ROYAL PALM BEACH, FLA. — Archstone, in a joint venture with FUTURA Acquisitions Group, has started construction on the 268-unit Enclave at Wellington, a new apartment community located at Highway 441 and Anthony Groves Road in Royal Palm Beach. Amenities will include a recreational trail with fitness stations encompassed by a new park and lakefront, a dog park and substantial green spaces. Bank of Ozarks provided construction financing, and HFF served as financial advisor and secured construction financing for the joint venture. ARA brokered the joint venture transaction between the two development partners.
JACKSONVILLE, FLA. — Cushman & Wakefield has finalized the $11.7 million sale of the 75,906-square-foot Reedy Branch Commons Shopping Center, located at 10920 Baymeadows Road in Jacksonville. A 44,270-square-foot Publix anchors the center, which features a high-quality roster of in-line tenants. The property is 96 percent leased. Karl Johnston of Cushman & Wakefield represented Blackrock, the seller, in the transaction. Publix Supermarkets was the buyer.
COCHRAN, GA. — Agree Realty has acquired a newly constructed store leased to Dollar General Market, which is located in Cochran. The company has also purchased the fee interest in the land underlying its Walgreens store in Ann Arbor, Mich. Dollar General Market has the full term of 15 years remaining on its lease. The total cost for both properties was approximately $6 million. Agree Realty currently operates a portfolio of 87 properties in 23 states.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $2.73 million sale of the 42,365-square-foot American Changer Corp. distribution facility, located at 1400 NW 65th Place in Fort Lauderdale. Douglas Mandel of Marcus & Millichap represented the seller, a limited liability company from Boca Raton, Fla., in the transaction. Mandel also represented Boston-based Cabot Properties, the buyer. The property is fully leased to American Changer.
HAMPTON, VA. — MHI Hospitality has extended the maturity date of the $8.1 million mortgage on the 172-room Crowne Plaza Hampton Marina Hotel through TowneBank to June 30, 2013. The full-service, waterfront hotel is located in downtown Hampton and features 21,000 square feet of retail space, 7,600 square feet of flexible meeting space, a roof-top pool and a four-story, 300 car parking garage.
BELLEVILLE, ILL. — Contegra Construction Co. is building a new $37.8 million laboratory facility for the Illinois State Police and other law enforcement agencies in southwest Illinois that will quadruple the space dedicated in the region to crime-solving forensic science technology. The two-story, 64,100-square-foot building is taking shape on a 2.3-acre site at the intersection of 23rd and West Main streets in Belleville. When operational, it will serve 154 police agencies in a contiguous eight-county area in Illinois.The building will include more than 40,000 square feet of lab space housing research infrastructure and equipment for crime scene services such as trace chemistry, polygraph, latent prints, firearms and forensic biology/DNA testing. The building will replace 15,000 square feet of antiquated forensic science space the law enforcement agency currently leases in Fairview Heights, Ill. and is being funded by the state's Illinois Jobs Now! Capital Development Board. Joining prime contractor Contegra on the project team are Pyramid Electrical Contractors Inc., Amsco Mechanical Inc. and Bi-State Fire Protection Corp.
PLYMOUTH, MICH. — Grand Sawa has purchased a 526,540-square-foot office and industrial building, located at 909 Sheldon Road in Plymouth. John Lominack and Gary Glotzhober of Colliers International represented the buyer in the transaction. He also represented the seller, CW Capital Asset Management. Colliers has also been retained to lease the facility, which sits on 34 acres.
MINNEAPOLIS — mono, a creative branding agency, has signed a 20,400-square-foot lease at Mozaic, a new development in Minneapolis by The Ackerberg Group. Mozaic includes 65,000 square feet of office space. With the new lease signing, the building is currently 57 percent leased to four tenants. Tony Weinstein of Marquee Real Estate Advisors represented mono in the transaction.
BEACHWOOD, OHIO — Marcus & Millchap has arranged the sale of a Medical Mutual of Ohio property, a 51,000-square-foot, net-leased property at 23700 Commerce Park Road in Beachwood. The property is fully occupied by Medical Mutual of Ohio, the oldest and largest healthcare insurer in the state. Jason Vitorino of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a local investor.
MACHESNEY PARK, ILL. — A private investor from California has purchased a 6,124-square-foot Advance Auto Parts property, located at 1535 West Lane Road in Machesney Park, for $1.5 million. Advance Auto Parts is the sole occupant of the building, which was developed by Orput Cos. Inc. in 2011. Advance Auto has 14 years remaining on its lease. The Boulder Group represented Orput Cos. in the transaction, while SAR Enterprises represented the tenant.