Property Type

CBRE Arranges $1.3M Acquisition Loan for 20-Unit Apartment Property in Minneapolis

by Kristin Harlow March 13, 2017

MINNEAPOLIS — CBRE has arranged a $1.3 million loan for the acquisition of a 20-unit apartment property in the Minneapolis neighborhood of Ventura Village. The two-story building is located at 1828 Park Ave. and consists of one-, two- and three-bedroom units. Originally built in 1916, the property was fully occupied at the time of closing. The 10-year loan was obtained through Freddie Mac’s small balance loan program and features a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Lotus Acres LLC, an affiliate of EIG Property Management.

March 13, 2017

California Office Western

Kashani Family Purchases Scripps Collection Office Property in San Diego for $10M

by Nellie Day March 13, 2017

SAN DIEGO — The Kashani Family has purchased The Scripps Collection, a 47,302-square-foot office property in the San Diego submarket of Scripps Ranch, for $10 million. The property is located at 9775 Businesspark Ave. and 10021 Willow Creek Road. It was built in the mid- to late 1980s. The Scripps Collection is fully leased. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook, in this transaction.

March 13, 2017

California Office Western

Retail Opportunity Investments Acquires Torrey Hills Corporate Center in San Diego for $9.8M

by Nellie Day March 13, 2017

SAN DIEGO — Retail Opportunity Investments Corp. has acquired Torrey Hills Corporate Center, a 23,595-square-foot office property in the San Diego submarket of Del Mar Heights, for $9.8 million. The property is located at 11250 El Camino Real. It was about two-thirds vacant at the time of sale. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook Investors, in this transaction.

March 13, 2017

California Multifamily Western

El Sobrante Partners Buys Apartment Building Near Berkeley for $6.5M

by Nellie Day March 13, 2017

EL SOBRANTE, CALIF. — El Sobrante Partners LLC has acquired a 30-unit apartment building near Berkeley for $6.5 million. The community is located at 4350 San Pablo Dam Road in the Contra Costa submarket of El Sobrante. Matt Ziegler, Jeff Louks and David Wolfe of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.

March 13, 2017

Office Oregon Western

Moovel Relocates Headquarters to Old Town Portland

by Nellie Day March 13, 2017

PORTLAND, ORE. — Moovel has relocated its North American headquarters from downtown Portland to the Historic Overland Building in Old Town. The mobility solutions provider has leased 17,176 square feet within the building, located at 213 N.W. 4th Ave. The property was originally built as a warehouse in 1889. CBRE’s Ajay Malhotra and Kristin Hammond represented Moovel. The landlord is Urban Development Partners.

March 13, 2017

California Retail Western

Ross Stores Opens 28 New Locations

by Nellie Day March 13, 2017

DUBLIN, CALIF. — Ross Stores recently opened 23 Ross Dress for Less and five dd’s DISCOUNTS stores across 15 different states in February and March. These new locations are part of the company’s plans to add approximately 70 Ross and 20 dd’s DISCOUNTS locations during 2017. With these recent openings, Ross Stores Inc. now operates 1,561 Ross Dress for Less and dd’s DISCOUNTS stores across 37 states, the District of Columbia and Guam. Looking ahead, Ross hopes to grow to 2,000 locations with dd’s DISCOUNTS becoming a chain of 500 stores.

March 13, 2017

Georgia Office Southeast

KDC Demolishes Office Building to Make Way for Phase II of State Farm Campus in Atlanta

by John Nelson March 13, 2017

DUNWOODY, GA. — KDC has demolished the 10-story Hammond Exchange Building to make way for Phase II of Park Center, State Farm’s 2.2 million-square-foot office campus within Atlanta’s Central Perimeter submarket in Dunwoody. Park Center will also feature 100,000 square-feet of retail, restaurants and entertainment space. Phase II of Park Center comprises two office towers totaling 1.2 million square feet and will feature a pedestrian bridge over Perimeter Center Parkway that will connect the two office towers to the Phase I tower and the Dunwoody MARTA station. Park Center will also link up to a multiuse trail, new pedestrian plaza, a connector road between Perimeter Center Parkway and Peachtree-Dunwoody Road and street-level retail space. The design team includes architect Cooper Carry & Associates for the shell building and interiors and general contractor Holder Construction. KDC expects to deliver the 22- and 19-story office towers in 2020.

March 13, 2017

Florida Office Southeast

Ownership Group to Develop 73,000 SF Office Building at CocoWalk Near Miami

by John Nelson March 13, 2017

COCONUT GROVE, FLA. — Federal Realty Investment Trust, Grass River Property and Comras Co., owners of the CocoWalk development in the Miami urban district of Coconut Grove, plan to develop a 73,000-square-foot office building within the project. The ownership group plans to break ground on the five-story asset, known as One CocoWalk, in early 2018 for a mid-2019 target delivery. Situated at Main Highway, McFarlane Road and Grand Avenue, One CocoWalk will be Coconut Grove’s first new office building since 1989. Beame Architectural Partnership designed the property to include four levels of Class A offices atop street-level retail space, as well as a rooftop terrace. The ownership group has selected Blanca Commercial Real Estate to lease One CocoWalk.

March 13, 2017

Florida Retail Southeast

CREC Brokers $27.4M Sale of Shopping Center in Broward County

by John Nelson March 13, 2017

CORAL SPRINGS, FLA. — CREC has brokered the $27.4 million sale of Turtle Crossing, a 99,174-square-foot shopping center located at the intersection of U.S. Highway 441 and Wiles Road in Coral Springs. The transaction is the largest shopping center sale in Broward County so far in 2017, according to CREC. Warren Weiser and Harry Blyden of CREC represented the seller, Turtle Run Venture LLC, in the transaction. A joint venture between Ross Realty Investments and SunCap Real Estate Investments known as Turtle Crossing Coral Springs LLC purchased the shopping center for roughly $275 per square foot. Turtle Crossing is shadow-anchored by Super Target and features Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill on its tenant roster. Tuesday Morning recently leased 14,427 square feet of junior anchor space at Turtle Crossing with plans to open this fall. Sabrina Stimming and Steven Henenfeld of CREC led the leasing for the shopping center, which increased in occupancy from 60 percent to 86 percent in the past 24 months.

March 13, 2017

Georgia Seniors Housing Southeast

Senior Lifestyle, Griffin Fine Living to Develop Seniors Housing Community Near Atlanta

by John Nelson March 13, 2017

SNELLVILLE, GA. — Senior Lifestyle Corp. and Griffin Fine Living LLC have unveiled plans for The Sheridan at Eastside, a 197-unit independent living, assisted living and memory care community in the Atlanta suburb of Snellville. The community will feature 81 independent living apartments, 24 independent living cottages, 60 assisted living units and 32 memory care units. The 190,000-square-foot community will sit on 15 acres. The co-developers plan to start construction this fall, with a projected opening date in late 2018. Senior Lifestyle Corp. operates more than 180 communities across the country. Griffin Fine Living provides design, construction, development, marketing and operational management services for the seniors housing and multifamily sectors.

March 13, 2017

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