SAN FRANCISCO – Johnson Capital has arranged a preferred equity investment of slightly less than $1 millionfor a 50-unit apartment complex in the San Francisco peninsula area. The complex is owned by a partnership controlled by a Palo Alto, Calif.-based real estate investment company. The complex’s new investor is an institutional opportunity fund. The investment term is intended to be three years or less. The funds will be utilized to recapitalize partnership interests. The investment was arranged by Thomas Bracken of Johnson Capital’s Palo Alto office.
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MALVERN, PA. — Malvern-based Liberty Property Trust has sold a 49-property portfolio for $195 million. Included in the sale are single-story and mid-rise office buildings, as well as high-finish flex properties, in Wisconsin, Maryland, Virginia, North Carolina and New Jersey, totaling 2.5 million square feet. The properties are 83 percent leased.
ATLANTA — North American Properties (NAP) has plans to build a 276-unit mid-rise apartment community, located on 3.7 acres in Atlanta's Old Fourth Ward submarket. Construction is scheduled to begin by late spring with completion slated for fall 2013. The development is NAP's first ground-up multifamily development in Atlanta since the company shifted its focus from retail to mixed-use and multifamily developments.
PINELLAS PARK, FLA. — The 135,308-square-foot, five-building Cross Bayou Industrial Park, located at 10410-10450 66th St. N. in Pinellas Park, has sold for $2.75 million. Dennis Bush and Elliott Ross of Clearwater, Fla.-based The Ross Realty Group represented BB&T, the seller, in the transaction. Illinois-based Congaree River was the buyer.
FORT PIERCE, FLA. — H&H has sold the 53,000-square-foot Virginia Avenue Plaza, located at 800 Virginia Ave. in Fort Pierce, to Virginia Plaza Avenue LLC for $2 million. Nikolaus Schroth of Stuart, Fla.-based NAI Southcoast represented the seller in the transaction and Bryan Grunbaum, also of NAI Southcoast, represented the buyer.
DOTHAN, ALA. — Beech Street Capital has arranged a $5.16 million HUD 223(f) loan for the refinance of the 150-unit Camelot Apartments, located at 106 Castle Dr. in Dothan. Chad Hagwood of Beech Street's Birmingham, Ala., office arranged the 35-year, fully amortized loan on behalf of the borrower, Engel Realty Co.
DETROIT — Twitter, the San Francisco-based social media company, is opening an office in Detroit at the M@dison Building. The M@dison Building, located at 1555 Broadway, is owned by Rock Ventures LLC, the umbrella entity for Dan Gilbert's portfolio of companies, investments and real estate. Gilbert is the chairman and founder of Quicken Loans. The building is already home to several tech companies such as Detroit Labs and Doodle Home. Twitter's new office will include a team of employees who help advertising agencies and marketers use Twitter's advertising products, according to a statement. Rock Ventures' management firm, Bedrock Real Estate Services LLC, represented both parties in the deal.
RAMSEY, MINN. — Indianapolis-based Flaherty & Collins Properties will break ground on The Residence at The COR this month, a $33.5 million mixed-use project in Ramsey, a northern suburb of the Twin Cities. The project will be located within a 400-acre development known as The COR. Plans call for the construction of 230 luxury apartments and 3,000 square feet of retail space. The targeted use for the retail space is a pub that serves lunch and dinner. Of the 230 new residences, nine will be two-level townhome units with individual garages. Onsite amenities will include a fitness center, outdoor fire pits and a heated, saltwater pool.
PLOVER, WIS. — Staples has signed a retail lease for 15,500 square feet at Common Crossroads, located at 1230 Commons Circle Parcel 8 in Plover. Joe Kleiman and Daniel Cohen of Mid-America Real Estate's Milwaukee office represented the tenant in the deal. Kim Pischeke of CORE Commercial's Appleton, Wis. office represented the landlord, JJ Plover Max Venture II and Plover Shoppes LLC.
MILWUAKEE — Bentley World Packaging has purchased a 40,000-square-foot industrial building, located at 9411 West Fond du Lac Ave. in Milwaukee, for an undisclosed amount. The packaging and assembly company plans to expand its business in the new space. Kevin Barry and Kurt Van Dyke of Cassidy Turley Barry's Milwaukee office represented the tenant in the transaction. Port Washington State Bank was the seller.