ANDERSON, S.C. — Greenville, S.C.-based RealtyLink has sold the 167,341-square-foot Midtowne Park Shopping Center, located at 3520 Clemson Blvd. in Anderson, to Pheonix-based Cole Capital for $25.6 million. Tenants include Kohl's, Dick's Sporting Goods, Staples and ULTA. The seller was self-represented in the transaction by Tyson Glasser.
WHITE MARSH, MD. — Cushman & Wakefield has brokered the $16.25 million sale of the 218,532-square-foot White Marsh Commerce Center, located at 10001 Franklin Square Dr. in White Marsh. Included in the sale was a 13-acre development site that can accommodate an additional building of up to 220,000 square feet. The property is fully leased to C&J Graphics, Turn Key Office Installations and Creative Touch Interiors. Cristopher Abramson, Brian Kruger, Nicholas Signor, Michael Elardo and Christoper Wright of Cushman & Wakefield's Baltimore office represented the seller, Corporate Office Properties Trust, in the transaction and procured the buyer, Industrial Income Trust.
ROSWELL, GA. — The 62,000-square-foot Sweet Apple Village, an office and retail property located at 12030 Etris Rd. in Roswell, has sold for $6.25 million. Tenants include Menchies Frozen Yogurt and Kumon Math & Reading Center. Craig Taylor of CBRE's Atlanta office represented the seller, the REO department of BB&T Bank, in the transaction. Mount Pleasant, S.C.-based Ziff Properties, the buyer, was self-represented by Christian Chamblee and Shaun Payne.
ROCK HILL, S.C. — The 80-unit Quail Ridge, located at 2091 Dutchman Dr., and the 80-unit Country Club Arms, located at 1775 Cedar Post Ln., both in Rock Hill, have been sold to the same undisclosed buyer for $6.11 million. Juniper Investment Group sold Quail Ridge and B&B Holdings sold Country Club Arms. John Bergin, Brian Ford and Beau McIntosh of Charlotte, N.C.-based Capstone Apartment Partners represented both parties in the transaction.
EVANSVILLE, IND. — Skanska USA has acquired Evansville-based Industrial Contractors Inc. (ICI) and its affiliated companies for $135 million. ICI is a contractor in the commercial, industrial and energy markets of the Midwest and its affiliates include Professional Consultants Inc., Tri-State Refractories Corp. and Industrial Equipment Inc. The newly acquired company will become an operating unit of Skanska USA Civil and will be known as Industrial Contractors Skanska. The current management team of ICI will remain in place.
DETROIT — Rock Ventures Group recently purchased three properties in Detroit, capping a year-long drive to acquire and renovate buildings in the downtown area. The newest acquisitions include the Wright-Kay building, located at 1500 Woodward Ave.; the Lane Bryant building, located at 1520 Woodward Ave.; and the Arts League of Michigan building, located at 1528 Woodward Ave. The six-story Wright-Kay building is slated to offer street-level retail with offices or residential units on the floors above. The 45,000-square foot Lane Bryant building and 43,000-square foot Arts League of Michigan building are both slated to offer a mix of retail and office space. In 2011, Rock Ventures, led by Quicken Loans founder Dan Gilbert, purchased seven properties, three parking structures and one parking lot in Detroit.
HOFFMAN ESTATES, ILL. — Hoffman Estates-based Sears Holding Corp. plans to close as many as 120 Sears and Kmart stores following poor sales during the holidays. The company expects the closures to generate $140 to $170 million in cash from inventory sales. Sears Holding also expects the sale or sublease of real estate holdings to add more cash. The company predicts adjusted earnings for the fourth quarter of 2011 will be less than half the $933 million it reported for the fourth quarter of 2010. The retailer has yet to determine which stores will be closed. The price of Sears stock (Nasdaq: SHLD) closed at $31.78 per share on Dec. 30, 2011, down from $73.69 per share a year earlier.
NEW YORK CITY — A joint venture between developer Metro Loft and Eastbridge Sarl has closed on the acquisition of 70 Pine St. in Manhattan for about $200 million. Metro Loft plans to convert the 66-story Art Deco building into more than 700 luxury apartments, with a high-end hotel occupying the remaining area of the building. When completed in 2013, the tower will be one of the tallest residential buildings in New York City. Originally built for Cities Services Co., the building most recently served as the headquarters for American International Group.
LONG ISLAND CITY, N.Y. —Meridian Capital Group has negotiated a $16.5 million financing package to recapitalize a challenged condominium development project in Long Island City. An undisclosed local bank provided the 15-year, $14 million mortgage loan. In addition, a New York City-based hedge fund provided a $2.5 million mezzanine loan. Elliott Birnbaum of Meridian's New York City office negotiated the transactions. The six-story building, located on Vernon Boulevard, includes 64 apartments and 10,000 square feet of retail space.
NEW YORK CITY — Annapolis-based Chesapeake Lodging Trust has closed on its $52.2 million purchase of the newly developed 122-room Holiday Inn New York City Midtown on 31st Street in New York City. The REIT funded the acquisition through its revolving credit facility and entered into an agreement with Real Hospitality Group to manage the hotel. The 18-story hotel is located between 5th Avenue and Broadway.