PHOENIX – The 48-unit Continental Apartments in Phoenix has sold to FRI Continental LLC for $1.25 million. The apartment community is located at 1030 N. Third Street. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and the seller, PMCM I LP.
JEFFERSON PARISH, LA. — The Feil Organization has purchased the 412,000-square-foot Elmwood Distribution Center, an industrial complex located at 5600 Jefferson Highway in Jefferson Parrish, for approximately $20 million. The center is comprised of the 42,000-square-foot Elmwood Plaza, a retail building, and four warehouse buildings totaling 370,000 square feet. Rick Brugge and Mike Davis of Cushman & Wakefield's Tampa, Fla., office represented the seller in the transaction.
DADELAND, CUTLER BAY, FORT LAUDERDALE AND WEST PALM BEACH, FLA. — City Furniture has started the $17.5 million renovation and development of four stores in Florida. In Cutler Bay, a $7 million, 56,000-square-foot store will be constructed by Stiles Construction. A $3.5 million renovation and expansion is also being completed by Stiles Construction for the store in Dadeland. In Fort Lauderdale, Miller Construction Co. is building a $3 million, 25,000-square-foot Ashley Furniture HomeStore. Miller is also constructing a $4 million Ashley Furniture HomeStore in West Palm Beach. The Cutler Bay, Dadeland and Fort Lauderdale stores are slated for completion in 2012 and the West Palm Beach store will be completed in early 2013.
FORT MYERS, FLA. — Arthrex Inc. has purchased the 238,520-square-foot former Robb & Stucky distribution center, located at 14550 Plantation Rd. in Fort Myers, from Ryan Cos. for $12.5 million. The facility is being remodeled and completion is slated for the first quarter 2012. Gary Tasman and Shawn Stoneburner of Fort Myers-based Commercial Property Southwest Florida, a Cushman & Wakefield Alliance member, represented the seller in the transaction.
ALPHARETTA, GA. — CAPREIT has sold the 294-unit Wellington on Windward, an apartment complex located at 905 Lake Union Hill Way in Alpharetta, to Euramex/Wesley Apartment Homes for an undisclosed price. David Gutting and Derrick Bloom of Jones Lang LaSalle's Atlanta office represented the seller in the transaction.
SPRING LAKE, N.C. — Walker & Dunlop has arranged a $13.5 million acquisition loan for the 291-unit River's Edge Apartments, located at 1166 Pine Knoll Dr. in Spring Lake, on behalf of Priderock Capital Partners. The 7-year loan has a 30-year amortization schedule and was secured through Freddie Mac's CME Program.
FOREST PARK, OHIO — Stan Johnson Co. has brokered the sale of a 149,760-square-foot industrial building in Forest Park, Ohio to Chicago-based Brennan Investments for $6.1 million. The building is 100 percent occupied by National Bedding Co. Built in 2004, the property is situated on 12 acres at 1680 Carillon Blvd.
CEDAR RAPIDS, IOWA — Construction is complete for a new $38 million Armed Forces Readiness Center complex for the Iowa Army National Guard, located at 1500 Wright Brothers Blvd. in Cedar Rapids, Iowa. The project consisted of a 113,000-square foot Armed Forces Reserve Center and a 60,500-square-foot field and maintenance shop. Jeff Smith of Minneapolis-based Opus Design Build LLC was the project's management director. The complex opened Sept. 1.
FENTON, MICH. — Birmingham-based Dietz Property Group has purchased Fairfield Condominiums, a 124-unit broken condominium project located off Silver Parkway in Fenton, Mich. for approximately $3 million. The seller was Flagstar Bank, which took control of the property in 2010. The property was 100 percent occupied upon acquisition. Dietz plans to convert four of the seven buildings into apartments.
TERRE HAUTE, IND. — Marcus & Millichap has brokered the sale of a 2,364-square-foot Taco Bell in Terre Haute, Ind. for approximately $2 million. Nathan Whalen with the Indianapolis office of Marcus & Millichap represented the buyer, Taco Properties Inc. The buyer, Amelia Chan Yee, an individual trust, was represented by Adam Levin of Marcus & Millichap's Palo Alto, Calif. office.