MIAMI — Marcus & Millichap has arranged the $3.18 million sale of the 8,971-square-foot Bentley Bay Retail Condominiums, three retail condo spaces located at 520 W. Ave. in Miami's South Beach. Kirk Olson and Drew Kristol of Marcus & Millichap's Miami office represented the seller, a Sunrise, Fla.-based bank, in the REO transaction and procured the buyer, a Miami-based private investor.
PETERSBURG, VA. — McWane Inc. has sold a 104,000-square-foot industrial facility, located at 23209 Airpark Dr. in McWane, to Consolidated Process & Packaging for $1.77 million. Richard Porter of Richmond, Va.-based Porter Realty Co. represented the seller in the transaction.
LILBURN, GA. — Burlington Coat Factory has signed a 54,817-square-foot lease to occupy a former Publix at the 112,990-square-foot Killian Hill Center, located at 4051 Hwy. 78 in Lilburn. The Shopping Center Group represented the tenant in the lease transaction, and The Bedrin Organization represented Killian Hill Acquisition LLC, the landlord. The store is slated to open this fall.
MIAMI — NorthMarq Capital has arranged $5.5 million in first mortgage refinancing for the 112,855-square-foot Transal Park, an industrial property located at 8305 NW 27th St. in Miami. Jeff Robertson of NorthMarq's Miami office secured the 10-year loan with a 25-year amortization schedule through State Farm Life Insurance Co.
CICERO, ILL. — Wirtz Realty is nearing completion of a 604,970-square-foot office, warehouse and distribution facility in Cicero for Wirtz Beverage Illinois (WBI), a beverage and alcohol distributor. Cicero is located about 16 miles west of Chicago. The $80 million facility will serve as WBI's Illinois hub for sales, wine and spirit distribution and training programs. Wirtz redeveloped 35 of 66 acres, formerly known as the Sportsman's Park Race Track, into an automated warehouse and distribution center connected with a two-story office and conference center. Site features include a pedestrian pathway, a public park, and a regulation-size Bobby Hull Community Ice Rink, which opened in December 2011. Chicago-based companies Cicero Warehouse LLC and 35L Sportman's LLC purchased the property from the Town of Cicero in January 2011. The facility's grand opening is scheduled for this May. The project team also includes architects Ware Malcomb, Spaceco Engineering and general contractor Ryan Cos.
KANSAS CITY, MO. — Clayco LLC has purchased an 85,000-square-foot industrial building at 1841 Vernon in Kansas City for an undisclosed price. Robert Galamba and Douglads Hedrick of Colliers International's Kansas City office represented the seller, Arvest Bank, in the deal. Alec Blackwell of Cassidy Turley represented the buyer.
PEORIA, ILL. — EM Properties is planning a multi-million renovation of its Hotel Pere Marquette in Peoria, and has scheduled a liquidation sale before the project commences. The sale begins Friday, April 13 at 10 a.m. and continue daily. The sale will include room furniture, banquet equipment, fine china, computers, historic pieces and more. Construction will begin after the liquidation and the hotel will re-open in 2013 as a Marriott hotel, connected to the Peoria Civic Center.
ANN ARBOR, MICH. — Traver Ridge Apartments II LLC has purchased Ironwood Place, a 100-unit apartment property at 2395 Leslie Circle in Ann Arbor. The buyer plans to merge the property with the adjacent 210-unit Traver Ridge, which it also owns, and operate the two properties as a single entity under the Traver Ridge name. The property is situated a few blocks away from the University of Michigan's North Campus. Rick Vidrio and Rick Brace of the Michigan office of Hendricks & Partners represented the seller, Ironwood Place Associates Limited Partnership by First Venture Development Co., in the deal.
MOUNT LAUREL, N.J. — Marcus & Millichap has arranged the $19 million sale of Town Square Shopping Center, an 88,380-square-foot center in Mount Laurel, located 16 miles east of Philadelphia. The center is anchored by a 64,225-square-foot ShopRite supermarket. Built in 1996, Town Square is located at 829 Union Mill Rd. Brad Nathanson of the Philadelphia office of Marcus & Millichap represented the seller, a New Jersey-based private developer, in the deal. He also represented the buyer, a New Jersey real estate firm.
NEW YORK CITY — Trevi Retail has purchased a mixed-use building at 22 E. 13th St., between Fifth Avenue and University Place in New York City, for $4.8 million. The five-story building contains 4,099 square feet. The building includes a two-story restaurant space occupied by City Tavern, which is leased until 2016. There are five apartment units above. James Nelson, Mitchell Levine, Caroline Hannigan, Matt Nickerson and Matt Bowman of Massey Knakal Realty Services represented the buyer in the transaction. They also represented the seller.