LOS ANGELES — Faris Lee Investments has arranged the sale of a retail property located at 959 Crenshaw Blvd. in Los Angeles. Rite Aid occupies the 12,573-square-foot building, which is situated on 1 acre. A Newport Beach-based private seller sold the property to a Beverly Hills-based private buyer for $10 million. Nicholas Coo, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller and buyer in an all-cash 1031 exchange.
LAS VEGAS — Dunkin’ Donuts’ has opened two restaurants in the Hard Rock Hotel & Casino in Las Vegas and Biloxi, Miss. Further expanding the Dunkin’ Donuts footprint within rest stops and travel centers, the brand’s franchisees opened a total of 12 travel center restaurants around the country. The company also significantly increased its partnership with Pilot Flying J Travel Centers in 2017, accounting for five of the total 12 locations open throughout the year, with a commitment for an additional 20 in 2018. These new locations expanded the brand’s portfolio to include full-service restaurants, as well as additional self-serve locations. A Dunkin’ Donuts franchisee opened its first non-traditional location at the University of Hawaii in October. Eight restaurants on college and university campuses opened during 2017, including George Mason University in Fairfax, Va.; Binghamton University in Binghamton, N.Y.; and the second restaurant to open in the Air Force Academy in Colorado Springs, Colo .
SAN FRANCISCO — Jeff Kirwan, president and CEO of Gap brand, will leave Gap Inc. A search is underway for his replacement. In the interim, Brent Hyder, currently serving as Gap Inc.’s executive vice president of global talent and sustainability, will oversee the brand. Prior to his current role, Hyder served as chief operating officer at Gap brand. He also served as vice president and general manager of Gap Japan K.K., leading all aspects of the Gap Inc. business in Japan. Gap Inc. is a global retailer overseeing the Gap, Banana Republic, Old Navy, Athleta, Intermix and Weddington Way brands. Gap Inc. has approximately 3,200 company-operated stores and 450 franchise stores in more than 90 countries worldwide.
FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $53 million sale of The Queue Apartments, a 191-unit multifamily community located at 817 S.E. 2nd Ave. in downtown Fort Lauderdale. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller and property developer, a joint venture between Urban Street Development and Fazio Properties. Miami-based Boardwalk Properties acquired the asset. The seven-story apartment community offers a mix of studio to three-bedroom units ranging in size from 529 to 1,275 square feet. Community amenities include a courtyard pool, Zen garden, two-story fitness center, dog park, clubroom, outdoor dining area, entertaining suite and an electric car charging station. The property was completed in 2017 and was 95 percent occupied at the time of sale. The project team includes interior designer Big Time Design Studios, general contractor Hooper Construction and architect MSA.
CARY, N.C. — HFF has arranged $31.5 million in financing for the development of Hillstone Alston Town Center, a 205-unit apartment community in Cary, roughly 12 miles west of Raleigh. Travis Anderson, Cory Fowler and Roger Edwards of HFF arranged a $21.3 million, floating–rate loan through UBTNC — a division of Union Bank & Trust — and $10.2 million in preferred equity from Marble Capital on behalf of the project developer, Leon Capital Group. Hillstone Alston Town Center will be situated adjacent to Alston Town Center, a newly constructed, 550,000-square-foot shopping center anchored by Whole Foods Market. The four-and-five story community will feature units averaging 948 square feet with granite countertops, stainless steel appliances, wood cabinetry, walk-in closets, faux wood flooring and private balconies. Community amenities will include a resort-style pool, grilling area, fitness center and a pet park. Leon Capital Group expects to deliver the community in spring 2019.
FAYETTEVILLE, GA. — Grover Corlew has sold Fayette Surgical Building, Fayette Medical Building and a parcel of undeveloped land in Fayetteville, roughly 22 miles south of Atlanta, for $16.3 million. The Florida-based real estate investment group developed the 17,500-square-foot Fayette Medical Building approximately 10 years ago, and completed the 30,195-square-foot Fayette Surgical Building in October. Resurgens Fayette Surgery Center occupies 16,644 square feet in the Fayette Surgical Building, and Resurgens Orthopaedics and Spine Center occupies 13,551 square feet. The Fayette Medical Building is also leased to Resurgens Orthopaedics.
CHARLOTTE, N.C. — M. David Properties has acquired a 30-acre site at the intersection of Hucks and Old Statesville roads in Charlotte, with plans to develop a 300,000-square-foot industrial park dubbed SilverPark North. Matthew Greer of JLL arranged the transaction on behalf of the seller, Kathy Godley, while JLL’s Brad Cherry and Pete Pittroff represented M. David Properties. SilverPark North will include three buildings, the first of which will be a 136,000-square-foot speculative building that is due for completion in the first quarter of 2019. The site is situated less than two miles from Interstates 77 and 485.
SUMMERVILLE, S.C. — Condor Hospitality Trust Inc. has acquired a 93-room Home2 Suites by Hilton in Summerville, roughly 25 miles northwest of Charleston. The Maryland-based hospitality REIT acquired the asset for $16.3 million. Everest Hotels Group developed the property, according to The Post and Courier. Inn Ventures, Condor’s management partner, will manage the property, which opened in 2017. The hotel features a business center, convenience shop, Spin2Cycle fitness and laundry facility, barbecue grills, a heater indoor pool and a firepit.
FORT WORTH, TEXAS — Hillwood will develop Alliance Northport 3, an industrial facility totaling approximately 1 million square feet that will be situated on a 260-acre site within the AllianceTexas master-planned community in Fort Worth. The property, which offers convenient access to Interstate 35 and State Highway 114, is being built on a speculative basis. The site will be able to accommodate more than 1.2 million square feet of space and provide additional trailer storage when fully expanded. A timeline for construction has not yet been established.
SUGAR LAND, TEXAS — Vista Equities Group has broken ground on Phase II of University Commons in Sugar Land, an expansion project that will deliver 108,000 square feet of new retail space. Sprouts Farmers Market will anchor the second phase with a 30,000-square-foot store. Phase I of University Commons delivered 155,000 square feet of retail space that is 95 percent leased and anchored by a 50,000-square-foot Burlington. Houston-based Arch-Con Construction is serving as general contractor for the expansion project, which was designed by Dallas-based O’Brien Architects. The project is expected to be ready for tenant build-out in December. A third phase of undetermined size is also planned at the property.
