ATLANTA — Cortland Partners has sold two multifamily communities, Woodridge Townhomes and Clifton Ridge Townhomes, in separate transactions in the Atlanta area. Both townhome properties were rehabilitated, rebranded and sold by Cortland within 2 years of Cortland originally purchasing each property. They sold for a combined $11.9 million. Cortland’s Mike Altman led the transactions.
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ATLANTA — Cortland Partners has sold two multifamily communities, Woodridge Townhomes and Clifton Ridge Townhomes, in separate transactions in the Atlanta area. Both townhome properties were rehabilitated, rebranded and sold by Cortland within 2 years of Cortland originally purchasing each property. They sold for a combined $11.9 million. Cortland’s Mike Altman led the transactions.
ST. LOUIS — Construction is under way on the $42 million Cortona at Forest Park, a 280-unit apartment complex in St. Louis. The project will occupy the southwest corner of Balke Brown Transwestern's 26-acre Highlands mixed-use development. The gated community will feature a 7,000-square-foot clubhouse, a saltwater swimming pool and an outdoor kitchen with lounging areas. Residents will also have access to a car-detailing service and a leash-free pet park. Monthly rents are projected to range from $1,000 to $1,750 when the property opens in 2014. Balke Brown hopes the development will attract young professionals. AFL-CIO Building Investment Trust is financing the project and Humphreys & Partners is the architect.
TROY, OHIO — Crown Equipment Corp. has purchased the 165,000-square-foot Stillwater Technologies building at 1040 S. Dorset Road in Troy. Stillwater, a contract manufacturer, will continue to occupy its current space in the building, while Crown Equipment — a producer of material-handling equipment — will move into a space formerly occupied by robotics manufacturer Motoman. The building features 20,000 square feet of office space, 24-foot clear ceiling heights and heavy power. Tim Echemann of Industrial Property Brokers and Norm Khoury of Cassidy Turley represented the sellers in the transaction.
AKRON, OHIO — A FirstMerit Bank branch in Akron has sold for $940,000, which represents an 8 percent cap rate. FirstMerit has approximately nine years remaining on its existing 10-year lease. Mark Luttner of Luttner Real Estate Investment Services represented the seller, a private ownership group, in the transaction. The buyer was a private investor in California.
WAYNE, NEB. — Less than a year after groundbreaking, Darland Construction has completed an expansion project at Providence Medical Center in Wayne. The three-phase project included construction of a 25,000-square-foot addition for a new physical therapy and wellness center. Construction also included a 3,500-square-foot addition to expand the oncology outpatient facility and remodeling of the existing main lobby.
MENTOR AND AKRON, OHIO — Aaron's Inc. is adding two new locations to Northeast Ohio later this year. A 6,5000-square-foot store will open on Mentor Avenue in Mentor and a 7,600-square-foot store will open in Harvest Plaza in Akron. Aaron's Inc. offers furniture, electronics, home appliances and accessories for sale or lease. Greg Guyuron of Kowit & Passov Real Estate Group represented Aaron's in both lease transactions.
NEW YORK CITY — Beck Street Capital has sold 100 Vadam St., a 40,435-square-foot office building between Greenwich and Hudson streets in New York City for $27.5 million. Built in 1913 as an electrical substation, the building was converted into a printing press before undergoing a major interior renovation in 1990. The building features a contemporary lobby, ornate barrel vaulted ceilings, exposed beams and arched windows. James Nelson and Robert Burton of Massey Knakal represented the seller in the transaction.
NEW YORK CITY — Developers have broken ground on an 83-unit condominium building at 211 E. 13th St. in Manhattan's East Village. Sales are expected to begin next May for the studio, one-, two- and three-bedroom units. A joint venture partnership between Ironstate Development Co., Abe and Scott Shnay and Charles Blaichman is developing the property. The building will be located on a long-vacant site that was once home to the historic Jefferson Theater. Amenities will include a fitness room, lounge and library. BKSK Architects is the project architect.
NEW YORK CITY — Ares Commercial Real Estate Corp. has arranged a $36 million first mortgage loan secured by a 101-unit apartment building in Manhattan's Murray Hill neighborhood. The borrower is a partnership between Benchmark Real Estate and Western Heritable Investment Co. The senior mortgage will fund the acquisition and renovation of the asset.