PHOENIX – The 205-unit Avalon Hills Condominiums in Phoenix has sold to BH Properties for $5.6 million. The community is located at 3535 West Tierra Buena Lane. BH Properties was represented by Bill Hahn of Colliers.
ROCKY POINT, FLA. — HREC Investment Advisors has brokered the sale of an 88-room Holiday Inn Express and a 70-room Hampton Inn located in the Tampa suburb of Rocky Point. The two hotels are located adjacent to each other. Scott Stephens and Jaimin Patel of HREC represented the undisclosed seller in the deal. The buyer, which was also undisclosed, plans to renovate both properties and retain their brands.
TALLAHASSEE, FLA. — Capital Square Realty Advisors has acquired a 102-unit apartment community in Tallahassee on behalf of an affiliate entity. Constructed in 1988, Ashford Club Apartments is located on 6.5 acres at 2055 Thomasville Road in the city’s Betton Hills submarket. The community features five three-story buildings containing one- and two-bedroom apartments ranging in size from 750 to 1,000 square feet. Amenities include a clubhouse with a full kitchen, a fireplace and a wetbar; a swimming pool with a sundeck; a spa; a fitness center; racquetball courts; a tennis court; a playground; and a dog park. The property was fully leased at the time of closing. The seller’s name and the purchase price were not released.
CHARLOTTE, N.C. — Woodfield Investments has acquired a nearly 3.9-acre site for $4.53 million with plans to construct the 250-unit Mercury NoDa, a transit-oriented apartment community in the Charlotte neighborhood of NoDa. NoDa, short for North Davidson, is Charlotte's historic arts district. The development will be built along the planned extension of the city's light rail system that will extend north of Uptown to the UNC Charlotte university area. Beau McIntosh, Brian Ford and Andrew Klenk of Capstone Apartment Partners represented the seller, a Charlotte-based private developer, in the land transaction.
GLEN ALLEN, VA. — KeyBank has secured $39.7 million in Fannie Mae funds for the refinancing of The Flats at West Broad Village in the Richmond suburb of Glen Allen. the Flats at West Broad Village comprises 339 Class A multifamily units and 170,000 square feet of attached retail space. The KeyBank team of Todd Goulet, Jeff Aycock, Dan Stegemoeller, Dan Silbert and Nate Weyer represented the borrower, San Diego-based Excel Trust. The loan carries a fixed interest rate and a 30-year amortization schedule.
PARKERSBURG, W. VA. — Ackerman & Co. has negotiated the sale of a net-leased retail property in Parkersburg for approximately $2.4 million. CVS/pharmacy occupies the 10,125-square-foot building, which was constructed in 2000. Jason Powell of Ackerman arranged the deal between the seller, a Pennsylvania-based trust, and the buyer, New Jersey-based Arctrust Equities.
CHICAGO — An investment group, led by Mark Karasick with 601W Companies and Michael Silberberg with Berkley Properties, is spending more than $100 million to take a controlling interest in the Prudential Plaza Office Towers in Chicago. The group, through a partnership with current owner and operator BentleyForbes Holdings LLC, plans to redevelop the property’s retail and common areas. The 1950s-era towers take up a full city block overlooking North Michigan Avenue. Occupying the center point between Illinois Center, the Loop Business District and Grant Park, the Prudential Plaza complex features approximately 2.2 million square feet of Class A office space in two distinctive high-rise towers, which are 41 and 64 stories. The complex also includes 90,000 square feet of retail.
ARLINGTON HEIGHTS, ILL. — Arlington Devco LLC has hired Tishman Construction as construction manager and general contractor for the $53 million conversion of the former Sheraton Hotel in Arlington Heights. The reconstruction will transform the 13-story building into a 214-unit apartment and retail facility. The project features the renovation of the existing 300,000-square-foot tower, as well as the construction of a new 105,000-square-foot garage, new roadways, underground utilities and landscaping. A new subterranean parking garage will feature 312 parking spaces that will accommodate the new apartments. The project is slated for completion by summer 2014.
GLEN ELLYN, ILL. — The Opus Group has started construction on a new 31,175-square-foot retail center in Glen Ellyn, located about 25 miles west of Chicago. The Fresh Market plans to occupy 20,300 square feet of space. The project will transform a vacated car dealership into a new grocery-anchored center serving the Glen Ellyn and North Wheaton communities. The center will include patio seating and 186 customer parking spaces. Other tenants include Great Clips and Tide Dry Cleaners, occupying 1,075 and 2,800 square feet, respectively. Opus Development Company LLC is the developer and Opus Design Build LLC will serve as the general contractor for the project. OKW Architects provided design services. The project is slated for completion later this year, with The Fresh Market expected to open in late 2013 or early 2014.
CHICAGO — Finesa Real Estate Group has acquired a 41,148-square-foot retail property in Chicago. The retail grocery space is located at 6020 North Cicero Ave. and is leased to Whole Foods under a 15-year agreement. The ground-floor retail space is part of a multi-story, 136-unit condominium building, which includes a 167-space parking garage. Almost 300,000 people live within a three-mile radius of the property and the average household income within a one-mile radius is more than $122,000. The purchase price was undisclosed.