CLEVELAND — Cushman & Wakefield|CRESCO Real Estate has been selected as the exclusive leasing agent for Post Office Plaza, located at 1500 W. 3rd St. in downtown Cleveland. Built in 1934, the property offers 476,000 square feet of office space. Formerly the M.K Ferguson Building, the property originally served as Cleveland’s main post office and is listed on the National Register of Historic Places. The property is managed by Forest City Commercial Management.
STOCKTON, CALIF. — Capstone Development Partners and the University of the Pacific have broken ground on a 381-bed, on-campus residence hall in Stockton. The 158,000-square-foot development will include two four-story buildings consisting of 142 studio, two- and four-bedroom units. A 15,000-square-foot amenity space will offer social and study areas for residents. Mogavero Architects designed the $36 million project, which is scheduled to open for occupancy in January 2018. Sundt Construction has been tapped to build the facility.
GRESHAM, ORE. — DDR Corp. has acquired Gresham Town Center, a 296,186-square-foot mixed-use center located in the Portland suburb of Gresham, for an undisclosed price. The retail portion of the property is home to tenants including Best Buy, Bed Bath & Beyond, Craft Warehouse, Cost Plus World Market, Old Navy, Ulta Beauty, Panera Bread, Starbucks Coffee, Old Navy, Men’s Wearhouse, Baja Fresh Mexican Grill and Charming Charlie. The center also contains 12,289 square feet of office space. A 45,000-square-foot, single-tenant LA Fitness located north of the center was also included in the sale. Nick Kassab of HFF represented the seller in the transaction, Westlake Realty Group Inc.
CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors LLC has arranged the $6 million sale of 4989 Factory Shops Blvd., a 10,113-square-foot shopping center located in Castle Rock, roughly 30 miles outside of Denver. Tom Ethington and Rob Edwards of Pinnacle represented the undisclosed seller in the transaction. Tenants at the center include MOD Pizza, Jersey Mike’s Subs and AT&T.
BROOMFIELD, COLO. — Old Chicago Pizza & Taproom has signed franchise development agreements with three of its existing franchise partners to open nearly two dozen new restaurants. These agreements will grow Old Chicago’s footprint across eight states. Among existing franchise groups to sign new agreements are the Johnson Group, which has plans to bring three restaurants to Wyoming and Montana. Old Chicago operates in 24 states with more than 100 restaurants nationwide. Broomfield, Colo.-based CraftWorks Restaurants &a Breweries, Inc. is the largest craft brewery restaurant operator in the country with nearly 200 franchised and company-owned restaurants primarily operating under the Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants, Rock Bottom Restaurants & Breweries and ChopHouse & Brewery brands.
SANTA BARBARA, CALIF. — Santa Barbara-based brokerage firm Radius Commercial Real Estate & Investments has acquired Ventura, Calif.-based Hagelis Group – The Retail Property Advisors, as part of the firm’s effort to expand service and reach in the Tri-Counties. Hagelis will now operate under the Radius banner while maintaining its office at 4227 E. Main St in Ventura. Bill Hagelis and Linda Hagelis, co-founders, will take on roles as senior vice presidents at Radius. Additional Hagelis team members include Rob Devericks and Lisa Engel. With this acquisition, Radius now has 21 brokers.
WASHINGTON, D.C. — Skanska USA plans to invest $112 million for RESA at Tyber Place, a new 12-story multifamily development located at 22 M St. N.E. in Washington, D.C.’s NOMA neighborhood. Skanska USA is the developer and owner of the 326-unit project, which will be the multifamily component of Tyber Place, a three-building mixed-use development that Skanska is planning. The other components include more than 580,000 square feet of office space, more than 30,000 square feet of retail and restaurant space and an open-air courtyard. Skanska is aiming for LEED Silver certification for the new apartment building, which will feature 7,000 square feet of ground-floor retail space and a rooftop pool and lounge. Skanska USA will break ground in October with completion scheduled for fourth-quarter 2018.
ATLANTA — AdCare Health Systems Inc. has sold nine of its skilled nursing facilities in Arkansas for $55 million. The buyer was Skyline Healthcare, which operates the communities and is executing a purchase option on the lease. The purchase price consisted of $52 million in cash and a $3 million promissory note. AdCare leased the properties to Skyline on March 1, transitioning the properties from Aria Health Group. AdCare plans to use the proceeds for general corporate purposes, including the repayment of mortgage and other debt. AdCare is an Atlanta-based real estate investor largely focused on the skilled nursing sector. Following the sale, the company now owns, leases or manages 29 facilities.
FORT LAUDERDALE, FLA. — Stockbridge Capital Group has sold Cypress Park West I and II, a two-building, 225,757-square-foot office complex located at 6700 and 6750 N. Andrews Ave. in Fort Lauderdale. Hollywood, Fla.-based Naya USA Investment & Management purchased the office buildings from Stockbridge for $43.1 million. Ike Ojala, Hermen Rodriguez and Jorge Portela of HFF represented Stockbridge in the transaction. Situated on 18.5 acres adjacent to a Marriott hotel, the properties were 97 percent leased at the time of sale to Microsoft’s Latin American headquarters, Regus, Sprint, MSC Cruises and Southern Auto Finance Co. The complex’s amenities include an on-site café, conference facility, 24/7 security and a 660-space parking facility with electric vehicle charging stations.
BALTIMORE — A fund advised by CBRE Global Investors has purchased Brewers Hill, a two-building, 440-unit apartment community located at 3700 Toone St. in Baltimore’s Canton neighborhood. Built in 2013, Brewers Hill was 92 percent occupied at the time of sale and features 16,718 square feet of retail space. Community amenities include two courtyards with a resort-style swimming pool and private cabanas; a 10,904-square-foot clubhouse with a fitness center, resident lounge, demonstration kitchen, billiard room, screening room, two game rooms and a pet washing station; and outdoor entertainment areas with grills, fireplaces and dining spaces. The seller and sales price were undisclosed.