FLAGSTAFF, ARIZ. – The Woodlands Village Shopping Center in Flagstaff has signed four new leases. Caf
WASHINGTON, D.C. — Mesa West Capital has provided Brookfield Real Estate Opportunity Fund I with a $95.5 million first mortgage loan on 64 New York Ave. NE, a 355,000-square-foot office building in Washington, D.C. Built in 1924 as a warehouse, the building was converted into a Class A office building in 2000. The building is 45 percent occupied by the District of Columbia, which recently signed a new long-term lease. The loan proceeds were used to refinance the existing debt as well as provide for capital costs associated with recent upgrades to the property. Raphael Fishbach of Mesa West originated the financing.
HERNDON, VA. — Federal Capital Partners has acquired Berkdale Apartments, a 184-unit apartment community in the Dulles Park area of Herndon for $24.2 million. The eight-building property is located near Elden Street and Sterling Road, within walking distance of several schools. Amenities include a playground and an adjacent park with playing field and a bike trail. All of the units have recently been upgraded. Andy Boyer and Jonathan Greenberg of CBRE Group represented the seller in the transaction.
SPARKS, MD. — An affiliate of Greenfield Partners has acquired Tower Point at the Highlands, a 162,646-square-foot portfolio of two office buildings in Sparks, for $23.7 million. The Class A, campus-style buildings are located at 920 and 930 Ridgebrook Road within a planned business park along the I-83 corridor. The property is 96 percent occupied by tenants such as Fundamental Long Term Care Holdings and MobilexUSA. Christopher Abramson, Brian Kruger and Nicholas Signor of Cushman & Wakefield represented the seller, Equus Capital Partners, in the transaction.
BIRMINGHAM, ALA. — Beech Street Capital has closed Fannie Mae loans totaling $32.5 million that will be used to acquire a four-property portfolio totaling 770 units in Birmingham. The four properties — Ascot Place, Forest Ridge, Woodbrook and Meadow Wood — are each Class B, garden-style apartments. The buildings were originally developed by the seller in the 1980s. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group arranged the 10-year, fixed-rate loans.
EVANSTON, ILL. — Fifield Cos. and Carroll Properties will develop a $148 million luxury apartment project in downtown Evanston, a Chicago suburb. The 368-unit apartment project will include two building at 1881 Oak Ave. and 1890 Maple Ave. The property at 1881 Oak will be 16 stories and 1890 Maple will be 14 stories. A four-story structure, which will connect the two buildings, will include three floors of parking and a fourth-floor amenity deck. Rental units will range from 500-to-1,500 square feet and offer studio, one-, two- and three-bedroom layouts. Construction is set to begin in the third quarter of this year.
MINNEAPOLIS — Newport Beach, Calif-based KBS Real Estate Investment Trust has acquired RBC Plaza, a 678,045-square-foot office building in downtown Minneapolis for $118 million. RBC Plaza is a 40-story building that includes 609,368 square feet of office space and 68,677 square feet of retail and amenity space above an underground parking structure. At the time of sale, the building was 83 percent occupied. KBS has hired Cushman & Wakefield/NorthMarq to manage and lease the asset.
AURORA AND LEMONT, ILL. — Two CVS pharmacy buildings have sold to a private group in Florida for $500,000 a piece. Both CVS locations are corporately backed with long-term, triple-net leases and were built in 2002. The Aurora property is 17,468 square feet and has a small retail space attached to the CVS. The Lemont property is 10,908 square feet. Cleveland, Ohio-based Cooper Commercial Investment Group represented the buyer and the seller, a private group out of Illinois, in the deal.
URBANA, ILL. — Town & Country Apartments, a 662-unit apartment complex with a 52-unit self-storage facility, has hit the market in central Illinois. The price is open bid and the call for offers is scheduled for Feb. 12. Located at 1032 E. Kerr. Ave. in Urbana, the apartment complex was constructed in five phases beginning in 1968 and ending in 2008. The multifamily property includes 412 one-bedroom units and 250 two-bedroom units. Marcus & Millichap is the listing agent for Town & Country Apartments.
WESTPORT, CONN. — The Silverman Group has acquired Westport Corporate Office Park, a 120,121-square foot Class A office property, for $16 million. The office complex features two ponds with walking trails and is located in Westport, about 60 miles south of Hartford. Cushman & Wakefield represented the seller, Minneapolis-based Allianz Life Insurance Co. of North America, in the sale to Short Hills, N.J.-based Silverman Group.