CHICAGO — Jameson Commercial Real Estate has brokered the sale-leaseback of a mixed-use property in Chicago’s Fulton Market district for $1.7 million. The building, which consists of 6,000 square feet of office and retail space, is located at 1360 W. Lake St. A longtime occupant of the building, the seller was a distributor of medical devices for the orthopedic and arthroscopic markets. An East Coast-based investor was the buyer. Ari Topper of Jameson brokered the transaction.
RENO, NEV. — Construction is underway on the Towers at Pink Hill, a mixed-use development located near the University of Nevada, Reno campus. The four-story development is the flagship project for Pink Hill Properties LLC, founded by University of Nevada basketball teammates Kevinn Pinkney and Garry Hill-Thomas. The community will offer 23 units atop three restaurants and retail space. The architect for the development is Studio HBA, Reno, and the general contractor is TFP Inc. Greater Nevada Credit Union provided financing for the development, which is scheduled to open later this year.
REDLANDS, CALIF. — UCR has announced plans to develop the 340-unit the Crossings at Redlands apartment community. The luxury development will be situated at the northeast corner of Lugonia Avenue and Nevada Street in Redlands. It will be positioned directly adjacent to the 306-unit Circa2020 complex. Construction will commence on the Crossings at Redlands this spring. The move-in phase will begin in early 2018. The community will offer layouts ranging from studios to home-style carriage units. First RC Corp. will build the community, which Miller Architectural Corp. designed.
LOS ANGELES — Industrial Property Trust (IPT) has purchased a 104,335-square-foot industrial facility in an unincorporated area of Los Angeles for $12 million. The facility is located at 18554 S. Susana Road. IPT plans to carry out a $2 million renovation before offering the property for lease. Michael Collins of Daum Commercial Real Estate represented IPT in the deal. Robert Colacion of Gateway Business Properties represented the seller, the Ahmadinia Family Trust.
BURBANK, CALIF. — Co-working office space provider WeWork will open a 75,000-square-foot location in Burbank. The space will be located at 3900 W. Alameda Ave. in the city’s Media District. It will sit adjacent to the Walt Disney Co., Warner Bros. Studios and ABC Television. The space is located within the 31-story, Class A office building called The Tower, which boasts a renovated lobby, large-scale artwork, cafe, gym and pool table. The co-working space will include shared kitchens, private offices, brainstorming rooms and a green room for editing or filming needs.
MIAMI — Ytech-1428 Brickell LLC, an investment affiliate of Ytech International, has acquired the 100,762-square-foot BankUnited Office Building located at 1428 Brickell Ave. in Miami’s Brickell district. The purchase includes $26.5 million for the real estate and “tens of millions of dollars more” to settle claims and non-real estate matters. The transaction also includes development rights for up to 80 stories and 825,000 square feet of mixed-use space. Ytech provided the immediate capital to stave off the impending foreclosure, and in a series of separate transactions and agreements involving both the real estate and non-real estate matters, Ytech and its outside general counsel, Stuart Kapp of Kapp Morrison LLP, negotiated to bring an end to years of litigation that included claims by neighboring property owner Walter DeFortuna, lender ESJ Capital Partners and New York investor Shahab Karmely. Ytech International is a Miami-based real estate investment and development company that has invested in, developed and redeveloped more than 7,000 residential units in the Southeast over the past decade.
MABLETON AND LAWRENCEVILLE, GA. — Avison Young has arranged the sale of two shopping centers located in metro Atlanta. The dispositions include The Village Shoppes at Creekside, a 212,654-square-foot shopping center located in Lawrenceville, which sold for $18.5 million; and The Plaza at Mableton, a 63,367-square-foot shopping center located in Mableton. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the Lawrenceville transaction. Johnson also represented the seller, Plaza of Mableton LLC, in the Mableton transaction. The buyers and purchase price of Plaza at Mableton were undisclosed.
JACKSONVILLE, FLA. — Berkadia has arranged the $12.8 million sale of Avesta Townsend, a 208-unit, garden-style apartment community located at 3450 Townsend Blvd. in Jacksonville’s Arlington neighborhood. HH Townsend LLC purchased the property from 3450 Townsend LLC, an entity controlled by Avesta Communities. Built in 1970, the property features a community swimming pool, laundry facility, clubhouse with a recreation room and fitness center, tennis court and a playground. The seller has invested nearly $3 million in interior and exterior renovations at Avesta Townsend since 2012. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia represented the seller in the transaction. Justin Ownby of Berkadia assisted in the acquisition financing on behalf of the buyer.
MURFREESBORO, TENN. — NorthMarq Capital has arranged a $6.1 million acquisition loan for Abbington at Stones River, a 96-unit affordable housing community located at 1335 Bradyville Pike in Murfreesboro, a suburb of Nashville. John Reed of NorthMarq’s Omaha office arranged the 18-year loan with two years of interest-only payments followed by a 35-year amortization schedule. The loan was financed through Freddie Mac’s Tax-Exempt Loan program and includes a facility for a moderate rehab of the property.
ATLANTA — Atlanta-based Bull Realty has brokered the $5.5 million sale of three retail properties totaling nearly 21,000 square feet in Atlanta’s Grant Park neighborhood. Graveyard Retail LLC purchased the assets from Hangar LLC and White Front LLC. Located at 415 and 421 Memorial Drive and 304 Oakland Ave., the properties are leased to tenants such as Tin Lizzy’s, Ria’s Bluebird Café, Java Cat, Express Cleaners, My Friend’s Growler Shop, Mezcalito’s and House of Blended Ink Studios. The properties are situated across the street from the Historic Oakland Cemetery and nearby mixed-use residential developments including The Leonard, Oakland Park and The Jane. Andy Lundsberg of Bull Realty represented the sellers in the transaction.