Property Type

SPRINGHURST TOWNE CENTER SELLS FOR $78M

by admin February 1, 2012

LOUISVILLE, KY. — The 830,000-square-foot Springhurst Towne Center, located off Interstate 265 in Louisville, has been sold for $78 million. The center is nearly fully leased to tenants including Target, Meijer, Dick's Sporting Goods, Kohl's, Office Max, T.J. Maxx, HomeGoods, Old Navy and Cinemark Cinemas. Gerard Mason and John Williams of Savills' New York City office represented the seller, a partnership led by Talmage Hocker of Louisville-based The Hocker Group, in the transaction. The buyer was an institutional investor.

February 1, 2012

GROUND BREAKS ON $26.2M APTS.

by admin February 1, 2012

CHARLOTTE, N.C. — Proffitt Dixon Partners has started construction on the $26.2 million, 208-unit Fountains at New Bern Station, located at 122 New Bern St. in Charlotte at the New Bern Light Rail station. The property is designed to achieve NAHB Green certification. Amenities will include a saltwater swimming pool with a lap lane, a multi-level sun deck, grilling area, fire pit, courtyard, fitness center, rooftop Zen lounge, and a 6,000-square-foot clubhouse with Wi-Fi, a demonstration kitchen and an entertainment area, which will include billiards, gaming and fireside indoor lounging. Completion is slated for spring 2013.

February 1, 2012

Industrial Southeast

IDI BREAKS GROUND ON MITSUBISHI HQ

by admin February 1, 2012

SUWANEE, GA. — IDI has commenced construction on the 559,407-square-foot, build-to-suit Mitsubishi Electric Cooling & Heating headquarters, located in Huntcrest Business Center at 1340 Satellite Blvd. in Suwanee. The company will consolidate its current 350,000-square-foot footprint across three buildings to the facility. The property will be the corporate headquarters for Mitsubishi Electric's cooling and heating division and will include office and professional training space, as well as nearly half a million square feet of warehouse space. The company will move into the space in February 2013. Alan Clayton of Jones Lang LaSalle's Atlanta office represented the tenant in the lease transaction and the landlord was self-represented by Lisa Ward of IDI's Atlanta office.

February 1, 2012

Retail Southeast

WALGREENS SELLS FOR $6.5M

by admin February 1, 2012

DENVER, N.C. — A 12,144-square-foot freestanding Walgreens, located at the northwest corner of Highways 16 and 73 in Denver, a suburb of Charlotte, has been sold to South Florida-based Evans Denver Drugstore for $6.5 million. General Realty Partners represented Denver I Realty, an affiliate of Morgan Property Group, the seller, in the transaction. Denver I Realty acquired the property in 2011 and oversaw all construction and development activities for both on- and off-site improvements. Walgreens opened in the fourth quarter of 2011.

February 1, 2012

Multifamily Southeast

M&M BROKERS $1.4M APT. SALE

by admin February 1, 2012

GREENWOOD, S.C. — Marcus & Millichap has arranged the $1.4 million sale of the 100-unit Pinetree Apartments, located at 106 Barkwood Dr. in Greenwood. Mark Boyce of Marcus & Millichap's Charleston, S.C., office represented the buyer, a private individual, in the transaction. Andy Daitch of Marcus & Millichap's Detroit office represented the seller.

February 1, 2012

Midwest Multifamily

LOVE FUNDING ARRANGES $12.5M LOAN FOR COVINGTON COURT APARTMENTS

by admin February 1, 2012

ST. CHARLES, ILL. — Love Funding has secured a $12.5 million loan to refinance Covington Court Apartments, a 208-unit apartment community in St. Charles. Jon Wagenknecht of the Chicago office of Love Funding arranged the 35-year loan through a U.S. Department of Housing and Urban Development program. Covington is one of six multifamily units owned by Shodeen interests in the tri-city area of Illinois, which includes Geneva, St. Charles and Batavia.

February 1, 2012

Midwest Multifamily

M&M SECURES $9.1M FOR BROOKLYN PARK APARTMENT PROPERTY

by admin February 1, 2012

BROOKLYN PARK, MINN. — Marcus & Millichap Capital Corp. has arranged $9.1 million for the refinancing of a 171-unit apartment property in Brooklyn Park, the second-largest suburb in the Twin Cities. John Mulcahey of Marcus & Millichap's Minneapolis office arranged the loan. The 10-year loan has a 30-year amortization schedule.

February 1, 2012

Hospitality Northeast

CHESAPEAKE AGREES TO BUY NYC HOTEL FOR $76.5M

by admin February 1, 2012

NEW YORK CITY — Chesapeake Lodging Trust has agreed to acquire the 185-room Hyatt Place New York Midtown South in New York City, for $76.5 million. The hotel is currently under development at 52-54 W. 36th St. Chesapeake plans to close on its purchase following the completion of the hotel, which is slated for the third quarter. Additionally, the trust agreed to provide the seller $6.5 million in bridge financing for the development of the hotel.

February 1, 2012

Northeast Office

CLARION ACQUIRES TWO BOSTON OFFICE BUILDINGS FOR $87.1M

by admin February 1, 2012

BOSTON — Clarion Partners has purchased two adjoining 13-story office buildings in Boston's Bay Back area for $87.1 million. Clarion made the acquisition on behalf of a separate account client. The 535 and 545 Bolyston St. properties are currently 92 percent leased. Both buildings were upgraded in 2009 and together total 184,222 square feet. The seller was undisclosed.

February 1, 2012

Industrial Northeast

NATIONAL REALTY INKS NEW LEASES TOTALING 165,000 SQUARE FEET

by admin February 1, 2012

NEWBURGH, N.Y. — Two industrial leases totaling 165,000 square feet have been signed at the Northeast Business Center in Newburgh. Preferred Fragrances, a women's perfume importer, moved this month from its Mountainville, N.Y. facility to a 105,000-square-foot space at 1900 Corporate Blvd. Existing tenant Kraft Foods has renewed its lease for 5 years and expanded its facility to 60,000 square feet at 700 Corporate Blvd. The landlord is National Realty & Development Corp.

February 1, 2012

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