DENVER – The 22-unit Central Denver apartment building located at 1160 Colorado Blvd. has sold to an unnamed buyer for $1,645,000, or $74,772 per unit. The property was built in 1946 and has undergone significant capital improvements. The buyer was represented by Jeff Johnson and Matt Ritter of Pinnacle Real Estate Advisors in Denver. Cinema Realty’s Kary Ohan represented the seller, who was also unnamed.
CHAPEL HILL, N.C. — Madison Marquette has sold the 113,000-square-foot Rams Plaza, a shopping center located at 1728 Fordham Blvd. in Chapel Hill, to a joint venture in a direct deal for $13.25 million. Food Lion and CVS/pharmacy anchor the center. A joint venture entity known as Rams Plaza Associates, headed by The Kalikow Group, the buyer, plans to renovate the center, spending a minimum of $1.5 million on the façade and improving the overall site and tenant spaces. Argus Development Group, a partner through its ARGUS RAMS PLAZA, LLC subsidiary, is responsible for the approval process, renovations and management of the property. BCP RAMS PLAZA, LLC, a Florida-based limited liability company, is the third member of the joint venture acquisition team. Retail Strategies is the leasing agent for Rams Plaza.
VIRGINIA BEACH, VA. — Stihl has plans to expand its U.S. headquarters, located in Oceana West Corporate Park at 536 Viking Dr. in Virginia Beach, by 53,256 square feet. The $10.3 million project will create 52 new jobs within 36 months. The company currently occupies more than 1 million square feet of industrial space in eight buildings at the property. Completion for the expansion is slated for the spring of 2012.
AVENTURA, FLA. — The 117,000-square-foot Aventura Optima Plaza, a Class A office and medical development located at 21500 Biscayne Blvd. in Aventura, has topped off. The property includes a nine-story office tower and a four-story medical building, and was designed by Arquitectos Brom Asociados and Behar Font & Partners to meet LEED Gold standards. The property is on track to be completed in July 2012.
BRANDON, FLA. — Marcus & Millichap has brokered the $2.12 million sale of the 52,465-square-foot Brandon Mini Storage, located at 203 Providence Rd. in Brandon. Michael Mele of Marcus & Millichap's Tampa, Fla., office represented the seller, a Brandon-based private investor, in the transaction and procured the buyer, a California-based partnership.
TUSCALOOSA, ALA. — The 56-unit Chastain Manor, an affordable housing senior community located at 381 34th Ave. E. in Tuscaloosa, has re-opened. The property was destroyed in the tornado that touched down in Tuscaloosa in April. Although the first residents have moved back in, full completion is slated for early 2012.
CHICAGO — Ivine, Calif.-based Sperry Van Ness has completed one sale and two lease transactions in Chicago's West Loop. Scott Maesel of Sperry Van Ness represented the seller of 740 W. Randolph. The property, located at the northeast corner of Halsted and Randolph, contained Holiday Bar and Grill. The property was listed for about $1 million. The buyer is a private owner in the hospitality business. Maesel also represented the landlord in the leasing of 800 and 804 W. Randolph. The corner space was leased for $39 per square foot net to Brendon Sodikoff who will be opening a new bar and grille concept. The inline space was leased for $35 per square foot net to Chef Matt Eversman, whose venture will be called Oon.
ELK GROVE, ILL. — Deerfield, Ill.-based Meridian Design Build was selected to complete the renovation of a 14,626-square-foot facility for Barrington Orthopedic Specialists, located at 120 E. Higgins Rd. in Elk Grove Village. Construction is currently underway on the project, which includes the full renovation of an existing, single-story office building to accommodate new exam rooms, cast rooms, imaging areas, rehabilitation facilities and a physical therapy gym. A building addition also will be constructed to include waiting areas and a covered patient entrance/dropoff area. Project manager Bob Kolcz and Fred Jennings, general superintendent, are coordinating the project for Meridian. The space will be designed by Arete-Knight.
OMAHA — NorthMarq Capital has arranged $14 million in first mortgage refinancing for Lakeside Plaza I, a 171,124-square-foot grocery-anchored shopping center, located at 17372 Lakeside Hills Plaza in Omaha. Jason Kinnison of NorthMarq's Omaha office arranged the financing through the firm's relationship with Citigroup Global Markets Realty Corp. The 10-year loan has a 30-year amortization schedule.
HARRISON, N.J. — The first phase of the $750 million Harrison Station mixed-use development in Harrison, N.J. is complete. The new building, located at 300 Somerset St., includes 275 apartments with 12,814 square feet of street-level retail space. More than 130 apartments have been leased and a total of 5,500 square feet of retail space has been leased to Five Guys Burgers & Fries and Pronto Gourmet. Construction of the second phase, a 136-room Element Hotel, will begin in early 2012. Once complete, Harrison Station will include 2,600 residences and 80,000 square feet of retail space. The project developers are Ironstate Development Co. and the Pegasus Group.