DOWNEY, CALIF. – A Walgreens property that is located at 8030 Imperial Highway in Downey has sold to Downey Property Investments, LLC for $8.1 million. The property had previously housed a vacant industrial park and a free-standing outparcel before it was acquired and redeveloped by Heslin Becker Properties. The firm still maintains possession of the outparcel building, which it plans to re-tenant. The acquisition was led by Casey McKeon of Heslin Becker.
MESA, ARIZ. – The 120-unit Sycamore Square Apartments in Mesa has received $4,129,000 in first-mortgage financing. The loan features a 10-year term and a 30-year amortization schedule. The apartment community is owned by RND6, LLC, an entity of Crown Realty & Development, and is located at 1120 S. Sycamore Street. Financing was provided by NorthMarq Capital through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender. James DuMars and Michael Elmore led the NorthMarq team.DuMars works out of the firm’s Phoenix office, while Elmore is based in Los Angeles.
PANORAMA CITY, CALIF. — An 11,481-square-foot retail building located at 14600 Roscoe Blvd. in Panorama City has sold to Pluto Holdings, LLC, an affiliate of Kidney Center, for $2,575,000. Pluto was represented by Christopher E. Maling, David Maling and Phyllis Palin out of Colliers’ Downtown Los Angeles office, and Shawn Salimian out of the firm’s Encino, Calif., office. The seller, Roscoe Blvd Panorama City, LLC, was represented by Bryan Norcott of Studley Retail.
SILVER SPRING, MD. — McLean, Va.-based Insight Property Group and partner Arlington, Va.-based Nova-Habitat have plans to begin construction on a $75 million, 310-unit apartment complex, located at 8616 Second Ave. in Silver Spring, in the fourth quarter of this year. The partnership recently closed on the acquisition of the site, which is a former U.S. Post Service property located two blocks from the Silver Springs Metro Station. Bethesda, Md.-based Eagle Bank provided acquisition financing for the property.
OWINGS MILLS, MD. — Owings Mills Transit has plans to break ground on Phase I of the 1.2 million-square-foot Metro Centre at Owings Mills, a mixed-use development located on 45 acres at the intersection of Interstate 795 and Painters Mill Road in Owings Mills. Owings Mills Transit is developing the project and David S. Brown Enterprises will oversee construction and management. The first phase will include 300,000 square feet of office space, up to 100,000 square feet of retail space and approximately 250 apartment units. Additionally, the 120,000-square-foot Owings Mills Learning Center, which is currently under construction, is included in Phase I. The Baltimore County Public Library has signed a lease for 40,000 square feet of the space and the Community College of Baltimore County has leased the remaining 80,000 square feet. Completion for the first phase is slated for the spring of 2013. The State of Maryland and Baltimore County have currently invested more than $57 million in Metro Centre at Owings Mills.
SILVER SPRING, MD. — The $49.5 million, 195-unit Galaxy Apartments, located at 8025 13th St. in Silver Spring, has opened. Amenities include a clubroom with a pool table, flat screen televisions and a Wii station, as well as a cyber cafe with Wi-Fi. RST Development developed the property and Clark Realty Builders was the general contractor. Hercules Real Estate has been retained to lease and manage the property, which includes 82 affordable units and 113 market units. Financing included a tax-exempt bond mortgage of $38.5 million provided by the Montgomery County Housing Opportunities Commission, along with a $5 million loan from the Montgomery County Department of Housing and Community Affairs, from the County's Housing Initiative Fund. Additionally, the county provided a Payment in Lieu of Taxes agreement.
CHARLESTON, S.C. — Charleston-based Middle Street Partners has prepared to break ground on a $32 million, 270-unit luxury apartment complex, located at the intersection of Walt Miller Drive and Mathis Ferry Road in Charleston. Memphis-based MAA has entered into an agreement with Middle Street to purchase the land from the company and provide construction financing. Amenities will include a fitness center, resident lounge/business center and a resort-style pool. Dallas-based Humphreys & Partners designed the project and Jacksonville, Fla.-based Summit Contractors will be the general contractor. The first apartments and clubhouse will be completed in early 2013, with full completion slated for summer 2013.
GULF BREEZE, FLA. — The 107-unit The Blake at Gulf Breeze, an assisted living and memory care community located at 4410 Gulf Breeze Pkwy. in Gulf Breeze, has been sold for $24 million. The property, which includes 70 assisted living units and 37 memory care units, is currently 95 percent leased. Ryan Maconachy and Chad Lavender of ARA's Boca Raton, Fla., office represented the seller, Twin Palms, in the transaction. The buyer was AEW Capital Management, which acquired the property on behalf of AEW Senior Housing Investors. Blake Management Group, the original developer, will operate the property.
ROMEOVILLE, ILL. — Scannell Properties has selected Meridian Design Build to design and construct a new 239,000-square-foot industrial facility in Romeoville. The new building will serve as a ground distribution and package sorting center for Scannell's tenant, a global provider of shipping and information services. The company plans to invest $37 million in the new facility. The new building will be located within Pinnacle Business Center and construction is slated to be complete in the fourth quarter of this year. The facility will include an automated conveyor system and 101 loading docks. Pete Schmidt will lead Meridian Design Build's project team. Precept Design will provide architectural services.
CHICAGO — Reed Construction has completed a 45,000-square-foot build-out for Westwood College, located at 1 N. State St. in Chicago. The project included the addition of classrooms, computer labs, design labs and staff offices. The new facility also features a career services center, server rooms and student common area. Scott Pickands, Christine Roche and Robert Marks of Reed led the construction team. Atul Karkhanis Architects provided architectural services.