MADISON, WIS. — A joint venture owned by Alex Brown Realty Inc. (ABR) and Fulcrum Asset Advisors LLC has acquired the U.S. Cellular Building, located at 5117 W. Terrace Drive in Madison. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $3.1 million in the venture. Built in 1997, the four-story Class A office building spans 101,925 square feet and is located on the southwest corner of the American Center Office Park. The property was 73 percent occupied at the time of sale. U.S. Cellular leases 74,717 square feet and occupies the first, second and third floors. Saint Paul, Minn.-based Advantus Capital Management provided first mortgage financing for the transaction.
NAPERVILLE, ILL. — K. Hovnanian T&C Homes has signed an 8,820-square-foot lease at One Naperville Plaza in Naperville, located about 30 miles west of Chicago. The new tenant, a publicly traded homebuilder, plans to use the space for its regional office. One Naperville Plaza is a multi-story, 54,109-square-foot building located at 1804 N. Naper Blvd. Dan O’Neill, Adam Johnson and Jud Henry of NAI Hiffman represented the landlord, ROC Inc., in the transaction. Mark Georgas and Paul Diederich of CBRE represented K. Hovnanian.
ISELIN, N.J. — Meridian Capital Group LLC has arranged $86.2 million in financing for multifamily properties in New Jersey and Pennsylvania. The biggest loan, $27 million, was for the 410-unit Vairo Village property located in State College, Pa. The 10-year loan carries a 3.9 percent interest rate. Other financing transactions include: a 10-year, $25.5 million loan for a 1,053-unit multifamily portfolio located in the New Jersey communities of East Brunswick, Washington, Chatham and Bloomfield; a seven-year, $25 million loan for an 141-unit property located at Nine N. 9th St. in Philadelphia; a 10-year, $6.4 million loan for 66-unit multifamily building on Union Street in Hackensack, N.J.; and a 10-year $2.2 million loan for a 26-unit property on Raritan Avenue in Highland Park, N.J.Russ Drebin, Israel Schubert and David Fisher of Meridian originated the loans.
BROOKLINE, N.H. — Eckman Construction has built a 6,000-square-foot building, located on Route 13 in Brookline, for the Brookline New Hampshire Police Department. The building also includes 1,900 square feet of unfinished space on the second floor, which will be used for storage. A secure sally port will allow for the safe transfer of prisoners into and out of vehicles, and provides direct access to a booking area with two holding cells and evidence storage. The facility also includes offices, men’s and women’s locker rooms with showers, and an interview room. Eckman worked with the town and the Safety Complex Building Committee for two years prior to the voter approval, which funded the construction at a town meeting in March 2012. Manchester, N.H.-based Dennis Mires, PA The Architects designed the project.
PITTSBURGH — Forest City Enterprises Inc. has acquired 100 percent interest in the Mall at Robinson and sold its interest in the Plaza at Robinson Town Center. Prior to the transaction, Forest City had approximately 72 percent interest in the mall and 50 percent interest in the strip center. The Mall at Robinson is located at 100 Robinson Centre Drive, and Plaza at Robinson Town Center is located at 15205 Park Manor Blvd. in Pittsburgh. The transaction resulted in net cash proceeds to Forest City of $7.7 million. Forest City Enterprises worked with its partner, Zamagias Properties, on the transactions.
WESTPORT, CONN. — Ridgebury Tankers LLC has signed a lease for 2,695 square feet of office space at 33 Riverside Ave. in Westport, an eastern suburb of Newport. Riverside Avenue will be the corporate headquarters for the newly founded Ridgebury Tankers, a deep-sea shipping company. Brett Sherman of Angel Commercial LLC represented the tenant in the lease transaction.
ODESSA, TEXAS — Epperson Co. and the Sewell Family of Cos. has opened Phase I of the 65-acre Parks Legado Town Center in Odessa. The mixed-use development's first phase includes a 120-room Residence Inn by Marriott, an Aim Bank branch and 27,000 square feet of restaurant and retail space. Tenants include The Egg and I, Cork and Pig Tavern, Kenzington's Kloset, Joe James Salon and Aveda Day Spa. Upcoming tenants in Phase I include Cavender's, Whitehouse Market and Jersey Mike's Subs. Phase II will include a Marriott Courtyard, Hilton Homewood Suites, Sewell Volkswagen, Sewell Ford-Lincoln, pad sites and 20,000 square feet of shop space.
CANTON AND CORINTH, TEXAS — National Health Investors (NHI) has purchased two skilled nursing facilities totaling 254 beds in Canton and Corinth. The $26.3 million purchase was funded from borrowings on NHI's revolving credit facility.
AUSTIN, TEXAS — Seattle-based Metzler Real Estate has sold TechRidge Five, a 226,076-square-foot industrial property in Austin for $24 million. Investor group GH TechRidge Five Inc. purchased the Class A facility, which is fully leased to NCS Pearson, an education and publishing company. The light industrial facility is located at 905 W. Howard Lane. Metzler was self-represented by Matthew Paddock, in addition to Jack Fraker and Josh McArtor of CBRE, in the transaction.
SAN ANTONIO — Institutional Property Advisors (IPA) has brokered the sale of The View at Encino Commons, a 324-unit multifamily community at 21303 Encino Commons in northern San Antonio. The community features a resort-style swimming pool, an outdoor fireplace pavilion, clubhouse, Internet cafe, fitness center, surround-sound movie theater, entry gates, car wash and direct access garages. Will Balthrope and Scott Lamontagne of IPA represented the seller in the transaction. McCann Realty Partners is the buyer. IPA is the multifamily brokerage division of Marcus & Millichap Real Estate Services and serves institutional and major private investors.