VIRGINIA BEACH, VA. — Brasco Bay Corp. has sold the 10,000-square-foot Monarch Plaza, an office property located at 3701 Pacific Ave. in Virginia Beach, to Hank Elling for $1.5 million. Ted Levin of Cushman & Wakefield/Thalhimer's Glen Allen, Va., office represented the seller in the transaction.
ORANGE PARK, FLA. — Charles Perry Partners, Inc.'s (CPPI) St. Augustine, Fla., office has completed a 13,168-square-foot expansion of the Orange Park Medical Center's Emergency Department, located at 2001 Kingsley Ave. in Orange Park. Also included in the construction was a new ambulance entrance with a 2,890-square-foot exterior canopy and a new heli-pad. The development is part of a $9 million construction management contract between CPPI and Hospital Corp. of America.Thomas, Miller & Partners designed the property. A second phase has started and is slated for completion by mid-2012.
WASHINGTON, D.C. — Wells Fargo & Co. has closed $41 million in financing for the 160-unit, Phase III of Mayfair Mansions III, an affordable housing community located at 3753 Jay St. NE in Washington, D.C. Wells Fargo provided the borrower, MM Property, with equity investments in Low-Income Housing Tax Credits, Federal Historic Tax Credits, two letters of credit for tax-exempt bonds, and a Freddie Mac Forward Commitment for the credit enhancement of long-term tax-exempt bonds and market bonds.
BURR RIDGE, ILL. — NorthPoint Capital – Chicago Inc. has arranged a $21 million loan to refinance Estancia Corporate Center in Burr Ridge, Ill. The 157,000-square-foot office complex consists of a one- and three-story building. An undisclosed life insurance company provided the non-recourse loan, which has a 30-year amortization schedule. Paul Walschlager of NorthPoint Capital arranged the financing.
SUSSEX, WIS. — Rotating Equipment Repair, a company that performs pump repair for power generation, has purchased an 18,000-square-foot industrial facility at W254N547 Corporate Circle in Sussex, Wis. for $1 million. David Barry and Jim Young of Cassidy Turley Barry's Milwaukee office represented Rotating Equipment in the transaction. They also represented the seller, Venture Capital Investments.
CHICAGO — Los Angeles-based Lowe Enterprises Investment Management has acquired a 165,957-square-foot office building in the O'Hare area of Chicago from Fulcrum Asset Advisors on behalf of a pension fund client. The building, set on 6.7 acres, is 95 percent leased and is zoned for an additional 235,000 square feet of commercial development. The purchase amount was undisclosed.
CARLE PLACE, N.Y. — Yonkers-based AVR Realty Co. has broken ground on a 150-unit Homewood Suites Hotel in Carle Place. The project, which is valued at $19 million, will replace an undeveloped automobile storage yard. The hotel is expected to open in about 15 months. Tritec Construction is building the hotel for AVR, the hotel's developer.
BOXBOROUGH, MASS. — SynQor has extended its 102,619-square-foot office lease at 155 Swanson Rd. in Boxborough Corporate Center, located at 495 and 111 Boxborough. Andrew Majewski, Jason Levendusky and Tim Lyne of CBRE's Boston office represented the tenant in the transaction. The landlord, New Boston Fund, was self-represented. SynQor supplies power conversion solutions to the communications, computing and industrial markets.
OCEANSIDE, N.Y. — Modell's Sporting Goods, an equipment, footwear and active apparel retailer, has opened a 16,460-square-foot store located on Long Beach Rd. in the Long Island community of Oceanside. It is the retailer's 61st location in New York. The company operates more than 140 stores in 11 states.
GARLAND — Lee & Associates has brokered the sale of a 91,335-square-foot industrial building, located at 315 S. International Rd. in Garland. Nathan Denton and Brett Lewis of Lee & Associates' Dallas/Fort Worth office represented the seller, American National Bank of Texas, in the transaction. George Tanghongs of Lee & Associates' Dallas/Fort Worth office represented the buyer, Ronnie Luong.