WESTMINSTER, COLO. – The 52-unit Candlelight Apartments in Westminster has sold to a local investor for $2,595,000. The community was originally built in 1970 and is located at 6985 Stuart Street. Joe Hornstein of Pinnacle Real Estate Advisors represented the buyer in this transaction.
The Houston retail market experienced modest improvement in 2011 as the area economy began to shake off the effects of the national recession with strong local job growth and reasonably steady, if not particularly noteworthy, housing starts. Positive retail space absorption of 2.8 million square feet combined with only 1.2 million square feet of new construction resulted in a decline in the overall retail vacancy rate from 7.1 percent in the first quarter of 2011 to 6.7 percent at year-end. However, average quoted rental rates edged down slightly from $14.51 per square foot in the first quarter to $14.35 per square foot in the fourth quarter. Although the retail statistics for the past year aren’t terribly compelling on their own, they are more encouraging in the context of the regional economy in the sense that retail leasing and development activity generally lags the overall economy. The national recession hit Houston in full force in September 2008. The area lost 152,800 jobs through January 2010. In February 2010, Houston began to create new jobs again, and by October 2011, Houston had regained all the jobs lost during the recession. The Greater Houston Partnership projects that the Houston metro area will add …
OXFORD, MISS. — EdR has entered into a joint venture with Landmark Properties to develop, own and manage a $36 million, 668-bed student housing community near the University of Mississippi, located in Oxford. EdR will be a 70 percent majority owner and will manage the property upon completion. Landmark Properties will develop and construct the housing, which will be jointly owned by the two companies. Amenities will include a fitness center, tanning beds, an internet cafe, private and group study rooms, a computer lab, a game room , a fully equipped community kitchen, a multi-tiered swimming pool, sand volleyball courts and horseshoe pits. Construction is scheduled to begin this spring with completion slated for fall 2013.
ATLANTA — Noble Investment Group has purchased the 191-room Hotel Midtown — Atlanta, located at 125 10th St. NE in Atlanta, from CW Capital Asset Management for $16 million. The buyer plans to invest up to $21 million to renovate and upgrade the hotel, and convert it to the Hyatt brand. Teague Hunter, Bob Hunter and Lee Hunter of Hunter Realty's Atlanta office, along with Kyle Stevenson of the firm's Washington, D.C., office, represented the seller in the transaction.
SAVANNAH, GA. — The 84,628-square-foot Largo Plaza, located at 11701 Abercorn St. in Savannah, has been sold for $9.45 million. Publix, Staples and AutoZone anchor the center. Charlotte, N.C.-based Berkeley Capital Advisors represented Kimco Realty Corp., the seller, in the transaction. The buyer was The Rosen Group.
WAYNESVILLE, N.C. — Atlanta-based Ackerman & Co. has negotiated the $3.37 million sale of the 49,583-square-foot Mountain Creek Plaza Shopping Center, located at 366 Russ Ave. in Waynesville. BI-LO anchors the shopping center, which is fully leased. Jason Powell and Andrew Murphy of Ackerman & Co. represented the seller, a private investor, in the transaction and procured the buyer.
NEW ORLEANS — Walker & Dunlop has arranged a $9.55 million loan for the 211-unit The Muses, a mixed-income residential apartment community located at 1720 Baronne St. in New Orleans. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 18-year refinance loan with a 35-year amortization schedule through Fannie Mae on behalf of the borrower, LDG Development.
WHEATON, ILL. — Renovations to the 251,313-square-foot Rice Lake Square shopping center in Wheaton are complete. The project included two new pedestrian plazas, updated signage and new parking spaces. Oakbrook Terrace, Ill.-based Mid-America Asset Management oversaw the project on behalf of the center's owner, Grosvenor Americas. The project team also included architect Pappageorge Haymes Partners and civil engineer Spaceco Inc. This is the first major enhancement to the Rice Lake Square since it was constructed in 1992. The center includes Whole Foods, Stein Mart and PetSmart.
LAKE ZURICH, ILL. — Ryan Cos. has completed construction of Zurich Meadows, a new 95-unit seniors residential communityin Lake Zurich. The developer of Zurich Meadows is Chicago-based Carefree Development. The $15 million project is located at 250 Mohawk Trail and includes 56 one-bedroom and 39 two-bedroom units. The development also features a game room, fitness center and a library. Zurich Meadows opened in mid-January and currently has 26 residents.
MONTICELLO, IND. — Hamstra Builders has sold Monticello Plaza, a 189,330-square-foot, grocery-anchored shopping center in Monticello. The terms of the sale were undisclosed. The center was 95 percent occupied at the time of sale and the center is anchored by Kroger and Rural King. David Weber and Nathan Whalen of Marcus & Millichap represented Hamstra in the transaction. Michael Wernke of the firm's Indianapolis office represented the buyer, an Indiana-based limited liability company.