LAWRENCE, KAN. — K&M Tire has acquired an 81,640-square-foot warehouse at 3801 Greenway Circle in Lawrence, located 35 miles west of Kansas City. K&M plans to distribute wholesale tires to retailers in Kansas and Missouri from its new location. The facility will begin operations this August.
ST. LOUIS — Love Funding has arranged an $8.64 million loan for the rehabilitation and expansion of Gotham and Delmar Apartments, a historic St. Louis complex. The renovation of the Gotham building will reduce its unit count to 54 apartments from 66, while the new Delmar building will consist of 18 apartments and first-floor commercial suites for office or retail use. The buildings will also include Energy Star appliances, new light fixtures and new heat reflective roof shingles. Robyn Cunningham and Adrian Hartman of Love Funding secured the loan through the U.S. Department of Housing and Urban Development's Section 220 loan insurance program. The transaction enables the property developer, Delmar Properties Management and Construction, to obtain a non-recourse loan for the period of construction and for a 40-year term once the buildings are completed.
PHILADELPHIA — Visionworks, the Texas-based optical retailer, has opened its first location in the Philadelphia region. The store is located in Deptford Township, N.J., a suburb of Philadelphia, on the eastern side of the Walt Whitman Bridge. It's the first of more than 25 stores expected to open in the market in 2013. Visionworks said it plans to open 17 stores before the end of the year and additional locations by April 2013. The retail locations are expected to hire 600 new employees.
EAST WINDSOR, N.J. — A joint venture partnership between Advance Realty and Structure Tone Equities has acquired The Windsor Hights Shopping Center, a 132,733-square-foot shopping mall in East Windsor. The mall is 40 percent occupied and located on Route 30, with 92,000 square feet of space available for lease. The center is on Route 130 and Princeton Hightstown Road. Christopher Bellapianta of Advance Realty represented the joint venture in the transaction.
CHICOPEE, MASS. — BK Investments has broken ground on a new Residence Inn by Marriott at 500 Memorial Drive in Chicopee. The four-story hotel will feature 115 suites with fully equipped kitchens, including a full-sized refrigerator and stove. Amenities will include an indoor pool, exercise facilities and private meeting space. The hotel is owned by BK Investments and will operate as a Marriott franchise. Waterford Hotel Group will manage the property. The hotel is slated for completion in 2013. PeoplesBank is the lead lender for the project and Opechee Construction Corp. is serving as contractor and architect for the hotel.
NEW YORK CITY — F&G Realty Group has paid $5 million for 660 East 242nd St., an apartment building in the Wakefield section of the Bronx. The 55,000-square-foot building includes 61 units and is located near the Bronx River Expressway. Josh Orlander of GFI Realty services represented the seller in the transaction, Gun Hill Management. He also represented the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 597 Park Place, an eight-unit apartment building in Brooklyn, for $990,000. Shaun Riney and Matthew Fotis of Marcus & Millichap represented the seller, a private investor. They also secured the buyer, a fund manager.
TEXAS — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has acquired 14 medical office buildings for a purchase price of $106.7 million. The properties in the 474,000-square-foot portfolio are located in Florida, Texas, New Mexico, Hawaii, Indiana, Alabama, Illinois, Colorado and South Carolina. The Texas properties include the 85,000-square-foot, 91 percent leased Rockwall Medical Center in Rockwall; the 43,000-square-foot, fully leased San Angelo Community Medical Center I and II in San Angelo; the 20,000-square-foot, fully leased Schertz Medical Building in Schertz; and a 32,000-square-foot, fully leased medical office building in Texarkana.
DENTON — Cadence McShane has been selected to develop the 75,167-square-foot first phase of a multi-phase renovation of the 765,000-square-foot Golden Triangle Mall, located at Interstate 35 East and Loop 288 in Denton. GTM Development, created by The MGHerring Group and Cencor Realty Services, purchased the property in November 2011. The mall features 90 specialty stores such as Dillard's, Macy's, JC Penney and Sears. The first phase of renovations includes upgrading the lighting, opening existing skylight coves and replacing ceilings and flooring. The project is slated to be complete before the holiday shopping season. C.M. Architecture is providing architectural services for the assignment.
DALLAS — American Realty Capital Properties (ARCP) has acquired a 75,050-square-foot Mrs. Baird's distribution facility, located in Dallas, for $6.2 million. The facility is fully leased to Bimbo Bakeries USA, which has five years remaining on its 15-year lease. The acquisition brings ARCP's real estate holdings to 119 properties worth roughly $216.5 million.