LARGO, FLA. — ARA has arranged the $23.62 million sale of the 324-unit Monterey Lakes, an apartment complex located at 7501 Ulmerton Rd. in Largo, a submarket of Tampa, Fla. Richard Donnellan of ARA's Boca Raton, Fla., office, along with Patrick Dufour of ARA's Tampa office, Kevin Judd of ARA's Orlando, Fla., office and Matt Wilcox of ARA's Jacksonville, Fla., office represented Waterton Residential, the seller, in the transaction. The buyer was a Florida-based private buyer.
LOUISVILLE, KY. — The 212-unit Legends at Indian Springs, an apartment complex located at 11000 Indian Legends Dr. in Louisville, has been sold for $20.75 million. Craig Collins of Louisville-based Cushman & Wakefield/Commercial Kentucky represented the seller, a Louisville-based developer, in the transaction. The buyer was Irvine, Calif.-based Passco.
CLEARWATER, FLA. — Colliers International has negotiated the $9.5 million sale of the 200-unit Coral Cove Apartments, located at 25 N. Belcher Rd. in Clearwater. The property was foreclosed on in February of 2011. John Stone and Jason Stanton of the firm's Tampa Bay, Fla., office represented NW-Coral Cove, the seller, in the transaction. WRH The Palms of Clearwater LLLP was the buyer.
ST. LOUIS — Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust (NYSE:RPT) has acquired Town & Country Crossing shopping center in St. Louis for $37.8 million. The 282,000-square-foot shopping center, of which 145,000 square feet is now owned by Ramco-Gershenson, is 81 percent leased and tenants include Target, Whole Foods, Sprint and PNC Bank. The Target store will remain the property of Target. Paul Hilton, Mike Hanrahan and Chase Young of Cassidy Turley represented the seller, TNC Investors, in the transaction. Ramco-Gershenson represented itself in the deal.
COLUMBUS, OHIO — Global real estate services firm Colliers International has signed a six-year lease to occupy 10,400 square feet of office space at the Two Miranova office building in Columbus. Colliers will consolidate its Columbus brokerage, marketing and research operations at Miranova, while their Polaris office will continue to house its real estate management services, valuation and accounting divisions. The landlord, Pizzuti Cos., was represented by Phil Rasey and Jim Miller of Pizzuti in the transaction.
MILWAUKEE, WIS. —Waukesha, Wis.-based The Redmond Co. has completed construction of a new facade for a Save-A-Lot store, located at 4821 N. 76th St. in Milwaukee. According to the Redmond Co., the 80 linear foot project was designed to maximize the store's signage and create a more prominent entry way. The project included a new storefront, masonry and lighting.
NEW YORK CITY — New York-based SL Green Realty Corp. has acquired all of the interests in 51 E. 42nd St., a Midtown Manhattan office building. The 18-story, 142,000-square-foot building is 94 percent occupied. SL Green acquired the interest for a reported $18 million. SL Green now owns all of the buildings on the block bounded by Madison and Vanderbilt avenues between East 42nd and East 43rd streets. The other buildings include 317 Madison Ave., acquired in 2001, and 331 Madison Ave. and 48 E. 43rd St., both of which were acquired in 2007.
BEDFORD, MASS. — Acting on behalf of a pension fund client, Lowe Enterprises Investors (LEI) has acquired the Doubletree Bedford Glen Hotel in Bedford from AEW Capital Management for an undisclosed amount. The 281-room hotel is located at 44 Middlesex Turnpike. The hotel underwent a significant renovation in 2006, but LEI plans to implement a $1 million capital improvement plan to upgrade the property, including the common areas and meeting space. The hotel will be managed by LEI affiliate Destination Hotels & Resorts and will continue to operate as a Doubletree branded hotel.
MORRISTOWN, N.J. — New York-based RXR Realty, a private real estate and investment company, has completed renovation of the company's 220,000-square-foot, Class A office building at 44 Whippany Rd. in Morristown. The project included upgrades to the building's lobby and common areas. RXR also added a fitness center and a meeting space for team training sessions or large conferences.
SOUTHPORT, CONN. —Washington Trust's Commercial Real Estate Group has provided $6 million to Southport Crossing, for the refinancing of a 37,500-square-foot, two-story office building at 3530 Post Rd. in Southport. The borrower was Ronald Marsilio of The Marsilio Group, which owns the property.
