TAMPA, FLA. — Marcus & Millichap has arranged the $5.55 million sale of the 193-unit Treesdale Condominiums, a condominium community located at 1818 9th Ave. E. in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a Quebec, Canada-based private investor, in the transaction and procured the buyer, a private investor.
RICHMOND, VA, — Morgan Property Group (MPG) has acquired two tracts of land totaling 1.6 acres, located at the intersection of Broad Street and Pouncey Tract Road in Richmond, for $4 million to build a 12,144-square-foot Walgreens. The sellers were Breez-In Associates and John J. and Ima M. Liesfeld Family LLC. Phillips-Hall represented John J. and Ima M. Liesfeld Family LLC, in the transaction. The buyer was represented by Mid-Atlantic Real Estate Partners, along with Jones Realty and Construction. Demolition of the current structures on the sites are scheduled to begin this month.
DECATUR, GA. — A 10,125-square-foot CVS/pharmacy, located at 4037 Glenwood Dr. in Decatur, has sold for $2.84 million. CVS/pharmacy recently extended its lease on the property for 25 years. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the seller, a Texas-based investment firm, in the transaction and procured the buyer, an East Coast-based investor.
JACKSONVILLE, FLA. — ABC Properties and Michaelson Real Estate Partners have purchased the 693-unit Londontowne Apartments, located at 1591 Lane Ave. S. in Jacksonville from a special servicer. The property has been renamed Canterbury Gardens and the buyer has planned a multi-million dollar renovation for the property. Amenities include pools, a fitness center, playgrounds, a laundry facility and a nature trail. Jim Sewell of Coastal Apartment Advisors’ Hilton Head, S.C., office represented the seller in the transaction.
BROOKINGS, S.D. — Chicago-based Bel Brands USA — the maker of Laughing Cow, Mini Baybel and Boursin Cheese — plans to build a new 170,000-square-foot manufacturing facility in Brookings. The $100 million facility will employ more than 200 workers once the plant becomes fully operational in 2014. The company plans to break ground this summer on a 42-acre land parcel along 32 Avenue, near the I-29 cooridor. The facility will be used to produce Bel Brands' Mini Baybel cheese. Dan Maslauski, Brian Chernett, Ann Woessner-Collins, Kris Bjorson, Dan McGillicuddy and Rich Thompsen of Jones Lang LaSalle assisted Bel Brands in the site selection process.
NORTH OLMSTED, OHIO — Love Funding has closed on a $4.7 million loan to refinance Olmsted Manor Care Center, a 74-unit skilled nursing facility in North Olmsted. Bruce Gerhart and Robert Smallwood of Love Funding's Cleveland office secured the loan through a U.S. Department of Housing and Urban Development program. The loan has a 30-year term.
MUNCIE, IND. — Viking Partners, a private equity firm, has acquired a non-performing note secured by McGalliard Mall Shops in Muncie. Tenants at the 54,090-square-foot shopping center include Panera Bread, Buffalo Wild Wings and Rent-A-Center. McGalliard is situated on an outparcel to Muncie Mall, which is owned by Simon Properties. Viking plans to increase property occupancy, extend short-term tenant leases and reduce overall operating expenses.
NEW YORK CITY — In a joint venture, FelCor Lodging Trust purchased the Knickerbocker Hotel in Manhattan for $115 million. The property at Broadway and 42nd Street was purchased in a partnership with an affiliate of Highgate Holdings LLC. The hotel is FelCor's third New York property, and its redevelopment will be completed in late 2013. The hotel will include 330 guest rooms, a rooftop sky bar overlooking Times Square and a fitness facility. FelCor also announced it is marketing 16 hotels and plans to use the money from the sales to reduce debt.
ENFIELD, CONN. — Diversified Information Technologies has acquired 180 Moody Rd. in Enfield for $2.2 million. The property consists of 166,000 square feet of industrial/warehouse space situated on 15 acres. Keith Kumnick and Stephanie Pious of Colliers International represented the seller, Mead Westvaco, in the transaction. Sean Duffy, Damon Bowers and Tim D'Addabbo of Cushman & Wakefield represented the buyer.
ATLANTIC CITY, N.J. — Brick-based Tryko Partners has acquired the Barclay Arms, a 75-unit affordable housing development at 814 N. Virginaia Ave., for a reported $5 million. Tryko purchased the apartment property from Max Gurwicz Enterprises in an off-market sale. The property is more than 90 percent occupied. Tryko intends to upgrade the property.
