CHARLOTTE, N.C. — Passco Cos. LLC, a real estate investment firm specializing in the tenant-in-common structure, has acquired The Enclave at Rivergate in Charlotte for $24.8 million. The 216-unit Class A apartment complex is located at 12400 Toscana Way and includes one-, two- and three-bedroom units. Irvine, Calif.-based Passco Cos. received a $13.64 million Fannie Mae loan to finance the acquisition. Southeast Apartment Partners represented the unlisted seller.
GREENVILLE, S.C. — Cabela’s Inc., an outdoor sporting retailer based in Sidney, Neb., will open a 100,000-square-foot store in spring 2014 at Menin Development’s Magnolia Park in Greenville. It will be the first Cabela’s store in South Carolina. The building’s exterior will include log construction, stonework, wood siding, metal roofing and a large glass storefront. Magnolia Park, formerly the Greenville Mall, consists of more than 500,000 square feet of retail and entertainment space on 85 acres. Tenants include Costco, Regal Cinemas, Rooms to Go, Old Navy, Bed Bath & Beyond and Toys “R” Us/Babies “R” Us. Currently, Cabela’s operates 40 stores across the United States and Canada.
MIAMI — A 24,894-square-foot Office Depot near Miami International Airport has sold for approximately $6.6 million. Scott Sandelin of Marcus & Millichap’s Miami office represented the seller, a New York-based real estate investment trust, and the buyer, a limited liability company based in Canada. The Office Depot store is strategically located at the entrance of the Miami International Airport at 3600 LeJeune Rd. in Miami.
GRAND RAPIDS, MICH — Landmark Commercial has arranged the sale of two medical buildings in Grand Rapids for a combined $17.6 million. The first building, located at 860 Leonard St., sold for $8.4 million. The 56,000-square-foot building is anchored by Grand Valley Health Plan and Grand Valley Surgical Center. The second building, located at 1000 E. Paris Ave., sold for $9.2 million. The 110,000-square-foot building is a multi-tenant medical office building and is anchored by Spectrum Health. Daniel Kukes and Kevin Baker of Landmark represented the buyer, a Chicago-based private family office, in the deal.
FORT WAYNE, IND. — NAI Harding Dahm has arranged the sale of four shopping centers in northern Indiana for a combined total of $6.7 million. The centers, located in Fort Wayne, Portland and Auburn, Ind., total 164,050 square feet. The properties include: Pine Wally Crossing and Jefferson Center; both neighborhood centers in Fort Wayne; Auburn Cord Plaza in Auburn; and Portland Commons in Portland. The shopping centers were sold to a local Indian investment group. NAI Harding Dahm was the leasing agent for all properties.
CHICAGO — New York-based Loews Hotels & Resorts plans to open a new 52-story hotel in Chicago. The Loews Chicago Hotel will include: 400 guestrooms, 36 suites, a restaurant, more than 25,00 square feet of meeting space, multiple outdoor terraces, spa and fitness center and an outdoor rooftop including a pool overlooking the city. Chicago-based DRW Trading Group is developing the property and designed by architectural firm Solomon Cordwell Buenz. The hotel is slated to open in January 2015.
CHICAGO — An eight-unit apartment property, located at 3801 West Wrightwood Ave., in Chicago has sold for $555,000. The multifamily building, located in the Logan Square neighborhood, is all brick and comprised of eight two-bedroom units. Ryan Engle and James Ziegler of Marcus & Millichap represented the seller, an individual trust. The buyer, a limited liability company, was also represented by Engle and Ziegler.
AURORA, ILL. — Centrust Bank has sold a combined 12,290 square feet of office condominiums at the Fox Valley Office Commons in Aurora. Located at 4260 Westbrook Drive, the Fox Valley Office Commons is a single-story brick building with 21 suites. Tenants include dental, accounting, information technology and engineering offices. NAI Hiffman represented Centrust Bank in the deal.
NEW YORK CITY — Madison Marquette and certain funds within the Perella Weinberg Partners' asset-based value strategy have acquired The Center Building in Queens for $84.5 million. The 450,000-square-foot building is located at 33-00 Northern Blvd., immediately above the 36th Street subway station. Originally built in 1915, the property includes a 62-space underground parking garage and a ground-floor restaurant. The building is 88 percent leased to government agencies such as the Human Resources Administration and New York City Transit Authority. Andrew Scandalios, Jose Cruz, Jeffrey Julien and Kevin O'Hearn led the HFF team that represented the seller, Hampshire Properties, in the transaction.
HARRISBURG, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has closed on its purchase of Paxton Towne Centre, a power center in Harrisburg, for $76.8 million. PREIT developed the center in 2001 for approximately $55 million. The 717,000-square-foot property is anchored by Target, Costco, Kohl's and Weis Markets.