SURPRISE, ARIZ. — The Surprise City Council has approved plans for the largest building ever constructed within the city limits, a $10-million, 418,000-square-foot spec manufacturing facility at Skyway Business Park. It will be developed by Skyway LLC on 24 acres at the Skyway Business Park just south of Cactus Road and west of Dysart Road. Skyway LLC is headed by Moshi Silagi, a commercial real estate developer from Thousand Oaks, Calif.
LAFAYETTE, LA. — Juneau Construction Co. has completed the second phase of the $100 million Taft/Tulane and Rose Garden Housing replacement program for the University of Louisiana at Lafayette. Ambling University Development Group was the developer for the project, Ragin' Cajun Facilities owns the property and Niles Bolton Associates was the architect. Construction for Phases I and II included the demolition of five residence facilities, construction of four new residence halls, the repurpose of two existing residence halls, renovation of a historic residence hall and construction of a new parking structure. The project added 1,800 beds to the campus.
PIKESVILLE, MD. — Greysteel has arranged the $64.7 million sale of the 255-unit Residence at Waterstone, a multifamily property located at 225 Galvariun Court in Pikesville. Amenities include a resort-style swimming pool, theater/media room, fitness center, aerobics/yoga room, lighted tennis courts, library and business center. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Greysteel represented Pacific Urban Residential, the seller, in the transaction. KBS Legacy Partners was the buyer.
ATLANTA — Jones Lang LaSalle has negotiated the sale of the 269-unit Asbury Park, a multifamily community located at 3640 S. Fulton Ave. in Atlanta. The property is 96 percent leased. Amenities include a rooftop terrace, saltwater swimming pool, fitness center, conference and business centers and a gameroom with billiards, shuffleboard and a gourmet kitchen. Derrick Bloom and David Gutting of Jones Lang LaSalle represented Oxford Properties, the seller, in the transaction. An affiliate of Bell Apartment Fund IV was the buyer.
MEMPHIS, TENN. — TIAA-CREF has sold the 1.6 million-square-foot Southpark Distribution Center, a warehouse and distribution property located in Memphis. The five-building park is 46 percent leased. Tenants include Genesis, Orchid Orthopedic Solutions, PFS Web and TiGenix & Cognate BioServices. Stewart Calhoun, Jim Carpenter, David Meline, Samir Idris, Casey Masters, Dave Curran and Wyatt Aiken of Cushman & Wakefield represented the seller in the transaction. Hillwood Investment Properties was the buyer.
PERRYVILLE, MD. — Mumford Co. has arranged the sale of the 104-room Ramada Inn, located off Interstate 95 in Perryville. The buyer plans to complete cosmetic upgrades and a repositioning of the property to Days Inn. Justin Pinkard, Steve Kirby and Ed James of Mumford Co. represented the seller, a privately held real estate group, in the transaction. The buyer was a New York-based lodging operator.
ONTARIO, OHIO — Brownfield Communities Development Co. (BCDC) has agreed to buy the former General Motors Stamping Plant at 2525 W. Fourth St. in Ontario from Racer Trust. The Miami developer plans to repurpose the 2.5 million-square-foot building into a modern, multi-tenant facility. BCDC has identified two tenants for the site that are expected to bring 1,100 new jobs to the area. Racer Trust, known as Revitalizing Auto Communities Environmental Response Trust, was created in March 2011 to sell the facilities GM had to leave behind because of its bankruptcy and the taxpayer bailout of $50 billion. The Mansfield-Ontario Stamping Plant is GM's 17th property to be sold. Total sales so far have exceeded $24 million.
PLAINFIELD, ILL. — Irgens has completed a $6.3 million medical office building at the northeast corner of Route 59 and Dayfield Drive in Plainfield. The build-to-suit project is fully leased by Edward Health Ventures and will provide primary care services from Edward Medical Group physicians. The 22,000-square-foot facility will offer walk-in/urgent care, physical and occupational therapy and other services. The project team also includes Eckenhoff Saunders Architects and Peak Construction, the general contractor.
JOLIET, ILL. — Johnstone Supply Inc. has signed a 10-year lease for 236,273 square feet at 3500 Corporate Drive in Joliet. It is the first industrial property in Illinois to be occupied by Johnstone Supply, a national wholesaler and distributor in the heating, ventilating, air conditioning and refrigeration industry. State Teachers Retirement System of Ohio owns the 442,484-square-foot distribution facility. Johnstone's lease includes 8,600 square feet of office space and a hazardous materials room. The company plans to move into the space in January 2013. Steven Tick of Podolsky Northstar CORFAC International represented the tenant in the transaction.
GOLDEN VALLEY, MINNETONKA AND BROOKLYN PARK, MINN. — Grandbridge Real Estate Capital has arranged a $7 million loan for the refinancing of a four-building office portfolio in Golden Valley, Minnetonka and Brooklyn Park. StanCorp Mortgage Investors provided the 10-year loan, which includes a 20-year amortization schedule and a fixed interest rate of approximately 4 percent. Tony Carlson of Grandbridge originated the loan.