NATIONAL CITY, CALIF. — Pacific Coast Commercial arranged the acquisition of a drive-thru building and lot located at 1825 Highland Ave. in National City. Sire Trust acquired the 800-square-foot building and 10,125-square-foot site from Officer Family Partnership for an undisclosed price. Weinerschnitzel restaurant occupies the building. Martin Alfaro of Pacific Coast Commercial represented the buyer, while Steve Rotsart of Coldwell Banker West represented the seller in the deal.
JOILET, ILL. — Hillwood, a Perot company, has acquired an 84.8-acre land site in Joliet for an undisclosed price. The company plans to develop Joliet Logistics Park, a 992,640-square-foot distribution center, on the site. With easy access to I-80 and I-55 and close proximity to BNSF and Union Pacific intermodal operations, the new spec facility will feature 36-foot clear heights, a cross-dock configuration, an ESFR fire protection system, 116 trailer parking spaces with an additional 150 remote spaces, and up to 222 auto space with another 310 available for future expansion. The park, which will have the capacity to expand to 1.5 million square feet, is slated for completion in mid-2017. FCL Builders will serve as the general contractor, and Traci Payette and John Suerth of CBRE will be leasing agents for the project.
STRONGSVILLE, OHIO — Meridian Design Build has started construction on a speculative flex building at 14700 Foltz Parkway in Strongsville. Situated on 21.8 acres, the multi-tenant building will feature 28 loading docks, two drive-in doors and 164 auto parking stalls. Additionally, the design of the building includes a thermoplastic polyolefin roof and LED lighting. The site also includes space for a future 195,137-square-foot building. The project developer is Scannell Properties. Precept Design is providing architectural services and Weber Engineering Services is providing civil engineering work.
CINCINNATI — KeyBank has provided a $3.9 million construction loan for the Sheakley Center for Youth in Cincinnati. The property will consist of a shelter unit and a housing unit. The shelter unit will contain 27,708 square feet of commercial space, including a day shelter, a 28-bed night shelter and street outreach offices and social services rooms, while the housing unit will include 39 studio and one-bedroom apartments. Greg Kiger of KeyBank’s Community Development Lending and Investment team arranged the financing for the undisclosed borrower.
KANSAS CITY, MO. — Block & Company Realtors has brokered the sale of Wornall Plaza, a shopping center located at 7960-7970 Wornall Road in Kansas City. Solar Success acquired the property from Wornall Plaza 91 LLC for $2.1 million The 13,320-square-foot center is fully occupied by Sherwin-Williams Paints, Papa John’s Pizza, 9Round Boxing, Cricket Wireless and 5th Avenue Cleaners. Dimitri Rodopoulous of Block & Company represented the seller in the transaction.
NOVI, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 2.8-acre industrial lot located on Heslip Drive in Novi. Alpha Industries sold the site to M.J.W. Investments for an undisclosed price. Phil Konopitski of Friedman represented the seller in the transaction.
LEXINGTON, KY. — National developer Miller-Valentine Group has begun construction on WaterStone at Hamburg, a 264-unit apartment community in Lexington. Located near the intersection of Man O’ War and Polo Club boulevards, the upscale apartment community will be situated adjacent to Hamburg Place, the largest shopping and dining area in central Kentucky spanning more than 2 million square feet of retail space. The first units are expected to deliver during the first quarter of 2017. Rents start at $990 per month for a one-bedroom apartment, $1,175 for a two-bedroom apartment and $1,365 for a three-bedroom apartment. Units at WaterStone at Hamburg will feature wood-plank flooring, private balconies and patios, laundry rooms, under mount sinks, dark wood cabinets, stainless steel appliances, quartz countertops and freestanding kitchen islands. Community amenities will include a heated saltwater pool, colonnade and porch lounge areas and an entertainment area including a bar, TV, grills, fire pit and two courtyards with additional grilling stations. A 5,500-square-foot clubhouse will feature a large reception room with a fireplace, coffee bar, TV lounge/media room, billiards room, kitchen area with two large islands for entertaining and a fitness center including a private yoga room. The community will also feature a private …
RESTON, VA. — The Chevy Chase Land Co. has purchased South Lakes Village, a 110,000-square-foot shopping center located in Reston, about 22 miles west of Washington, D.C. Chevy Chase Land acquired the Safeway-anchored property for $62 million through a 1031 tax deferred exchange from the sale of its Richmond office portfolio earlier this year. South Lakes Village’s tenant roster includes CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu.
WOODBRIDGE, VA. — Federal Capital Partners (FCP) has purchased Windsor at Potomac Vista, a three-story, garden-style apartment community located on Kristin Court in Woodbridge, about 30 miles south of Washington, D.C. FCP purchased the property from an undisclosed seller for $60.5 million utilizing a Fannie Mae loan provided by Wells Fargo. Built in 1987, Windsor at Potomac Vista includes a clubhouse with a fitness center and resort-style pool overlooking the Potomac River, as well as a cyber café and two playgrounds. Apartment interiors feature full-size washers and dryers, laminate hardwood floors, new cabinets and countertops, walk-in closets and breakfast bars. Walter Coker and Brian Crivella of HFF represented the seller in the transaction.
FORT LAUDERDALE, FLA. — Meridian Capital Group has arranged $56.1 million in construction financing for the development of a new dual-branded hotel located at 299 N. Federal Highway in downtown Fort Lauderdale. The property is slated to contain both a 209-room Tribute Portfolio hotel, named The Dalmar, and a 114-room Element by Westin hotel, both brands of Starwood Hotels and Resorts Worldwide Inc. The 23-story property will feature a rooftop lounge, sky lobby, infinity pool, gym, landscaped deck with a garden relaxation area, approximately 24,000 square feet of meeting space, coffee bar, restaurant, roughly 4,000 square feet of retail space on Northeast 3rd Street, as well as a 212-space parking garage. Ronnie Levine and Aggelos Sklavenitis of Meridian Capital’s New York City headquarters arranged the four-year construction loan with full-term interest-only payments through Bank of the Ozarks on behalf of the borrowers, Wurzak Hotel Group and DoveHill.