WEST HOLLYWOOD, CALIF. – A seven-unit apartment community in West Hollywood has sold to Waterproofing Experts for $1.2 million. It is located at 1010 N. Spaulding Ave. The property was built in the 1950s and has been completely renovated. It is fully occupied. Waterproofing Experts was represented by Shlomo Shabtaywith NAI Capital’s Encino office. The sellers, Julius Jansco & Susan Jansco, were represented by J. Richard Leyner, Michael Sharonand John Aquino, also with NAI Capital’s Encino office.
MIAMI BEACH, FLA. — Vornado Realty Trust has acquired the 167,000-square-foot 1100 Lincoln Road, a retail property located in Miami Beach, for $132 million. The property, which was acquired through Vornado Capital Partners LP., is 97 percent leased and tenants include Regal Cinemas, Anthropologie and Banana Republic. The acquisition was partially funded by a new $66 million mortgage loan.
ELON, N.C. —Elon University has selected Choate Construction Co. to build the private college's 249,416-square-foot Global Village project in Elon. The development will include five residence halls with 600 beds and a 30,000-square-foot commons building, containing the Isabella Cannon International Centre, classrooms, faculty offices, study rooms and large gathering spaces. Spillman Farmer Architects is the architect for the project. Construction is scheduled to begin in late July with phased delivery dates in August 2013 and August 2014.
HOLLYWOOD AND LIBERTY CITY, FLA. — Link Construction Group has finished two affordable housing developments totaling $12.2 million, located in Florida. In Hollywood, the firm completed the $5.2 million, 33-unit City of Hollywood Wiley Street Redevelopment project. The City partnered with Libreria Economic and Social Development to develop the property, which Frank Costoya Architects designed. Also included in the construction was a community center. The company also finished the $7 million, 60-unit Parkview Gardens, located at 1475 NW 61st St. in Liberty City. Parkview Gardens LTD developed the project, which Siskind Carlton and Partner designed.
DURHAM, N.C. — Phillips Development & Realty has secured a $26.7 million construction loan to develop the 292-unit Phillips Research Park Apartments in Durham. The 40-year, fixed-rate loan was funded through CBRE HMF, using HUD's 221(d)(4) financing program. LandSouth Construction is the general contractor for the project. The first units are slated for completion in spring 2013 with full completion scheduled in September 2013.
CHARLOTTE, N.C. — Red Mortgage Capital has financed a $21.18 million FHA insured mortgage loan for the 164-unit 330 West Tremont Apartments in Charlotte. The four-story apartment building, which will be located above a two-level parking deck, is slated for completion in 2013. Boykin Management Co. has a majority interest in the project, and is working with The Boulevard Company to develop the project.
CHICAGO — Summit Design + Build has completed construction of Emmi Solution's new corporate headquarters in the historic 300 W. Adams building in Chicago. Emmi Solutions, a healthcare communications consultant, was previously located in the same building but required additional space. The company signed a lease for 20,455 square feet on the top floor of the 12-story building. The office features a loft-style space with two large rooftop skylights and private offices with glass partition walls. Eastlake Studios served as the project architect.
MERRIAM, KAN. — Construction is under way on three new car dealership locations in Merriam. Each dealership will be located within a 24-acre site off Interstate 35 and 67th Street, known as Merriam Pointe. A Lexus dealership has purchased seven acres and Merriam Auto Mall Developers acquired a five-acre tract for a dealership that will be announced later. A Toyota dealership is under construction on a 12-acre site. David Block of Block & Co. represented the land owner, Merriam Investors, in the sale of all three sites. Jeff Clayton of JMC Realty represented Merriam Auto Mall Developers.
PORTLAND, IND. — Portland Development has purchased a 14,770-square-foot retail shopping center in Portland. The center is located at 1061 W. Votaw St. Stan Phillips of NAI Harding Dahm represented the seller, Rosefield Properties, in the transaction. Phillips also represented the buyer.
NEW YORK CITY — Steiner Studios has purchased 142 North 6th St., also known as the Jardin building, for $38 million. The 44-unit apartment building is fully occupied and rents average $53 per square foot. The Jardin was originally designed as a condominium property, however, during construction, developers decided that rentals would be a better move in the market. Amenities include a fitness center, landscaped courtyard and on-site parking. David Behin of MNS represented both the buyer and the seller, Read Property Group, in the transaction.