IRVINE, CALIF. — Toshiba America has leased 96,000 square feet of office space at University Research Park in Irvine. The park sits adjacent to UC Irvine, which features tech and innovation incubators including the 47,000-square-foot Cove and the Vine, where startups have generated more than $24 million in funding. The 185-acre office park is currently home to more than 75 companies and more than 8,000 employees. Toshiba America will move its electronics components, information systems and logistics companies to the campus, which is currently undergoing updates. JLL’s Louis Tomaselli and Steve Wagner represented Toshiba.
SOUTH JORDAN, UTAH — Love Funding, a lender specializing in FHA loans for healthcare real estate, has closed a $6.8 million bridge loan for the construction of an assisted living and memory care community in the Sale Lake City suburb of South Jordan. Our House of South Jordan will offer 62 beds in a 42,000-square-foot facility. Giza Development LLC, Stout Construction and Primera Group are building the property. SAL Management Group LLC will manage the community once construction is complete. James Vanar of Love Funding’s Los Angeles office arranged the laon, with Love Funding’s parent company, Midland States Bank, providing the capital. This is the second bridge loan Vanar has obtained for Giza Development, which started construction of Shadow Valley Assisted Living and Memory Care in nearby Ogden last year.
OCEANSIDE, CALIF. — Kellermeyer Bergensons Services LLC, an Oceanside-based provider of retail and grocery technology, has purchased Image by J&K LLC, a provider of facilities maintenance services. Image was founded in 2006 and operates in 34 states. GI Partners, a private equity investment firm, is the majority owner of Kellermeyer Bergensons Services.
GARLAND, TEXAS — Dallas-based developers Eric Langford and Brian Flaherty have appointed Arlington-based general contractor Bob Moore Construction to build Jupiter Miller Business Center, a two-building industrial distribution center located on Jupiter Road in the northeast Dallas suburb of Garland. The industrial development will cover 40 acres of the 70-acre property, which was previously occupied by defense contractor and weapons manufacturer Raytheon. Delivery of the center, which will span 800,000 square feet, is scheduled for 2018.
FORT WORTH, TEXAS — The Kase Group has closed the sale of a 3,896-square-foot restaurant property located at 3300 Hulen St. in Fort Worth. The building is currently leased to McDonald’s. Robert Walker of The Kase Group represented the seller, an undisclosed developer, and procured the buyer, a California-based principal.
GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has secured a new office hub and industrial distribution center for FloorballPlanet, a supplier of equipment and accessories for floorball, an indoor sport similar to field hockey, in Grand Prairie, a city in the Dallas-Fort Worth metroplex. The company has selected Woodlands Business Center, located at 2005 108th St., as its operating base and has leased 12,818 square feet, including 3,700 square feet for office space. Michael Spain, Brock Wilson and Joe Santaularia of Bradford Commercial represented the landlord, Woodlands Business Center LLC, in the transaction. Bob Gibbons of REATA Commercial Realty LLC represented FloorballPlanet.
ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has closed the sale of Commonwealth Center, a 35,917-square-foot, two-story office building located at 4200 S. Cooper St. in Arlington. Nathan Wood of CBRE represented the buyer, a Dallas-based developer, in the transaction. Judy Nitzinger of Coldwell Banker represented the seller, Hungs Enterprise LLC, which had owned the property for 25 years. At the time of sale, Commonwealth Center was 73 percent leased to tenants such as Comerica Bank and Farmers Insurance Co.
North American Properties to Debut 1.2 MSF Phase II of Avalon in Alpharetta, Known as Boulevard East
ALPHARETTA, GA. — North American Properties (NAP) will officially debut Phase II of the 86-acre Avalon mixed-use development in Alpharetta, which is dubbed Boulevard East, on Thursday, April 13. NAP sold the first phase of Avalon last summer to PGIM Real Estate, which will also acquire Boulevard East from NAP later this year. The 1.2 million-square-foot expansion will double the size of Avalon and feature upscale apartment residences, 20 new shops and restaurants, a new office building and the $112 million Hotel at Avalon and Alpharetta Conference Center, which will open in January. The 225,000-square-foot office building, known as 8000 Avalon, is a co-development between Hines and Atlanta-based Cousins Properties. Microsoft signed a 43,000-square-foot lease last year to anchor the property. Combined with Avalon’s existing loft office space, the overall office portion is expected to house 1,000 employees. Boulevard East’s multifamily component is known as Veranda at Avalon. The 276-unit apartment community is currently commanding an average $2.40 per square foot rental rate with monthly prices ranging from $1,525 to $4,884. Boulevard East’s 88,000-square-foot, street-level retail component is leased to Brooks Brothers, Urban Outfitters, Scout & Molly’s, Levi’s, Williams-Sonoma, Hammer Made, Boogaloos, Lucky Brand, Pottery Barn, South Moon Under and …
ATLANTA — Arden Group has purchased the Sheraton Atlanta Hotel, a 763-room hotel located at 165 Courtland St. N.E. in downtown Atlanta. The Philadelphia-based investment firm purchased the hotel through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $64.2 million, according to the Atlanta Business Chronicle. JLL represented the sellers, affiliates of Amerimar Enterprises and Contrarian Capital, in the transaction. The previous ownership group wrapped up a $15 million renovation of the hotel last year. Arden Group is planning an additional $7 million of renovations for the hotel’s guest rooms, lobby, meeting rooms and the Collage restaurant. Arden Group and HEI Hotels & Resorts will co-manage the hotel.
ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has partnered with Place Properties and H. J. Russell & Co. to develop the King Memorial Station Transit Oriented Development (TOD), which has an estimated total development cost of $51.3 million. The joint venture replaces Walton Communities, which was initially awarded the project in 2014. The TOD will be co-located at the King Memorial MARTA station, which is located near downtown at 377 Decatur St. S.E. The project will feature a 400-unit apartment community and 10,000 square feet of retail space. The joint venture plans for 20 percent of the property’s units to be reserved as affordable housing. Place Properties has financed, acquired and developed more than 37,000 multifamily beds nationwide, valued at over $1.7 billion. H. J. Russell & Co. has more than 60 years of development experience that includes The Pad on Harvard near the College Park MARTA station, Mercedes-Benz Stadium and the Smithsonian National Museum of African American History and Culture in Washington, D.C.