NORTH BETHESDA, MD. — Archstone has purchased the 237-unit Grosvenor Tower, an apartment high-rise located at 10301 Grosvenor Place in North Bethesda. The multifamily community will be renamed Archstone Grosvenor Tower. Amenities include a 24-hour fitness center, swimming pool with sundeck, business center and walking/biking trail.
OLDSMAR AND LUTZ, FLA. — MIG Real Estate has purchased a three-hotel portfolio, located in Oldsmar and Lutz, from Menna Development & Management. The portfolio includes the 99-room Courtyard by Marriott, located at 4014 Tampa Road in Oldsmar; the 78-room Residence Inn by Marriott, located at 4012 Tampa Road in Oldsmar; and the 100-room Residence Inn by Marriott, located at 2101 Northpointe Parkway in Lutz. The buyer plans to renovate the lobby, guestrooms and other public spaces in the Courtyard, as well as the lobby and public spaces of the Residence Inn in Oldsmar. Concord Hospitality Enterprises will manage the properties. Ron Danko, Robert Taylor and Zoe Martineau of CBRE Group represented the seller in the transaction.
BONITA SPRINGS AND FORT MYERS, FLA. — RLR Investments has acquired the 106,454-square-foot Promenade at Bonita Springs, located at 26811 S. Bay Drive in Bonita Springs, and the 108,575-square-foot Island Park, located at 16520 S. Tamiami Trail in Fort Myers, for a total of $9.12 million. The buyer purchased Promenade for $5 million and plans to renovate the property in terms of maintenance and appearance. Tenants include Roy's Hawaiian Fusion, Molina's Ristorante and Robert of Philadelphia Hair Design. RLR Investments acquired Island Park for $4.12 million. Tenants include Mother Earth Natural Foods, Downtown Jerry's bar, Vincenzo's Pasteria, Coast Dental, Quizno's and The Clam Bake. Karen Johnson-Crowther of Colliers International represented the seller in the transaction. Donald DeLuca of Royal Shell Real Estate represented the buyer.
HUNTSVILLE, ALA. — GBT Realty Corp. has broken ground on a 72,000-square-foot Academy Sports + Outdoors, located at Highway 72 and Nance Road in Huntsville. This is GBT's third store with the retailer. Reed Construction is the site contractor and Stewart Perry Construction is the general contractor. Completion is slated for April 2013.
CHARLESTON, S.C. — Walker & Dunlop has arranged $22 million in financing for the 288-unit Riverland Woods Apartments, a garden-style multifamily community located at 1001 Riverland Woods Place in Charleston. Cooper Willis of Capital Advisors arranged the 10-year loan with one-year interest only and a 30-year amortization schedule through Freddie Mac's CME program. Will Baker led the Walker & Dunlop team.
NORTHBROOK, ILL. — A 5,000-square-foot building leased to TD Ameritrade has sold for $3.2 million in Northbrook. Isaac Metzger and Jason Schwartz of Syndicated Equities represented the seller, 400 Investors LLC, an investment partnership, in the transaction. The buyer was a local investor completing a 1031 exchange.
SPRINGFIELD AND CHAMPAIGN, ILL. — Appliance and electronics retailer hhgregg will open two new stores in the Springfield-Champaign area today. The stores are located at 2501 Wabash Ave. in Springfield and 718 Town Center Blvd. in Champaign, Ill. The store will feature a wide selection of televisions, appliances and electronics as well as new product categories such as fitness equipment and furniture. About 120 new employees were hired to staff the stores.
LISLE, ILL. — Rockola Corp. has signed a 3,040-square-foot office lease at 550 Warrenville Road in Lisle. The building is part of the Corporetum Business Park. Patrick Kiefer and Jim Adler of NAI Hiffman represented the landlord, Winthrop Realty Trust, in the transaction. Chris Shanahan of Stony Creek Brokerage represented the tenant.
WALTHAM, MASS. — Citizen's Disability has signed a lease for 42,905 square feet at 1075 Main St. in Waltham. Citizen's Disability, a Social Security disability advocacy group, is relocating its headquarters from Marlboro, Mass. The building features a cafe, fitness center and covered parking. Stephen James and Dan Collins of NAI Hunneman represented the tenant in the transaction. Rob Walles of CBRE Group represented the landlord.
PHILADELPHIA — Ballard Spahr, a national law firm, has signed a 15-year lease renewal for 179,307 square feet at BNY Mellon Center in Philadelphia. Wayne Fisher and Craig Scheuerle of Newmark Grubb Knight Frank represented the landlord, CommonWealth REIT, in the transaction. CBRE represented the tenant. The property is managed by Reit Management & Research LLC, Real Estate Services. The BNY Mellon Center was built in 1990. Firms such as BNY Mellon, FMC Corp. and Sunoco are headquartered in the building, which has maintained occupancy rates above 90 percent since its construction.