WINCHESTER, KY. — Nashville, Tenn.-based Baker Storey McDonald Properties (BSM) has purchased the 53,989-square-foot Kroger Plaza, located at 1661 Bypass Rd. in Winchester. Prior to acquiring the center, BSM executed a 20,000-square-foot lease with Burke's Outlet, which is slated to open at the end of March. The property is 90 percent leased to tenants including Cato, The UPS Store, Papa John's, NovaCare and Hallmark. Brentwood, Tenn.-based First Southern Mortgage arranged financing on behalf of BSM through Protective Life Insurance Co.
CHARLOTTE, N.C. — Crosland Southeast has started construction on the 20,000-square-foot Blakeney Square, the final phase of the 600,000-square-foot Blakeney, a multi-use development located in Charlotte. Target and Harris Teeter anchor the original retail component, which is 300,000 square feet, and Best Buy and PetSmart anchor Blakeney Crossing, the second retail phase of the property. BB&T, Chick-fil-A and Firestone have each signed leases for freestanding stores, which are slated to open by the end of the year. Bank of America provided construction financing, Osborne Co. is the general contractor and W.D. Smith is working on grading/earthwork.
AURORA, ILL. — The distribution branch of the Vescovini Group, an Italian-based manufacturing company, has signed a 55,161-square-foot lease at 1455 Sequoia Dr. in Aurora. The facility will be the company's first distribution center in the U.S. Jeff Girling and Terry Lynch of Paine/Wetzel represented the tenant in the transaction. The landlord, IDI, was represented in-house by Jeff Lanaghan of the company's Chicago office.
BELLEVILLE, ILL. — Holland Construction Services has completed The Center for Orthopedic and Neurosciences in Belleville, which is now open to patients. The new 85,000-square-foot building is the third medical office building and the first freestanding structure on Memorial Hospital's Belleville campus. The $24 million building includes additional physician office space, X-ray services and a cafe. St. Louis-based ACI/Boland provided architectural services for the project.
COON RAPIDS, MINN. —Grandbridge Real Estate Capital has arranged a $3 million loan for the refinancing of three industrial properties totaling 95,000 square feet in Coon Rapids. The properties are 95 percent occupied. Ben Fazendin and Crhis Perry of the Minneapolis of Grandbridge originated the loan. RiverSource Life Insurance Co. provided funding for the 10-year loan, which includes a 25-year amortization schedule.
NEW YORK CITY — Two Trees Management Co. has begun the first phase of a multimillion dollar renovation at 50 W. 23rd St. in Manhattan. The company purchased the 13-story office property for $130 million two years ago. Two Trees plans to modernize the lobby of the 106-year-old building by adding new lighting and re-cladding the walls and floor with a white fiberglass-reinforced concrete. Designed by Leeser Architecture, the restoration will also update the building's entrances, elevator cabs and facades. Tenants at the building include Yodle, an advertising company, and Stantec Consulting, an engineering firm. Completion of the interior is slated for this June, and exterior renovations are expected to be complete this November.
CLAYMONT, DEL. — Marcus & Millichap has arranged the $6.4 million sale of Water View Court Apartments, a 120-unit property located in Claymont. The apartments are located at 361 Harbor Dr., near the University of Delaware campus. Mark Thomson and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the seller, a student housing REIT. They also procured the buyer, a private investor.
NEW YORK CITY — Hunter Trace 62-unit affordable housing complex has opened at 397-403 Howard Ave. in Brooklyn. The property was financed by the New Housing Marketplace Plan (NHMP). Launched by Michael Bloomberg in 2003, NHMP is a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the end of 2014. The Lantern Group developed the $14 million Hunter Trace building, which includes on-site social services for formerly homeless adults.
DALLAS — H-E-B Central Market has opened its first small prototype store, a 30,000-square-foot facility, located at the Preston Oaks center at the intersection of Royal Lane and Preston Road in Dallas' Preston Hollow neighborhood. The store is the ninth Central Market store and the fifth in the Dallas/Fort Worth area. Fort Worth-based Trademark Property Co. owns the Preston Oaks center.
FORT WORTH — Dallas-based Bradford Commercial Real Estate Services has arranged a 15,545-square-foot industrial lease, located in Building 2 at 7873 S. Will Rogers Blvd. in Fort Worth. Nick Talley of Bradford Commercial represented the landlord, Carter Industrial Partners, in the lease transaction. Tyler Baucom of HGC Commercial Real Estate's Fort Worth office represented the tenant, Rubber & Gasket Co.