BLAINE, MINN. — Austin-based World Class Capital Group, a private equity firm focused on distressed debt acquisitions, has taken ownership of Northtown Village, a 184,113-square-foot retail center in Blaine. World Class acquired the $19 million defaulted mortgage from a special servicer, completed the foreclosure process and is now the fee-simple owner of the property. Northtown is about 40 percent occupied following the departure of multiple big-box tenants, including Bed Bath & Beyond and Office Depot. It is currently occupied by Michael's and Hancock Fabrics.
KING OF PRUSSIA, PA. — Morgan Properties has acquired the 192-unit Abrams Run Apartments in King of Prussia for $31.4 million. The property consists of 48 one-bedroom and 144 two-bedroom Class A apartments, with an average of 1,055 square feet. Amenities include a fitness center, tennis and basketball courts and community courtyards. Terms of the sale were undisclosed.
NEW YORK — Delshah Capital has purchased 101 W. 126th St. in New York through a New York State Bankruptcy Court ordered sale for $11.2 million. In 2010, a DelShah affiliate purchased the non-performing senior mortgage note for the 32-unit apartment building with a ground-floor commercial space. DelShah was poised to purchase the property in May 2011 when the debtor declared bankruptcy. Delshah was able to reach an agreement with the debtor and junior creditors, resolve the bankruptcy and take the title in only 9 months.
BOSTON — Heath Properties has purchased 17 Bow St., a former church converted into a 17-unit apartment complex in Boston, for $3.4 million. The property was converted into a residential building in 1990 and includes studio, one- and two-bedroom units. Robert Tito and Dan McGee of NAI Hunneman represented the seller, Abbey Place Realty Trust, in the deal. They also procured the buyer.
SPARTA, N.J. — Hance Construction has completed renovation of the New Station Park Recreation Complex, a 12,150-square-foot, multi-building facility at 38 Station Rd. The Sparta Police Athletic League has signed a long-term lease with property owner Dermody Associates for two of the spaces in the four-building complex. The project is located on a former industrial site, which has been vacant for more than 20 years. The buildings leased by the athletic league include an indoor basketball facility and office and meeting space.
MIDLAND, ODESSA AND LONGVIEW — Phoenix-based Pivotal Group Inc. has purchased 21 apartment communities located in Midland, Odessa and Longview, totaling more than 3,200 units. Pivotal acquired the properties through a joint venture with an institutional investor. Justin Lanne and Sandy Alter of Grubb & Ellis' Tucson, Ariz., office represented the seller, TRA Midland Properties, in the off-market transaction. Arbor Commercial Mortgage arranged the assumption of existing Fannie Mae debt. Pivotal plans to renovate the properties with upgraded interiors, pools and clubhouses. Orion Residential Management will provide property management services for the communities.
THE WOODLANDS — The 234,000-square-foot 3 Waterway Square Place, an 11-story office building currently being constructed in The Woodlands Town Center on the corner of Lake Robbins and Woodloch Forest drives in The Woodlands, has signed lease agreements with two tenants. Waste Connections Inc. has signed a 49,929-square-foot lease agreement and Nexeo Solutions has increased their 64,046-square-foot lease to 106,710 square feet. The building was designed by Boston-based Elkus Manfredi and is slated for early 2013 completion. The Woodlands Development Company, a division of The Howard Hughes Corporation, secured $43.3 million in construction financing through Texas Capital Bank. Robert Parsley and Norman Munoz of Colliers International's Houston office represented The Woodlands Development Company in the lease transactions. Jason Whittington of NAI Houston represented Waste Connections, and Dan Bellow, Beau Bellow and Diana Dunlap of Jones Lang LaSalle's Houston office represented Nexeo Solutions.
HOUSTON — Rosemont Realty has selected Toronto-based Avison Young to oversee marketing and leasing of 606,899 square feet of office space in Houston. The properties include the 226,585-square-foot Kirkwood Atrium Office, located at 11767 Katy Freeway; the 179,485-square-foot Paragon Center One, located at 450 Gears Road; the 114,511-square-foot Westwood Plaza I, located at 9301 Southwest Freeway; and a 86,317-square-foot property, located at 12621 Featherwood Drive.
AUSTIN — The Weitzman Group has brokered the sale of a 4,229-square-foot retail center, located at 2310 S. Lamar in Austin. The historic specialty retail center includes tenants such as Casita Taco, Irie Bean Coffee Bar, Diablo Rojo Piercing, Rock of Ages Tattoo and Austin Laser Clinic. The property also features outdoor patio and stage space. Brad Bailey of The Weitzman Group's Central Texas and The Valley office and Logan Reichle of the firm's Austin office represented the seller, an Austin-based partnership, in the transaction. The buyer was undisclosed.
LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved a 50-year ground lease with EdR, allowing the company to proceed with the first phase of the university's on-campus housing renovation. Phase I, slated to break ground this spring, includes a $25.8 million, 601-bed freshman honors housing community at Haggin Field, which EdR will develop, construct and own. The living-learning community will include classroom and meeting space, and be available to occupancy by fall 2013. EdR and UK are in discussions regarding Phase II, which would include an expansion from 6,000 residence hall beds to 9,000 residence hall beds, as well as EdR assuming management of the student housing properties in fall 2013. If approved, EdR will systematically demolish most of the current on-campus dormitories and replace them with more modern and attractive living communities.