TAMPA, FLA. — Orlando, Fla.-based Roger B. Kennedy, Inc. has broken ground on a $9 million, 57,025-square-foot LA Fitness, located at 301 S. Dale Mabry Hwy. in Tampa. In addition, the firm will construct a 292-space, 97,787-square-foot parking garage. St. Petersburg, Fla.-based ARC3 Architecture designed the property, which is slated for completion in November 2012.
NASHVILLE, TENN. — A joint venture between H.G. Hill Realty Co. and Southeast Venture have plans to build the 90-unit 12 South Lofts, a mixed-use project located at 2310 12th Ave. S. in Nashville. In addition to the multifamily units, the building will include 9,800 square feet of ground floor retail. Construction is expected to begin mid-April with completion slated for summer 2013.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $5.25 million sale of the 144-unit Gateway Apartments, located at 2000 Gandy Blvd. in St. Petersburg. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa, Fla., office represented the seller, a special servicer, in the transaction and procured the buyer, a private investor.
STONE MOUNTAIN, GA. — The 474-unit Park Springs, a continuing care retirement community located at 500 Springhouse Cir. in Stone Mountain, has received $47.3 million in refinancing. Richard Swartz, Phil Anderson, Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield Sonnenblick Goldman's Boston office arranged the financing on behalf of the borrower, Isakson Living. Bank of America and Atlantic Capital Bank provided the financing.
ST. LOUIS — Swansea, Ill.-based Holland Construction Services has completed work on the new Mungenast Hyandai, located at 649 Dunn Rd. in St. Louis. HDA Architects designed the $7 million facility and waiting area, and includes an auto showroom and waiting area. Mungenast Automotive Family owns the property.
WESTLAND, MICH. — Marcus & Millichap has arranged the $3.7 million sale of a 10,482-square-foot retail building, located at 37101 Warren Rd. in Westland. The property is net leased by Golden Corral. Mike McClain of Marcus & Millichap's Tucson office represented the seller, an individual trust and limited liability company. Alvin Mansour of Marcus & Millichap's San Diego office secured the buyer, a limited liability company.
WHEATON, ILL. — Community Housing Advocacy Development (CHAD), a not-for-profit organization, has purchased a 10,600-square-foot facility in Wheaton for the relocation of its operations from Villa Park, Ill. The new facility is located at 531 Roosevelt Rd. CHAD provides affordable housing to families in need. Jeffrey Girling and Terence Lynch of Paine/Wetzel/TCN Worldwide represented CHAD in the transaction. Wayne Caplan and Olivia Czyzynski of Sperry Van Ness represented the seller.
PHILADELPHIA — Hersha Hospitality Trust has purchased the 111-room Rittenhouse Hotel in downtown Philadelphia. Hersha, which owns 67 hotels in major U.S. markets, paid $42 million for the hotel, 44,000 square feet of office and retail space and an adjacent parking garage. Including the anticipated renovation costs, the hotel portion of the deal is valued at $23.9 million. The hotel includes the Lacroix Restaurant, an indoor pool, meeting space and underground parking. Rittenhouse Development Corp was the seller.
EDISON, N. J. — Angelo, Gordon & Co. has acquired a 99,000-square-foot office building on behalf of the $560 million AG Net Lease Realty Fund II. It is one of a series of net-lease investment funds managed by the firm. The Edison property sold for $16.5 million. Fully occupied by Revlon and utilized as the consumer product giant's main research and development center, the building is part of the Edison Towne Corporate Center. Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmer of Cushman & Wakefield represented the seller, The Morris Cos., in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $5.2 million sale of a six-unit apartment building, located at 170 E. 75th St. in New York City. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a local owner. The buyer, a private investor, plans to convert the building into a single-family residence.
