MILLEDGEVILLE, GA. — Skanska USA has broken ground on Georgia Military College’s new 56,250-square-foot Health and Wellness Center in Milledgeville. The fitness center will include 9,000 square feet of weight and cardio training spaces and an elevated walking and running track. Skanska USA’s building business unit is managing the construction of the Health and Wellness Center.
STAUNTON AND TOANO, VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities including the 98-unit Gypsy Hill House Apartments in Staunton and the 22-unit Burnt Ordinary Village Apartments in Toano. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital has invested in approximately 13,000 affordable housing units in Virginia.
VALPARAISO, IND. — Construction is complete on a $12 million medical office building on the Community Health Systems' Porter Regional Hospital campus in Valparaiso. The Sanders Trust, in partnership with hospital-based physicians, owns the 60,000-square-foot property. The facility will house Porter Hospital departments and a cancer care center. Robins & Morton constructed the project and Gresham, Smith and Partners provided architectural services.
CHICAGO — Chesapeake Lodging Trust has completed its 35-room expansion at the W Chicago — City Center for $5.1 million. The company purchased the property in May 2011. As a result of the project, Chesapeake has expanded the hotel's room count from 368 to 403 keys. The full-service hotel is located at 172 W. Adams St., near Willis Tower and the Civic Opera House. The property also features 12,000 square feet of meeting space, a fitness center and a recently renovated restaurant.
WILLISTON, N.D. — Marcus & Millichap has arranged the $2.1 million sale of 507 Reclamation Drive, an 18-unit apartment property in Williston. The property is fully leased and has recently undergone several large renovations. Mox Gunderson and Joe Cuskey of Marcus & Millichap represented the seller, a partnership, in the transaction.
NEW YORK CITY — Savanna and Monday Properties have completed the sale of 386 Park Avenue South, a 20-story art deco office building in Manhattan's Midtown South district. Savanna acquired a majority stake in the property for $44.2 million in 2010 and launched a $30 million capital improvement plan the following year. Eastdil Secured represented the sellers in the transaction.
PHILADELPHIA, PITTSBURGH AND WEST CHESTER, PA. — Walker & Dunlop has arranged a $70.2 million Fannie Mae loan for the refinancing of a portfolio of historic properties that were converted to multifamily buildings. Reinhold Residential is the borrower. The portfolio consists of seven garden-style apartment buildings totaling 628 units in Philadelphia, Pittsburgh and West Chester. Each of the 10-year loans feature a 25- to 30-year amortization schedule. Reinhold Residential plans to use funds from the closing to upgrade the properties over the next five years.
NEW YORK CITY — Taconic Investment Partners and Square Mile Capital Management are set to begin construction at 837 Washington St. in the Meatpacking District, to transform a vacant structure into a 55,000-square-foot building with retail and office space. Morris Adjmi Architects will design the building, which is slated for occupancy in the fall of 2013. The project will break ground later this month. The office portion of the complex will feature 12-foot ceiling heights and private terrace spaces. The retail space will total 28,000 square feet.
SHARON, MASS. — IDI Distributors, a nationwide supplier of fiberglass and sprayfoam, has leased 32,995 square feet of industrial space at 1245 Providence Highway in Sharon. The company will relocate its Massachusetts distribution operation to the new space. CBRE Group represented the tenant in the transaction. Cathy Minnerly and Ovar Osvold of NAI Hunneman represented the landlord, John D. Murphy Co., in the transaction.
WALTHAM AND WAKEFIELD, MASS. — SDL, a global information management firm, has signed two office leases in the greater Boston market. SDL is relocating to 9,780 square feet at 410 Totten Pond Road in Waltham and 18,763 square feet at 201 Edgewater Drive in Wakefield. The company signed a five-year lease in Waltham and a seven-year lease in Wakefield. Michael O'Leary, John Boyle and Brian Hines of Cassidy Turley FHO represented the tenant in both transactions.