LOS ANGELES — Allstate Electric, a division of Regency Lighting, has purchased an industrial property, located at 9240 Jordan Ave. in the Chatsworth submarket of Los Angeles. SDG Jordan Associates LLC sold the property for $9.6 million. Allstate Electric, the buyer, has occupied the 55,000-square-foot property since 2016. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura, while Matthew Dierckman of CBRE represented the buyer in the transaction.
COLORADO SPRINGS, COLO. — A private investor has completed the disposition of a neighborhood shopping center located at 3730-3770 Astrozon Blvd. in Colorado Springs. An undisclosed California-based buyer acquired the property for $2.1 million in a 1031 exchange. The newly renovated property features 18,410 square feet of retail space. Cory Gross and Jake Shirek of Marcus & Millichap’s Denver represented the seller, while Brian Smith, also of Marcus & Millichap’s Denver, represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap Capital Corp. in Denver, facilitated the loan for the buyer.
BURBANK, CALIF. — Entertainment and media giant Warner Bros. has inked a deal to purchase a portion of The Burbank Studios, a new 35-acre film, TV, broadcast media and new media campus in Burbank formerly known as NBC Studios. The purchase includes office space, eight soundstages, a mill building and a commissary. The seller is Worthe Rea Estate Group, a Los Angeles-based office developer. Additionally, Warner Bros. inked a lease to be the sole and long-term tenant of a planned two-building office campus adjacent to The Burbank Studios. The Los Angeles Times is reporting the combined value of the studio acquisition and new office space exceeds $1 billion. The co-developers of the office campus are Worthe and San Francisco-based Stockbridge Real Estate, which plan to break ground on the project this fall. The office development will be known as the Second Century Project, named in honor of Warner Bros.’ 100th anniversary in 2023, which is the expected completion date of the design and construction phases. Second Century will include a seven-story building spanning 355,000 square feet and a nine-story building spanning 445,000 square feet. “This is an opportunity to reimagine not only our workspace but our future,” says Kim Williams, …
HOUSTON — A newly formed partnership between Walgreens Boots Alliance (NASDAQ: WBA) and Chicago-based healthcare provider VillageMD will be opening clinics next to five Walgreens stores in Houston as part of the Illinois-based retailer’s attempt to enter the primary care space. Houston-based Pinpoint Commercial will handle development and construction management for VillageMD. Each clinic will feature multiple exam rooms and education space while also housing multiple primary care doctors. The partnership expects to test the concept in other cities following the rollout of the program in Houston.
HOUSTON — HFF has negotiated the sale of Ashford on the Bayou, a 126,811-square-foot office building located in between Houston’s Energy Corridor and Westchase submarkets. The five-story property was 55 percent leased at the time of sale. Dan Miller and Johnny Kight of HFF represented the seller, RPD Catalyst LLC, in the transaction. Susan Hill and Steve Heldenfels of HFF arranged fixed-rate acquisition financing through RGA Reinsurance Co. on behalf of the buyer, Hartman Income REIT.
NEW YORK CITY — Hodges Ward Elliot has brokered the $88 million sale of two multifamily buildings in the Bronx. The 10-story properties span a combined 400,000 square feet and are located at 2001-2045 Story Ave. in the Castle Hill section of the Bronx. Daniel Parker, Paul Gillen and Ariel Tambor of Hodges Ward Elliot represented the seller, Related Fund Management, in the transaction. The buyer was Abraham Fruchthandler.
NEW YORK CITY — Madison Realty Capital and Bluestone Group have provided a $32 million loan to refinance a mixed-use rental property in Brooklyn. Located at 271 Lenox Road, the 15-story property includes 55 rental units, 9,000 square feet of ground-floor commercial space and a parking garage. Madison Realty Capital provided a $28 million first mortgage loan to borrower, New York City-based real estate development firm Hello Living, and arranged a $4 million mezzanine loan from Bluestone Group. Terms of the financing were not disclosed.
FORT WORTH, TEXAS — The Multifamily Group (TMG) has brokered the sale of a two-property portfolio in the Western Hills submarket of Fort Worth. Terrace on Calmont was built in 1960 and offers 127 units, and Calmont Place was built in 1982 and totals 97 units. Paul Yazbeck and Jon Krebbs of TMG represented the seller, DFW-based Bella Asset Management. The buyer was 168 Realty Group.
DALLAS — CIT Group Inc. (NYSE: CIT) has arranged a $14.8 million acquisition loan for Greenville Medical Tower, a six-story medical office building in Dallas. The property is located across the street from the 857-bed Texas Health Presbyterian Hospital Dallas. CIT’s healthcare finance team arranged the funds on behalf of a joint venture managed by Catalyst Healthcare Real Estate and Bain Capital Real Estate.
RICHMOND, VA. — Dominion Realty Partners (DRP) and Amzak Capital Management have broken ground on Boulders Lakeside, a $47.6 million apartment project in Richmond. The 248-unit asset is situated on 24 acres within a Qualified Opportunity Zone. Boulders Lakeside is expected to open to its first residents in mid-2020 and be finalized in late 2020. Community amenities will include a swimming pool, green activity lawn, automated package delivery system, fitness center, designer club area and a game room. Interior amenities will feature lake views, large kitchen prep islands, oversized windows, sliding glass doors, private unit balconies, exterior storage and keyless unit entry. Roger Edwards and Justin Good of HFF arranged equity placement for the development, and Citizens Bank will provide construction financing. The design team includes architect Rule Joy Trammell + Rubio, general contractor Armada Hoffler Construction and civil engineer RK&K.