WALTHAM, MASS. — American Realty Advisors has completed the disposition of an office complex located at 10, 40 and 52 Second Ave. in Waltham. The three-building property consists of 294,663 square feet. The price and the buyer were undisclosed. At the time of sale, the property was 94 percent leased to a variety of tenants, including Massachusetts General Physicians Organization Inc. and National Grid.
GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the sale of a student housing property for $12.5 million, or $192,000 per unit, located at 5 Lyon St. NW in Grand Rapids. The Lofts @ 5 Lyon, a former office building converted into a student housing property, features a mix of 65 studio, one-, two-, three-, and four-bedroom units, along with first-floor office space and retail component. The building is within walking distance of several learning institutions and is adjacent to a number of museums, bus stops and restaurants. Michael Cagen of Marcus & Millichap’s Grand Rapids office represented the undisclosed seller and procured the buyer.
INDIANAPOLIS — Owner and property manager Fairbridge Properties has signed Managed Health Services to a lease extension and expansion at the Landmark Center, a Class A office tower, located at 1099 N. Meridian St. in the central business district of Indianapolis. The deal expands Managed Health Services’ space by 9,768 square feet, bringing the company’s total occupancy to 60,452 square feet. The lease expires April 30, 2017. The 12-story tower is 100 percent leased and includes other full- and multi-floor tenants such as Angie’s List, Disciples of Christ Christian Church, United States Citizenship and Immigration Services and Jacobs Engineering Group. Landmark Center features numerous amenities including a fitness center, conference facility, full-service cafeteria and indoor bike storage. Fairbridge acquires, develops and manages commercial properties ranging in value between $10 million and $45 million.
CHICAGO — Essex Realty Group Inc. has brokered the $2.8 million sale of a 15,900-square-foot office building located at 617 W. Fulton St. in Chicago. The property is situated on the south side of Fulton Street, between Desplaines Street and Jefferson Street, and located less than one quarter-mile from the CTA Clinton station on the Green Line and one-half mile from the CTA Grand station on the Blue Line. Matt Welke and Jason Fishleder of Essex Realty Group Inc. represented the buyer, Fulton & Ogden LLC, and seller, MG Fulton Partners LLC, in the transaction.
ORLANDO, FLA. — The Shopping Center Group (TSCG) has arranged the $15.5 million sale of Mariner’s Village, a 133,400-square-foot shopping center located in Orlando. The center is currently 92 percent occupied and is anchored by Winn-Dixie, LA Fitness and Walgreens. Anthony Blanco of TSCG represented the seller, an affiliate of Madison Marquette, in the transaction. South American Investment Group acquired the property.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of Tuscan Pointe Apartments, located at 1451 E. Southport Road in Indianapolis. The purchase price was $11.7 million, or $35,671 per unit. Built in 1971, Tuscan Pointe Apartments is a 328-unit complex that features a mix of one-, two- and three-bedroom units. The apartments include screened-in balconies and private patios, wall-to-wall carpeting and individual climate control. Select units have vaulted ceilings. Community amenities include a swimming pool with a large sundeck, fitness center, clubhouse and party room. James Walsh of Marcus & Millichap’s Chicago office represented the buyer, a California-based investment fund, and the seller, a Chicago-based family partnership.
ANN ARBOR, MICH. — Armada Real Estate Services has brokered the $12 million sale of an 84,000-square-foot office complex located at 3027 Miller Road in Ann Arbor. Constructed in 2000, Forest Cove is 100 percent occupied with 17 tenants, including ETAS Inc., Enlighten and Perficient Inc. Darryl and Bruce Goodwin of Armada Real Estate Services represented both the buyer, Oxford Co., and the undisclosed seller.
ROCHESTER, MINN. — Knutson Construction and Rochester Community & Technical College (RCTC) have broken ground on a $6.5 million education facility at the University Center Rochester Campus in Rochester. RCTC selected Knutson to provide construction management services for the 22,350-square-foot Career Technical Education Center (CTECH) and Science, Technology, Engineering and Math (STEM) facility addition. The building is expected to service 400 students per year and will offer classroom and laboratory spaces for career, technical education and training, plus administrative and faculty support spaces. Funding for the project is being provided by the city of Rochester. The target date for the project to be completed is July 2016.
DEERFIELD, ILL. — The Philipsborn Co. has arranged $4 million in first mortgage financing for an 81,550-square-foot, multi-tenant office building located at 707 Lake Cook Road in Deerfield, a northern suburb of Chicago. Ameritas Investment Partners provided the 21-year, fixed-rate, self-amortizing refinancing loan. Constructed in 1979, the three-story office building is located in the north village’s corporate business corridor and is currently 80 percent leased. David Kubert of Philipsborn represented the lender and the borrower, an Illinois-based limited liability company.
GREEN BAY, WIS. — The Green Bay Packers, winners of 13 football championships including four Super Bowls, have unveiled development plans for a $130 million business district — dubbed Titletown District — to be constructed on approximately 34 acres of land immediately west of Lambeau Field in Green Bay. The Packers are investing $65 million in the project, with other organizations adding an additional $65 million of investment. Coming on the heels of recent stadium renovations, Packers officials expect Titletown to attract more visitors to the area, spur regional economic growth and offer new amenities for residents. Development partners for Titletown District include Sterling Project Development, a real estate advisory firm; Rosetti, a global architectural design and planning firm; and Biederman Redevelopment Ventures, a firm that creates, redevelops, and operates parks, public spaces, and neighborhood streetscapes. “We’re very excited to share our vision for the Titletown District,” said Packers president and CEO Mark Murphy in a press release. “The public plaza, with its size and location near Lambeau Field, will be a draw that is very unique in our area and a wonderful public space for our community.” Titletown’s central attraction is a 10-acre public plaza, which will feature fitness-related activities, cultural …
