WEST PALM BEACH, FLA. — Gaedeke Group has started construction on a $2.5 million renovation of the 288,233-square-foot Northbridge Centre, located at 515 N. Flagler Dr. in West Palm Beach. The renovations will include addition of stylish wall coverings and brushed nickel fixtures. Additionally, technological upgrades will occur in the conference rooms on the third floor, and the first floor will receive wireless connectivity, display equipment, drop down screens and new telephone systems. The common rooms also received a cosmetic upgrade. Completion is slated for September.
TAMPA, FLA. — Marcus & Millichap has arranged the $1.27 million sale of the 63-unit Palm Breeze Apartments, a multifamily property located at 8014 Tommy Court in Tampa. Amenities include a laundry facility, stackable washer and dryer connections and ample parking. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented both parties in the transaction.
CLERMONT, FLA. — Beech Street Capital has arranged a $21.25 million Fannie Mae conventional loan for acquisition of the 276-unit Vista at Lost Lake, a Class A apartment complex located in Clermont. Jacob Katz of Meridian Capital Group originated the seven-year, fixed-rate loan with two years of interest-only payments and a 30-year amortization schedule.
TALLAHASSEE, FLA. — Capital Advisors has secured $17.67 million in construction financing for the 402-bed Catalyst Student Apartments, a student housing community located at Madison and Gay streets in Tallahassee, three blocks from the Florida State University campus. Philip Rachels of Capital Advisors arranged the three-year, interest-only loan on behalf of the borrower, an affiliate of Chance Partners, through Community and Southern Bank.
OLIVE BRANCH, MISS. — Grandbridge Real Estate Capital has secured $11 million in first mortgage financing for the 234,660-square-foot Anda Pharmaceuticals Distribution Center, a single-tenant warehouse located in Olive Branch. Tom Turner of Grandbridge's Kansas City, Mo., office arranged the 10-year loan with a 16-year amortization schedule through Thrivent Financial for Lutherans.
ALEXANDRIA, MINN. — Construction will begin this month on a new $65.15 million high school in Alexandria that will house 1,500 students. The school will be constructed on a 167-acre site located at 50th Avenue and Pioneer Road. The 280,000-square-foot high school will include two, 3-story academic wings with 36 classrooms, science labs, art rooms, a media center and special education classrooms. The facility will also feature new athletic fields, a stadium, a performing arts wing and a 1,000-seat auditorium. The new school will replace the current facility, which is landlocked and had few options for expansion. The Alexandria School District hired Kraus-Anderson Construction Co. as the project construction manager.
MINNEAPOLIS — Opus Development Corp. plans to construct a 212,000-square-foot office building in Minneapolis for the new Xcel Energy Inc. headquarters. The site, on the corner of Fourth Street and Nicollet Mall, is just across the street from Xcel's current headquarters. Xcel will move into the building in 2016. Opus plans to begin construction in 2014. The planned Xcel Energy office building is adjacent to Nicollet Residences, a new high-rise apartment building that Opus is also developing adjacent to the site.
LIBERTYVILLE, ILL. — MBX Systems, a technology manufacturer based in Wauconda, Ill., is relocating its headquarters to an 84,000-square-foot facility in Libertyville. The company signed a 7-year lease with the property owner, K&R Enterprises 1, and MBX plans to invest $2 million in remodeling and equipping the facility. The building is located at 1900 Winchester, just south of the Libertyville Township Soccer Complex along Route 45. MBX moved to its existing facility in Wauconda in 2005 and expanded the building to 19,000 square feet in 2009. The company plans to expand its workforce by 25 percent this year.
ROCKFORD, ILL. — ROA Development has purchased Riverside Pavilion, an 87,125-square-foot shopping center in Rockford, for $2.4 million. Tenants include Cardinal Fitness, Domino's Pizza and Weight Watchers. Steve Timmel, Chris Prosser and Jeff Johnston of Colliers International represented the seller, Riverside Pavilion LLC, in the transaction.
RIDGEVILLE, OHIO — WXZ Development has sold a 20-year ground lease for a McDonald's property in Ridgeville for $1.7 million. Mark Luttner of Luttner Real Estate Investment Services represented the WXZ in the transaction.