LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
ATLANTA — Atlanta Property Group has closed on its acquisition of Northcreek Office Park, an eight-building property totaling 536,000 square feet in the Buckhead submarket of Atlanta. The park is located at 3715 Northside Parkway near I-75 and I-285. Court Thomas, a partner at Atlanta Property Group, said the park was an attractive investment due to its campus environment, which is rare among Buckhead buildings. A majority of the tenants are local companies. Stewart Calhoun and David Meline of Cushman & Wakefield represented the seller in the transaction. Austin Chase and Josh Baine of Atlanta Property Group will handle the leasing for Northcreek.
ATLANTA — Invest Atlanta, the city's economic development arm, has approved public funding to help build the proposed $1 billion Atlanta Falcons stadium. The board of directors approved issuing $200 million in bond funding, backed by the city's hotel and motel tax, to finance the public contribution for the new retractable-roof stadium. The Falcons, along with private entities, will pay the remaining cost. The vote marks the final steps in lining up financing for the stadium. The Georgia World Congress Center, which will own the stadium, and Atlanta City Council, have already approved the project. However, the project team is still negotiating with two churches to acquire the necessary land to build the project, which would be located just south of the Georgia Dome, according to local reports. The churches would have to be moved for the project to move forward. The goal is to complete the stadium by 2017.
CHARLOTTE, N.C. — New Boston Fund has secured four new leases and renewed two existing tenant leases, totaling 74,180 square feet, at Harris Corners Corporate Park in Charlotte. The leases bring the occupancy rate at Harris Corners to 90 percent. Monumental Life, North American Transmission Forum, Wood Forest National Bank and THR Property Management will each be moving to Harris Corners this spring. In addition, Bank of America renewed its lease for three years. Polymer Group also renewed its lease and expanded by an additional 10,065 square feet. New Boston acquired Harris Corners in 2011, and the park consists of two five-story buildings and one four-story building. Charlie Swanson of Beacon Partners represented New Boston in each of the transactions. Amy Fleming Powell of Lincoln Harris LLC represented Bank of America; Chase Monroe and Bryan White of Jones Lang LaSalle represented Polymer Group; Allan Schwender of SA Commercial represented Monumental Life; and Christy Nine of Cresa represented THR.
MIAMI BEACH, FLA. — Cabi 301 Commercial has acquired 301 Arthur Godfrey Road, a six-story office building anchored by HSBC Bank in Miami Beach, for $15.1 million. The property is located along Miami Beach's “Banker's Row” and is fully occupied by a mix of diverse tenants. The one-acre site also includes a parking lot. Hermen Rodriguez, Ike Ojala, Manuel de Zarraga and Jorge Portela led the HFF team that represented the seller in the transaction. The buyer was a private investment firm.
INDIANAPOLIS AND DETROIT — Griffin-American Healthcare REIT II Inc. has acquired three medical office buildings in Indianapolis and Detroit as part of a five-building, $46 million purchase throughout the United States. The properties include the 44,000-square-foot Riverview Medical Arts Building in Noblesville, Ind., a northwest suburb of Indianapolis; and the 94,000-square-foot Eastern Michigan Medical Office Building Portfolio, which includes Keystone Medical Center and West Oaks Medical Office Building in Novi and West Bloomfield, Mich. Riverview Medical Arts Building was acquired from an entity affiliated with Cornerstone Cos. Inc. Eastern Michigan Medical Office Building Portfolio was acquired from entities affiliated with RSM Development and Management. The other two medical office buildings in the deal include the 28,000-square-foot St. Anthony North Medical Office Building II in Westminster, Colo., a northern suburb of Denver; and the 45,000-square-foot Ultima at Eagles Landing in Stockbridge, Ga., located about 20 miles south of Atlanta. Newport Beach, Calif-based American Healthcare Investors facilitated the acquisition on behalf of Griffin-American Healthcare REIT II Inc.
MINNEAPOLIS — HFF has arranged $44 million in construction financing and joint venture equity for Metro Park East, a 194-unit, 551-bed, campus-adjacent student housing development at the University of Minnesota – Twin Cities in Minneapolis. Adam Herrin of HFF worked on behalf of the developer, Fountain Residential Partners LLC, to secure a $29.5 million construction loan through American Bank of Texas. In addition, HFF assisted in securing $11.56 million in joint venture equity with an institutional capital partner. Metro Park East is located at 2635 SE. 4th St. in the Stadium Village neighborhood directly adjacent to the East Bank campus of the university. Due for completion for fall semester 2014 occupancy, the project will be built to LEED Silver standards and will include one-, two-, three- and four-bedroom apartment units.
MUKWONAGO, WIS. — GS Hydraulics, in a move to expand their hydraulic systems business, has purchased a 50,000-square-foot industrial building, located at 929 Empire Drive in Mukwonago, about 25 miles southwest of Milwaukee. GS Hydraulics purchased the building from Empire Industries, a manufacturer of pipe hangers and supports. The purchase price was undisclosed. Kurt Van Dyke of Cassidy Turley Barry represented Empire Industries in the transaction. Dave Hazenfield of The Dickman Co. represented GS Hydraulics.
CHICAGO — Futures broker Advantage Futures LLC has signed a 10-year lease for 41,500 square feet of office space at 231 S. LaSalle St. in Chicago’s financial district. Chicago-based Advantage will move from its 28,500-square-foot office, located at 141 W. Jackson Blvd., later this month. In addition, Advantage will retain its Business Continuity/Disaster Recovery Center in Downers Grove, Ill. as well as 10 data centers ensuring redundant connectivity and server colocation facilities.
REVERE AND MALDEN, MASS. — Mack-Cali Realty Corp. has closed on the acquisition of Alterra at Overlook Ridge IB in metro Boston for $88 million. The acquisition was pursuant to a signed contract in January, when Mack-Cali purchased the sister building — Alterra at Overlook Ridge IA — for $61.3 million. The luxury multifamily property, located in the master planned community of Overlook Ridge in Revere and Malden, includes 412 rental units. The property was 96.1 percent leased at the time of sale. Similar to its acquisition of Alterra 1A, this property was acquired from a Prudential Insurance Co. of America joint venture. Roseland, a subsidiary of Mack-Cali, developed Alterra 1B and has managed the property since its completion.