EASTPOINTE, MICH. — American Realty Capital Properties has acquired a Walgreens drug store in Eastpointe for $3.8 million. The property consists of a 15,120-square-foot, freestanding building. Walgreens Co. has a 20-year lease, with about seven years remaining.
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BISMARCK, N.D. — Partick Minea of NorthMarq Capital's Minneapolis office has secured $9.4 million in first mortgage financing for Sunset Ridge Apartments in Bismarck. The financing was arranged through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
NORWALK, CONN. — In a joint venture KABR and Blackpoint Partners have acquired 535 Connecticut Ave. in Norwalk for $11 million. The 175,000-square-foot, Class A suburban office building includes a gym, cafeteria, conference facility and covered parking. The seller was LNR Partners, which purchased the building in 2006 for $26.5 million.
PITTSBURGH — RLJ Lodging Trust has completed three hotel conversions for $24 million, including a hotel in Pittsburgh. The 202-room Hilton Garden Inn Pittsburgh University Place was converted from a Wyndham hotel Jan. 1, 2012. The $9 million renovation upgraded guest rooms, transformed the lobby and freshened up the exterior. The projects also included an $8 million renovation at the 175-room Hilton Garden Inn Durham and a $7 million renovation at the 194-room Embassy Suites West Palm Beach-Central. All three hotels remained open while under renovation.
CEDAR KNOLLS, N.J. — Liberty Bank of Middletown, Conn. has closed a $7.4 million commercial mortgage financing transaction with 197 Riverdale Ave. LLC for the purchase and renovation of the medical office building at 197 Ridgedale Ave. in Cedar Knolls. The 80,600-square-foot property is owned by Commercial Realty Group of Morris Plains, a group of local physicians.
NEW YORK CITY — Construction is complete on Vicinitas Hall, a new 68-unit supportive housing development in the Bronx for low-income young adults and those who have aged out of foster care. The 41,000-square-foot property was built on the site of a parking lot for $15.9 million, with $7 million in federal funds issued by the city in addition to stimulus money, state housing funds and tax credits. Vicinitas includes recreation rooms, a landscaped rear yard and offices for case management staff. The building was designed by OCV Architects and constructed by Bayview Real Estate Consultants. Vicinitas will be operated by the Lantern Group, a Manhattan-based nonprofit.
NEW YORK CITY — Ariel Property Advisors has closed the $1.2 million sale of a Brooklyn industrial property, located at 79-85 Georgia Ave. The 15,000-square-foot property is currently being used as a garage. Jonathan Berman and Jesse Deutch of Ariel represented the seller in the transaction. The buyer was a building tenant.
PLANO — The Plano Independent School District has selected Cadence McShane Construction Co. to construct a two-story, 22,000-square-foot addition for Clark High School, located at 523 Spring Creek Parkway in Plano. The addition will include eight classrooms on the first floor and four laboratories on the second floor. Corgan Associates is the architectural services firm for the project. Construction of the new addition is slated for an August 2012 completion.
CYPRESS — Hunington Properties has arranged the sale of the 39,757-square-foot Shoppes at Fry Road Shopping Center, located at the southeast corner of Highway 290 and Fry Road in Cypress. Philip Mullett of Houston-based Hunington Properties represented the undisclosed buyer.
GRAND PRAIRIE — Lee & Associates has secured a 154,330-square-foot industrial lease, located at 701-721 S. Parkway Dr. in Grand Prairie. Mark Graybill and Donnie Rohde of Lee & Associates' Fort Worth office represented the landlord, First Industrial, in the lease transaction. Noel Hutcheson of Colliers International's Dallas office represented the tenant, Amalgamated Sugar Co.