Property Type

The Micropolitan at Urban Lights Multifamily Community in Los Angeles Sells for $27.1M

by Nellie Day March 24, 2016

LOS ANGELES — A private 1031 exchange investor has purchased The Micropolitan at Urban Lights, a 45-unit multifamily community in the Miracle Mile submarket of Los Angeles, for $27.1 million. The community is located at 739 S. Ogden Drive. The Micropolitan was built in 2015. It is situated near the Los Angeles County Museum of Art, and is within a two-minute walk of the Los Angeles Metro Purple Line station, which will soon debut. Ron Harris and Paul Darrow of Institutional Property Advisors represented the seller, Micropolitan, a subsidiary of Psomas, in this transaction.

March 24, 2016

Arizona Multifamily Seniors Housing Western

Mainstreet Unveils Plans to Build, Operate $21.9M Skilled Nursing Facility in Phoenix

by Nellie Day March 24, 2016

PHOENIX — Mainstreet, a skilled nursing developer based in Indiana, has revealed its plans for a skilled nursing facility in Phoenix. It was announced earlier in March that Mainstreet had bought a plot in West Phoenix’s Algodon Medical Office Park for $1.7 million. The company has now released its plan to build a $21.9 million skilled nursing facility on the land. The facility will feature 94 beds in a 67,697-square-foot building, and offer assisted living in addition to skilled nursing. When completed in early 2017, it will be the first community managed by Mainstreet Health, Mainstreet’s new operational arm. In conjunction with the plans, Mainstreet Health hired Sonja Nelson as vice president of strategy and business development for Arizona. She will be responsible for developing the provider and payer relationships for this and any future Mainstreet developments in the state. She most recently served as director of strategy and planning for Banner Health.

March 24, 2016

California Retail Western

O’Reilly Auto Parts Changes Hands in Oakley

by Nellie Day March 24, 2016

OAKLEY, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant property in Oakley currently triple-net leased to O’Reilly Auto Parts. An investor from Northern California acquired the asset to complete 1031 exchanges. The 8,037-square-foot store is located at 100 E. Cypress Road. Jeremy McChesney of Hanley Investment Group represented the seller. Dan Diehl of Keller Williams Realty represented the buyer in this transaction.

March 24, 2016

Nevada Retail Western

Solar Array Now Complete Atop Future IKEA Store in Las Vegas

by Nellie Day March 24, 2016

LAS VEGAS — IKEA, a home furnishings retailer, has completed the solar installation atop its Las Vegas store, which will open on May 18, 2016. The project is the largest single-use retail rooftop solar array in Nevada, according to the company. The store’s 240,504-square-foot solar array comprises a 1.14 megawatt system, built with 3,620 panels, and will produce approximately 1.8 million kilowatt hours of electricity annually for the store — the equivalent of reducing 1,207 tons of carbon dioxide, the company claims. For the development, design and installation of IKEA Las Vegas’ solar power system, IKEA selected Helix Electric, an electrical contractor specializing in design-build electrical projects in the U.S. R&O Construction is managing the site work and building of the actual store.

March 24, 2016

Florida Seniors Housing Southeast

Capital Senior Living Buys Two Communities in Pensacola for $48M

by John Nelson March 24, 2016

PENSACOLA, FLA. — Capital Senior Living Corp. has acquired two seniors housing communities totaling 179 units in the Florida panhandle town of Pensacola for $48 million. The two communities are Carpenters Creek, which offers independent living and assisted living services, and Creekside, which offers memory care. Capital Senior Living will rename the communities under its “The Waterford” brand. Ryan Maconachy and Chad Lavender of HFF arranged the sale on behalf of the seller, San Diego-based Pacifica Senior Living. The properties were 93.9 percent occupied at the time of sale.

March 24, 2016

Florida Office Southeast

Cushman & Wakefield Arranges $30.1M Sale of Office Campus in Palm Beach Gardens

by John Nelson March 24, 2016

PALM BEACH GARDENS, FLA. — Cushman & Wakefield has arranged the $30.1 million sale of Corporate Center at the Gardens, a two-building, 113,565-square-foot office campus located at 4200-4400 Northcorp Parkway in Palm Beach Gardens. The property is situated on a 6.2-acre parcel within PGA Professional Center along I-95. The Class A campus was fully leased at the time of sale to tenants such as Garden of Life, Oxford Global Resources, Olympus Insurance Co. and Weiss Research Inc. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Jason Hochman of Cushman & Wakefield, along with Anthony Librizzi of CBRE, represented the seller, Lexington Palm Beach LLC, in the transaction. The buyer was a joint venture between Breakers Capital and Alchemy-ABR-BCP Gardens LLC.

March 24, 2016

Florida Retail Southeast

First Capital Property Group Brokers $17M Sale of Shopping Center in Orlando

by John Nelson March 24, 2016

ORLANDO, FLA. — First Capital Property Group Inc. has arranged the $17 million sale of The Village at Hunter’s Creek, a 52,537-square-foot shopping center located at 13526 Village Park Drive in Orlando. The center’s tenant roster includes Massage Envy, Edward Jones, Liberty Mutual, Firehouse Subs and Coldstone. Jean-Paul Beaulieu of First Capital represented the buyer, Village HC LLC, in the transaction. Sean Glickman of Colliers International represented the seller, GB BM2 LLC.

March 24, 2016

Office Texas

TPMC to Renovate Park Towers Office Complex in Houston

by Haisten Willis March 24, 2016

HOUSTON — TPMC Realty Corp. (TPMC) will lead a $16-plus million redevelopment of Park Towers, a set of two towers in uptown Houston located at 1233 W. Loop S. The renovation will include elevator bank corridors, restrooms, the lobby, fitness facilities and a conference center. Highlights include: Restrooms equipped with luxury hospitality-like finishes and automatic flushing, soap, water and hand towel dispensers; lobbies with welcoming concierge layout and four televisions, with updated security badge technology and Wi-Fi; conference center made of two interconnected rooms with Wi-Fi presentation technology connected to TVs in each room; New elevator cabs with Thyssen Krupp destination-based dispatch technology, touch screen kiosks and streaming TV monitors, and; lighting upgrades throughout tenant and common areas to incorporate LED bulbs. Bob Parsley of Principal of Colliers International is handling the leasing for Park Towers. The two towers combine for more than 300,000 square feet of Class A office space, with two blocks of 111,250 square feet spanning five floors and multiple options for exclusive tenant signage capabilities. The redevelopment should be finished by the end of the year. Ziegler Cooper Architects is the architect, and O’Donnell Snider Construction is the general contractor.

March 24, 2016

Mississippi Multifamily Southeast

SVN Arranges $12.4M Sale of Apartment Community in Gulf Coast Region

by John Nelson March 24, 2016

GULFPORT, MISS. — SVN has brokered the $12.4 million sale of Cambridge Apartments, a 201-unit apartment complex located in Gulfport. Built in 2004, the property features a resort-style swimming pool, covered grilling and picnic areas, business center with Wi-Fi access, sand volleyball court, self storage garages and on-site car care service. A private real estate investor based in the Northeast purchased Cambridge Apartments from Salt Lake City-based Realsource. Andrew Agee of SVN represented both the buyer and seller in the transaction.

March 24, 2016

Georgia Hospitality Loans Southeast

Alpha Alternatives Secures $13M Loan for New Cambria Suites Hotel in Downtown Atlanta

by John Nelson March 24, 2016

ATLANTA — Alpha Alternatives LLC has arranged a $13 million bridge loan for a new 141-room Cambria Suites hotel. The property, currently a vacant office building, is located at 110 Mitchell St. in downtown Atlanta. Alpha Alternatives arranged the loan on behalf of the unnamed borrower, which plans to break ground on the hotel conversion in the near future. Cambria Hotels, a Choice Hotels International brand, invested more than $3 million in equity for the project.

March 24, 2016

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