FORT WORTH, TEXAS — Mercedes-Benz Financial Services USA LLC has signed a 200,000-square-foot office lease at AllianceTexas in Fort Worth. Mercedes-Benz Financial has operated out of AllianceTexas, an 18,000-acre, master-planned community owned by Hillwood, since 2007, and this move increases the overall size of the company’s footprint in Fort Worth. The new, build-to-suit property will serve as the company’s national business operations center and is scheduled to open in 2019.
CHICAGO — Cawley Chicago has brokered the sale of a 310,775-square-foot industrial building in Chicago for an undisclosed price. High Street Realty Co. purchased the property from Westmount Realty Capital. Located at 4404 West Ann Lurie Place, the property was developed in the mid-1970s and modernized in 2010 by the previous owner, KTR Capital. Three tenants, including Gold Eagle, BT Wholesale and Southwall Insulating Glass, lease the building. The property, situated on 21.7 acres within the Crawford Industrial Park, features a 22-foot clear height, 69 truck docks, two drive-in doors and parking for 130 cars. Westmount acquired the property in 2014. Andrew Maletich of Cawley Chicago represented both parties in the transaction.
NORTH CANTON, OHIO — The A. Altman Co. has unveiled plans to develop a new 36,410-square-foot pediatric care facility in North Canton, about 20 miles south of Akron. The Akron Children’s North Canton Medical Center will be part of the Aultman Health Foundation North Campus. Akron Children’s entered into a long-term ground lease at the property. The move will allow the children’s hospital to consolidate operations from three locations around Stark County under one roof. The first floor of the building will feature Akron Children’s hospital pediatrics, while the second floor will be home to outpatient services such as cardiology, allergy and sports medicine. The ground floor will house physical, occupational and speech therapy rehabilitation services. The A. Altman Co. will develop and own the building.
COLUMBUS, OHIO — The Woda Group Inc. has opened Wheatland Crossing in the Hilltop neighborhood of Columbus. The $8.6 million project features 42 affordable seniors housing units, developed for residents 55 and older who earn 60 percent or less of the area median income. The Ohio Housing Finance Agency provided private activity bonds, while the city of Columbus contributed a housing preservation bond grant. The project was also supported by the Low-Income Housing Tax Credit (LIHTC) program.
HAZELWOOD, MO. — Hunt Mortgage Group has provided a $5.4 million Freddie Mac loan for the refinancing of Brittany Townhomes and Trotwood Downs in Hazelwood, a suburb of St. Louis. Run as one property, Brittany Townhomes consists of 40 rental townhomes and Trotwood Downs consists of 68 units. Constructed between 1965 and 1968, the property is located at 7200 Brittany Town Place and 8507 Tally Ho Drive. The property is currently 94 percent occupied. The 10-year loan features a 30-year amortization schedule. Nidhi Gardens LLC, a Missouri-based limited liability company, was the borrower.
NAPERVILLE, ILL. — Podolsky Circle has arranged the sale of 1755 Park Street in Naperville for $3.5 million. The 37,668-square-foot office building is currently 94 percent leased to a mix of local and regional tenants including a therapy practice, an executive suites operation, an IT consulting firm and a regional bank office. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, CP Highalnds Fund LP. The company purchased the property in 2013 and began a capital improvement plan to update the property’s automation systems, common areas, building signage as well as tenant spaces. The improvements also included the addition of electric vehicle charging stations. Podolsky Circle Construction completed the improvements. Tony Russo of Cawley Chicago represented the buyer, a private investor.
NORTHGLENN, COLO. — Faris Lee Investments has arranged the $6.1 million sale of a 14,990-square-foot retail property triple-net-leased to Walgreens in Northglenn, located 20 miles north of Denver. Shaun Riley of Faris Lee Investments arranged the transaction on behalf of the seller, P&A Northglenn LLC. Rob Edwards of Pinnacle Real Estate Advisors LLC represented the buyer, Governors Park Lofts LLC. The property is adjacent to a power center anchored by Super Target, Sprouts, Barnes & Noble, Cost Plus and Marshalls.
LOS ANGELES — Front Porch and Brookmore Apartment Corp. have acquired Vista Tower Apartments, a 230-unit affordable seniors housing community in Los Angeles, with plans to rehabilitate the property. Front Porch subsidiary CARING Housing Ministries (CHM) manages the property. Brookmore acquired the property in July from Baptist Services Corp. Capital partners on the acquisition and renovations include Citi Community Capital, Alden Capital Partners and the California Public Finance Authority. Low Income Housing Tax Credits have ensured that the property will serve low-income seniors for at least the next 55 years. Front Porch, its partners (including California Lutheran Homes and Community Services), and Brookmore contributed a total of $1.5 million dollars to preserve Vista Tower as an affordable housing community.
MISSION VIEJO, CALIF. — Ralphs Grocery Co. is re-opening its remodeled Portola Plaza supermarket in North Mission Viejo following more than three months of ceiling-to-floor renovations. The 41,500-square-foot Ralphs features Ralphs Fresh Fare décor with new departments, services and a layout that improves customers’ shopping experience while helping to conserve energy and reduce waste. The Portola Plaza supermarket will be Ralphs’ 61st Fresh Fare store. The remodeled Ralphs store utilizes green technology to improve energy efficiency in daily store operations. Overall, this store will consume about 15 percent less energy than a comparatively sized store and about 25 percent less energy than a store built in 2000. In addition, store associates have been trained to follow a waste reduction and recycling program for all paper and plastic packing the store receives. The store also encourages customers to reduce waste by offering affordable reusable shopping bags. Ralphs aims to eliminate waste across the company by 2025. Los Angeles County-based Ralphs Grocery Co. has 191 supermarkets across Southern California. Ralphs is a subsidiary of The Kroger Co., one of the world’s largest retailers, based in Cincinnati.
HOUSTON — Citing struggles stemming from the rise of e-commerce, fashion retailer Charming Charlie has filed for Chapter 11 bankruptcy protection. During the Chapter 11 process, which was filed late Monday, the Houston-based fashion retailer plans to restructure its debt while maintaining and operating a majority of its stores, as well as its online platform. The company also plans to go through with its previously announced decision to shutter 97 of its underperforming stores. Charming Charlie specializes in selling jewelry, handbags, apparel and beauty products. The company, which was launched in 2004, currently operates more than 375 stores in the United States and Canada. Charming Charlie has secured commitments from its lenders for $20 million in new-money debtor-in-possession (DIP) financing. The company also entered into a $35 million DIP asset-backed loan with its lenders. Both financing arrangements are subject to court approval and are intended to help operation costs during the Chapter 11 process. The Wall Street Journal reports the court on Wednesday approved the early use of the financing, and Charming Charlie is scheduled to return to court in January to request approval to use the balance of the loans. The Chapter 11 bankruptcy filing is part of Charming …
