SALISBURY, MD. — Brick, N.J.-based Tryko Partners has purchased the 209-unit Pemberton Manor Apartments, located at 1020 Fairground Dr., from HUD for $4.8 million at an auction. The company will invest approximately $1 million in capital improvements, including new doors, upgraded appliances, new carpeting in many units, fresh paint, updated landscaping and repaving.
RALEIGH, N.C. — The $4.6 million conversion and renovation of the 190-room DoubleTree by Hilton Raleigh-Brownstone University, located at 1707 Hillsborough St. in Raleigh, has been completed. The hotel was previously a Holiday Inn. Highlights of the renovation include the redesign and upgrades of all guest rooms, a newly designed open lobby concept with a large atrium fireplace, new lounge seating and a multipurpose library.
FORT LAUDERDALE, FLA. — The 73,149-square-foot Executive Airport Business Center, located at 1801-1925 S. Perimeter Rd. in Fort Lauderdale, has been sold for $3.4 million. The property contains three single-story office and office/flex buildings. Marty Busekrus, Scott O'Donnell and Dominic Montazemi of CBRE's Boca Raton, Fla., office, represented KAS Airport, the buyer, in the transaction. The seller was Berkadia.
CEDAR RAPIDS, IOWA — The Boulder Group has arranged the $4.17 million sale of a 13,905-square-foot, single-tenant Walgreens property, located at 3325 16th Ave. SW in Cedar Rapids. The property is leased to Walgreens for eight years. Randy Blankstein and Jimmy Goodman of the Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a Miami-based investor.
SPRINGFIELD, MO. — Gladstone Commercial Corp. has purchased the leasehold interests in a 14,560-square-foot retail building in Springfield, Mo. leased to the Walgreens Co., for $2.7 million. The tenant has 62 years remaining on its lease term with rights to terminate every five years in years 19 to 62.
ORLANDO — Orlando-based CNL Properties Trust Inc. has agreed to acquire five senior living communities from affiliates of Primrose Retirement Communities for $84 million. The properties include Grand Island Senior Living in Grand Island, Neb.; Marion Senior Living in Marion, Ohio; Mansfield Senior Living in Mansfield, Ohio; Casper Senior Living in Casper, Wyo.; and Sweetwater Senior Center in Billings, Mont. The transition is expected to close the first quarter of 2012. The communities will continue to be operated by Primrose under a long-term lease agreement with CNL. As of Dec. 1, the properties were 96 percent occupied.
JACKSON, OHIO — Boston-based STAG Industrial Inc. has acquired a 307,000-square-foot warehouse and distribution facility in Jackson for $12.6 million. The building was constructed in 2001 as a build-to-suit and is fully leased to Gerdau Ameristeel Perth Amboy Inc., a long steel manufacturer.
JESSUP, PA. — TMG Health has signed a build-to-suit lease for a 150,000 square foot office building with the option to add an additional 60,000 square feet, at Valley View Business Park in Jessup. Represented by CBRE's Dan Dagit and Bill Wolf, TMG will consolidate two local offices, one in Scranton and the other in Dunmore, into the new building. After selecting the site, Lexington Realty Trust acquired 39 acres of the park from The Scranton-Lackawanna Industrial Building Co. and entered an agreement with Verus Partners, a Chicago-based developer, to develop TMG's building. The building is slated to deliver in the third quarter of 2012.
NEW YORK CITY — Mortgage Equicap has arranged $4 million in permanent mortgage financing for a mixed-used building in West Village. The four-unit apartment building includes ground-floor retail. The non-recourse loan was financed by a commercial bank and includes a five-year fixed rate.
NEW YORK CITY — Queens Borough Public Library has purchased seven street-level commercial spaces at Sunrise Terrace condominiums, located at 31-32 Union St. in Queens, for $3.5 million. The seven units will provide more than 10,000 square feet for the public library, which has 62 locations. Delshah LLC, purchased the senior mortgage for the building in 2009.