TOWSON, MD. — ARA has brokered the sale of the 430-unit The Quarter, a two-property multifamily asset located in Towson. The property includes the 280-unit The Jazz and the 150-unit The Renaissance. Drew White, Mike Marshall and Ryan Ogden of ARA represented the seller, a joint venture between AIG Global Real Estate and Lane Northeast, in the transaction. CBRE Global Investors was the buyer.
COLUMBIA, MD. —The Howard Hughes Corporation has acquired the 169,700-square-foot 70 Corporate Center, a Class A office building located at the intersection of Broken Land Parkway and Little Patuxent Parkway in downtown Columbia. Tenants include the American Medical Director's Association, BB&T and Association Consulting Group.
ELKRIDGE, MD. — Terreno Realty Corp. has purchased a 66,000-square-foot industrial building, located at 7125 Troy Hill Drive in Elkridge, for $6.7 million. The property is 90 percent leased to two tenants. As part of the transaction, the company assumed a $3.6 million mortgage loan.
MIAMI — Marcus & Millichap has arranged the $5.96 million sale of a 4,159-square-foot Chase Bank, located at 801 SW 27th Ave. in Miami. The new lease is a 20-year, triple-net corporate ground lease. Tim Giambrone of Marcus & Millichap represented the seller, a Florida-based limited liability company, in the transaction and procured the buyer, a Long Island, N.Y.-based private investor.
ATLANTA — Grandbridge Real Estate Capital has secured $20.7 million in first mortgage financing for the 280-unit Astoria Apartments at Riverside, a multifamily community located in Atlanta. Tom Walsh of Grandbridge's Atlanta office arranged the three-year loan with a 30-year amortization schedule through C-III Commercial Mortgage.
NEW YORK CITY — American Realty Capital Trust (ARCT) has acquired 10 retail properties in five states, including Minnesota and Missouri, for $16.3 million. Family Dollar is leasing three of the properties, while seven are occupied by Ruby Tuesday. The buildings total 60,000 square feet. The acquisition is in line with New York City-based ARCT's strategy of developing a diversified portfolio with a 60 percent concentration in the retail sector. In addition to the Midwest, some of the properties are located in Georgia, Texas and Florida.
TRAVERSE CITY, MICH. — Aldi Foods has purchased a 22,331-square-foot retail building in Traverse City. The former Circuit City property is located across from Grand Traverse Mall. Rick Vida of RSV&P Inc. represented the seller, Inland Real Estate of Chicago. Michael Lippet of Lormax Stern represented Aldi. The discount supermarket chain is expected to open at the location in December or January.
PLYMOUTH AND SHAWANO, WIS. — Agree Realty Corp. has sold the Plymouth Commons shopping center and the Shawano Plaza shopping center in Wisconsin for $7.4 million. The 161,000-square-foot Plymouth Commons in Plymouth is anchored by an 86,479-square-foot Kmart and a 39,352-square-foot Pick'n Save. The 193,000-square-foot Shawano Plaza in Shawano is anchored by a 86,479-square-foot Kmart and a 47,047-square-foot Pick'n Save. Agree plans to redeploy the capital into acquiring and developing single-tenant properties, net leased to leading retailers.
KANSAS CITY, MO. — The Hills Partners has acquired Sycamore Hills, a 207-unit apartment property in Kansas City for $4.3 million. The property is located at 506 NW 55th Terrace and consists of nine two-story buildings. Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, Sycamore Hills LLC, in the transaction. They also represented the buyer.
GARDNER, KAN. — Chambers Street Properties has purchased a fully leased 1.1 million-square-foot warehouse and distribution facility in Gardner, a suburb of Kansas City. The acquisition includes an adjacent 20.3 acres, which is currently zoned for 450,000 square feet of additional warehouse and distribution space. The single-story building was completed in 2009 and is the primary distribution center for Coleman Co., a sporting goods manufacturer. The property is leased through January 2020. The building is less than five miles from BNSF Railway's $250 million railroad-to-truck Intermodal Center, due for completion next year.