PENSACOLA, FLA. — TruCore Investments, an investment firm based in Tulsa, has acquired a manufacturing property in Pensacola, a city in Florida’s Panhandle near the Alabama border. The nearly $5 million acquisition comprises two Class B buildings totaling 77,845 square feet. The seller was an undisclosed individual investor based in California. The facilities sit on 8.1 acres at 3301 and 3329 Bill Metzger Lane within Ellyson Industrial Park. Jupiter Bach, a wind turbine component manufacturer, is the sole occupant of the two facilities, which have served as the manufacturer’s headquarters for more than 15 years. TruCore has purchased more than $130 million in Class B industrial assets in the past 24 months.
CRESCENT CITY, FLA. — CrossMarc Services LLC, a real estate investment and advisory services based in Central Florida, has purchased Crescent City Plaza, a grocery-anchored shopping center in Crescent City, about 50 miles northwest of Daytona Beach, Fla. The property is located on 7.6 acres at 915-925 N. Summit St. Jimmy and Leo Island Properties sold the 47,945-square-foot retail center for $2.7 million. Built in 1974 and remodeled in 2019, Crescent City Plaza’s tenant roster includes Save-A-Lot and Family Dollar. The property includes a large parcel for future outparcel development. CrossMarc Services will handle leasing and management functions for the retail center.
LOS ANGELES — Gaw Capital USA and DJM have completed the three-year, $100 million renovation and rebranding of Hollywood & Highland to open Ovation Hollywood, located footsteps from the TCL Chinese Theatre and Hollywood Walk of Fame. The re-imagined, 475,000-square-foot property now features a variety of restaurants, entertainment venues and retailers. Current tenants include Café de Leche, Tacos Neza, a Kylie Cosmetics by Kylie Jenner pop-up shop, The Win-Dow and BOPOMOFO, with more retailers and restaurants on the way. Additionally, Ovation Hollywood’s fourth floor has been converted for entertainment and offers comedy club Kookaburrra Lounge and a soon-to-be-announced entertainment concept new to Los Angeles. The makeover included the demolition of the controversial Babylonian-themed archway and oversized elephant statues, which made way for new public art space, an open courtyard and landscaping.
WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has purchased The Boulders Apartments in the Bay Area city of Walnut Creek from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. Built in 1972, The Boulders features 164 renovated studio, one- and two-bedroom units with in-unit washers/dryers, vinyl plank floors and kitchens with new cabinets, granite countertops and stainless steel appliances. GCG assumed a $41.2 million Fannie Mae loan fixed at 4.42 percent with all interest-only payments to acquire the asset. An additional $2.3 million in partnership interest is being offered to accredited investors with the funds used to further upgrade the property and for operating reserves. The Northern California team of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
SEATTLE — Lincoln Property Co. (LPC) and Intercontinental Real Estate Corp., along with MEP as general contractor, have topped out 222 Fifth, a 10-story life sciences building under construction in Seattle’s South Lake Union neighborhood. The Class A property is on scheduled for completion in August 2024. Situated adjacent to the Seattle Space Needle, the 197,919-square-foot building will have three floors of move-in-ready Class A laboratory suites ranging in size from 11,222 square feet to 26,696 square feet. The suites can be combined for a total of 73,663 square feet of contiguous built-out lab space. Each lab suite will feature lab benches, shelving, built-in case work and a BSC and fume hood to allow immediate occupancy for tenants, as well as directly adjacent office workspace. 222 Fifth will feature robust lab amenities, including a common glass wash and autoclave/air and vacuum system/fume exhaust system/emergency power, lab-specialized loading dock with dockmaster for lab deliveries, freight elevator to all floors and lab storage. Additionally, the building will offer a 9,000-square-foot rooftop deck with views of Lake Union, Elliott Bay and the Olympic Mountains for group meetings, lunches or events. Other amenities will include a conference room, on-site retail space, on-site bike parking …
PHOENIX — Cushman & Wakefield has arranged a joint venture equity partnership between Phoenix-based Creation and Clarion Partners for the development of Park Algodon, a proposed $250 million speculative industrial project that was previously announced. The partnership plans to construct a two-phase industrial park totaling approximately 1.3 million square feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley. Phase I will consists of four buildings totaling 670,000 square feet, with groundbreaking expected by the end of the year. Phase II will feature a 556,000-square-foot warehouse, which is slated to for completion in late 2025. LGE Design Build will lead construction for the project. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the venture in the negotiations.
LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment building located at 1807 S. New Hampshire Ave. in the Pico Union submarket of Los Angeles. The asset traded for $2.6 million, or $647,500 per unit. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released. Built in 2021, the property features four four-bedroom/four-bath apartments that are not subject to Los Angeles’ rent control laws.
WINFIELD, ILL. — Synergy Construction & Development Co. has proposed plans for a 147-unit luxury apartment complex in the Chicago suburb of Winfield. Named Winfield Reserve, the project will feature a mix of studio, one-, two- and three-bedroom units. Plans also call for a 142-space parking garage, 6,000-square-foot indoor amenity space and a large outdoor area with a pool. Synergy expects to break ground in August 2024 and complete the project in early 2026. The project is part of the Town Center revitalization plan. The project site spans 2.4 acres at the intersection of Jewell Road and Church Street, 0.7 acres of which are currently owned by Metra and 1.7 acres by Northwestern Medicine Central DuPage Hospital (NM-CDH). NM-CDH and Synergy have entered into a Letter of Intent for the sale and purchase of the hospital property for $2.5 million, contingent upon the village’s final approval of the development. To facilitate acquisition of the Metra-owned property, village officials worked closely with Metra on an arrangement to swap ownership of commuter parking lots, which allowed assembly of parcels necessary for the project. The Town Center redevelopment plan is based on an agreement the village negotiated with NM-CDH to provide funding and …
ZION, ILL. — Industrial Outdoor Ventures is nearing completion of the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in Northeast Illinois. Completion is slated for early 2024. The first phase, which is part of a larger $35 million project, is situated on nine acres adjacent to a FedEx freight terminal. Construction on the first phase includes an 11,440-square-foot maintenance/service facility and a paved parking area that will feature 180 stalls. ISFs provide supply chain infrastructure solutions to essential industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and the utility industry. When completed, the property will include a secured storage yard with fencing, security lighting and keypad access. The second phase of Trumpet Park will involve a larger 47-acre parcel. The project team includes Spaceco for civil engineering and surveying services, and Arete Design Studio for architecture, planning and design services. Chris Volkert, Ned Frank and Pat Hake of Colliers are the leasing agents.
CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit apartment property located at 33 S. Ashland Ave. in Chicago. Built in 2018, the community is situated in the city’s West Loop neighborhood and features two one-bedroom units and 45 two-bedroom units. Breneman assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset. Breneman plans to improve efficiencies at the property. The purchase price and seller were undisclosed.