FORT COLLINS, COLO. — LNR Partners, also known as MSCI 2006-HQ10 East Harmony Road LLC, has completed the sale of Preston Center, an office building located in southeast suburban Fort Collins. Brinkman Capital acquired the property for $9.6 million. Located at 2809 E. Harmony Road, the property features 57,287 square feet of Class B+ office space. At the time of sale, the property was 85 percent leased. David Tilton, Rick Egitto and Sam Crowe of Avison Young represented the seller in the deal.
GARDEN GROVE, CALIF. — A private Northern California-based investor has purchased a retail center located at 11072 Magnolia St. in Garden Grove. DECMAC II, a local investor, sold the property for $5.1 million. 99 Cents Only occupies approximately half of the 36,469-square-foot property, with the remaining space vacant. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller, while Jeff Helm of Helm Properties represented the buyer.
COEUR D’ALENE, IDAHO — Radiant Senior Living has broken ground on a 16-unit expansion at The Renaissance at Coeur D’Alene, a seniors housing community in Coeur D’Alene, near the Washington border. The community is broken up into chateaus of 16 units each, making this the fifth such building on the property. The Renaissance does not specify a type of care for each unit but customizes for each resident’s needs. Radiant expects to complete the 7,300-square-foot chateau in January 2019. Glauser Construction is building the project. Radiant owns and operates 19 assisted living communities in Idaho, Oregon, Washington, Nevada, Colorado and Montana.
LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants. In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project. More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles. New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO …
If you mention the phrase “retail apocalypse” to anyone in the Richmond market, you will immediately receive a puzzled look back. The Richmond retail market is about as far away from a retail apocalypse as any market in the country. Yes, we have seen the Toys ‘R’ Us, Sears, Macy’s and Kmart closures, but with close to 83 million square feet of retail space in the Richmond MSA, the current retail vacancy rate is below 5 percent. The vacancy rate is at, or near, a record low and demand for more space remains robust. New retail development projects are leasing quickly and several noteworthy redevelopment projects are in the works. In May 2016, Wegmans opened its first 120,000-square-foot Richmond store at Stonehenge Village along Midlothian Turnpike. In August of that same year, Wegmans opened its second store at West Broad Marketplace in Short Pump. Since those two openings, Richmond has received new attention from many national tenants, developers, and investors looking to enter the market. Market activity has been driven by the likes of Wegmans, Kroger, Publix, Aldi, Lidl and Whole Foods Market, as well as Gold’s Gym, Planet Fitness and Crunch Fitness. In 2016, Ahold announced it would sell …
NEW JERSEY — Monticello Asset Management has provided $65 million in bridge-to-HUD financing to HP Intermediate Administrative Services LLC for the acquisition of four seniors housing communities in New Jersey. In addition, Monticello provided a $4 million working capital loan to the operator of the communities. The portfolio totals 654 total beds. The majority of the portfolio is skilled nursing, though it does include 74 memory care units, 60 assisted living units and a 16-bed ventilator unit. The buildings average 64,000 square feet. The floating-rate financing features a three-year term and two six-month extension options.
NEW YORK CITY — CIT Group has provided a $35 million loan for the construction of an office building in Manhattan. The six-story, 74,000-square-foot project is located at 323 E. 61st St. CIT provided the senior secured loan. The developer is a joint venture between The William Macklowe Company and LaSalle Property Fund. The designer is Daniel Goldner Architects. The completion date for the project has yet to be announced.
STATE COLLEGE, PA. — HREC Investment Advisors has arranged the sale of the 149-room Atherton Hotel in State College. The sales price was not disclosed. Ketan Patel of HREC represented the seller, Atherton Street Partnership, in the transaction. The buyer was AJ Capital Partners, a Chicago-based real estate developer, owner, and operator. The property is located in downtown State College, one block from Pennsylvania State University. AJ Capital plans to renovate the hotel and convert it to Graduate State College, part of the Graduate Hotels collection.
DALLAS — Phoenix-based RED Development LLC has completed Phase I of The Union, an 800,000-square-foot mixed-use project in Dallas. Designed by HKS Inc., the development is located at the intersection of Field Street and Cedar Springs Road in the Arts District near downtown. The first phase delivered a 22-story, 420,000-square-foot office tower with 839 parking spaces. The building is more than 60 percent preleased to firms such as global investment firm HBK Capital Management and multifamily development firm StreetLights Residential, which will move in at year’s end. Phase II will deliver The Christopher, a 309-unit apartment community and a 60,000-square-foot Tom Thumb grocery store. Phase III will deliver retail space that is preleased to five food and beverage concepts. The remaining phases are expected to be complete within the next six months.
PLAINVIEW, N.Y. — Lee & Associates NYC has negotiated the $2.8 million sale of an 18,000-square-foot self-storage facility in Plainview. Located at 1522 Old Country Road, the two-story property includes 1,500 square feet of office space on the second floor. Kelly Koukou of Lee & Associates represented the undisclosed seller in the transaction. The buyer was Safeguard Self Storage.
