ST. PETERS, MO. — CBL & Associates Properties Inc. will renovate its Mid Rivers Mall in St. Peters, about 30 miles west of St. Louis. A new H&M store will open at the property this fall, requiring three other retailers to relocate to different spaces within the mall. H&M is a women’s and men’s apparel store. Claire’s will move to a 1,250-square-foot store on the lower level. Justice will relocate to a 4,100-square-foot space on the lower level near Dillard’s and Lane Bryant will move to a 5,000-square-foot space on the lower level in the Dillard’s wing. Next month, a pop-up shop will open at the mall, enabling local boutiques to try their business in a mall setting for one week at a time. Other interior projects at the mall include replacing the escalators, improving the elevators and installing new digital directories. All interior projects are slated for completion by this summer. As for exterior improvements, the parking lot will be upgraded to include LED lighting and 24 more poles will be installed. The majority of the lot will be resurfaced this year and the remaining portion will be completed in 2019.
ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a 20-unit apartment building in St. Paul for $2 million. The property is located at 1756 Grand Ave. and consists of 20 studio apartments. Dan Linnell, Mox Gunderson, Josh Talberg and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor who had owned the property for 40 years. A private investor purchased the asset.
PHOENIX — Knightvest Capital has acquired the 768-unit Red Mountain Villas in Phoenix for $110 million. The community is located at 815 N. 52nd St. Red Mountain Villas was built on nearly 30 acres in three phases between 1987 and 1996. Community amenities include a koi pond, six resort-inspired swimming pools and access to the Papago Golf Course. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, Weidner Apartment Homes, in this transaction.
SANTA ANA, CALIF. — NorthMarq has arranged $47.8 million in bridge financing for a 414,309-square-foot vacant warehouse in Santa Ana. The warehouse is located at 515 E. Dyer Road. Hines acquired the property in December 2017. The firm plans to renovate and reposition the vacant warehouse into a last-mile distribution center. The property was formerly a manufacturing and distribution facility. It features 22-foot clear heights, 120-foot truck turning clearance, an office pod, and access to the 55, 5 and 405 freeways. The loan represents 65 percent of total project cost with a five-year term. NorthMarq shopped the non-recourse loan to both banks and debt funds, but the final lender was not disclosed. Mike Elmore, Joe Giordani and John Marshall led the NorthMarq team.
SANTA ANA, CALIF. — Kearny Real Estate Co. has purchased a 197,370-square-foot office campus in Santa Ana for $34.8 million. The campus is located at 3100-3130 Harbor Blvd. The space has recently been rebranded Elevate@Harbor. It includes two mid-rise buildings on eight acres that were built in 1982. Kearny plans to invest about $15 million to reposition the office campus. The one-acre outdoor area surrounding the first floor of both buildings will be redesigned to incorporate outdoor areas that provide a mix of work, leisure and active spaces. The seller was The Colton Company. CBRE’s Carol Trapani and Allison Kelly will oversee leasing for Elevate@Harbor.
DALLAS — The Ainbinder Co., the developer of High Point Crossing retail center in northeast Dallas, has signed four anchor tenants to the 180,000-square-foot development. Academy Sports + Outdoors, Marshalls, Burlington and Five Below will serve as anchor tenants at the property, which is under construction and expected to open in the fall. Jeff Kittleson, Robert Aycock and Andrew Aycock of CBRE represented The Ainbinder Co. in the lease negotiations.
DEL MAR HEIGHTS, CALIF. — Irvine Co. has purchased Gateway at Torrey Hills, a 198,000-square-foot campus in Del Mar Heights, for an undisclosed sum. The campus is situated near the I-5 Freeway at Carmel Mountain Road. The Class A office space is spread across two four-story buildings. Notable tenants include BDO USA, MINDBODY Inc., and law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. The project features stone and glass façades, flexible floor plates, modern interior features and on-site parking. Amenities include a fitness center with locker room and showers, art installations, multiple patios, and outdoor workspaces. Irvine Co. plans to add to and enhance the outdoor workspaces.
SAN ANTONIO — JLL has arranged the sale of Hamilton Place, a 77-unit multifamily community in San Antonio. The Class B property is located at 1622 and 1650 Jackson Keller Road on the city’s north side and offers amenities such as a pool, a dog park and on-site laundry services. Moses Siller of JLL represented the seller, Vergara Properties LLC, in the sale. JMB Group, an investment and management firm with offices around the country, purchased the property.
MODESTO, CALIF. — Pactra USA has leased 184,350 square feet at Tracy Pescadero Distribution Center, just west of Modesto. The center is located at 1700 E. Pescadero Ave. The transaction brings the building to 100 percent occupancy. The building features 57 dock-high doors, 32-foot clear heights and a easy access to major transportation arterials including Interstate 205, Interstate 5, Interstate 580 and Highway 99. Cushman & Wakefield represented the 3PL service provider. CBRE represented the landlord, Ridgeline Property Group and LaSalle Investment Management, in this transaction.
LEWISVILLE, TEXAS — Venture Investment Sales has brokered the sale of an 8,700-square-foot retail center in Lewisville. The property’s location at 5040 State Highway 121 is adjacent to Grandscape, a 400-acre mixed-use development. Tenants include T-Mobile, Chipotle Mexican Grill and Texas Direct Auto. John Zikos, Jonathan Cooper and Don Miller of Venture represented the seller. A local family trust purchased the asset for an undisclosed price.