LEWIS CENTER, OHIO — Romans Properties has brokered the $5 million sale of a data center in Lewis Center, about 20 miles north of Columbus. The 57,000-square-foot facility is located at 8180 Green Meadows Drive. The property is fully leased by Cyxtera, which provides data center colocation, cybersecurity and cloud-based services. Chris Orr of Romans represented the buyer, an institutional client. The seller was not disclosed.
BRENTWOOD, CALIF. — Chicago-based Fairbourne Properties has purchased The Streets of Brentwood, a grocery- and theatre-anchored lifestyle center located at 2455 Sand Creek Road in Brentwood. A fund managed by DRA Advisors sold the asset for $85.7 million, according to property records obtained by the San Francisco Business Times. The 358,615-square-foot center includes a 14-screen AMC Theatre, DSW, Ulta Beauty and Sprouts Farmers Market. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markers represented the seller in the transaction.
LONG BEACH, CALIF. — Stepp Commercial has negotiated the sale of Patio Gardens, an apartment community located at 4874 E. Los Coyotes Diagonal in Long Beach’s Traffic Circle neighborhood. Emeryville, Calif.-based HFH Limited acquired the property from a Long Beach-based private investor for $50.8 million. Built in 1958, the property features 19 two-story buildings with a total of 127 two-bedroom units averaging 1,000 square feet. On-site amenities include landscaped gardens and lawns, laundry facilities, a fitness center and parking garages. Robert Stepp of Stepp Commercial represented the seller and buyer in the deal.
SAN JOSE, CALIF. — PCCP, in a joint venture with Lincoln Property Co., has acquired Valley Technology Centre, a seven-building office and R&D complex located on 26.4 acres in San Jose. MWest sold the property for an undisclosed price. Built in 2000, the 464,000-square-foot property was 74 percent leased at the time of sale. The complex comprises seven two-story office and R&D facilitates with 18-foot clear height on the ground floors to accommodate roll-up doors and shipping/receiving requirements. The properties are located at 2660, 2680, 2700, 2720, 2740 Zanker Road and 2585 and 2595 Junction Ave. in North San Jose.
LOS ANGELES — Bellwether Enterprise Real Estate Capital has arranged $25 million in refinancing for a single-tenant office building located in the South Bay region of Los Angeles. Shelley Magoffin and Max Sauerman of Bellwether’s Los Angeles office secured the first mortgage financing for the borrower, a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The new non-recourse loan features a 12-year term and three years of interest-only payments followed by a 30-year amortization. Originally constructed in the 1950s and expanded in the 1980s, the property features 200,000 square feet of office space. At the time of refinancing, the building was occupied by a defense company, which recently extended its lease for 10 years. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.
EUGENE, ORE. —Cardinal Group has acquired Arena District, a 244-bed student housing community located near the University of Oregon in Eugene. The property offers two- and four-bedroom units. Shared amenities include a fitness center; hot tub; private study room; study area and internet café; multimedia lounge; clubroom with gaming and pool table; and outdoor courtyard with grilling station. HFF arranged an undisclosed amount of acquisition financing for the transaction. The HFF team, which included Pat Burger, secured the floating-rate loan through Freddie Mac’s CME Program. HFF will also service the securitized loan.
ALPHARETTA, GA. — A joint venture between Hines and Cousins Properties will develop 10000 Avalon, a 251,000-square-foot, Class A office building in Alpharetta, a northern suburb of Atlanta. The new building will be the second and final office building within Avalon, a 2.4 million-square-foot mixed-use development. The total development cost for the building is expected to be $97 million. Cousins has a 90 percent ownership interest in the joint venture and Hines has a 10 percent ownership interest. AXIS Reinsurance Co. will anchor the new building, occupying 76,000 square feet. Sam Holmes of CBRE arranged the 15-year lease on behalf of the insurance company, which is a subsidiary of AXIS Capital Holdings Ltd. Hines and Cousins will start construction on 10000 Avalon this month, with initial occupancy scheduled for early 2020. The building is located adjacent to 8000 Avalon, which Hines and Cousins delivered in June 2017. The building is currently 98 percent leased to tenants such as SAP, Microsoft and coworking operator Spaces.
ATLANTA — Hotel and brand management company Dream Hotel Group, in partnership with Atlanta-based Cartel Properties, has unveiled plans to develop Dream Atlanta, Buckhead. The 200-room hotel will be located near the intersection of Peachtree, Roswell and East Paces Ferry roads in Buckhead Village. In addition to guest suites, Dream Atlanta, Buckhead will feature 90 private residences, a spa and wellness concept and five dining and nightlife venues, including a 17,000-square-foot rooftop pool, bar and lounge. The dual-tower development will also include 80,000 square feet of additional office and retail space. New York-based Dream Hotel Group currently operates 18 hotels, with more than 20 others in various stages of development. Atlanta-based architecture firm Cooper Cary is designing Dream Atlanta, Buckhead, which is scheduled to open in 2021.
GREENSBORO, N.C. — The Fresh Market Inc. announced this week that it will close 15 stores nationwide, including seven in the Southeast. The impacted stores were selected after an analysis of overall growth and long-term financial performance, according to the Greensboro-based grocer. “Over the last eight months, our company has been executing a turnaround plan and we’ve seen great progress,” said Larry Appel, CEO of The Fresh Market, in a statement. “However, for a variety of reasons unique to each retail location, that progress is not evenly distributed and, as a result, we have decided to close these long-term, underperforming stores.” In the Southeast, The Fresh Market will close locations in Atlanta and Snellville, Ga.; Louisville, Ky.; Charlotte, N.C.; Hendersonville, Tenn.; and Winchester and Charlottesville, Va. Other affected locations are located throughout Illinois, Indiana, New Hampshire and Wisconsin. The stores will close over the next two to four weeks.
FORT MYERS, FLA. — Coastal Ridge Real Estate and H. Katz Capital have acquired Coastal Village Apartments, an 800-bed student housing community in Fort Myers, for $44 million. The community is located at 19401 Skidmore Way, less than three miles from Florida Gulf Coast University. Constructed in 2004, Coastal Village Apartments features four-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a lakeside pool, barbecue and picnic areas, clubhouse, fitness center, sand volleyball court and a computer lab. Kevin Larimer, Greg Gonzalez, Jason Stanton and Cole Whitaker of Berkadia arranged the transaction on behalf of the undisclosed seller.