SANTA MONICA, CALIF. — Hersha Hospitality Trust has purchased the 77-room Ambrose Hotel in Santa Monica for $47.5 million. The hotel is located at 1255 20th St. The Ambrose Hotel is situated within Santa Monica’s 7.9 million-square-foot office market. It is also near Silicon Beach, which includes notable employers like Google, Facebook, Apple, IMAX, Hulu and Riot Games. Hersha utilized 1031 exchange proceeds from the recent sale of two suburban Boston hotels to fund the Ambrose acquisition.
IRVINE, CALIF. — Cavium has leased a four-story building within Irvine Co.’s new NextGen campus at Sand Canyon Business Center in Irvine Spectrum. The semiconductor product provider recently acquired networking and storage provider QLogic Corp., which will occupy the new space next summer. QLogic will join AutoGravity, an automotive financing firm that has leased 40,000 square feet in the project’s other four-story building. With these two leases, the NextGen campus is now 70 percent pre-leased. Jeff Hoffman and Tracey Solari of Newmark Cornish & Carey and Greg Tippin, Stacy Garcia and Byron Foss of Newmark Grubb Knight Frank represented Cavium in the transaction.
VANCOUVER, WASH. — Senior Living Investment Brokerage has arranged the sale of a 48-unit assisted living community in Vancouver, just across the Columbia River from Portland, Ore., for $7.5 million. A regional company received the community out of bankruptcy and sold it to a regional owner-operator. The new owner plans to invest in improvements, including converting some employee apartments into units for more residents. The community was built in 2013. The name was not disclosed. Matthew Alley, Jason Punzel and Jeff Binder of Senior Living Investment Brokerage arranged the deal on behalf of the seller.
COLLEGE PARK, GA. — Air Realty LLC and H.J. Russell & Co. are set to open Phase I of ThePad On Harvard, an $80 million mixed-use development within 400 feet from the College Park MARTA Station. Phase I will feature 109 apartment residences and will open at the end of the month. ThePad On Harvard’s multifamily component is the first new apartment development in College Park in 40 years. Situated at 1777 Harvard Ave. two blocks from downtown College Park, the transit-oriented development will be built in four phases. Upon completion, the project will feature multifamily residences, retail space and an Aloft hotel. Phase II is the Aloft hotel and will break ground in the first quarter of 2017. Rod Mullice, co-founder and managing partner of Air Realty, will be honored by the College Park Business and Industrial Development Authority as its New Business Developer of the Year this Thursday at College Park City Hall.
FORT MILL, S.C. — LPL Financial has opened its new Carolinas campus in Fort Mill, a suburb of Charlotte in South Carolina. Designed by tvsdesign, the 27-acre campus includes 450,000 square feet of office space in two buildings and features net-zero water design strategies, tree save areas, efficient HVAC systems and natural light. The Atlanta-based architect expects the campus to receive LEED Gold certification. The campus consolidates LPL Financial’s 1,400 employees previously working in four separate locations in metro Charlotte. Situated within the Kingsley Park mixed-use development, LPL’s campus includes sit-to-stand adjustable work stations, a fitness center, health clinic, cafeteria, two miles of walking trails, community garden, outdoor sports court, game room, waterfront plaza, 12 EV charging stations, bicycle storage and a bicycle sharing program.
RICHMOND, VA. — Boston-based GID Investment Advisors has sold Windsor Business Park, a 341,960-square-foot, six-building industrial park located on a 62-acre tract at 8550-8570 Magellan Parkway in Richmond. Bethesda, Md.-based Fernau LeBlanc and co-investor John B. Levy & Co. Inc. purchased the asset from GID for $33.3 million. John B. Levy & Co. was the debt advisor and placed the majority of the equity through its affiliate Pickwick Capital. Eric Robison, Evan Magrill and Dean Meyer of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Windsor Business Park was 97.5 percent leased at the time of sale to tenants such as Bon Secours Health System, CVS and GPM Investments.
NEW ORLEANS — CBRE has arranged a $32.5 million loan to refinance 925 Common, a 15-story apartment building in downtown New Orleans. Built in 1952 as offices for Shell Oil, the building was converted to a 108-unit multifamily development in 2006. The sponsor, Belmont Commons LLC, recently completed extensive renovations at 925 Common, including adding 91 units, a new rooftop infinity-edge pool, new fitness center and an expanded parking garage. The property’s 10,400 square feet of ground-level retail space was also activated to include a Rooster Club Barber Shop and Goldberg’s Bagel Co. & Deli. Jonathan Rice of CBRE’s Atlanta office arranged the 10-year loan through Benefit Street Partners. 925 Common is situated in the central business district of New Orleans and is adjacent to The Roosevelt and across from Canal Street and the French Quarter.
WILMINGTON, N.C. — Childress Klein has begun construction on Element Barclay, a new 402-unit apartment community situated within the mixed-use Barclay development in southwest Wilmington. Phase I will feature 258 units. Located along South 17th Street, Element Barclay will feature a clubhouse, resort-style saltwater pool, bocce ball court, dog park and outdoor fireplaces and grilling areas. The community will be within walking distance of Halyburton Park and adjacent to The Pointe at Barclay, a new retail development that will feature a 14-screen movie theater, restaurants and stores. The development team includes general contractor Harold K. Jordan & Co Inc., architect Rule Joy Trammell + Rubio, civil engineer Hanover Design Services and hardscape and landscape designer Mihaly Land Design. The first units at Element Barclay are expected to be available for occupancy in the summer of 2017, and leasing will begin in the spring of 2017.
NEW YORK CITY — A joint venture between Trinity Place Holdings and Pacolet Millliken Enterprises has acquired The Berkley, a newly built apartment building located at 223 N. Eighth St. in Brooklyn’s Williamsburg neighborhood, for $68.9 million. The purchase was capitalized by a $42.5 million interest-only senior loan from Freddie Mac at a spread of 216 basis points above LIBOR. The property features 95 units with in-unit washers/dryers, individual HVAC controls and walk-in closets. On-site amenities include a rooftop sun deck, two-story fitness center, outdoor yoga lawn, outdoor central courtyard, tenant storage, parking and views of the Manhattan skyline. The name of the seller was not released.
Carter Validus Mission Critical REIT II Acquires 89,000 SF Medical Building in New Jersey for $63.6M
MARLTON, N.J. — Carter Validus Mission Critical REIT II Inc. has acquired Select Medical Rehabilitation Facility in Marlton for $63.6 million. Built in 1995, the three-story rehabilitation building offers 89,000 rental square feet and is net leased to Kessler Institute for Rehabilitation Inc., a subsidiary of Select Medical Holdings Corp. The tenant offers a variety of services including inpatient physical, occupational, speech and recreational therapy and outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehabilitation and vestibular therapy. The name of the seller was not released.