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.
PITTSBURGH — Marcus & Millichap has facilitated the $2.85 million sale of a 5,104-square-foot IHOP, located at 4656 Browns Hill Rd. in Pittsburgh. Jamie Medress and Mark Ruble of Marcus & Millichap's Phoenix office represented the seller, a partnership. John Brigel of Marcus & Millichap's Tampa, Fla., office represented the buyer, a limited liability company.
MILFORD, MASS. — Love Funding has provided $7.86 million financing for the 87-bed Whitcomb House, an assisted-living community located at 245 W. St. in Milford. Leonard Lucas of Love's Boston office arranged the 35-year, self-amortizing loan through HUD.
NEW YORK CITY — The 17-unit 939 Sterling Place, an apartment building located in New York City's Brooklyn neighborhood, has been sold for $1.83 million. Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction.