SAN DIEGO — The 11-unit Bayside apartments in San Diego has sold to 1728 Realty Company LLC for $2.6 million. The community is located at 3630 Bayside Lane. The seller, 3630 Bayside LLC, was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
WHEATON, MD. — Lowe Enterprises has started the redevelopment of 11411 Georgia Avenue, an existing five-story office building in Wheaton, into an apartment building. The company will add seven stories to the existing building, creating a 12-story apartment tower with 194 residences with a mix of studio, one- and two-bedroom units designed to appeal to young urban professionals. Construction began in mid-June with completion scheduled in 2014. Whiting Turner is the contractor for the project with Bonstra Haresign as the architect. Lowe Enterprises Investors acquired the property on behalf of a pension fund client in September 2011. Lowe currently manages nearly 2 million square feet of commercial property in the Washington, D.C., area.
GREENSBORO, N.C. — SBV Communities has acquired the 168-unit Misty Creek Apartments in Greensboro. The purchase is the first in the state for the multifamily owner and operator and marks the continuing expansion of its portfolio. SBV Communities executed the purchase and sale agreement and closed the transaction within 33 days and added a 16th market to its portfolio.
ALEXANDRIA, VA. — ARA has announced the sale of Bennington Crossings, a 308-unit multifamily community located in Northern Virginia’s Alexandria submarket. Drew White and Ryan Ogden of ARA’s MidAtlantic-based office represented the seller, the privately-held Greenwood Village, Co.-based Laramar Group, in this transaction. JBG Cos., a private, Washington, D.C.-based commercial real estate firm acquired the property. Constructed in 1962 and renovated in 2008, the property reported 95 percent occupancy at the time of sale.
RALEIGH, N.C. — Tropical Smoothie Café has announced the signing of a multi-unit development deal with Raleigh entrepreneur Sherman Dye, which will bring five Tropical Smoothie Café locations to the city in the next three years. Tropical Smoothie Café operates nine cafes across North Carolina, three locations in the Raleigh-Durham market and others in Nags Head, Southern Shores, Greenville, Winston-Salem and Southport. The new Raleigh deal is part of the 341-unit brand’s nationwide growth strategy to open 40 additional locations throughout the U.S. in 2013.
OLATHE, KAN. — A joint venture has acquired 17 assisted living and memory care communities throughout Illinois, Indiana, Iowa and Nebraska for $135 million. National Health Investors Inc. (NYSE: NHI) owns 85 percent of the joint venture and Bickford Senior Living owns 15 percent. The acquisition brings the total number of properties in the joint venture to 30, three of which are under construction. Wells Fargo Securities LLC served as financial advisor to NHI on this transaction. The 17 assisted living and memory care communities include 14 communities purchased from a subsidiary of Care Investment Trust Inc. (OTCQX: CVTR) for $123 million, and three communities purchased from affiliates of Bickford for $12 million.
WEST DES MOINES, IOWA — Hubbell Realty Co. and Persimmon Capital Partners have broken ground on Cityville on 9th, a $40 million mixed-use development in West Des Moines. Located on 10.5 acres in the Gray’s Landing neighborhood south of MLK Jr. Parkway, the Cityville on 9th will include 339 apartments, covered parking and 55,000 square feet of retail space within nine four-story buildings. The project will be built in three phases with the first phase, including 111 apartment homes, clubhouse and 20,000 square feet of commercial space, slated for completion in spring 2014.
KALAMAZOO, MICH. — Hughes Equities LLC has received $13.5 million in mortgage financing, secured by a 711-unit multifamily portfolio, for the repayment of an existing floating-rate loanm. The non-recourse 10-year loan includes a 25-year amortization schedule. The portfolio, dubbed Western Michigan Apartments, includes six multifamily complexes located in Kalamazoo, Wyoming and Kentwood, Mich. Terrace Capital Inc. provided the loan.
EVANSTON, ILL. — Marcus & Millichap has arranged the sale of Church Street Station, a 16,871-square-foot, mixed-use property located in Evanston, a suburb of Chicago, for $3.7 million. Adrian Mendoza, Dominic Sulo, Sean R. Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a developer. Brian Parmacek, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, represented the buyer, a private investor, in a 1031 tax-deferred exchange from an apartment sale. Church Street Station, located at 1642 Maple Ave., is fully occupied by five tenants, which operate under triple-net leases. Church Street Station is anchored by BMO Harris Bank.
NEWARK, N.J. — Skanska (STO:SKAB) has signed a contract with Prudential Financial Inc. to build an office tower in Newark. The contract is valued at $117 million. The 20-story office tower, which will span approximately 217,600 square feet, will have an adjoining parking garage and ground-floor retail. The project aims to achieve LEED Gold certification. Construction is underway, with the project slated for completion in March 2015.