COLUMBIA, S.C. — Campus First Student Living and CF Real Estate Services LLC have formed a joint venture with a private commingled fund to purchase Club at Carolina Stadium, a 486-bed student housing property situated less than one mile from the main campus of the University of South Carolina in Columbia. The community is located adjacent to the Congaree River and across from the university’s new ballpark. Campus First will be overseeing a $2.7 million renovation and rebranding of Club at Carolina Stadium, which will be renamed Rivers Edge at Carolina Stadium. The renovations will include a new clubhouse with a fitness center, private and shared study lounges, gaming area, café and a deck overlooking the swimming pool and terrace area. Other improvements will include a new outdoor kitchen, renovated dog park with dog washing station, two fire pit areas, enhanced landscaping, new signage, kayaks and canoes for residents and a new shuttle bus and electric bikes for students to get to class. The overhaul will also include upgraded internet and cable packages, as well as the addition of VIP premium suites that will include gray faux-wood floors, painted interiors and renovated kitchens with subway tile backsplashes, stainless steel appliances, …
ORLANDO, FLA. — Equinox Development Properties Inc. plans to develop an $18 million retail project located at the corner of Kirkman Road and Raleigh Street in Orlando’s MetroWest area. Situated on a 9.5-acre parcel, the property will feature a new Wawa gas station and convenience store; a two-story, 38,000-square-foot 24-Hour Fitness location; a quick-service restaurant and 11,000 square feet of additional retail space. Equinox plans to break ground on the project in the first quarter of 2017.
MARIETTA, GA. — Emma Capital has purchased two apartment communities in the Atlanta suburb of Marietta for a total of $15.7 million. KENCO Apartment Communities sold both Georgian Arms and Somerpoint to Emma Capital. Georgian Arms is located at 16 Beech Road, and the 144-unit Somerpoint is located at 1788 Austell Road. Josh Goldfarb, Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented KENCO in the transaction.
FOUR CORNERS, FLA. — Marcus & Millichap has brokered the $7.3 million sale of Champions Gate Office Building, a 44,836-square-foot office property located at 8390 Champions Gate Blvd. in the resort community of Champions Gate, about 25 miles southwest of Orlando. The asset was fully leased at the time of sale. Dan Mulkey of Marcus & Millichap’s Tampa office represented the undisclosed buyer in the transaction. The buyer was a family based in Tampa that used the purchase to partially accommodate an exchange for a recent portfolio sale.
DAVIS, CALIF. — Fulcrum Properties has acquired University Research Park, a 304,912-square-foot campus in Davis, for $70 million. The 17-building park is located at 1440-1590 Drew Ave., 1850-2020 Research Park Drive and 1947 Galileo Court, less than one mile from the University of California, Davis. The property was 92 percent occupied at the time of sale. Major tenants include Novozymes, Marrone Bio Inovations and UC Regents. CBRE’s Russell Ingrum, Joe Moriarty, Tyler Meyerdirk, Sean Sullivan, Stuart Wright and Matt Post represented the seller, Interland LLC. The firm’s Mike Stassi and Daniel Baker provided leasing market expertise .
SAN JOSE, CALIF. — Ridge Capital Investors has purchased One Eleven Market Square, a 320,559-square-foot office property in San Jose, for an undisclosed sum. The property is composed of two towers. A 163,775-square-foot building is located at 111 W. St. John St., while a 156,784-square-foot building is located at 111 N. Market St. The property is 78 percent leased to tenants like Pacific Business Centers, Rockwell Automation, Kerio Technologies, BAM Labs Opportunity Fund and Diamanti. Ridge Capital Investors purchased the property in partnership with an undisclosed commingled discretionary equity fund. The seller was Swift Real Estate Partners, which made capital improvements during its two years of ownership.
MONTCLAIR, CALIF. — JCH Consulting Group has arranged the $15.5 million sale of a 119-unit assisted living and memory care community in the Los Angeles suburb of Montclair. The community was built in 1990 and was 67 percent occupied at the time of sale. An investment company sold the community to a regional owner-operator as a value-add opportunity. The name of the facility was not disclosed. Nick Stahler and Jim Hazzard of JCH arranged the transaction.
LOS ANGELES — AEG, Regal and Barco have converted all auditoriums at Regal L.A. LIVE: A Barco Innovation Center to 100 percent laser projection. This final phase of installations and upgrades makes the cinema the first all-laser multiplex on the West Coast. AEG owns the theater, which opened in 2009. Regal operates the property, and Barco installed the laser projectors. In addition to improving image quality, Barco’s laser technology reduces costs via lowered energy costs. Additionally, the theater has reduced its carbon footprint by no longer using cardboard standees from movie studios and instead plays the content directly on digital displays in the lobby. Headquartered in Los Angeles, AEG is a sports and live entertainment company.
PALM SPRINGS, CALIF. — A private investor has acquired the six-unit Maroon Town Apartments in the Palm Springs submarket of Bermuda Dunes for $1 million. The community is located at 41560 Maroon Town Road. It was built in 2000. Andrew Irvine and Alexander Garcia Jr. of Marcus & Millichap represented both the buyer and seller, an undisclosed partnership, in this transaction.
LOS ANGELES AND SAN FRANCISCO — CBRE Global Investment Partners has acquired a 45 percent stake in a $1.5 billion portfolio of 55 retail assets located on the West Coast. The investment was made on behalf of the company’s flagship Global Alpha Fund and various separate account clients and totals roughly $450 million, according to reports by The Wall Street Journal. San Francisco-based Merlone Geier Partners (MGP) is the majority owner in the portfolio, which totals nearly 7 million square feet, and will maintain its position as operating partner. The properties are largely anchored by grocery and necessity-based retailers, and are concentrated in Southern California, Seattle, Sacramento, the San Francisco Bay Area and Portland. “This joint venture gives us a rare opportunity to access for our clients a large diversified portfolio of high-quality retail centers that would be challenging to acquire in scale,” says Ian Gleeson, CIO for CBRE Global Investment Partners. “We are pleased to partner with Merlone Geier because it is a leading operator that has significant experience in the retail sector.” Eastdil Secured advised MGP in the transaction. MGP is a private real estate investment company focused on the acquisition, development and redevelopment of retail and mixed-use …