SHENANDOAH, TEXAS — Baker Katz has negotiated a 41,500-square-foot lease in Shenandoah, about 30 miles north of Houston, on behalf of AMC Theatres. The new, 10-screen theater will anchor the 69-acre MetroPark Square development, which is situated along Interstate 45 Frontage Road south of State Highway 242. Steve Greenberg of The Retail Connection represented the landlord in the lease negotiations. The theater is scheduled to open in early 2018.
DAVIE AND TAMARAC, FLA. — TH Real Estate, an affiliate of Nuveen, has acquired two industrial properties in South Florida for $54 million. Principal Global Investors sold the properties, which include Pointe West in Davie and Westpoint in Tamarac. Constructed between 2001 and 2004, the warehouses were 93 percent leased at the time of sale to tenants including Daikin and Kapco Global.
CHARLOTTE, N.C. — Hospitality Properties Trust has purchased Crowne Plaza Charlotte Executive Park, a 300-room hotel in south Charlotte, for $44 million. Chris Lingerfelt, Cyrus Vazifdar and Brent Bowman of HFF represented the undisclosed seller in the transaction. Constructed in 1983, Crowne Plaza Charlotte Executive Park underwent a renovation in 2014, which included upgrades to guestrooms, public areas and meeting space, as well as the hotel’s restaurant and bar. The hotel features a fitness center, swimming pool, business center and a sand volleyball court. Located at 5700 Westpark Drive, the hotel is roughly eight miles from the Charlotte Douglas International Airport and features a complimentary airport shuttle. Hospitality Properties Trust will keep the Crowne Plaza brand affiliation, and Intercontinental Hotels Group will manage the property.
SANTA MONICA, CALIF. — MDC Realty Advisors has purchased a 23,551-square-foot creative office building in Santa Monica for $30.5 million. The Class A building is located at 1315 Lincoln Blvd. The property is fully leased. It features units with individual patio areas, parking and a first-floor gym. The seller was JOSS Realty Partners.
MONTEREY, CALIF. — The Bascom Group has purchased the 76-unit Casanova Grove Apartments in Monterey for $16.7 million. The community is located at 930 Casanova Ave. Casanova Grove is less than two miles from the Pacific Ocean with the Pacific Coast Highway just a mile away. The group plans to implement a renovation plan, which will include amenity upgrades, exterior redesigns and interior renovations. Anthony Lugo represented Bascom, while Erich Pryor and Thomas Sherlock of Talonvest Capital arranged the acquisition loan from NXT Capital.
LOS ANGELES — Universe Holdings has acquired the 52-unit Nob Hill Towers apartment complex in Los Angeles for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. Universe Holdings will upgrade the interiors with new flooring, appliances, counters, cabinets and other improvements. Exterior renovations will include new lighting, paint and enhanced common areas and landscaping. The basement will be converted to a business center and fitness area. Kitty Wallace and her team represented both the buyer and seller, Dobson Meadows Partnership, in this transaction.
WEST JORDAN, UTAH — Walker Tape has expanded its industrial footprint in the Salt Lake City suburb of West Jordan. The provider of tape and adhesive for hair replacement systems recently completed a 33,232-square-foot facility at 9312 S. Prosperity Road. The new building will allow the firm to nearly double its square footage. The space also includes 4,000 square feet of Class A office space. The former Walker Tape Building was sold to Multi-Fill, a manufacturer of filling equipment for the food industry. Skyler Peterson of Newmark Grubb ACRES represented Walker Tape.
CERRITOS, CALIF. — Bergen Logistics has subleased 179,518 square feet of industrial space in Cerritos. The firm plans to use the space for ecommerce fulfillment. The new facility is located at 16016–16030 Arthur St. JLL’s Zac Sakowski and Jordan Quinn represented Bergen in the transaction.
MINNEAPOLIS — Ackerberg has broken ground on MoZaic East, an eight-story, 193,000-square-foot office and retail project in the Uptown neighborhood of Minneapolis. The property, located at 2900 Fremont Ave., will encompass 180,000 square feet of office space and 13,000 square feet of retail space. The project is an expansion of the MoZaic Art Plaza, as MoZaic West was completed in 2012. MoZaic East, slated for completion in the fourth quarter of 2018, will feature bike amenities and rooftop patios. The project team includes Ackerberg as developer, Opus AE Group as architect and The Opus Group as general contractor. First National Bank of Omaha, MidCountry Bank and First Western Bank and Trust are providing project financing.
CHICAGO — CBRE has arranged the sale of Block Y in Chicago for $13.6 million. The 24,863-square-foot retail property is located at 1301 W. Madison St. The property is 100 percent leased to three tenants. Keely Polczynski of CBRE represented the seller, 1940 Y Century Associates LLC, which is an entity controlled by Los Angeles-based Blatteis & Schnur Inc. An affiliate of Renaissance Capital LLC purchased the asset.
