ARLINGTON, TEXAS — KW Commercial has brokered the sale of an office and retail property located at 1215 W. Randol Mill in Arlington. Acupuncture & Allergy Center sold the 1,512-square-foot property for an undisclosed price. David Tuttle of KW Commercial represented the seller and procured the undisclosed buyer in the deal.
BANNING, CALIF. — Marinita Development Co. has broken ground on Phase II of Sun Lakes Village Shopping Center, a 95,000-square-foot shopping center located in Banning. Phase II of development will include an 8,000-square-foot building leased to Chipotle Mexican Grill, Mattress Firm and T-Mobile. Completion is scheduled for August.
COLUMBUS, OHIO — The Columbus Downtown Development Corp. is seeking a national developer for a 21-acre mixed-use project at the Scioto Peninsula along the city’s waterfront. A request for qualifications (RFQ) was released on Friday. The Scioto Peninsula mixed-use development will include residential, commercial, office, retail and cultural amenities. The goal is to transform downtown Columbus and its waterfront areas into an active live, work and play environment for residents and visitors. The project will encompass 3.1 million square feet, including 1,575 to 1,800 apartments, up to 840,000 square feet of office space, 180,000 square feet of retail space and up to 240 hotel rooms. The Scioto Peninsula, located near the Scioto River, will be anchored by the National Veterans Memorial & Museum, which is slated to open in 2018, as well as the COSI science museum. The development site is adjacent to the Scioto Mile, Columbus’ system of waterfront parks, with easy access to recreational trails connecting to The Ohio State University, Victorian Village and other Columbus neighborhoods. RFQ submittals are due on March 27. A developer is expected to be chosen in July, and the project is expected to break ground in the first half of 2018.
MISSION, KAN. — Berkadia has arranged the sale of the Bridges at Foxridge in Mission, just north of Overland Park. Berkadia also arranged the acquisition financing for the buyer, Landmark Realty of San Francisco. The seller was New York-based Sterling Equities. The sales price was not disclosed. Constructed between 1966 and 1973, the 317-unit apartment community is located at 5250 Foxridge Drive. Unit sizes average at 1,267 square feet. Community amenities include a swimming pool, fenced dog park, garages and carports, children’s playground, fitness center, tennis court and clubhouse with full kitchen, complimentary computers and Wi-Fi. Michael Sullivan, Grant Kollman, Brett Meinzer and Alex Blagojevich represented the seller in the transaction. John Schorgl originated the acquisition loan with Fannie Mae. The 10-year loan includes 36 months of interest-only payments.
IRVINE, CALIF. — Savills Studley has acquired Cresa Orange County. Savills Studley’s existing Irvine office and the former Cresa Newport Beach office will consolidate into a single workplace by mid-year. The group will continue to provide tenant representation, transaction management, project administration and workplace solutions. There will be an enhanced focus on industrial services and the Inland Empire. Savills Studley has recently acquired a number of other firms specializing in tenant representation. This includes offices in Seattle in 2016, and in San Jose and Palo Alto, Calif., in 2015. The firm also hired several teams in Phoenix and Denver earlier this year.
CHICAGO — Stan Johnson Co. has negotiated the sale of 400 S. Financial Place, a retail center in Chicago’s Loop, for $7.9 million. The property is one of only two one-story retail assets along West Van Buren Street in Chicago’s CBD. Brandon Duff, Brad Feller, Tom Fritz and Josh Pardue of Stan Johnson marketed the property on behalf of the seller, a local Chicago-based private investor group. The buyer, a partnership between North American Real Estate and Belgravia Group, purchased the property as part of a 1031 exchange.
OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has brokered the sale of 1.65 acres of land located at Metcalf 75 Shopping Center in Overland Park. The land was purchased by an undisclosed buyer and will be used to build a 16,870-square-foot medical facility. Metcalf 75 Shopping Center will be torn down to make way for the new medical facility. David M. Block and Darren Siegel brokered the transaction on behalf of the property owners. Cary Fox and Bill Shakelford of AREA Real Estate Advisors represented the buyer. Darren Siegel, David M. Block and Steve Caffey of Block & Co. also handled lease negotiations between the new buyer and the existing tenants to vacate the property. Block & Co. has been the leasing and property management company for Metcalf 75 Shopping Center since the 1970s.
MUSKEGON, MICH. — Signature Associates has arranged the sale of a 39,598-square-foot office building in Muskegon in western Michigan. The sales price was not disclosed. The property is located at 2389 Laketon Ave. Camcar Plastics, a full-service plastic injection molding company, purchased the building. Jim Olsen of Signature Associates represented the seller, Orchard View Public Schools.
WASHINGTON, D.C. — Skanska has completed the excavation and foundation work for 99M, an 11-story, 234,000-square-foot office building under construction in Washington, D.C.’s Capitol Riverfront neighborhood. The building will be situated at the corner of 1st and M streets within walking distance of Nationals Ballpark and Navy Yard-Ballpark Metrorail entrances and seven blocks from the U.S. Capitol. Set to open in 2018, the asset will feature about 11,000 square feet of retail and restaurant space, with two committed restaurants in place: CIRCA and Open Road. The property will also feature a green roof, rooftop terrace, fitness center, bicycle storage and four levels of underground parking. The excavation work began in November 2015. Skanska has five other development projects underway in the greater D.C. area: 2112 Pennsylvania Ave., RESA at Tyber Place, the First Street Tunnel, the headquarters facility for the District of Columbia Water and Sewer Authority and American University’s East Campus project.
ORLANDO, FLA. — Berkadia has arranged two loans totaling $55.5 million for two apartment communities in Orlando on behalf of the borrower, Insula Capital. The financing included the $41.5 million refinancing of The Glenn, a 396-unit apartment community off University Boulevard, and a $15 million acquisition loan for the 168-unit Landmark at Hailey Walk. Insula purchased Landmark at Hailey Walk from ELRH Investments for $18.6 million. The 10-year, floating-rate refinancing for The Glenn features an interest-only period, and the three-year loan for Landmark at Hailey Walk is interest-only for the full term. Mitch Sinberg, Michael Wallace and Matthew Robbins of Berkadia’s South Florida office arranged both loans through Freddie Mac’s Green Up program, and the financing for Landmark at Hailey Walk was also derived from Freddie Mac’s Value-Add program.
