BOCA RATON, FLA. — Alliance Residential Co. has started construction on the $62 million, 384-unit Broadstone at North Boca Village, located along North Federal Highway in Boca Raton. Apartments will feature stainless steel appliances, washers and dryers, granite countertops and 9-foot ceilings. Completion is slated for March 2013.
ORLANDO, FLA. — Wood Partners has acquired 9.69 acres of land to build the $32.7 million, 264-unit Alta at Lake Eve, located on International Drive in Orlando. Apartments will feature ENERGY STAR appliances, washers and dryers, and wood laminate flooring. Charlan Brock & Associates is the architect for the project and HSBC Bank USA is providing construction financing. SunTrust foreclosed on the land last year after the previous owner, Eve Development, defaulted on a $3.8 million loan. Stephen Flanagan with Land Advisors Organization's Orlando office represented the buyer in the transaction and Paul Hoffman of Maitland, Fla.-based Coldwell Banker Commercial NRT represented the seller. Completion is slated for March 2013.
WASHINGTON, D.C. — Carr Properties has sold a 41,358-square-foot office building, located at 1741 Business Center Dr. in Washington, D.C., to Lake Fairfax Business Center Owners Association for $5.22 million. Additionally, Carr Properties negotiated a lease termination with the tenant, generating additional cash proceeds.
BOWIE, MD. — Inland Private Capital Corp. has sold a 26,170-square-foot retail building, located at 4500 Mitchelville Rd. in Bowie, to 4500 Mitchelville Road, Inc., for $5.1 million. The property is fully leased to PetSmart. Stan Johnson Co. represented the seller in the transaction and Addison-Herring represented the buyer.
GREENSBORO, N.C. — Marcus & Millichap has negotiated the $3.4 million sale of a 15,105-square-foot medical office building, located at 622 Industrial Blvd. in Greensboro. The property is currently leased to Fresenius Medical Care Dialysis Clinic. Scott Niedergang of Marcus & Millichap's Chicago office and Allen Smith of the firm's Charlotte, N.C., office represented the seller, a developer, in the transaction and procured the buyer, a private investor.
COLUMBUS, OHIO — CB Richard Ellis has negotiated the sale of the 407,472-square-foot One Columbus, a 26-story office building located at 10 W. Broad St. in Columbus. George Stecz and Don Roberts of CB Richard Ellis' Columbus office represented Invesco Real Estate, the seller, in the transaction. The buyer was White Plains, N.Y.-based True North Management Group.
JOHNSTON, IOWA — Hubbell Construction has completed three units and the clubhouse for the $5.9 million, 31-unit The Cottages at Johnston Commons, a senior living community located at 5814 Northglenn Dr. in Johnston. An additional eight units are slated for completion by the end of October. Amenities include a community gardening area, clubhouse, business center and 24-hour fitness center.
KANSAS CITY, MO. — NorthMarq Capital has secured $5.86 million in first mortgage financing for the 83-unit Richards and Conover Lofts, located at 200 W. 5th St. in Kansas City. David Garfinkel of NorthMarq's St. Louis office arranged the 7-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance.
LOWER NAZARETH TOWNSHIP, PA. — Griffin Land & Nurseries has broken ground on the 531,000-square-foot Lehigh Valley Tradeport, a warehouse and distribution park located on Fritch Drive in Lower Nazareth Township. The park will feature a 228,000-square-foot warehouse building and a 303,000-square-foot distribution building. Bill Wolfe and Sean Bleiler of CB Richard Ellis' Lehigh Valley, Pa., office will lease the property. Completion is slated for spring 2012.
NEW BRUNSWICK, N.J. — WNC & Associates has provided $10 million in financing for the $103 million development of New Brunswick Wellness Plaza, a 1.6-acre retail development in downtown New Brunswick. The development will include a 49,000-square foot The Fresh Grocer, a 62,000-square-foot RWJ Fitness & Wellness Center and a 1,275-space parking structure. Financing was provided through Wells Fargo's New Market Tax Credit for the development. The development is part of an effort to rehabilitate New Brunswick, a city that the U.S. Department of Agriculture has deemed a a food desert. Ferren Urban Renewal Associates is the developer, which is partnership between New Brunswick Development Corp. and Pennrose Properties.
