LEE BRANCH, ALA. — Birmingham, Ala.-based Church of the Highlands has purchased a 50,750-square-foot office building, located at 1701 Lee Branch Ln. in Lee Branch, from BBVA Compass for $4 million. The property was formerly the headquarters of AIG Baker Shopping Center Properties. Dan Lovell, Walter Brown and Sam Carroll of Graham & Co.'s Birmingham office represented the seller in the transaction.
MAPLE LAWN, MD. — A retail property located in Maple Lawn that is ground leased to McDonald's on a long-term, triple-net basis, has sold for $2 million. Rick Fernandez of Calkain Cos.' Reston, Va., office represented both parties in the transaction.
TINLEY PARK, ILL. — DDR Corp. has acquired Brookside Marketplace in Tinley Park, a southwest suburb of Chicago, for $47.4 million. Brookside is a 550,000-square-foot shopping center. Anchor tenants include Best Buy, Dick's Sporting Goods, Old Navy and PetSmart. Rick Drogosz and Joe Girardi of Mid-America Real Estate Corp. represented the seller, Ryan Cos. Inc., in the transaction.
STERLING HEIGHTS, MICH. — BAE Systems has opened a new $58 million office campus in Sterling Heights. The four-story office building houses 600 engineers, program managers and support staff. Construction began on the 164,000-square-foot building in February 2009 after the company acquired the site of the former TRW Automotive Holdings Corp. The office complex will serve as the engineering and development site for military ground vehicles. Detroit-based Walbridge was the general contractor for the project.
MASON, OHIO — Morris, Smith & Feyh Inc. (MS&F) has arranged a $6.1 million mortgage for The Shoppes of Mason through one of its correspondent lenders. The 80,800-square-foot shopping facility is anchored by Kroger. Chad Kiner of MS&F's Columbus office originated the loan on behalf of Joseph Padanilam, owner of Aurora, Ohio-based Optimus One LLC.
OHIO — Marcus & Millichap Real Estate Investment Services has secured the listing for a seven-property portfolio of Wendy's restaurants, primarily located in Ohio. The purchase price totals $23 million and the properties can be purchased as a package or individually. Peter Nisbet of Marcus & Millichap's Seattle office is representing the seller, a Wendy's owner based on the East Coast.
ANN ARBOR, MICH. — Ciena Healthcare opened its latest skilled nursing community in Ann Arbor. Regency at Bluffs Park is located at the M-14/Main Street interchange. The 37,000-square-foot building includes 37 private rooms and 17 semi-private rooms. The property, which was renovated for more than $5 million, is designed to have the look of a boutique hotel. The facility includes physical and occupational therapy space, a dining room on each floor, a library and spa.
BOSTON — ARC/Architectural Resources Cambridge has completed the first phase of a renovation at the Tufts University School of Dental Medicine. The full project includes 60,000 square feet of clinic, office and support space in the building, which is located at 1 Kneeland St. in Boston's Chinatown neighborhood. The first phase of the project included 20,000 square feet. The project has received LEED Gold certification from the U.S. Green Building Council.
NEW YORK CITY — Los Angeles-based CIM Group has closed on a transaction giving it a majority stake in a high-rise residential tower and development site in Midtown Manhattan. CIM Group and HFZ plan to co-develop the site, which is located at 303 E. 51st St. The project will include a 32-story tower with 123 residential units. Designed by SLCE Architects, the 273,750-square-foot building will include 9,000 square feet of ground-floor retail space. The property will also contain up to 32 parking spaces.
BRAINTREE, MASS. — Sentient Jet, a charter company, has signed a long-term lease for 20,783 square feet of office space at Braintree Executive Park in Braintree. Sentient is moving from 97 Libbey Parkway in Weymouth, Mass. and occupancy is scheduled for July 1. The company will occupy the entire fourth floor of 100 Grossman Dr., which will serve as its world headquarters. Tom Kent and Sean Lynch of the Boston office of Jones Lang LaSalle represented the owners, The Grossman Cos. and Dinosaur Capital Partners, in the transaction. They also represented the tenant.
