NORTH LAUDERDALE, FLA. — Alison Williams and Stephen Whitehead of NorthMarq’s Dallas regional office have arranged $38 million in acquisition financing for Parrot’s Landing, a 560-unit multifamily community in North Lauderdale. Financing was based on a 10-year term and a 30-year amortization schedule. The property was constructed in two phases in 1987 and 1997. It consists of one-, two- and three-bedroom units and amenities include two clubhouses, three swimming pools, a sundeck, fitness center, lighted tennis court, car care center, business center and running trails. A Toronto, Canada-based private real estate investment company purchased the property.
JACKSONVILLE, FLA. — Philip Rachels of Capital Advisors has arranged $16.2 million in refinancing for Oasis at Mandarin Apartments, a 256-unit multifamily community at 3355 Claire Lane in Jacksonville. The 10-year loan was arranged on behalf of the borrower, Claire Pointe JAX Developers LLC, through Freddie Mac. The property includes one-, two- and three-bedroom units in 16 three-story buildings that were constructed in 1986 and partially renovated in 2006. Amenities include a clubhouse, fitness center, two swimming pools, tennis court and playground.
STOCKBRIDGE, GA. — A joint venture between Strategic Capital Partners LLC and Atlanta-based Kodiak Ventures has acquired South 75 Center, which includes two flex office buildings, in Stockbridge for an undisclosed price. It is 84 percent occupied and was purchased from the lender, which foreclosed on the property in 2011. The strategy is to stabilize the property at 90 percent occupancy as well as renew the largest tenant, which expires in 2017. Third-party medical suppliers and distributors occupy much of the nearby office space due to the proximity of Henry Medical Center, a 215-bed hospital.
MINNEAPOLIS — AECOM Technology Corp. will provide preliminary engineering work on the Southwest Light Rail Transit line in Minneapolis. The Los Angeles-based corporation was awarded a $16.8 million contract by the Metropolitan Council of the Twin Cities to provide the services for the western half of a 15.8-mile corridor that will include 17 new stations stretching from downtown Minneapolis through several southwestern suburban cities. Construction is set to begin in 2015, with the line scheduled to begin operating in 2018.
MONTGOMERY, ILL — Chicago-based Quantum Real Estate Advisors has arranged the $2.7 million sale of the 11,188-square-foot Blackberry Creek Shopping Center located on Orchard Road in Montgomery, about 44 miles west of Chicago. The building is fully occupied by both national and regional tenants, which include: Jimmy John’s, T-Mobile, Sports Clips and Rosati’s Pizza. Chad Firsel, president of Quantum Real Estate Advisors, represented the seller, a developer based in Chicago. Daniel Waszak, senior vice president of Quantum, represented the private buyer.
CHICAGO — The Chicago office of Duke Realty Corp. has renewed industrial leases at four properties totaling 664,680 square feet. With these renewals, Duke Realty’s Chicago industrial portfolio is 99 percent leased. The properties include: the 145,00-square-foot TCG Packaging building in Bolingbrook with the Development Corp. representing TCG; the 187,000-square-foot Harmon industrial building in Bolingbrook with Colliers International representing Harmon; the 354,000-square-foot Innotrac building in Bolingbrook with CBRE representing Innotrac; the 304,634-square-foot Sysco Guest Supply building in Carol Stream with CBRE representing Sysco.
PALATINE, ILL — Marcus & Millichap Real Estate Investment Services has arranged the sale of an 14,388-square-foot retail property in Palatine for $1.5 million. The net-leased property, Baldwin Plaza, is located at 1625 North Baldwin road and is fully leased to eight tenants. Four tenants have occupied the retail center for more than 10 years. Sean R. Sharko, Ryan D. Engle, Adrian Mendoza, Austin Weisenbeck and Adam Fortino, investment specialists in Marcus & Millichap’s Oak Brook office represented the seller, a private investor. The buyer, a private investor, was represented by Adrian Mendoza, Sean R. Sharko and Austin Weisenbeck.
BOSTON — LaSalle Hotel Properties has purchased a majority interest in Boston's Liberty Hotel through a joint venture with the developer and co-owner, an entity controlled by Dick Friedman of Carpenter & Co., for $170 million. The 298-room hotel is located at 215 Charles St. in the Beacon Hill neighborhood. It was built in 1851 as the Charles Street Jail and housed a number of famous inmates including Boston Mayor James Michael Curley and Malcolm X. The property was redeveloped as a hotel, which opened in 2007. The asset will continue to operate under The Luxury Collection franchise.
MONROE, N.J. — IDI is constructing Middlesex Center 2, a 751,450-square-foot warehouse building at Exit 8A of the New Jersey Turnpike. The building is expected to be complete in July 2013. Located in the 206-acre Middlesex Center, the property will feature customizable warehouse lighting, dock equipment and office space. The park also includes Middlesex Center 1, a 1.3 million-square-foot building. Additionally, plans call for the 450,000-square-foot Middlesex Center 3 building, which will be constructed in 2013.
NEW YORK CITY — Property Group Partners has entered a joint venture with Romanoff Equities to develop 860 Washington Street, a 120,000-square-foot office and retail development in Manhattan. The venture plan to break ground in the third quarter of 2013, and completion is slated for 2015. James Carpenter Design Associates designed the 10-story property. Douglas Harmon, Adam Spies and Josh King of Eastdil Secured facilitated the transaction.