TUCSON, ARIZ. — Larsen Baker, through its affiliate Manzanita Investment Group, has purchased Manzanita Plaza, a neighborhood retail center located at the northwest corner of Valencia and Cardinal roads in Tucson. Community Centers of America-Glendale LLC sold the property for $15.1 million. Built in 1986, Safeway anchors the 116,400-square-foot plaza. The property includes McDonalds, Chase Bank and KFC out-parcels. At the time of purchase, the property was fully occupied. David Murphy and David Bernstein of Bernstein Murphy represented the seller, while Larsen Baker represented the buyer in the deal.
GILBERT, ARIZ. — Dallas-based Leon Capital Group plans to develop Residences at SanTan Village, a multifamily community located north of SanTan Village Mall in Gilbert. Situated on 15.8 acres, the Residences at SanTan Village will feature 380 units in six three- and four-story buildings designed in a modern prairie style. Construction is slated to begin in summer 2019 with the first units available in early fall 2020. The property will feature a variety of floor plans with best-in-class interior finishes, including nine- to 10-foot ceilings, urban mudrooms, smart locks, walk-in showers, soaking tubs, granite countertops, stainless steel appliances, wood-plank vinyl flooring and private garages. On-site amenities will include a two-tiered, zero-edge resort pool with swim-up hospitality and entertainment area with televisions; poolside cabanas; and a two-story fitness and wellness center with Peloton bikes and an indoor/outdoor yoga garden. The property will also feature a 1,900-square-foot sky terrace with chef’s kitchen; resident’s club and sports bar with kitchen and a multi-screen television wall; a business and conference center; outdoor gaming garden with grilling stations; and on-site, fully furnished guest suites. The property will also be walking distance to Top Golf, Main Event and SanTan Village, a 500-acre, open-air development featuring 3 million …
TORRANCE, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office building, located at 3520 Challenger St. in Torrance. Excelsior Partners acquired the asset from Fairway LLC for $11.3 million. Sean Fulp, Ken White, Ryan Plummer and Mark Schuessler of NKF’s Team Shannon Private Capital Group, led by Fulp and Kevin Shannon, represented the seller, while the buyer was self-represented in the transaction. Built in 1990 and renovated in 2016, the two-story property is situated on 2.5 acres and offers a flex industrial component with approximately 5,200 square feet of storage warehouse space accessible by two dock-high loading doors and one ramped loading area. Bobit Business Media, a media publisher and events producer, fully occupies the 49,336-square-foot property.
CARSON, CALIF. — Arbor Realty Trust has funded a $2.8 million Freddie Mac Small Balance Loan (SBL) for Sky South Bay, a multifamily property located in Carson. Built in 2018, Sky South Bay features 13 apartments in a mix of studio-plus, one- and two-bedroom layouts with private patios or rooftop decks. Interior amenities include designer kitchens with quartz countertops and stainless steel appliances, central heating and air conditioning, in-unit washers/dryers and secure on-site parking. Eugene Yanovskiy of Arbor’s New York City office originated the loan.
ILLINOIS, IOWA AND MICHIGAN — Real estate advisory and brokerage firm A&G Realty Partners has announced the results of its Jan. 28 bankruptcy auction of the final department store properties formerly owned by The Bon-Ton Stores Inc. The stores, located in the Midwest, formerly operated under the Bergner’s Carson’s, Younkers, Elder-Beerman and Bon-Ton names. In Coralville, Iowa, a home furnishings retailer acquired the 98,458-square-foot Younkers at Coral Ridge Mall. Mall owner Abbell Associates purchased the 165,000-square-foot Younkers at Merle Hay Mall in Des Moines. Mall owner Brookfield Properties acquired the 128,000-square-foot Carson’s at Spring Hill Mall in Dundee Township, Ill., as well as the 150,081-square-foot Younkers in Grandville, Mich. Mall owner Simon Property Group purchased the 125,000-square-foot Bergner’s at White Oaks Mall in Springfield, Ill. In Indiana, the Economic Development Corp. of Wayne County purchased 100,000-square-foot Elder-Beerman in Richmond. HOM Furniture acquired the 46,660-square-foot Bon-Ton at Lewistown Mall in Lewistown, Pa. Two Herberger’s stores in Minnesota were removed from the auction. In late January and early March, A&G completed private sales on two other store properties from the Bon-Ton portfolio. This includes the sale of the former Younkers building at Miller Hill Mall in Duluth, Minn. Buyer Essentia Health plans …
SYCAMORE, ILL. — The Silver Group has arranged the sale of a single-tenant property occupied by Jewel-Osco in Sycamore, about 40 miles southeast of Rockford. The sales price was not disclosed. The 61,567-square-foot building, constructed in 2008, sits on 8.4 acres. The store contains a pharmacy and Starbucks. At the time of sale, there were 19 years remaining on the lease from Albertsons Cos. LLC. The Silver Group represented the buyer, a family partnership completing a tax-deferred exchange. An insurance company provided an acquisition loan.
ELK GROVE VILLAGE, ILL. — Principle Construction Corp. has completed a speculative warehouse on behalf of Seefried Properties in Elk Grove Village. The 79,205-square-foot building is located on 11.7 acres at 2001 Arthur Ave. The property includes 3,960 square feet of office space. Building features include 18 docks, two drive-in doors, 104 parking stalls and a clear height of 32 feet. The owner will do business as CH Realty VII/I Chicago Lunt LLC. Harris Architects provided design services.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Butterfield Park Place, a 28,364-square-foot, multi-tenant office building located at 2250 Butterfield Drive in Troy. California-based LSTC Michigan LLC purchased the asset from Wilson Real Estate LLC. LSTC previously acquired a neighboring building in 2017. Mason L. Capitani represented both parties in the sale. He will also continue to oversee leasing for the new owner. Liberty Property & Asset Management will manage the property.
CHICAGO — Ardmore Roderick has signed a 12,700-square-foot headquarters lease for the entire third and fourth floors at 1500 W. Carroll Ave. in Chicago’s Fulton Market West. Ardmore is a civil engineering firm providing design engineering, construction inspection and management, structural engineering and survey work. Dayton Street Partners, which owns the property, recently completed a $4 million renovation at the six-story, 38,000-square-foot loft office building. The renovation included new exterior windows, bathrooms, HVAC system and lighting. The developer also added a modern lobby, rooftop deck, bicycle garage and parking for 42 cars. Mike Curran and Mark Georgas of JLL represented Dayton Street in the lease with Ardmore. Other recently signed leases at the building include Via Technik, Limitless Coffee, Neato Agency and Breather.
NEW YORK CITY — A partnership between Manhattan-based investment firm RFR Holding LLC and Austrian development group Signa Holding has acquired the 77-story Chrysler Building in New York City for $150 million, according to Reuters. The seller was a Dubai-based investment group that acquired a 90 percent share in the property in 2008 for $800 million, according to The Wall Street Journal (WSJ). Abu Dhabi Investment Council purchased its stake from Tishman Speyer, a locally based investment and development company. The Chrysler Building, located at the corner of 42nd Street and Lexington Avenue, is one of the more recognizable pieces of the New York City skyline. The 1.2 million-square-foot office property is perhaps best known for its art deco style that features a crowning dome and spire, as well as for being the city’s tallest building when it was completed in 1930. The Cooper Union for the Advancement of Science & Art, a private college in Manhattan, owns the land on which the skyscraper is situated. Annual rent from the ground lease paid to the school increased substantially in 2018, rising from $7.75 million to $32.5 million, per WSJ. The combined effect of rent increases, which will occur again in …