IRVINE, CALIF. — Faris Lee Investments has arranged the sale of a retail property located in Irvine. A Los Angeles-based buyer acquired the asset from an Irvine-based seller for $6.9 million. Restoration Hardware, a publicly traded company with more than 5,200 employees, occupies the property. Rick Chichester, Tom Chichester and Joe Chichester of Faris Lee Investments represented the seller and buyer in the deal.
LONG BEACH, WASH. — Crystal Investment Property (CIP) has arranged the sale of Rodeway Inn & Suites, located at 115 Third St. SW in Long Beach. Terms of the transaction were not released. Situated 2.5 blocks from the beach, the hotel features 42 guestrooms, a seasonal pool, guest laundry, high-speed internet and a mix of kitchenette, fireplace and pet-friendly rooms. Additionally, the property features two owner’s quarters and an additional apartment. Joseph Kennedy of CIP handled the transaction on behalf of the undisclosed seller and undisclosed buyer.
WHITELAND, IND. — Jones Development Co. has broken ground on a 2.4 million-square-foot industrial business park in Whiteland, south of Indianapolis. Known as Whiteland Exchange, the development will include speculative industrial buildings designed for logistics, advanced manufacturing and other uses. The project will be situated at the intersection of I-65 and Whiteland Road in Johnson County. The initial two speculative buildings, one spanning 436,800 square feet and the other 168,480 square feet, are slated for delivery in the first quarter of 2020. Sean McHale and Peter Seoane of Avison Young will market the park for lease.
TROY, MICH. — An affiliate of New York City-based real estate investment firm Group RMC has acquired Northfield Office Park, a two-building office portfolio located in Troy. The purchase price was not disclosed. The portfolio spans 234,687 square feet and was nearly 70 percent occupied at the time of sale. Anne Galbraith-Kohn of CBRE represented the seller, Hayman Co.
LIBERTYVILLE, ILL. — Principle Construction Corp. has broken ground on a new 126,611-square-foot warehouse and office building for Pharma Logistics Ltd. in Libertyville. The property will be situated at 1801 N. Butterfield Road. The build-to-suit will include eight docks, one drive-in door, 188 car parking spaces and a clear height of 30 feet. The warehouse portion will be 108,985 square feet, while the office portion will be 17,626 square feet. The pharmaceutical company is expanding from its current locations in Mundelein and Libertyville. Harris Architects provided design services for the project. A timeline for completion was not disclosed.
CINCINNATI — NorthMarq has arranged a $5 million loan for the refinancing of Lytle Tower, a 115-unit multifamily property in Cincinnati. The 12-story building, located at 405 Broadway St., features studios, one-bedroom units and one-bedroom penthouses. Amenities include a resident lounge, fitness center, on-site restaurant and in-unit laundry. Noah Juran of NorthMarq arranged the 20-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan.
GRAIN VALLEY, MO. — Bellomy & Co. has brokered the sale of Spare Garage Storage in Grain Valley, an eastern suburb of Kansas City. The sales price was not disclosed. The self-storage facility sits on 3.2 acres and includes 204 non-climate-controlled units. The property spans 39,700 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Mid Central Title Inc. The team also procured the buyer, Kaup Properties LLC.
PHILADELPHIA — FCP, a Maryland-based investment firm, has acquired Edgewater, a 286-unit apartment community located at 2323 Race St. in the Center City neighborhood of Philadelphia, for $117.9 million. Edgewater offers a mix of studio, one-, two- and three-bedroom units and amenities such as a 24-hour fitness center with a yoga studio, resident lounge and hospitality center and a children’s play area. The sale includes land for additional development. Erin Miller and Lizann McGowan of Newmark Knight Frank represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction.
KINGSTON, N.Y. — The New York State Department has approved a proposal from HealthAlliance of the Hudson Valley to transform and expand its hospital in Kingston, a project that is valued at roughly $92.9 million. Project plans call for the construction of a new, 79,000-square-foot building that will house 175 beds and an emergency care center and a full renovation of the existing 48,000-square-foot space. An exact construction start date has yet to be determined, but the department’s approval represents the final hurdle to be cleared in green-lighting the project, according to the development team.
NEW YORK CITY, NEW ROCHELLE AND MOUNT VERNON, N.Y. — Talonvest Capital Inc., a California-based mortgage broker, has arranged a $48.8 million bridge loan for the refinancing of three self-storage properties located throughout the New York City metropolitan area. The properties total 175,531 net rentable square feet across 2,012 units and are located in The Bronx, New Rochelle and Mount Vernon. An undisclosed lender provided the three-year, nonrecourse loan to a partnership between Kansas-based Clark Investment Group and self-storage developer GoodFriend Management. A full service commercial real estate lender provided the loan, which included an interest/operating reserve, individual release provisions and prepayment flexibility.