AMERICUS, GA. — The 97,760-square-foot Americus Village Retail Shopping Center, located in Americus, has sold for $2.5 million. Tenants include Fred's, Carmike Cinema, H&R Block, Edward Jones, Citi Financial and UPS Store. Ray Mokhberi of NAI Brannon Goddard represented the seller, PeopleSouth Bank, in the transaction. Charles Piazza and Eric Piazza of NAI New York City represented the buyer, A.J.J.M.D. Realty Corp.
FORT MYERS, FLA. — The 77-unit Peppertree Apartments, located at 3011 Broadway in Fort Myers, has sold for $2.3 million. Amenities include a swimming pool and laundry facility. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the seller, a national bank, in the transaction. The buyer was an international investor.
MINNEAPOLIS — AFL-CIO Building Investment Trust is breaking ground today on Dock Street Apartments, a new multifamily complex in the North Loop neighborhood of Minneapolis. The six-story complex will be located at 333 North Washington Ave. N. The project will include 185 market-priced rental units, 3,000 square feet of retail space and a two-level parking garage with 190 spaces. The Dock Street Apartments are part of a larger development plan for the area called North Green Loop, and will include future phases of residential, retail and office space.
CARY, ILL. — Quantum Real Estate Advisors has arranged the sale of a vacant, 6,520-square-foot former Blockbuster Video property at 536 Northwest Highway in Cary. The property was sold to a local Meineke franchisee for $825,000. Jordan Kaufman of Quantum Real Estate Advisors and Peter Caruso of Mid-America represented the seller, a group of private individuals from California, in the transaction. Ryan Samuelson of Corcoran Commercial Real Estate represented the buyer.
ELK GROVE VILLAGE, ILL. — NAI Hiffman has arranged industrial lease transactions totaling 55,000 square feet in Elk Grove Village. In the largest of the three deals, Rational Cooking renewed its lease for 24,000 square feet at 1645 Greenleaf Ave. At 1485 Greenleaf Ave., Cristall Thread & Supply signed a new lease for 12,000 square feet. The company, a sewing threads and supplies provider, required a larger space and is moving from its former location at 690 Lunt Ave. Joe Bronson of NAI Hiffman represented the landlord, Mirvac, in both transactions. Rob Wheeler of Cresa Partners represented Rational Cooking and Tom Gath of Grubb & Ellis represented Cristall. Additionally, Land Air Express renewed its lease for 19,424 square feet at 2300 Estes Ave. Bronson represented the tenant. Prologis, the landlord, was self-represented.
HARRISON, N.Y. — Life Time Fitness has purchased One Gannett Drive, a 232,000-square-foot office and distribution building in Harrison that was formerly a Gannett printing press operation. Life Time, which operates 105 health clubs across the U.S., plans to raze the building and construct a fitness facility on the 24-acre site. At more than 200,000 square feet, it will be one of Life Time's largest facilities. Kenneth Lundberg of NAI Hanson and Carl Silbergleit and Ellen Benedak of NAI Friedland represented LTF Real Estate Co. — trading as Life Time Fitness — in the transaction. Jeffrey Dunne, William Cuddy, Steven Bardsley and Kevin Langtry of CBRE Group represented the seller, Gannett Satellite Information Network Inc.
MERIDEN, CONN. — 234 Sherman LLC has acquired an 88-unit apartment building at 234 Sherman Ave. in Meriden for $7.7 million. The property was originally built as a school in 1924 and the building was converted to apartments in 1988. Each unit contains air-conditioning units, dishwashers, garbage disposals and ceiling fans. Amenities include a swimming pool, gym and laundry facility. Steve Witten, Victor Nolletti and Eric Pentore of Marcus & Millichap represented the seller, Taymil Britannia, in the transaction. They also represented the buyer.
NEW YORK CITY — Prestige Properties & Development has secured a $210 million loan to refinance Bay Plaza Community Center, a 517,000-square-foot retail center in the Bronx. Bay Plaza Community Center is a section of the 1.3 million-square-foot BayPlaza shopping complex, the largest retail center in New York City. MetLife's Real Estate Investments Division provided the five-year, fixed-rate loan, which bears an interest rate of sub-4 percent.
WILLIAMSTOWN, MASS. AND CONCORD, N.H. — US Hotels Group has acquired two boutique hotels — The Orchards in Williamstown and The Centennial in Concord, from the Carlyle Group. The Orchards is a rural property situated in the Berkshire Mountains. The 49-room hotel features 3,100 square feet of event and meeting space, a steakhouse and numerous amenities. The contemporary Centennial Hotel offers guests modern accommodations within a Victorian Landmark property. The Centennial features conference and private event space and includes the Granite Restaurant and Bar.
AUSTIN — Austin-based American Campus Communities has closed the previously announced $627 million acquisition of Campus Acquisitions' 15 student housing properties totaling 6,579 beds. The purchase consists of approximately $231.1 million of outstanding mortgage debt, the issuance of 325,098 operating partnership units valued at $46.14 per unit and approximately $380.9 million in cash. The properties include the 121-bed Vintage West Campus, the 190-bed Texan West Campus and the 623-bed The Castilian, all serving students at the University of Texas-Austin. Other Texas properties include the 315-bed Bishops Square serving students at Texas State University and the 120-bed Union serving students at Baylor University. The remaining communities serve students at the University of Illinois, Purdue University, Arizona State University, University of Southern California, University of Michigan, Iowa State University, University of Georgia and the University of South Carolina. Bank of America Merrill Lynch acted as financial adviser to ACC and UBS Investment Bank acted as financial adviser to Campus Acquisitions. Locke Lord LLP served as legal counsel to ACC.