AUGUSTA, GA. — Augusta Operating Co. has acquired The Parc at Flowing Wells, a 346-unit apartment community in Augusta. The Parc at Flowing Wells was constructed in 2010 and includes a modern fitness center, swimming pool and amenities center. Augusta Operating Co. is majority owned by North Charleston, S.C.-based The InterTech Group. Co-investors include Middle Street Partners LLC, which will manage the property.
MIAMI — Grandbridge Real Estate Capital has arranged a $20.8 million first mortgage loan for the acquisition of Kendall Corners, a 96,515-square-foot retail property in Miami. Michael Balan of Grandbridge arranged the seven-year loan, which features a 25-year amortization and an interest rate below 4.5 percent. A U.S. bank provided the financing. An Ashley Furniture store and a Baptist urgent care center anchor the property.
TAMPA, FLA. — MIG Real Estate has acquired the 152-room Hilton Garden Inn Tampa/East Brandon, marking the company's fourth hotel acquisition in Florida. Located at 10309 Highland Manor Drive, the hotel was built in 2002 and features 4,500 square feet of meeting space, an outdoor swimming pool, exercise room, business center, restaurant and guest laundry. The property is situated in the Highland Oaks business park ,adjacent to an I-75 off-ramp. Michael DiPrima and Jeff Berkman of Hodges Ward Elliott represented the seller in the transaction. MIG Real Estate was self-represented. Concord Hospitality Enterprises will operate the property.
DURHAM, N.C. — GFI Software has signed a lease for 16,466 square feet of office space at Winchester Place, located at 4309 Emperor Blvd. in Durham. The company, which develops IT solutions for small to mid-sized businesses, plans to move in this July. Dave Mester of Avison Young represented the tenant in the transaction. Clay Stober of Tri Properties represented the landlord.
CHICAGO — Chicago Mayor Rahm Emanuel joined Near West Side community leaders and site developers Friday, April 12, for the formal reopening of the $22.3 million Harvest Commons apartments, located at 1519 W. Warren Blvd. The multifamily complex was redeveloped last year into 89 low-income studios with on-site social services. The renovation of Harvest Commons was financed through $3.9 million in Tax Increment Financing (TIF) assistance and $1.2 million in donated tax credits from the city. The city previously owned the building, valued at $2.3 million, and provided it to the developer for $1 through a request for proposals (RFP) process. Heartland Housing and First Baptist Congregational Church completed the project. Built in 1930 as the Union Park residential hotel and renamed The Viceroy in 1963, the six-story building primarily catered to itinerant guests before closing in 2006, when it was purchased by the city. The city council designated the art deco structure as an official landmark in 2010.
MACHESNEY PARK, ILL. — The Boulder Group has completed the sale of a single-tenant Associated Bank ground lease for $1.1 million. Associated Bank is the sole occupant of the 3,358-square-foot retail building, located at 622 Machesney Road in Machesney Park, a north suburb of Rockford, Ill. The property is located within Machesney Park Town Center, which is anchored by JCPenney, Big Lots, Burlington Coat Factory and Bergner’s. Associated Bank has 20 years of lease term remaining on a 21-year, triple-net-ground lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private developer, and the buyer, an individual based in the Midwest.
SPENCER, IND. — Architect George Ridgway and Pritchett Brothers, a Bloomington-based general contractor, have completed the renovation of the Tivoli Theatre in Spencer, located about 17 miles northwest of Bloomington. The transformation includes restored interior and exterior features and an addition to the north side of the building, which provides a kitchen, restrooms and additional office space. A project cost was not disclosed. Construction on the theater began in April 2012. Cook Group Inc. sponsored the renovation of the theater, which is owned by Owen County Preservations. The theater originally opened on New Year’s Eve in 1928. The Tivoli was damaged in a fire in 1985, but continued to operate until 1998 and fell into disrepair.
PHILADELPHIA AND SAN JOSE, CALIF. — In two separate transactions, Vornado Realty Trust (NSYE: VNO) has completed the sale of two retail properties for a combined total of $263 million. A retail property in Philadelphia, that is part of the Gallery at Market East, sold for $60 million. The Plant, a shopping center in San Jose, Calif., sold for $203 million. The sales resulted in net proceeds of approximately $156 million, after repaying the mortgage on the San Jose property and closing costs. The Gallery at Market East is a mall located at 901 Market St. in downtown Philadelphia with more than 130 stores. The Plant is located at the intersection of Monterey Highway and Curtner Avenue and spans 643,325 square feet. Tenants at The Plant include Applebee’s Best Buy, Chase, Home Depot, OfficeMax, PetSmart and Target. A net gain of $69 million will be recognized in the second quarter.
TROY, N.Y. — NorthMarq Capital has arranged a $10 million first mortgage loan for the refinancing of a four-building portfolio in Troy, a northern suburb of Albany. The portfolio includes three office buildings: The Market Block, located at 282 River St.; and the Atrium and Frear buildings, located at Third and Fourth streets. The fourth property is the 985-car Uncle Sam Parking Garage, located at 35 4th St. Financing was based on a seven-year term and a 15-year amortization schedule. The borrowers include Bryce Properties LLC, Hudson River Place LLC and Uncle Sam Garages LLC. A local credit union provided the loan.
NORRISTOWN, PA. — Healthcare Solutions Inc., the parent company of Cypress Care, ScripNet and Procura Management, has signed a 57,055-square-foot lease to relocate the company’s regional headquarters to 2500 Monroe Blvd. in Norristown, a northwest suburb of Philadelphia. Mike Barker of CBRE Group Inc. represented Healthcare Solutions in the transaction. Healthcare Solutions provides an array of medical management services in the workers’ compensation and auto industry.