STERLING HEIGHTS, MICH. — Flex-N-Gate Corp. has signed a 24,165-square-foot office lease in Sterling Heights. The building is located at 35819 Mound Road in Liberty Place, a five-building office campus. Illinois-based Flex-N-Gate manufactures products for the automotive industry. L. Mason Capitani CORFAC International arranged the five-year lease transaction.
WAUWATOSA, WIS. — The Orthopedic Institute of Wisconsin has signed a 9,573-square-foot lease at a three-story office building to be redeveloped in Wauwatosa. HSA Commercial Real Estate owns the building, located at 3077 Mayfair Road. The Orthopedic Institute will open a 7,125-square-foot flagship clinic in the western portion of the building’s ground level with a patient drop-off area and parking. The institute, which will also utilize space on the building’s third level for administrative operations, is scheduled to open the new facility in April 2018 after relocating from an existing office nearby. HSA Commercial purchased the property in 2015 in partnership with Innovative Capital Advisors. Construction is scheduled to start in August for interior improvements. Chris Thomas of Evanston, Ill.-based TOA Architecture and Urban Design is responsible for the project design, and Itasca, Ill.-based Premier Design + Build will serve as the general contractor. Jim Cavanaugh of CBRE represented the Orthopedic Institute in the lease transaction.
ATLANTA — Woodbine Legacy Investments (WLI) has acquired W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The sales price was not disclosed, but the Atlanta Business Chronicle reports the Texas-based private real estate fund, created by Woodbine Development Corp. in June, acquired the asset for $73 million. Mark Elliott and Todd Ratliff of Hodges Ward Elliott brokered the transaction. W Atlanta-Buckhead is home to Whiskey Blue, a rooftop bar and Cook Hall restaurant. The hotel also features a 24-hour fitness center, yoga and barre classes, an infinity pool and 11,000 square feet of flexible indoor and outdoor meeting and event space. W-Atlanta Buckhead marks the second acquisition for WLI.
WEST PALM BEACH, FLA. — Castle Lanterra Properties (CLP) has purchased Loftin Place, a 259-unit multifamily community in West Palm Beach, for $63.5 million. Avery Klann of ARA Newmark brokered the transaction on behalf of the seller, Cypress Real Estate Advisors. David Layman of Greenberg Traurig and Mitch Clarfield of Berkely Point Capital represented CLP. Constructed in 2015, Loftin Place includes a mix of studio, one- and two-bedroom floor plans, and features a rooftop tennis court, jogging track, gazebo, sundeck, swimming pool, fitness center, yoga studio and grilling stations.
ORLANDO, FLA. — Cushman & Wakefield has arranged the $47 million sale of Advenir at Broadwater, a 408-unit apartment community located at 6677 Tanglewood Bay Drive in Orlando. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented Advenir in the sale to Emma Capital, which assumed a Freddie Mac loan with six years remaining on the term. Constructed in 1988, the property features two swimming pools, a clubhouse, fitness center, racquetball court, business center, picnic areas, grilling station and a dog park.
ATLANTA — A joint venture between The Simpson Organization and Harbert Management Corp. has sold 730 Midtown, an 11-story, Class A office building in Atlanta’s Midtown district, for $35.3 million. David Meline and Samir Idris of Cushman & Wakefield represented the seller, and Mike Ryan and Brian Linnihan of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Crestlight Capital. Located at 730 Peachtree Street N.E., the 217,090-square-foot office building features an outdoor courtyard, 55-seat conference center and on-site property management office. The property was 92 percent leased at the time of sale.
DURHAM, N.C. — Marcus & Millichap has brokered the $17.1 million sale of Homestead Market, a 164,200-square-foot shopping center in Durham. Andrew Margulies of Marcus & Millichap represented the seller, a Raleigh-Durham-based family partnership, in the transaction, and procured the buyer, a Florida-based real estate investment and development company. Constructed in 1988 and renovated in 2014, Homestead Market is home to Roses, Fitness World, Shiki Sushi and Bean Trade’s Coffee. The property was 98 percent leased at the time of sale.
NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The name of the buyer was not released.
SAN FRANCISCO — Bridgeton Holdings has sold The Pioneer Building, a 37,104-square-foot office building in San Francisco’s Mission District, to American Realty Advisors for $34 million. The building is fully leased to Musk Industries, a venture backed by Elon Musk. The new lease with Musk Industries is for a 10-year term with space delivered in “as-is” condition. NKF’s Kyle Kovac, Michael Taquino and Daniel Cressman represented Bridgeton Holdings in this transaction.
LA MESA, CALIF. — Anchor Health Properties has purchased Fletcher Parkway Medical Center, an 82,024-square-foot medical office building in the San Diego suburb of La Mesa, for an undisclosed sum. The building is situated adjacent to Sharp Grossmont Hospital, just north of the Interstate 8/California 125 interchange. Sharp HealthCare anchors the center. The asset features services like Surgical Care Affiliates (SCA) surgery center, radiology, laboratory, diagnostics, cardiology, pediatrics, ophthalmology, rehabilitation and hospice. HFF’s Evan Kovac, Andrew Milne and Trent Jemmett represented the seller, The Abbey Company, in this transaction.
