NORFOLK, VA. — Hampton Roads Church has purchased the 13,500-square-foot Brith Sholom Center at 1132 Pickett Rd. in Norfolk for $1.25 million to serve as a new church location. Geoffrey Poston of Cushman & Wakefield/Thalhimer represented the seller, and William Throne of Cushman & Wakefield/Thalhimer represented the buyer.
TOLEDO, OHIO — Health Care REIT has completed the acquisition of Sunrise Senior Living Inc. property portfolio, the sale of the Sunrise Management Co. and the acceleration of all planned joint venture partner buyouts. The Toledo-based real estate investment trust, that invests in seniors housing and health care real estate,currently has invested $3.4 billion in Sunrise properties. Bank of America Merrill Lynch acted as the exclusive financial advisor to Health Care REIT in the deal. Arnold & Porter LLP, Goodmans LLP, Nabarro LLP, Shumaker, Loop & Kendrick LLP, and Sidley Austin LLP, acted as Health Care REIT's legal advisors.
OAK BROOK, ILL — Inland American Real Estate Trust Inc. has acquired two necessity-based shopping centers in Oklahoma and Texas for approximately $94.7 million. The properties include Rockwell Plaza, a 254,690-square-foot shopping center in Oklahoma City and Stone Ridge Market, a 218,436-square-foot retail property in San Antonio.
MILWAUKEE — The Dickman Co. has arranged the sale of a 62,494-square-foot office building at 544 S. 1st Street in Milwaukee for $5.8 million. The single-story building was constructed in 1952 as an industrial property and was converted to an office building in 2007. Dickman Co.’s Samuel D. Dickman and Samuel M. Dickman Jr. represented the buyer and seller in this deal. The seller was 544 S. 1st Street LLC and IndependenceFirst Inc., and the buyer was an existing tenant in the building.
NEW YORK CITY — TIAA-CREF has purchased 1511 Third Avenue on the Upper East Side for $60 million. The 60,000-square-foot retail building is one block south of East 86th Street, the main retail artery in the neighborhood. The property is fully leased to long-term tenants Gap and Equinox. Bob Knakal and Thomas Gammino of Massey Knakal represented both parties in the transaction.
PRINCETON, N.J. — Chambers Street Properties has acquired 701 and 801 Charles Ewing Blvd., a two-building laboratory and office campus in Princeton. The buildings total 110,765 square feet and are fully leased to a specialty chemical company. Built in 2009, the properties are situated within the Princeton South Corporate Center. Chamber Street added more than 5.5 million square feet to its portfolio in 2012, mostly fully leased office and warehouse properties.
NEW YORK CITY — Eastern Union Funding has arranged a $47.4 million loan for the acquisition of the Westbourne apartment complex in Manhattan. The five-building, 182-unit property occupies a full city block along West 137th Street. The purchase also included a new Duane Reade store with a 20-year lease. Shaya Ackerman of Eastern Union arranged the loan on behalf of Bonjour Capital, which acquired the property from Extell. Investors Bank provided the 10-year loan, which includes a 3.7 percent interest rate.
PORTLAND, MAINE — Chatham Lodging Trust has acquired the recently opened Hampton Inn Portland Downtown — Waterfront Hotel for $28 million. The deal includes an adjacent land parcel, which can be sold or used for future development. The six-story, 122-room hotel is located at 209 Fore Street in the Old Port district. The ground floor of the hotel includes the separately-owned Sebago Brewing Co. Island Hospitality Management will oversee operations at the hotel.
OLD BRIDGE, N.J. — Construction is under way on Woodhaven Plaza, a new neighborhood shopping center on Texas Road in Old Bridge, about one mile from Monroe Township. The 118,000-square-foot center will serve as the retail component of Woodhaven Village, a planned residential community that currently contains a mix of 350 single-family homes, townhouses and apartments. Atlantic Realty is developing both the retail and residential areas, and R.J. Brunelli & Co. is serving as the leasing agent for the center.
ADDISON, TEXAS — A joint venture between Dallas-based Quadrant Investment Properties and Fort Worth-based Tug Hill Real Estate Partners has acquired Parkside Corporate Center, a 97,995-square-foot office property located in Addison. The acquisition was the first transaction between Quadrant and Tug Hill. Fletcher Cordell and Will Nelson of Transwestern will lease the project. Transwestern will also manage the project.