CANTON, GA. — A 15,000-square-foot Walgreens, located at the intersection of Hickory Flat Highway and East Cherokee Road in Canton, has sold for $4.67 million. Mark Cooley and Neal Pringle of The Shopping Center Group's Atlanta office represented the seller, an Atlanta-based developer, in the transaction. The buyer was a California-based investor. The freestanding building is leased to Walgreens through July 31, 2030.
HOOVER, ALA. — Berkeley Point Capital has provided $22.65 million in first mortgage financing for the acquisition of the 342-unit Barrington on the Green Apartments, a garden-style multifamily community located at 5775 Summer Place Pkwy. in Hoover. The 10-year loan has the first 5 years interest only, followed by a 30-year amortization schedule. The sponsor plans to initiate a $1.4 million capital improvement program, including major upgrades to unit interiors, common areas and amenities.
CUMBERLAND, MD. — Love Funding has arranged $9.22 million in refinancing for the 146-bed Allegany Health Nursing and Rehabilitation Center, located at 730 Furnace St. in Cumberland. Laura Saull-Smith of Love Funding's Washington, D.C., office secured the 35-year loan through HUD's 232/223(f) loan program on behalf of the borrower, Allegany Healthcare Group.
CHICAGO — Lowe Enterprises Investors, on behalf of an investment client, has acquired the 28-story Affinia Chicago Hotel from Denihan Hospitality Group. Concurrent with the sale, Destination Hotels & Resorts will take over the hotel management and implement the property's rebranding as “MileNorth, a Chicago Hotel.” The name was inspired by the property's location one block from North Michigan Avenue, also known as the Magnificent Mile. The 213-room hotel includes 3,000 square feet of meeting space and a ground-floor restaurant. Eastdil Secured represented the seller in the transaction. Lowe was represented in-house.
MIDDLETON, WIS. — U.S. Bank and The Livesy Co. closed on the $27.5 million loan that will finance construction of Spectrum Brands Holdings' new world headquarters building in Middleton, a Madison suburb. Spectrum, the maker of Rayovac batteries, Remington shavers and small appliances, was founded in Madison as Rayovac Batteries in 1906. The company has been headquartered in the greater Madison area ever since for all but six years. Spectrum's new 222,000-square-foot headquarters will house 600 employees and include a technology center. Construction of the building is already under way and is scheduled to be completed in late 2013.
COLUMBUS — Nifco America has signed a 135,000-square-foot lease expansion at 2435 Spiegel Rd. in Columbus. Nifco, which manufactures automotive parts, plans to expand its manufacturing and distribution services in the city. The company cites a significant growth in business, including parts needed for new Honda models. Curt Berlin and Matt Osowski of NAI Ohio Equities represented the landlord, Meritex, in the transaction. Joel Yakovac of Colliers International represented Nifco.
FOREST PARK, ILL. — GENCON Building Corp. has been selected to renovate the Duranco Inc. office, located at 7400 Industrial Dr. in Forest Park. The company will also undertake a 4,500-square-foot office addition. Work is already under way and is expected to be complete this summer. Philip Prince and Associates is handling the architectural services. Duranco manufactures weather stripping and specialty tape for a wide range of industries.
GROVE CITY, OHIO — Marcus & Millichap has arranged the $2.2 million sale of a 4,500-square-foot Chase Bank in Grove City. Joe Reehil, Dan Yozwiak and Antoine Matthews of Marcus & Millichap's Columbus office represented the seller, a private investor. Russell Wachtler, Glen Kunofsky and John Stewart of Marcus & Millichap's Manhattan office secured the buyer, an individual, personal trust.
BOSTON — Hersha Hospitality Trust has agreed to acquire the 80-room Bulfinch Hotel in Boston for $18.2 million, or $228,000 per hotel room. Hersha plans to invest $2.5 million in the hotel to upgrade guest rooms and improve the fitness and business amenities. The hotel is located in Boston's West End, within walking distance of Beacon Hill and the North End. The acquisition is expected to close later this month.
CHERRY HILL, N.J. — A partnership between Time Equities and Bergman Real Estate Group has purchased 51 Haddonfield Rd., a 100,000-square-foot office building in Cherry Hill, for $3.4 million. The property includes a glass atrium, cafe, fitness center and ample parking. The new owners plan to upgrade the property, including the parking lot and lobby. As part of TEI's Art in Buildings program, the company will create a rotating art gallery of work by local and national artists. The building offers space ranging from 1,200 square feet to 22,000 square feet for immediate lease.