ALLEN, TEXAS — Marcus & Millichap has brokered the sale of The Shops at Bethany, a retail property located at 740 S. Greenville Ave. in Allen. A private investor acquired the 9,467-square-foot property for an undisclosed price. Bill Jordan of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
ROCKY HILL, CONN. — CBRE/New England has brokered the sale of a portion of Greenfield Village, a condominium property located in Rocky Hill. An affiliate of The Simon Konover Co. acquired 151 units of the 231-unit condominium community from an undisclosed seller for $13.6 million. The acquired portion features 79 one-bedroom and 72 two-bedroom townhouses with an average size of 778 square feet. Built in 1965, Greenfield Village comprises 56 two-story garden-style buildings offering a total of 231 condominiums. Simon Butler, Biria St. John, Jeff Dunne and Gene Pride of CBRE/NE represented the seller and procured the buyer in the deal.
WALTHAM, MASS. — Colliers International Boston has arranged the $9 million sale of a two-building office and flex portfolio on behalf of Schernecker Property Services. Boston-based btcRE acquired the portfolio, which includes a 40,000-square-foot office and warehouse building at 179 Bear Hill Road and an 18,000-square-foot flex building at 283 Second Ave. in Waltham. MSPCA, a local non-profit that protects animals, fully occupies the property on Second Avenue. Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines of Colliers represented the seller in the transaction. Additionally, Tom Welsh, Adam Coppola and John Poole, also of Colliers, arranged $9 million in acquisition and bridge financing for a Massachusetts-based loan fund on behalf of the buyer.
PROVIDENCE, R.I., AND PORTLAND, MAINE — Horvath & Tremblay has arranged two retail property sales totaling $4 million in Providence and Portland. In the first deal, an undisclosed investor purchased a 10,920-square-foot retail property located in Providence for $2.5 million. Family Dollar occupies the property under a new 10-year double-net lease with six five-year extension options. Bob Horvath, Todd Tremblay and Brian Ahrens of Horvath & Tremblay represented the undisclosed seller in the transaction. In the second deal, an undisclosed buyer acquired the ground lease to a freestanding restaurant property located on Riverside Street in Portland for $1.5 million. Burger King fully occupies the 2,622-square-foot building and has more than 12 years remaining on its original 20-year ground lease. Horvath, Tremblay and Ahrens represented the buyer in the transaction. The name of the seller was not released.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has expanded its affordable housing lending group in New York City. The company has hired three team members to exclusively focus on Federal Housing Administration lending in the New York region. Hadley Bressman and John Mannix have joined the company as senior vice presidents and loan originators, and Nicole Bressman has joined as an analyst. Hadley Bressman and Nicole Bressman most recently served at the Hadley Group, while Mannix previously served at Merchant Equity Group. Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company and a subsidiary of Enterprise Community Investment Inc.
LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has purchased Reflections on Sweetwater, a 280-unit apartment community located in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. STAR III purchased the asset from the undisclosed seller for $32.4 million. Built in 1996, Reflections features one-, two- and three-bedroom units averaging 933 square feet, with rents averaging $965 per month. Unit interiors include 9-foot ceilings, washer/dryer connections, crown molding, built-in bookshelves, breakfast bars, ceiling fans and private balconies or patios. Community amenities include a resort-style pool with a sundeck, 24-hour fitness center, playground, clubhouse with resident lounge, outdoor grills, business center, lighted tennis-courts, walking trail, on-site lake, car-washing station and detached garage parking. The property was 95.7 percent occupied at the time of sale. The previous owner upgraded half of the apartment units, and STAR III plans to renovate and paint the remaining units when turning the apartments between residents.
ALTAMONTE SPRINGS, FLA. — CBRE has brokered the $31 million sale of Charter Pointe, a 312-unit apartment community located at the corner of Ballard Street and South Ronald Reagan Boulevard in Altamonte Springs, roughly 10 miles north of Orlando. Jacksonville-based Michaelson Group purchased the property from Sarasota, Fla.-based Insula Cos. Built in the 1970s, the newly renovated, 258,000-square-foot property sits on 19 acres near Eastmonte Park. In addition to recent upgrades including new signage and roofs, Charter Pointe features a clubhouse, fitness center, two pools, pet spa and an outdoor kitchen. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.
MIAMI — Marcus & Millichap has arranged the $9.6 million sale of Flagler Station Shops, a 42,800-square-foot shopping center located in Flagler Station near the Florida Turnpike in Miami. Built in 2001 along 106th Street, the retail center was 95 percent leased at the time of sale. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a New York-based advisor, in the transaction. The buyer is a private investment group based in Miami.
LANHAM, MD. — A partnership between Chesapeake Real Estate Group and Thompson Creek Window Co. has purchased a six-story, 122,000-square-foot office building located at 4200 Parliament Place in Lanham, a Maryland suburb of Washington, D.C. The partnership acquired the Class A office building and an adjoining land parcel from Mack-Cali Realty Corp. for $6.3 million. The partnership plans to immediately design and permit an additional development on the adjacent land parcel, which can house up to 120,000 square feet of commercial space. Built in 1989, the office building was roughly 33 percent leased at the time of sale. Thompson Creek plans to relocate its corporate headquarters to the property this year, which will increase the occupancy to approximately 48 percent. The company designs, builds and installs replacement windows, doors and siding on existing residential homes throughout the Mid-Atlantic region. Christopher Murray of Chesapeake Real Estate Group will be responsible for managing and leasing the project.
MEQUON, WIS. — Altapure has signed a 3,300-square-foot industrial lease in Mequon, about 20 miles northwest of Milwaukee. Altapure will occupy Suite K in the 30,300-square-foot building located at 6040 W. Executive Drive. Based in South Bend, Ind., Altapure manufactures disinfection products. Steve Sewart of Colliers International represented the tenant in the transaction.
