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RetailSoutheast

TRAMPOLINE PARK IS BOUNCING INTO CHESAPEAKE

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CHESAPEAKE, VA. — Cloud9 Trampoline Park has leased 18,802 square feet in Chesapeake to develop an entertainment, fitness and sports facility, scheduled to open this July. The facility will be located at 825 Greenbrier Circle Corporate Center. The site will feature a trampoline dodgeball stadium, a foam pit and numerous trampolines. On weekend nights, the facility will include laser lights and disc jockeys. Perry Frazer of CBRE|Hampton Roads represented the landlord in the transaction. Matt Wilbricht, also of CBRE|Hampton Roads, represented the tenant.

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RetailSoutheast

LA FITNESS COMPLETES FIVE ATLANTA-AREA REMODELS

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ATLANTA — LA Fitness has finished remodeling five of its health clubs in the Atlanta area, which together total 219,500 square feet. The remodeling work was completed on a rolling schedule in March, with the average club closure being four days. All five of the facilities now feature pieces of new cardio and strength equipment, and dumbbells. Each club also received some or all of the following work: new and updated lighting, new carpet, paint, graphic wall coverings and refinished wood floors in the aerobics room and basketball and racquetball courts. The upgraded locations include 1860 Duluth Highway in Lawrenceville; 2995 Cobb Parkway in Atlanta; 3755 Carmia Drive S.W. in Atlanta; 11720 Medlock Bridge Road in Duluth; and 5330 Windward Parkway in Alpharetta.

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MidwestSeniors Housing

CNL HEALTHCARE ACQUIRES TWO PROPERTIES IN IOWA

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INDIANOLA AND GRINNEL IOWA — CNL Healthcare Properties has acquired two seniors housing communities in Iowa for $12.1 million through a joint venture with GCI Development LLC. CNL Healthcare Properties owns a 75 percent interest in the joint venture, which includes Windsor Manor of Indianola, a 42-unit assisted living and memory care community, and Windsor Manor of Grinnell, a 30-unit assisted living and 10-unit memory care community. Provision Living LLC will manage both properties under a long-term management agreement.

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MidwestMultifamily

500 LAKE SHORE DRIVE NEARS COMPLETION IN CHICAGO

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CHICAGO — Developer Related Midwest has opened the doors to 500 Lake Shore Drive, a new 47-story, 500-unit multifamily glass tower in the Streeterville neighborhood of Chicago. Solomon Cordwell Buenz designed the building, which is expected to receive LEED Silver certification. The architects coordinated with Robert Pope Interiors on the design of the building’s common areas, which include a glass, wood and stone two-story lobby. Apartments currently available for lease include studios and one- and two-bedroom residences located on floors 3 through 29, with a move-in date of May 15. Residences in the remainder of the building will be available for lease beginning this fall and include three-bedroom penthouses on the top four floors. Rents at 500 Lake Shore Drive begin at $1,795 a month.

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MidwestSeniors Housing

JOINT VENTURE BUYS SENIOR LIVING PROPERTY FOR $7.6M

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STERLING HEIGHTS, MICH. — American House Senior Living Communities and Virtus Real Estate Capital have acquired Sterling Woods for $7.6 million at a cap rate of 8.5 percent. The property will now be known as American House Sterling Woods. Built in 2006, Sterling Woods is a 78-unit independent living property and includes one- and two-bedroom apartments. The seniors housing community was 91 percent occupied at the time of sale. Located in the metro Detroit suburb of Sterling Heights, Sterling Woods will offer amenities such as full life enrichment and wellness programs, culinary options, housekeeping, transportation and third-party personal care services.

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MidwestOffice

WASHINGTON COUNTY SUBSTANCE ABUSE COUNCIL MOVES TO JACKSON

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JACKSON, WIS. — The Council on Alcohol and Other Drug Abuse of Washington County Inc. has purchased a 5,464-square-foot office building located at N169 W21005 Meadow Lane in Jackson, about 30 miles north of Milwaukee. RE Investment Properties LLC sold the building at an undisclosed purchase price. In a move from West Bend to Jackson, the organization says the new location has more privacy for its rehabilitation and counseling efforts. David Buckley of Cassidy Turley Barry represented the seller in the transaction. Coldwell Banker represented the buyer.

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MultifamilyNortheast

NORDBLOM BORROWS $9.5M FOR MULTIFAMILY PROPERTY

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BROOKLINE, MASS. — Nordblom Co. has received a $9.5 million FHA 223(f) loan to refinance Marion Square, a 44-unit, two-building multifamily complex in Brookline, a southwest suburb of Boston. Nordblom built the first building in 2003 after purchasing the land from a related entity. The company purchased the other building, which was built in 1913, more than 40 years ago. The fixed-rate loan includes a 35-year term with a 35-year amortization schedule. Brian Sykes of Beech Street Capital’s Boston office originated the transaction.

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MultifamilyNortheast

ARIEL PROPERTY ARRANGES SALE OF MULTIFAMILY PROPERTY

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NEW YORK CITY — Ariel Property Advisors has arranged the sale of a five-story Upper West Side multifamily property located at 313 West 77th St. for $5.2 million. The trustee overseeing the disposition of the 11-unit property, a former co-op that filed for bankruptcy protection, retained the Ariel Property Advisors sales team of Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch. The trustee also retained Wolf Jakubowski of Brown Harris Stevens for the transaction. A national investor bought the building at an auction and plans to renovate the property. The 5,898-square-foot property includes approximately 1,046 square feet of air rights. The building is located three avenues from Central Park and the Museum of Natural History.

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NortheastOffice

THE LEFRAK ORGANIZATION SIGNS 11 NEW LEASES

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JERSEY CITY, N.J. — The LeFrak Organization has arranged 11 new leases at 111 Town Square Place, a 15-story class-A office tower with 500,000 square feet of office, data and co-location space in Jersey City. The recent transactions totaled 51,699 square feet of space and include tenants Fulcrum Worldwide Inc., International SOS Assistance Inc., Constellation Brands Inc., Transcom, IT Cosmetics, Day & Zimmerman, SumRidge Partners, HCC Global, Clinical Mind, Carrier Domain and Park Ave Technologies. Brian Decillis of The LeFrak Organization, in conjunction with the Robert Rudin, Barry Zeller, Ed Duenas and David DeMatteis Cushman & Wakefield, represented the landlord in the transactions.

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MultifamilyNortheast

BLINK FITNESS SIGNS 15,500 SF LEASE IN NYC

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NEW YORK CITY — Blink Fitness has signed a 15,500-square-foot lease at Chelsea Park, a new residential building located at 260 West 26th St. in New York City. The 12-story Chelsea Park, located on the corner of Eighth Avenue and West 26th Street, includes 204 apartments ranging from studios to two-bedroom units. Alexander Hill of Winick Realty Group represented the ownership in the transaction. Peter Levine of Charter Realty & Development represented the tenant.

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