GREENSBORO AND DURHAM, N.C. — Bell Partners Inc. has sold two North Carolina apartment communities, the 284-unit Lake Brandt and 288-unit Bell Southpoint, on behalf of its investors. Winthrop Realty Trust purchased Lake Brandt in Greensboro and Duck Pond Corp. purchased Bell Southpoint in Durham. Lake Brandt includes one-, two- and three-bedroom units and amenities such as a fitness center, outdoor pool plaza, lighted tennis courts, indoor lap pool, business center and playground. Bell Southpoint also includes one-, two- and three-bedroom units and similar amenities.
GREENVILLE, S.C. — Greenville-based Carolina Holdings, a full-service real estate firm, has completed construction or expansion of five Dollar General retail properties in Greenwood and Rock Hill, S.C., and Mount Holly, Conover and Burlington, N.C. The new construction and expansions provide expanded grocery offerings at the five Dollar Generals. Carolina Holdings is collaborating with Dollar General on several new store locations in North and South Carolina.
BALTIMORE — Tryko Partners LLC, a private equity real estate firm based in Brick, N.J., has renovated Loch Raven Village Apartments, a 495-unit multifamily community at 8402 Greenway Rd. in Baltimore’s Towson neighborhood. Tryko Partners purchased the property last summer to modernize it and position it competitively among Towson’s Class A multifamily properties. Loch Raven Village includes 95 colonial brick, garden-style buildings on 20 acres and is 96 percent leased. Renovations included converting the property’s utilities so that each unit has central air conditioning and a dedicated gas furnace. Additionally, Tryko replaced entry doors and windows in all 95 buildings.
WEST PALM BEACH, FLA. — A 15,120-square-foot Walgreens has sold for $4.6 million in West Palm Beach. It was built in 2001 and is situated on a corner site adjacent to the Palm Beach International Airport. Jason Powell and Sean Patrick of Atlanta-based Ackerman & Co. represented the seller, a Washington, D.C.-based private investor. Mark Myers of Pompano Beach, Fla.-based Park Place Realty represented the buyer, Pompano Beach-based BMD Management.
BEAVERCREEK, OHIO AND LIBERTYVILLE, ILL. — Griffin Capital Net Lease REIT has acquired two Midwest properties: a build-to-suit, Class A office property in Beavercreek for $17 million and a manufacturing and warehouse facility in Libertyville for $15.6 million. The office property is fully leased to Northrop Grumman Systems Corp. and is adjacent to the Wright-Patterson Air Force Base, the largest air force base in the U.S. The 194,000-square-foot industrial facility in Illinois serves as the North American corporate headquarters for Zeller Plastik USA. Zeller produces plastic closures and packaging components for food, beauty and beverage products. The complex is within the Lincoln Commerce Center business park.
COPLEY TOWNSHIP, OHIO — Concordia of Ohio has acquired the 280,185-square-foot Summer on Ridgewood, a continuing care retirement community in Copley Township, for $23 million. The property is 78 percent occupied and all resident contracts will be assumed by the new owner. The property features 22 independent living units, 79 garden apartments, 40 assisted living units and 48 skilled nursing beds. CLW Senior Housing represented the court-appointed receiver, Jeffrey T. Heintz of Brouse McDowell, in the transaction.
INDIANAPOLIS — Vista Capital Co. has arranged $17.3 million in financing for the Crowne Plaza Union Station in Indianapolis. The full-service hotel is listed on the National Register of Historic Places. Crowne Plaza features 273 rooms, including 26 original Pullman Traincar sleeping rooms. A European-based investment bank provided the financing. The 10-year, fixed-rate loan will be used to fund a large renovation to modernize the hotel interior. The financing will also be used to retire the existing financing.
BEAVERCREEK, OHIO — Colliers International has arranged the $1.9 million sale of a freestanding Buffalo Wild Wings in Beavercreek. The 6,000-square-foot building was constructed in 1999 as a build-to-suit for Buffalo Wild Wings, which has 12 years remaining on its lease. Jeff Johnston, Chris Prosser and Steve Timmel of Colliers represented the seller in the transaction. Marcus & Millichap represented the buyer, a private California-based investor.
PHILADELPHIA — The Philadelphia Parking Authority (PPA) has signed a $46 million office lease deal at the Mellon Independence Center, located at 701 Market St. in Philadelphia. Under the 25-year lease, PPA will occupy the fourth and fifth floors, as well as part of the sub-basement. The company plans to move from its current offices at 3101 Market St. in the fall of 2013. Tactix Real Estate Advisors represented the tenant in the transaction. Jay Ruder of Archer & Greiner P.C. served as PPA's attorney. The PPA will join BNY Mellon, the building's largest tenant.
NEW YORK CITY — Marcus & Millichap has arranged the $6.8 million sale of a nine-unit apartment building at 233 W. 14th St. in New York City. The sale marks the highest price per square foot in Chelsea this year ($663 per square foot) for a 25-foot building. Peter Von Der Ahe, Joe Koicim and Shlomo Gelernter of Marcus & Millichap represented the seller, a private investor, in the transaction. They also represented the buyer, a private investor.