NORWOOD, OHIO — CBRE has arranged a 172,000-square-foot, long-term lease for CDK Global, the largest global provider of information technology and digital marketing solutions for the automotive retail industry. CDK Global will operate a national customer service center at Central Parke I & III in Norwood, approximately 10 miles northeast of Cincinnati. CDK Global will bring 1,000 full-time jobs to Norwood. Travis Likes and John Eckert from CBRE’s Cincinnati office, in addition to David Saad from the Chicago office, represented CDK Global in the deal.
COLUMBUS — SRS Real Estate Partners has brokered the sale of a retail property net leased to Champps Americana Restaurant in Columbus for an undisclosed price. The 10,582-square-foot restaurant is situated on two acres at 3993 Morse Crossing. Pickerington Square LP purchased the property, which is an outparcel to a power center. Kyle Stonis, Pierce Mayson, John Topping Jr. and Brad Gibbs of SRS Real Estate Partners represented the sellers, a group of tenant-in-common co-owners, in the transaction. The buyer was self represented.
MIAMI — Dilido Beach Resort LLC, a joint venture between Lionstone Development and Flag Luxury, has received a $210 million loan for the refinancing of The Ritz-Carlton South Beach. Greenberg Traurig and Eastdil Secured arranged the loan, which will be used for planned capital improvements to the hotel, through lenders Cantor Commercial Real Estate (CCRE) and Societe Generale. The 375-room luxury hotel was originally built in 1953, and has been restored to reflect the original Morris Lapidus design. Located within walking distance of Ocean Drive and Lincoln Road in Miami, the hotel features an oceanfront infinity pool with private day beds, the DiLido Beach Club, two restaurants, a $2 million art collection featuring established and emerging artists, a 16,000-square-foot spa and 20,000 square feet of conference space. The resort underwent a $10 million renovation in 2012, according to reports by the South Florida Business Journal. The restoration, led by Miami-based interior designer Linda Zarifi, included the redesign of its 375 guest rooms. “We are very pleased to secure this financing for our flagship hotel,” says Paul Kanavos, CEO and chairman of Flag Luxury. “South Beach is a vibrant and diverse hospitality market and we are proud to be the leaders …
AUSTIN, TEXAS — With approximately $4.8 billion in total sales volume and 133 individual transactions, 2015 has become the highest sales volume year in the history of the student housing sector, according to a year-end report by Austin-based brokerage FourPoint Student Housing Investments. The sales volume seen in 2015 surpassed the previous sales volume record — set in 2014 — by over $1 billion. Last year also saw a spike in pricing compared to 2014, with price per unit, per bed and per-square-foot all seeing a surge throughout the year. Much of this increase can be attributed to location. A large percentage of the product being delivered is located in core, urban areas with high rents and high development costs in order to maintain walkability to universities. The convergence of low U.S. Treasury rates and increased desire for student housing resulted in some of the most expensive trades and lowest capitalization rates ever recorded, according to the report. CMBS lenders continue to play a significant role in the overall capital markets space as well, as many of the CMBS-financed assets reach loan maturity. Congruently, many owners will put value-add properties up for sale, seeking to divest in a seller’s market. …
TORRANCE, CALIF. — Montana Avenue Capital Partners has purchased Torrance Pointe, a 145,280-square-foot office campus, for $25.4 million. The low-rise campus is located at 21041, 21061 and 21081 S. Western Ave. in Torrance. It is 97 percent leased to tenants like Honda Motor Company, AT&T and Hitachi Transport System. HFF’s Andrew Harper represented the seller, Amstar Capital, in this transaction.
PORTLAND, ORE. — George Smith Partners has arranged a $19.9 million bridge loan for the construction of a build-to-suit creative office campus in downtown Portland for sportswear supplier Under Armour. The 68,698-square-foot, special-purpose, single-tenant building formerly housed the local YMCA. It will be transformed into a 108,698-square-foot campus environment. Under Armour signed a 15-year lease at the property. The borrower and landlord were not disclosed. Malcolm Davies, Kyle Henrickson and Teddy Stutz of George Smith Partners secured the financing.
SAN DIEGO — American National Investments has acquired a restaurant building located at 369 10th Ave. in downtown San Diego’s East Village neighborhood. The 4,000-square-foot asset sold for $2.3 million. The buyer plans to operate a restaurant at the two-story property. Retail Insite represented the undisclosed seller in the transaction.
SANTA ANA, CALIF. — Newmark Grubb Knight Franck has arranged a new lease with Colorado Springs, Colo.-based Phenix Salon Suites. Phenix Salon Suites will occupy 7,000-square-foot at the newly constructed, single-tenant retail building. The new salon will open in September 2016. The 15-year lease is valued at $3.7 million. Randee Stratton of NGKF represented Phenix Salon Suites. The landlord is an entity of Red Mountain Retail Group.
TORRANCE, CALIF. — Simon Property Group has signed Dick’s Sporting Goods as an anchor for Del Amo Fashion Center in Torrance. The two-level, 83,000-square-foot store will be the largest Dick’s prototype store for its new design. The store will be located on the south portion of the center on the second and third levels of the former Macy’s, which was consolidated from three stores to two units last summer. The new Dick’s Sporting Goods is slated to open in spring 2017.
HOUSTON — Houston-based Baker Katz has broken ground on the redevelopment of two buildings totaling 33,000 square feet on a 4.5-acre tract. Baker Katz purchased the property in summer 2015 with plans to add new signage, update the parking lot and renovate the two buildings located near the cross streets of FM 1960 and West Lake Houston Parkway. Verizon Wireless will join the tenant mix in a 4,000-square-foot building. The 15 tenants currently occupying space will remain open during construction.