/upgrade during the next 12 months. The renovation plans include updates to guest rooms, corridors, the lounge, meeting areas and other public spaces. The property completed a total transformation in 2004 and further upgraded from an independent property to the Hilton brand in 2010. Located at 1710 Orrington Ave., the Hilton Orrington features a 12,000-square-foot International Association of Conference Centers-certified center. The hotel also includes an additional 20,000 square feet of ballroom and other meeting space, a 173-space parking garage, business center and retail shops. DHC will operate the hotel.
CHICAGO — Marcus & Millichap has arranged the sale of an eight-unit apartment property located in Chicago for $1.7 million. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a local investment group, and the buyer, a limited liability company. The property is located at 3600 N. Oakley Ave., about six miles north of the Loop, in the upscale north side neighborhood of Roscoe Village. The multifamily building recently underwent extensive renovations, including the addition of granite countertops, individual HVAC and stainless steel appliances.
CHICAGO — Weis Builders has completed five low-rise multifamily buildings at Lake Park Crescent, a $44 million redevelopment in Chicago. The initial 24 units are located at the south end of the property, on the corner of Lake Park and Bowen Avenue. The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.
NORWALK, CONN. — Mack-Cali Realty Corp. has sold its office property located at 40 Richards Ave. in Norwalk for $16.5 million. The Davis Cos. purchased the seven-story, 145,487-square-foot property. The office building was 64 percent occupied at the time of sale. Matthew Keefe of HK Group represented Mack-Cali in the transaction.
ROCHELLE, N.Y. — Meridian Capital Group LLC has arranged $13.5 million in acquisition financing for two high-rise apartment buildings in New Rochelle. Abe Schonfeld, vice president at Meridian Capital’s Iselin, N.J. office, negotiated the loan on behalf of Sound View Management Associates. The seven-year loan carries a fixed interest rate of 3.5 percent. The Sound Shore Apartments property includes an 11-story tower and a 12-story tower, which total 206 units. The buildings were acquired from a medical facility and are now being leased to the public market.
OXFORD, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $6.5 million loan to Timberlake Holdings Co. LLC for the refinancing of 803 acres of undeveloped land in Oxford. Timberlake plans to build a 385-unit, master-planned active adult community on the land. The property surrounds Oxford Greens, an 18-hole championship golf course.
WOLFEBORO, N.H. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of GI Plastek Industrial Facility, a 94,400-square-foot, net-leased property in Wolfeboro, about 50 miles north of Manchester. Glen Kunofsky, Edward Otocka and Todd Tremblay, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a fund manager. The buyer, a private investor, was secured and represented by Kunofsky and Judson Kauffman, investment specialists at Marcus & Millichap. The GI Plastek Industrial Facility is located at 5 Wickers Drive and is occupied by a manufacturer of molding products. The tenant signed a new 20-year, triple-net lease.
PHOENIX — Phoenix-based Cole Corporate Income Trust Inc. (CCIT) has acquired three Class A office buildings in Texas and Massachusetts for $160.8 million. Cole Corporate Income Advisors LLC, a subsidiary of Cole Real Estate Investments, served as the external advisor to CCIT in the transaction. The properties include an office campus leased to Allstate Insurance Co. in Plano totaling 458,338 square feet. Allstate will occupy the campus under a 12-year lease through a sale-leaseback transaction. CCIT also acquired a 206,362-square-foot office building in Houston's Westchase District. The property serves as the corporate headquarters of The Men's Wearhouse, which has more than 14 years remaining on its lease. The last property is a 49,250-square-foot medical office building in Concord, Mass. The property is leased for 17 years to Harvard Vanguard Medical Associates, a 630-physician medical group. Boyd Messmann of Cole Real Estate Investments represented CCIT in both Texas transactions, and Robert Corry of Cole represented CCIT in the Massachusetts transaction.