BOCA RATON, FLA. — Johnson Capital has secured $18.5 million in financing for a Boca Raton office property. Constructed between 1978 and 1988, The Fountains Center comprises seven buildings containing 182,000 square feet space, the majority of which is for office tenants. The property also includes two bank branches, each with drive-thru lanes. The borrower is a partnership of local investors that purchased the REO property in 2012 and has since renovated it. The loan carries a five-year term, non-recourse, with a sub-4 percent, fixed interest rate. Terms also include reserves for tenant improvements and leasing commissions. The lender was a regional bank. Eric Fixler of Johnson Capital arranged the deal.
HARDY, VA. — Divaris Real Estate has arranged the sale of a 10,800-square-foot, freestanding retail property located at 12935 Booker T. Washington Highway in Hardy. The property is triple-net leased to CVS/pharmacy, which has 17 years remaining on its term. American Realty Capital acquired the property at a 6.76 percent cap rate. Brett McNamee of Divaris’s Richmond, Va., office represented the undisclosed seller.
ST. LOUIS — Kayne Anderson Real Estate Advisors (KAREA), the private equity real estate arm of Kayne Anderson Capital Advisors, has acquired three apartment buildings and a parking garage, all located across the street from the main gate of St. Louis University. The acquisition brings 655 beds and 406 units to KAREA's portfolio. The properties, which include turn-of-the-century architecture, feature The Coronado (originally a hotel), Moolah Place (originally a Masonic temple), Lindell Towers and the parking structure, which is known as Moolah Garage. KAREA says the assets are unique in their ability to bring a touch of “old-world” elegance to urban living. These assets bring KAREA's student housing portfolio to approximately 16,000 beds and 5,400 units. KAREA's portfolio also contains 444 conventional multifamily units and 15,065 self storage units.
WEST DES MOINES, IOWA — Hubbell Realty Co. is developing 7th Street Brownstones, a $6.8 million rental townhome community in West Des Moines. Construction on the development, which is located south of MLK Jr. Parkway, is underway and is slated for completion in November. The rental homes are modeled after Hubbell’s brownstone community, located on Grand Avenue between 2nd and 3rd streets. The project includes 34 two-story, three-bedroom, three-bathroom rental townhomes. The townhomes feature walk-in closets, stainless steel appliances, washers and dryers, granite countertops, two-car garages and rooftop patios with a pergola and wet bar. Hubbell Construction Services is building the townhomes, which will be managed by Hubbell Apartment Living.
MOUNT PROSPECT, ILL. — Essex Realty Group Inc. has arranged the $3.8 million sale of 1701 E. Kensington Road, a 15,120-square-foot building in Mount Prospect, a northwest suburb of Chicago. Walgreens occupies the property, which was constructed in 1999. David Schwartz and Matt Welke of Essex were the brokers in the transaction.
CEDAR FALLS, IOWA — The former Peregrine Financial Group headquarters, a 48,250-square-foot office building in Cedar Falls, has sold for $3.2 million. Spiegel Family Realty Co. Iowa LLC purchased the building at an auction conducted by GA Keen Realty Advisors. Closing on the transaction is slated for later this month.. Russell Wasendorf Sr., who filed for bankruptcy in July 2012, previously owned the building. Michael M. Eidelman is the court appointed receiver and co-chair of the bankruptcy group at Vedder Price PC.
NEW YORK CITY—Marcus & Millichap has arranged the sale of a 9,410-square-foot mixed-use building for $2.7 million located at 245 W.135th St. in New York City. Peter Von Der Ahe, Scott Edelstein, Joe Koicim and Seth Glasser of Marcus & Millichap’s Manhattan office represented the seller, a private investor and the buyer, also a private investor. The buyer owns two properties in the East Village.
NEW BEDFORD, N.H. — Phase I of Manoment Place, a 76-unit, mixed-income seniors housing project in New Bedford, has finished construction. Formerly known as both Cliftex Mill and Manoment Mill, the property is a 20th century textile mill developed by textile manufacturer and commission agent William Whitman. Architect and engineer Charles R. Makepeace along with contractor Benjamin F. Smith assisted Whitman in the development. John W. Keith acquired the property in 2012 through a partnership with WinnDevelopment to develop the two-phase, re-use project. Manomet Place is an age-restricted seniors housing community.
HACKENSACK AND PALISADES PARK, N.J. — Gebroe-Hammer Associates has arranged two multifamily transactions in Hackensack and Palisades Park for a combined total of $10.2 million. The first transaction includes a 26-unit apartment building located at 50 Anderson St. and a 37-unit midrise building located at 430 Union St. in Hackensack, which sold for $8.6 million. The six-story Union Street property includes 16 one-bedroom, 18 two-bedroom and two three-bedroom layouts as well as one studio apartment. The five-story Anderson Street property includes 14 one-bedroom, 13 two-bedroom, and two three-bedroom units. Greg Pine and Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller and the buyer in the transaction. The second transaction includes Palisades Manor, a two-story, 12-unit apartment complex in Palisades Park, which sold for $1.6 million. Greg Pine and Ken Uranowitz of Gebroe represented the seller and procured the buyer in the transaction.
GREENWICH, CONN. — Cronheim Mortgage has arranged a $5.5 million loan for a 43,000-square-foot, four-story office building and a two-story, 26,800-square-foot parking structure in Greenwich. The properties are located south of the intersection of U.S. Route 1 and Mason Street in Fairfield County. Aviva Life and Annuity Co. provided the loan, which carries a 3.9 percent interest rate, for Mason Associates of Greenwich LLC. The property was constructed in 1966 and is currently 100 percent occupied by 15 tenants.