VICTORVILLE, CALIF. — Marcus & Millichap has negotiated the sale of Park View Apartments, a multifamily property located at 16366 Pebble Beach Drive in Victorville. A limited liability company acquired the property for $8 million. Chuck Shillington of Marcus & Millichap’s Ontario, Calif., represented the seller, another limited liability company, while Bruce Rajaee, also of Marcus & Millichap’s Ontario office, represented the seller in the deal. Park View Apartments has 100 units in a mix of 50 two-bedroom/two-bath units, 25 two-bedroom/one-bath units and 25 one-bedroom/one-bath units. On-site amenities include covered and open parking, drought resistant landscaped garden areas, laundry facilities and a swimming pool.
SHERMAN OAKS, CALIF. — Capital Realty Solutions has arranged the sale of Wallace Literary, an office building located at 15464 Ventura Blvd. in Sherman Oaks. An undisclosed buyer acquired the asset for $2.7 million, or $1,342 per square foot. Named after Hollywood writer/director/producer Randall Wallace, the 2,012-square-foot boutique office building features ample parking and is adjacent to the Sherman Oaks Galleria. Ash Joshi of Encino, Calif.-based Capital Realty Solutions represented the seller, Randall Wallace, trustee of the Randall Wallace Family Trust, in the deal. Elizabeth Clark of Pacific Union International represented the buyer, which will occupy the property, in the transaction.
TAYLORSVILLE, UTAH — Faris Lee Investments has completed the combined fee simple interest sale of national single tenant retailers located within Taylorsville Shopping Center in Taylorsville. A Southern California-based private investor bought the properties for an undisclosed price. The assets are 24 Hour Fitness and Old Spaghetti Factory. Additional tenants at the shopping center include T.J. Maxx, PetSmart, Ross Dress for Less, Regal Theaters, Chick-fil-A, Panda Express, Starbucks Coffee and Chase Bank. Don MacLellan, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller and buyer in the deal.
MONROE, OHIO — The Kroger Co. and Ocado, an online grocery retailer, have selected Monroe, Ohio, for the partnership’s first customer fulfillment center in the U.S. Subject to securing state and local incentives, Kroger’s first customer fulfillment center will consist of an automated warehouse facility with digital and robotic capabilities. Kroger is investing $55 million to build the first facility, which will span 335,000 square feet and is expected to generate more than 410 jobs. The company plans to open 20 such developments.
CHICAGO — Related Midwest has opened One Bennett Park in Chicago’s Streeterville neighborhood. The 70-story apartment tower is the first residential tower designed by Robert A.M. Stern Architects. The property is anchored by Bennett Park, a 1.7-acre green space designed by Michael Van Valkenburgh Associates set to open in summer 2019. The tower includes 279 apartment units, located on floors four through 39. Four-bedroom penthouses are located on the top three floors. Monthly rents start at $3,705. One Bennett Park also includes 69 condominiums, which are located on floors 41 through 66. Purchase prices start at $2 million. The condos are slated for completion in spring 2019. Floors three and four include 7,000 square feet of fitness facilities, a 60-foot indoor pool, 10,000-square-foot outdoor deck, children’s play suite, lounge area and entertainment suite.
CLEVELAND — KeyBank Community Development Lending & Investment has provided $15.5 million for the development of Glenville Circle North in Cleveland. KeyBank provided $5 million in New Market Tax Credit (NMTC) equity in addition to a $10 million leverage loan and a $456,000 project loan. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation. Glenville Circle North will offer 63 mixed-income units as well as 13,950 square feet of retail and commercial space. Sixteen of the units will be set aside as affordable housing, while the remaining units will be rented at market rate. The Cleveland Citywide Development Corp. plans to lease approximately 4,275 square feet of the commercial space to minority-owned startups at little or no fixed rent to help spur additional investment in the surrounding community. The developer, The Finch Group, will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation. Kyle Kolesar and Ryan Olman of KeyBank originated the financing.
DOWNERS GROVE, ILL. — Holladay Properties has opened Burlington Station, an 89-unit luxury apartment complex in Downers Grove. The site, located at 5100 Forest Ave., previously housed a bank building. The property features an 8,000-square-foot outdoor amenity deck in addition to a fitness center, cyber café and covered parking. Monthly rents start at approximately $1,600.
KOKOMO, IND. — Dougherty Mortgage has provided a $5 million Fannie Mae loan for the acquisition of First Flats in Kokomo. The multifamily property includes 121 units. Durham Hill Capital LLC served as a partner in arranging the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
COLLEGE PARK, MD. — Joint venture partners Greystar Real Estate Partners LLC and Rockpoint Group have sold University View, a 1,573-bed student housing community located adjacent to the University of Maryland in College Park. The $235 million sale marks the largest single-asset student housing trade in U.S. history, according to Greystar. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE National Student Housing, along with William Roohan and Michael Muldowney of CBRE’s Washington, D.C., office, represented Greystar and Rockpoint in the sale. The buyer was undisclosed. Charleston, S.C.-based apartment management and investment firm Greystar and Boston-based real estate private equity firm Rockpoint Group purchased University View in 2016 and have since upgraded the interiors of all 507 units, as well as the property’s common areas. “The acquisition, investment in and sale of University View exemplify the power of Greystar’s value-add strategy,” says Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students.” University View is connected to the University of Maryland via a pedestrian bridge crossing Paint Branch, a 14-mile tributary of the Northeast Branch that flows to the Anacostia River. The property also features …
The face of Louisville is changing rapidly, but it has leveraged what the state of Kentucky is historically known for best, bourbon. Louisville is a short drive from most of the legendary distilleries in the Commonwealth. However, the downtown Urban Bourbon Trail is booming with tourism and many brands actually distilling their spirits onsite. Jim Beam’s Urban Stillhouse, the Evan Williams Bourbon Experience, Copper & Kings, Angel’s Envy Distillery and Rabbit Hole Distillery are locations where patrons can sample and buy their drink of choice and learn about the history of these companies and the evolution of the industry as a whole. Most recently in June, Brown-Forman Corp. opened its Old Forester Distilling Co. experience at the newly restored Whiskey Row on Main Street. The company is not only distilling and sharing its history at the site, but like others on the Urban Bourbon Trail there are areas to host receptions and parties. Duluth Trading opened next door on Whiskey Row late last year to begin to fill a growing need for retail space downtown. Convention Center, Hotels After two years being closed, earlier this month Louisville celebrated the reopening of the $207 million renovation and reconstruction of the Kentucky …