TEMPE, ARIZ. — Western Wealth Capital has purchased the 300-unit Signature Place Condominiums in Tempe for $40 million. The community is located at 4715 N. 32nd St. It is situated near Discovery Business Campus, ASU Research Park and Chandler’s Price Technology Corridor, known as the Silicon Valley of the Desert. Doug Lazovick, Eddie Chang, Alon Shnitzer, John Kobierowski and Rue Bax of ABI Multifamily represented both the buyer and the seller, Mercury Investment, in this transaction.
THOUSAND OAKS, CALIF. — NorthMarq Capital has arranged the $6 million refinancing of Skyline Center, a 36,900-square-foot retail property located in Thousand Oaks. The 10-year, non-recourse loan features a 30-year amortization schedule and a seven-year fixed rate that will switch to floating for the last three years. Joe Giordani of NorthMarq’s Los Angeles office secured the financing for the undisclosed borrower.
ONTARIO, CALIF. — Noble House Home Furnishings has leased Prologis Mission Distribution Center, a 741,458-square-foot industrial distribution center in Ontario. The Class A center is located at 3655 S. Philadelphia St. It was built in 2001 and acquired by Prologis in 2007. The center was completely vacant prior to this lease. Peter Castleton of Voit represented the national residential furniture manufacturer in the transaction.
PLACENTIA AND SAN DIEGO, CALIF. — Vestar has been selected to two retail properties in Placentia and San Diego. In the first assignment, Vestar will manage Placentia Square, a community retail center in Placentia. Located at the corner of Yorba Linda and Kraemer boulevards, Wells Fargo, Walgreens, Supercuts, Pick Up Stix, Subway and Rubios occupy the 27,930-square-foot center. In the second assignment, Clarion Partners selected Vestar to manage Courtyard at Carmel Mountain Ranch, a community retail center at 11134 Rancho Carmel Drive in San Diego. Best Buy, TJ Maxx, Staples, Petco and The Vitamin Shoppe occupy the 128,000-square-foot property. With these assignments, Vestar now manages more than 26 million square feet of retail space throughout the West Coast.
NORTH EAST, MD. — Trammell Crow Co. (TCC) has partnered with Diamond Realty Investments Inc. to develop Principio Commerce Center I, a 1.2 million-square-foot distribution center in North East. The property will be built on a 100-acre parcel within the 6 million-square-foot Principio Business Park. Home to existing tenants such as Restoration Hardware and General Electric, the industrial park is located adjacent to Route 40 and less than five miles from I-95. Principio Commerce Center I will feature a cross-dock design with 190-foot truck courts, 283 trailer stalls, up to 216 dock doors, 36-foot clear heights and an ESFR sprinkler system. Dave Dannenfelser of JLL and Mike Zerbe of Colliers International are handling Principio Commerce Center I’s leasing. Conewago is the project’s general contractor, and KSS Architects provided design services. PCCP provided a construction loan to TCC and Diamond Realty, which plan to deliver the asset in spring 2017.
CARLSBAD, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the lease of 1,270 square feet of space at Bressi Village, located at 2623 Gateway Road in Carlsbad. Cravory Holdings LLC signed a five-year lease with a consideration of $364,100 for the space where it plans to open a bakery. Stewart Keith and Bill Thaxton of Flocke & Avoyer represented the lessor, while Greg Bowman of Cushman & Wakefield represented the lessee in the deal.
LEBANON, TENN. — HSA Commercial Real Estate has partnered with Boston-based Great Point Investors LLC to co-develop a 652,000-square-foot speculative industrial building at Commerce Farms Business Center in Lebanon, a suburb of Nashville. Situated on 41 acres at the junction of State Route 840 and Highway 109, the distribution center will feature 32-foot clear heights, 116 truck docks, two drive-in doors and parking for 84 trailers and 257 cars. The partnership is scheduled to break ground on the facility later this month, with delivery planned in the first quarter of 2017. HSA Commercial and Great Point Investors have retained NorthStar Real Estate Advisors to oversee the marketing and leasing of the distribution center. The design team includes Chicago-based general contractor Premier Design + Build and architect Harris Architects Inc. HSA Commercial previously partnered with Great Point Investors to build a 220,000-square-foot distribution center near Indianapolis and a 218,500-square-foot spec industrial facility in north suburban Chicago.
SAVANNAH, GA. — The Southeastern Investment Sales Team has brokered the $49 million sale of Market Walk, a 255,000-square-foot shopping center in Savannah. Built in 2015, the center was 94 percent leased at the time of sale to tenants including Kroger Marketplace, Dick’s Sporting Goods, Buffalo Wild Wing, Jason’s Deli, Chipotle Mexican Grill, Edwin Watts and West Marine. Ryan McArdle, Steve Collins and David Rivers of Southeastern represented the undisclosed seller in the transaction.
SANDY SPRINGS, GA. — Pollack Shores Real Estate Group plans to develop 425 apartment units and 10,000 square feet of retail and restaurant space neighboring the Palisades office park in Sandy Springs. Pollack Shores purchased a site adjacent to the office park at 5901 Peachtree-Dunwoody Road for an undisclosed amount. Upon completion, the one-, two- and three-bedroom units will feature plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. The redevelopment is expected to be complete by winter 2018. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the residential portion of the property. Pollack Shores is also absorbing most of the costs for infrastructure improvements in the area, including the addition of an east-west connector between Peachtree-Dunwoody Road and Perimeter Center Parkway that will allow traffic to directly access the new 2.2 million-square-foot State Farm Insurance regional headquarters expected to open in late 2016.
LOUISVILLE, KY. — The Cordish Cos. has signed a lease with celebrity chef Guy Fieri for his new dining concept, Guy Fieri’s Smokehouse. The new barbecue restaurant will open to the public in September at Fourth Street Live!, a 350,000-square-foot dining and entertainment destination in downtown Louisville. Designed by Boston-based Niemitz Design Group and Louisville-based Bravura Architects, the restaurant will feature 6,700 square feet of dining space, 117 interior seats, 79 outdoor patio seats, two large meat smokers and an indoor/outdoor bar. Other dining concepts at Fourth Street Live! include Birracibo by Junior Bridgeman, Jim Beam Urban Stillhouse, Bourbon Raw, Goose Island Beer Bridge, Gordon Biersch Brewery Restaurant, Brazeiros Churrascaria Brazilian Steakhouse and Eddie Merlot’s.