DETROIT — Bagley Forest Properties plans to redevelop the former B. Siegal department store building in Detroit into retail and multifamily space. The property is located at the intersection of Livernois Avenue and 7 Mile Road. Construction of the 29,000-square-foot project is expected to begin in the next 45 days with completion slated for early 2019. Matt Hessler of Bagley Forest Properties owns the property. Arthur Itkis and Aaron Moore of JLL will market the property for lease.
BELTON, MO. — Salina Hotel Group has begun construction of an 83-room Fairfield Inn & Suites in Belton, about 20 miles south of Kansas City. The four-story, 48,000-square-foot hotel will be located just north of Highway 58 between Mullen Road and Interstate 49. Completion is slated for early 2019. Additional project partners include the City of Belton and Belton Economic Development.
CARPENTERSVILLE, ILL. — Realty Metrix Commercial has brokered the $6.8 million sale of Spring Hill Market Place in Carpentersville, 40 miles northwest of Chicago. Built in 1990, the 95,259-square-foot retail center is located on Route 31. New tenants at the property include MAACO Collision Repair & Auto Painting, Artistry in Dance and Tyke Play Kids Gym. Other tenants include Big Lots, Southern Belle Pancake House, AutoZone, Firestone, The UPS Store, Sherwin Williams, Fifth Third Bank, Sewing Concepts, Gyradiko’s Restaurant and Salon Anovin. Dave Schmidt and Linda Kost of Realty Metrix represented the buyer, Troy Business Inc. The seller was not disclosed.
COLUMBUS, OHIO — Diamonds Direct has opened a 7,026-square-foot store in Columbus. The direct diamond importer will occupy the space at 1330 Polaris Parkway, formerly home to a T.G.I. Friday’s. Glenn Garland of Colliers International represented the tenant in the lease transaction. The landlord was not disclosed. This is the 15th location for Diamonds Direct, which has a flagship store in Charlotte, N.C.
OCEANSIDE, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Del Oro Marketplace, a shopping center located at 4181 Oceanside Blvd. in Oceanside. A San Diego-based private seller sold the property for $41.7 million. The property features 102,000 square feet of retail space. El Warner and Caitlin Zirpolo of Matthews Real Estate Investment Services, along with Reg Kobzi and Joel Wilson of CBRE, represented the seller in the transaction. The buyer was an undisclosed private investor.
TEMPE, ARIZ. — Transwestern Development Co., in partnership with FL Lakeside Investor LLC, has completed the disposition of Vela, a multifamily community located at 555 N. College Ave. in Tempe. Los Angeles-based Pacific Development Partners acquired the 290-unit property for an undisclosed price. The property features a resort-style pool with cabanas; a fitness center with touch-screen cardio equipment and free weights; an indoor lounge space overlooking the lake with a catering kitchen, fireplace seating area and television viewing area; an activity courtyard with moveable movie projector, gaming area, fire pits and grilling area; indoor bike storage; and an outdoor covered lounge with kitchen, grilling areas, pool table and television viewing area. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the transaction.
WESTWOOD VILLAGE, CALIF. — CBRE has brokered the sale of a multi-tenant retail and office property located at 1136-1140 Westwood Blvd. in Westwood Village. More LLC acquired the property from a private family trust for approximately $4 million. The two-story building features 6,340 square feet of retail and office space. Current tenants include D’Amores Pizza and a variety of office users. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller and the buyer in the deal.
DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1423 Race St. in Denver. George Wolf Memorial Trust purchased the property from Dave Chvosta for $1.7 million, or $323 per square foot. The property features 5,338 square feet of office space. Kevin Calame of Pinnacle Real Estate represented the buyer and seller in the deal.
LAS VEGAS — RealComm Advisors Commercial Real Estate has brokered the acquisition of an industrial property located at 6435 Karms Park Court in Las Vegas. McBeath Holdings LLC purchased the property from an undisclosed seller for $1.7 million. The property features 13,354 square feet of industrial space. Mike De Lew and Greg Pancirov of RealComm Advisors represented the buyer in the transaction.
SANDY SPRINGS, GA. — Mercedes-Benz USA (MBUSA) celebrated the grand opening of its new headquarters in Sandy Springs on Thursday. The 200,000-square-foot office building is located on a 12-acre campus near Ga. 400 in Atlanta’s Central Perimeter office submarket, roughly 14 miles north of downtown Atlanta. This move was years in the making, as MBUSA announced in January 2015 that it was moving its headquarters from Montvale, N.J., to Atlanta. Since that time the German automaker also won the naming rights for the new home of the Atlanta Falcons and Atlanta United, Mercedes-Benz Stadium, which opened in 2017. MBUSA’s new office building, made entirely of glass and supported by steel beams, was designed with a one-to-one ratio of collaborative seats to individual workstations in order to encourage interaction and creativity among MBUSA staffers. Amenities include a conference center, coffee bar with a barista, café, 5,000-square-foot fitness center with trainers, an on-site childcare facility, outdoor playground and a furnished rooftop deck. The building is LEED-Silver certified and uses drip irrigation and energy efficient mechanical systems to reduce water usage. To reduce food waste, the company is partnering with Second Helpings Atlanta Inc., which takes surplus food from metro Atlanta organizations and delivers …