PHOENIX –Allstate Insurance Company has signed an eight-year lease renewal and expansion for 35,560 square feet at Mesa Corporate Center in Phoenix. The 105,168-square-foot office building is located at 1001 W. Southern Ave. Allstate was represented by James Robinson with Phoenix Realty Advisors. The landlord, Parkway Properties, L.P., was represented by Matt Nebeker of Cassidy Turley Arizona’s Office group.
RALEIGH, N.C. — An entity managed by RAM Development Co. has acquired Apartments of Stonehenge, a 425-unit apartment community in Raleigh, for $40.2 million. Robinson Development Group, which purchased the property in 2010, was the seller. Robinson had renovated and redesigned the property's 5,000-square-foot clubhouse and residential units. Jeff Glenn of CBRE represented the seller in the transaction.
WASHINGTON, D.C. — The American Hospital Association (AHA), a national non-profit organization, has signed a lease for 42,000 square feet of office space in the CityCenterDC development in downtown Washington, D.C. Hines and TFI US Real Estate Fund are developing the property, which is now more than 83 percent leased. The AHA plans to move into the space in September 2014. AHA represents more than 5,000 hospitals, health care systems and networks, and provides education for health care leaders. Studley represented the tenant in the transaction.
SOUTH PASADENA, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Shore Drive Apartments, a 50-unit property in South Pasadena. The property was built in 1972 and is located at 1824 Shore Drive South. Casey Babb of Marcus & Millichap represented the seller, a St. Petersburg, Fla.-based family partnership. She also represented the buyer, Weller Residential, also based in St. Petersburg.
MINNEAPOLIS — Dougherty Funding LLC has closed a $16 million loan for the acquisition and conversion of the Holiday Inn Minneapolis Metrodome hotel into a Courtyard by Marriott. The hotel, which is located at 1500 Washington Ave. in Minneapolis, has 265 rooms. The renovation and rebranding follows the hotel's recent sale to Minneapolis-based Heartland Realty Investors, according to the Minneapolis St. Paul Business Journal.
EVANSVILLE, IND. — The Buckingham Cos. will design and construct townhouses on the campus of the University of Evansville, which has a total enrollment of 2,643 students. The townhouses will accommodate 150 upperclassmen. The $8.5 million project will deliver six townhouse buildings. One cluster of two buildings will be Frederick Commons, and four other buildings will comprise Walnut Commons. Half of the townhouses will be complete and available for move-in in August, with others following in October and January 2014.
SKOKIE, ILL. — Essex Realty Group Inc. has arranged the sale of Boulevard Place, a newly constructed multifamily building in Skokie, a northern suburb of Chicago, for $5.7 million. The 31-unit property includes 2,996 square feet of retail space and 55 parking spaces. The apartment building is located at 8253-57 Skokie Blvd. Matt Welke, Jason Fishleder and Doug Fisher of Essex were the brokers in the transaction.
MONROE, OHIO — Ball Metal Beverage Container Corp. has signed a 163,000-square-foot industrial lease at 1225 Logistics Way in Monroe, located about 30 miles north of Cincinnati. The 553,694-square-foot Building B is the second building to be built at Monroe Logistics Center. Ball Metal Beverage Container is the building’s initial tenant. Si Pitstick and Josh Young of Cincinnati Commercial represented the landlord, Industrial Developments International. Chuck McCosh of Cushman & Wakefield represented Ball Metal Beverage Container in the transaction.
WALTHAM, MASS. — Equus Capital Partners, formerly BPG Properties Ltd., has sold Totten Pond Office Park, a three-building office park, for $47 million. The 297,603-square-foot office park is located at 400 and 410 Totten Pond Road in Waltham, a western suburb of Boston. Tenants at Totten Pond Office Park include Lewtan Technologies Inc., Mass Electric Construction and Milestones Inc. At the time of the sale, the office park was 83 percent occupied. Rob Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented Equus in the transaction.
NEW YORK CITY — Stan Johnson Co. has completed the sale of a retail development property for $8.4 million. The property is fully leased to Bank of America and is located at the intersection of 18th Avenue and 66 Street in Brooklyn. Nearby tenants include Walgreens, CVS/pharmacy, TD Bank, Chase Bank, McDonald’s and Starbucks. Jason Maier of Stan Johnson Co. represented the seller, a private corporation, and the 1031 tax-deferred exchange buyer, an individual investor, in the transaction. The property is slated for completion by mid-year 2013.