SAN DIEGO – A 103,997-square-foot industrial building in the Britannia Industrial Park has sold to Hamann Properties for $5.4 million. It is located at 2350 Siempre Viva Court in San Diego. Cassidy Turley San Diego represented both parties in this transaction.
BALLSTON, VA. — Donohoe Construction has completed the 183-roon Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Ballston. The hotel is a component of the Shooshan Cos. Founder's Square development, a four-building complex consisting of more than 1 million square feet of office, residential, retail and hotel space. Donohoe Hospitality will manage the property, which is the Ballston submarket's first extended-stay hotel. The property was built to LEED Gold standards and features a green roof, a 20 percent reduction in water use and a 44 percent reduction in energy consumption. Architect BBG-BBGM has also incorporated 1,880 square feet of retail space, 1,300 square feet of meeting space and 110 underground parking spaces.
ALPHARETTA, GA. — Sealy & Co. Inc. has purchased an 88,215-square-foot industrial property, located at 1525 Morrison Parkway in Alpharetta, for $5.8 million. The building is fully leased to FedEx Corp., which has five years remaining on its lease. Originally constructed as a build-to-suit, the property has been occupied by FedEx since 1998. Britton Burdette of Stan Johnson Co. represented both the buyer and seller, Wallace Enterprise, in the transaction.
JACKSONVILLE, FLA. — The Supply Source, a supply chain management company, has signed a 69,098-square-foot industrial lease at the Deerwood Distribution Center, located at 8500 Baycenter Road in Jacksonville. The company plans to move its corporate headquarters to the new space this June. Patrick Thornton and Christian Harden of NAI Hallmark Partners represented the landlord, EastGroup Properties, in the transaction.
INDIANAPOLIS — Kite Realty Group Trust has acquired Castleton Crossing, a 280,000-square-foot shopping center in Indianapolis, for $39 million. The center is fully leased and is anchored by by TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival. The shopping center is located near the intersection of I-465 and Allisonville Road. The property draws from a five-mile trade area with average household incomes of $87,600 and a population of 168,400.
LAKE BLUFF, ILL. —Prime Property Investors (PPI) has sold Deer Valley Luxury Apartment Homes in Lake Bluff to Steadfast Income REIT for $28.6 million. PPI purchased the Class A, 224-unit apartment community in June 2011 for $21.9 million. The property was fully leased at the time of sale. Deer Valley Luxury Apartment Homes includes 13 buildings on a 13.5-acre site with 297 surface parking spaces and 52 enclosed private parking garages. Susan Lawson and Todd Stofflet of Apartment Realty Advisors’ Chicago office represented PPI in the transaction.
INDIANAPOLIS — Construction is set to begin on the $26 million Chatham-Arch, a mixed-use development in Indianapolis this summer. Milhaus Development has received design approval and site rezoning from the Indianapolis Historic Preservation Commission to redevelop the former Mitchel & Scott Machine Co. site into the Chatham-Arch historic district. The development will include 236 studio, one-, two- and three-bedroom apartments in five buildings and office space. The apartments will include one parking space per unit and will rent between $900 and $2,000 per month. Apartments will become available in the spring of 2014. The project’s design was the result of a collaboration by Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering. Construction will be managed by Milhaus Construction LLC and leasing will be handled by The Gene B. Glick Co.
FREMONT, OHIO — Marcus & Millichap Real Estate has arranged the sale of a 165,000-square-foot, net-leased property in Fremont for $4.1 million. Kmart, which has five years left on its lease, fully occupies the building. Chris Thomson of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer, also a private investor, was secured and represented by Rick O'Connor of Marcus & Millichap. Built in 1990, Kmart is located at 1825 Oak Harbor Road.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale a development site located at 49 Bond St. in Brooklyn for $70 million. The property includes more than an acre of land at 49,942 square feet. The site is zoned for commercial, residential or community facility use and can potentially be home to a mixed-use development project that includes retail and residential space. TF Cornerstone purchased the property. Stephen Palmese and Robert Knakal brokered the sale.
NEW PROVIDENCE, N.J. — Urstadt Biddle Properties Inc. has acquired The Village Shopping Center in New Providence for $34.8 million. The property was purchased subject to an existing mortgage in the amount of $18.9 million that requires payments of principal and interest at a fixed rate of 5.6 percent per year. The mortgage matures in January 2022. The 110,000-square-foot shopping center is located on Springfield Avenue and is anchored by a three-year old, 45,000-square-foot A&P grocery store, CVS/pharmacy, Radio Shack, Investor’s Bank and Smashburger. The shopping center was built in 1965 by the seller but recently renovated to accommodate the new A&P.