MIAMI — 1803 Wilmington Road Co. has acquired a Walgreens drugstore at the southeast corner of SW 26th Street and SW 142nd Avenue in Miami for $3.9 million. The seller, Morgan Property Group (MPG), acquired the 1.4-acre property in 2001 through its affiliate, and developed the freestanding drugstore. Morgan Real Estate, the brokerage arm of MPG, represented the seller in the transaction.
ORLANDO — Homewood Suites by Hilton has opened the 128-room Homewood Suites by Hilton Orlando Airport, adjacent to the Orlando International Airport. McKibbon Hotel Group Orlando Gateway HM owns the four-story hotel, which is managed by McKibbon Hotel Management Inc. The hotel includes complimentary Wi-Fi, a fitness center, outdoor pool, sport court and 760 square feet of meeting space.
ROCHESTER, MINN. — Dougherty Funding LLC has placed $170 million in financing for four hotels in Rochester, located about 85 miles south of Minneapolis. The hotel properties include the 660-room Kahler Grand Hotel, the 271-room Kahler Inn & Suites, the 220-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The four hotels make up almost 25 percent of the city’s hotel rooms. The financing is a combination of $145 million in senior and mezzanine financing and $25 million in preferred equity.
CHICAGO — Leopardo has completed the Gateway to the West Loop, a $34 million, 190,000-square-foot retail project anchored by Mariano’s Fresh Market. The company has also started construction on Ravenswood Station, a $43 million, 240,000-square-foot retail center also anchored by Mariano’s. Gateway to West Loop, located at 14-40 S. Halstead, is home to eight tenants including Mariano’s, Ulta Salon, GNC, Massage Envy and Supercuts. Ravenswood Station will also be home to Mariano’s, LA Fitness and Sears Auto. The project is slated for completion in January 2014. Both project teams include Leopardo (general contractor), Antunovich Associates (architect), Paul Shadle of DLA Piper (attorney) and developers Seymour Taxman, Timothy Barrett and Gene Porto.
LINCOLN, NEB. — DLR Group has been selected to design a $32 million mixed-use development project in Lincoln. The Exchange at Antelope Valley, which will be developed by Hoppe Brothers, will include housing, retail and a 32,000-square-foot grocery store. The historic Windstream warehouse on the site will be renovated into apartments.
STERLING HEIGHTS, MICH. — Nitto Seiko America has signed a lease for 9,558 square feet of hi-tech space located at 44425 Phoenix Drive in Sterling Heights, about 25 miles north of Detroit. Clint Confer of Signature Associates represented Nitto Seiko in the deal. Nitto Seiko manufactures and sells industrial fasteners and tools and industrial and precision machinery.
PITTSBURGH — AdVenture Development LLC has begun site grading and clearing for the 500,000-square-foot town center portion of the McCandless Crossing development in the North Hills submarket of Pittsburgh. McCandless Crossing is a 1.2 million-square-foot, multi-phased project that will feature retail, multifamily units, office space and two hotels. McCandless Town Center, which will be complete in 2014, is the fourth phase of the overall development. Tenants at the center will include a 12-screen Cinemark theater, specialty grocery store, Bonefish Grill, LongHorn Steakhouse and HomeGoods. The town center will also house 50 townhomes. The Dollar Bank of Pittsburgh is financing McCandless Town Center.
NEW YORK CITY — Brookfield Office Properties Inc. has secured leases with eight restaurants to operate casual concepts in the new waterfront-dining terrace the company is building at Brookfield Place in Lower Manhattan. The 600-seat terrace is part of Brookfield's $250 million redevelopment of the Brookfield Place complex, formerly known as the World Financial Center. The dining area is currently under construction and is scheduled to open in January 2014. Brookfield has partnered with AvroKO and BCV Architects to design the terrace, which will be located above a European-style marketplace.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three apartment buildings, located at 602 44th St. and 4405-4409 6th Ave. in Brooklyn, for $3.8 million. The buildings include a total of 28 apartment units. Peter Von Der Ahe, Matthew Fotis and Jeb Hollingsworth of Marcus & Millichap represented the seller, a private investor and the buyer, also a private investor, in the deal.
ALLSTON, MASS. — RODE Architects has completed the renovation and new construction of a multifamily property in Allston, Mass., a Boston neighborhood. The development, called Allston Proper, is a 12,300-square-foot project at the corner of Glenville Avenue and Greylock Road. It includes three floors of new residential units and an extensive renovation of the existing two-family structures on the site. The new building, contemporary in form and texture, includes eight residential units with on-site parking and exterior landscaped surfaces. Boxford-based Fishbrook Builders was the general contractor, and Boston-based Studio 2112 provided landscape architecture services. The James Hardie Co. manufactured the cement fiber siding panels used in the project.