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MultifamilyNorth CarolinaSoutheast

Inland Affiliate Acquires Apartment Community in Charlotte for $31.7M

by John Nelson

CHARLOTTE, N.C. — Inland Real Estate Acquisitions Inc. has facilitated the purchase of Vanguard Northlake, a newly built, 204-unit apartment community located at 11010 Northlake Landing in Charlotte. Matthew Tice of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. According to the Charlotte Business Journal, an affiliate of Covington Realty Partners sold the asset to Inland for $31.7 million. Vanguard Northlake’s unit interiors include granite countertops, 9-foot ceilings, walk-in closets, TVs built into the master bathroom mirrors, washer and dryer units and private balconies or patios. Community amenities include an outdoor saltwater pool, fitness center, outdoor grilling kitchen, fireside lounge, sundeck with cabanas, dog park, bicycle storage and a business center. The property was 95 percent occupied at the time of sale.

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North CarolinaRetailSoutheast

Crosland Southeast, Childress Klein Acquire 8.5 Acres in South Charlotte

by John Nelson

CHARLOTTE, N.C. — Crosland Southeast and Childress Klein have purchased an 8.5-acre site on Providence Road in south Charlotte from Crescent Communities. The joint venture plans to develop several single-tenant and multi-tenant retail buildings on the site. The site is adjacent to the planned Crescent Providence Farm apartment development and in close proximity to Waverly, a master-planned project that Crosland Southeast and Childress Klein are co-developing. Crosland Southeast and Childress Klein are partnering with the Matthews family on the project.

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ArkansasHealthcareSoutheast

Orion Capital Partners Breaks Ground on $8.5M Medical Office Building in Little Rock

by John Nelson

LITTLE ROCK, ARK. — Orion Capital Partners has begun construction on Cornerstone Clinic for Women, a 43,000-square-foot medical office building situated on the Baptist Health campus in west Little Rock. General contractor Bailey Construction and Consulting plans to deliver the asset in late summer 2017. Cornerstone Clinic will occupy the first floor of the building, and the second floor is still available for lease. Dr. Orman Simmons and Dr. Douglas Smith, founding partners of the clinic, were on-hand at the groundbreaking ceremony for the clinic, which represents the first new construction on the Baptist Health campus since 1999.

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HospitalityLoansLouisianaSoutheast

Kennedy Funding Financial Closes $1.5M Acquisition Loan for Site of Future Hotel, Hostel in New Orleans

by John Nelson

NEW ORLEANS — Kennedy Funding Financial has closed a $1.5 million acquisition loan for a 40,000-square-foot lot in the Bywater neighborhood of New Orleans. Fronting Charles Street and bounded by Mazant and Royal streets, the site houses a former seafood processing plant. The borrower, Pelican Royal LLC, plans to develop a 43-room, 32,000-square-foot hotel and hostel known as Stateside on the site. Slated to open in early 2018, Stateside will feature a laundromat, courtyard, pool, restaurant and bar and a coffee and juice shop.

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CaliforniaOfficeWestern

Sepulveda Center Office Tower in Los Angeles Trades for $68.2M

by Nellie Day

LOS ANGELES — An affiliate of Swig Co. has acquired Sepulveda Center, a 178,157-square-foot office tower in West Los Angeles, for $68.2 million. The Class A tower is located at 3415 S. Sepulveda Blvd. The 12-story property is 83 percent leased to a mix of media, technology and financial tenants. The new owner will implement a capital improvement plan that will update the lobbies, bathrooms and outdoor facilities. The plan will also expand the common building amenities. The seller was KBS Capital Advisors. HFF’s Ryan Gallagher, Andrew Harper and Michael Leggett executed the sale. The firm also worked on behalf of the new owner to secure a three-year, floating-rate loan through MetLife Real Estate.

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MultifamilyNevadaWestern

The Bascom Group Buys Trellis Park Crossroads Apartments in North Las Vegas for $35.3M

by Nellie Day

NORTH LAS VEGAS — The Bascom Group has purchased the 312-unit Trellis Park Crossroads Apartments in North Las Vegas for $35.3 million. The community is located at 3825 Craig Crossing Drive. Trellis Park was built in 2009. It is situated near the 95 and 215 freeways, less than 10 miles from the Las Vegas Strip. CBRE’s Brian Eisendrath and Annie Rice arranged a $31.5 million loan with Resource Real Estate Funding for the transaction. The firm’s Spence Ballif executed the sale.

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CaliforniaIndustrialWestern

Cornerstone Centre Industrial Facility in Rancho Bernardo Sells for $7.4M

by Nellie Day

SAN DIEGO — McEwen-Otay LLC and MP McEwen I LLC have acquired Cornerstone Centre, a 43,423-square-foot multi-tenant flex industrial property in the San Diego submarket of Rancho Bernardo, for $7.4 million. The facility is located at 10840 Thornmint Road. Cornerstone Centre was built in 1990. The building was fully occupied by six tenants at the time of sale. Mark McEwen of Colliers International represented the buyers. Randy LaChance, Brian Mulvaney and Josh West of Voit Real Estate Services represented the seller, CRP – 2 San Diego, in this transaction.

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ColoradoOfficeWestern

GolfTEC Leases 17,000 SF Office Space at Inverness Business Park in Englewood

by Nellie Day

ENGLEWOOD, COLO. — GolfTEC has leased 17,000 square feet of office/flex space at the Inverness Business Park in Englewood. The space is located at 67 Inverness Drive E. JLL’s Todd Roebken, David Welker and Mike Deatley represented the golf lesson provider. TJ Smith and David Hazlett of Colliers represented the landlord in this transaction.

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CaliforniaIndustrialWestern

ALDI Earns LEED Gold Certification for Moreno Valley Distribution Center

by Nellie Day

MORENO VALLEY, CALIF. — Leading grocery retailer ALDI has earned LEED (Leadership in Energy and Environmental Design) Gold certification from the U.S. Green Building Council (USGBC) for its environmentally sustainable distribution center and regional headquarters in Moreno Valley. According to USGBC, LEED projects are responsible for diverting more than 80 million tons of waste from landfills. Compared to the average commercial building, LEED Gold buildings consume a quarter less energy and generate 34 percent lower greenhouse gas emissions. To meet LEED Gold standards, ALDI worked with Graycor Construction Co. as a design-build partner along with architects and engineers to improve the design and materials used in the development of its distribution center and regional headquarters. The sustainable building features include: • Renewable energy from onsite solar panels that provide 60 percent of the electricity. • Ammonia refrigeration system, which is a naturally occurring element and highly energy-efficient. • Electric vehicle charging stations and bicycle racks that promote the use of greener methods of transportation. • Water-efficient landscaping and plumbing. Partners in the project include Graycor, HPA Architecture, Webber/Smith Associates, Inc., Gregg Electric, Inc., Air Control Systems, HSA Engineering Inc., Huitt-Zollars, Ridge Landscape Architects and KDI. Throughout the construction of its Moreno Valley warehouse, …

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500-montauk-highway-oakdale-ny
CivicNew YorkNortheastOffice

Amity University Buys 170-Acre University Campus in New York for $22.4M

by Amy Works

OAKDALE, N.Y. — Amity University, a non-profit international educational organization, has acquired St. John’s University’s 170-acre campus, located at 500 Montauk Highway in Oakdale for $22.4 million. The campus includes 11 buildings totaling 260,000 square feet. The acquisition enables the seller, St. John’s, to continue offering its existing academic programs under a lease agreement through June 2017 as Amity University assumes control of the property immediately. Helen Hwang and Karen Wiedenmann, formerly of Cushman & Wakefield, along with Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and David Pennetta of Cushman’s Metropolitan Area Capital Markets group, represented St. John’s in the transaction.

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