GREENFIELD, WIS. — Total Wine & Spirits has signed a 25,000-square-foot retail lease at 84South in Greenfield, a suburb of Milwaukee. The mixed-use development is being built on 48 acres near Interstate 894, according to the Milwaukee Journal Sentinel, the local newspaper. Phase I is slated to open this summer. Scott Satula and Dan Rosenfeld of Mid-America Real Estate represented the landlord in the transaction.
SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.
MIAMI — A joint venture between multifamily developer Morgan and Invesco has opened Pearl Dadeland, a 412-unit apartment community located at 7440 N. Kendall Drive in Miami. The community’s units average 841 square feet with a mix of studios and one-, two- and three-bedroom residences. The interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, oval soaking tubs, glass-enclosed showers, walk-in closets, full-size washers and dryers, Nest thermostats, USB charging ports, electronic key entry system and private balconies. Select apartments have 11-foot ceilings, island kitchens with a breakfast bar, double sinks in the master bath and a desk alcove. Community amenities include a fitness studio with a yoga room, TRX wall and Peloton Cycles; resort-style swimming pool with private cabanas, TVs and grilling stations; rooftop amenity deck; Wi-Fi-enabled clubhouse with a theater and gaming room; and a 4,000-square-foot park with a dog park. JPMorgan Chase provided construction financing for Pearl Dadeland. Morgan has another community, Midtown 29, under construction in Miami’s Wynwood/Midtown neighborhood and will break ground this month on a community in the Flagler Village neighborhood of Fort Lauderdale.
SPARTANBURG, S.C. — PMZ Realty Capital LLC has arranged a $24 million loan for The Spartanburg Marriott, a hotel in Spartanburg that features 240 rooms and seven suites. The property includes more than 30,000 square feet of meeting space, including 27 event rooms, three boardrooms and the 11,340-square-foot Heritage Ballroom. The unnamed borrower will consolidate its overall financing package into a single loan that features a fixed interest rate, according to Peter Berk of PMZ Realty Capital.
REISTERSTOWN, MD. — Greysteel has arranged the $19.9 million sale of Chartley Park-Landmark Shopping Center, a 144,000-square-foot retail property located at 1 Chartley Drive and 501 Main St. in Reisterstown. Gil Neuman of Greysteel represented the seller, Chartley and Landmark Shopping Center LLLP, and procured the buyer, MD Equities LLC. Situated in Baltimore County, Chartley Park-Landmark was 94 percent leased at the time of sale to tenants such as Brick Bodies, M&T Bank, Family Dollar, Boost Mobile, Citgo, ATI Physical Therapy and Metro PCS.
WINCHESTER, VA. — An affiliate of Baltimore-based Klein Enterprises has purchased Pleasant Valley Shopping Center, a 104,703-square-foot shopping center located at 2021-2065 S. Pleasant Valley Road in Winchester, for $15.9 million. Pleasant Valley’s tenant roster includes Hobby Lobby, Dollar Tree, Cici’s Pizza, Jimmy John’s, Staples and Verizon Wireless. The seller was undisclosed. The center is Klein Enterprises’ second venture in Virginia, joining a shopping center the developer built in Stafford in 2014.
LOS ANGELES — Coretrust Capital Partners has purchased Citigroup Center, a 914,000-square-foot office tower in downtown Los Angeles, for an undisclosed sum. The 48-story tower is located at 444 S. Flower St. in the Central Business District. Notable tenants at Citigroup Center include Citigroup, Morgan Stanley, Wells Fargo and Arco. The building also includes Equinox, Starbucks, Mendocino Farms and a Citibank branch. Rockefeller Group developed the project in 1981. AC Martin Partners was the designer. Coretrust plans to upgrade the building’s common areas and outdoor space. The property was purchased through Coretrust Value Fund I. The seller was a partnership advised and led by Hines.
LYNNWOOD, WASH. — Alaska Electrical Pension Fund has purchased Alderwood Business Center, a 10-acre office campus in the Seattle suburb of Lynnwood, for an undisclosed sum. The two-building campus is located at 3400 and 3500 188th St. SW. The Class A campus provides tenants with access to Interstates 5 and 405. It is near to the Lynnwood Transit Center. The buildings offer mountain views from all sides, newly remodeled lobbies, conference rooms and training rooms. JLL’s Stuart Williams and Lori Hill represented the seller, Embarcadero Capital Partners, in this transaction.
GLENDALE, CALIF. — Interstate Equities Corporation (IEC) has acquired the 126-unit Verdugo Village apartment community in Glendale for $54.2 million. The community is located at 1717 N. Verdugo Road. The property will be renamed Towne at Glendale. It was built in 1965 and renovated in 2007 to condo specifications, featuring high-end finishes and central air conditioning. The Towne at Glendale is currently 96 percent occupied. It will undergo a series of capital improvements to enhance and expand its existing amenities. Planned renovations include a major redevelopment of the main lobby and entrance, the installation of a new fitness center, upgrades to the movie theater and additional storage for residents. Adrienne Barr and Shane Shafer of Berkadia executed the transaction. HFF’s Peter Smyslowski arranged the acquisition loan, which CIT Bank provided. This is the seventh acquisition to date using IEC’s Institutional Fund III.
NORTHRIDGE, CALIF. — Waterton has acquired the 189-unit Candlewood North apartment community in Northridge for $43.5 million. The community is located at 9830 Reseda Blvd. The property contains three buildings totaling 166,910 square feet situated on 3.2 acres. Community amenities include an outdoor gazebo, two swimming pools, jacuzzis and a barbecue/picnic area. Notable employers in the area include Boeing, Rocketdyne, the Walt Disney Co., Anheuser-Busch, Nestlé and Health Net. Greg Harris, Kevin Green and Joseph Grabiec represented both the buyer and seller, Essex Property Trust, in this transaction.