SAN DIEGO — Jonathan Segal FAIA & Development Co. has received $12.5 million in permanent financing for Mr. Robinson, a newly constructed mixed-use residential and retail project in San Diego’s Hillcrest neighborhood. HFF secured the 15-year, fixed-rate loan for the borrower and developer through Aegon USA Realty Advisors. Completed in 2016, the 42,923-square-foot Mr. Robinson features 36 apartment units, two ground-floor retail units with large outdoor patio spaces and a parking garage. The two- and three-bedroom residential units average 1,080 square feet. Aldon Cole of HFF secured the financing for the borrower.
PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Lamplight Inn, a 114-unit assisted living community in the Phoenix suburb of Peoria, for $5.4 million. The seller was a private ownership group looking to divest non-core assets. The buyer was not disclosed. The sales price equates the $48,000 per unit. Jacob Gehl and Ben Firestone were lead advisors on the transaction.
ST. PAUL, MINN. — Dougherty Funding LLC has provided an $18.2 million loan for an 11-story, 155,511-square-foot mixed-use building. Lowery Building LLC will use the loan proceeds to refinance and renovate the building. Lowery Square Building was constructed in 1926. The building previously operated as the Lowery Hotel and currently contains 135 apartment units, three floors of office space leased to the Ramsey County Attorney’s Office and to-be-built first-floor and rooftop restaurants. The building is connected to the downtown St. Paul skyway system and is located in the St. Paul central business district.
BARTLETT, ILL. — Ridge Development, the industrial development arm of Transwestern Development Co., has unveiled plans to develop a 271,200-square-foot speculative warehouse building in the Brewster Creek Business Park in Bartlett, approximately 35 miles northwest of Chicago. The 14-acre project, called Ridge Brewster Creek, will be owned by a joint venture between Ridge Development and Diamond Realty Investments Inc., the real estate investment arm of Mitsubishi Corp. Groundbreaking for the building is scheduled for March 2016 with delivery expected in September 2016. Located at 1331 – 1337 Schiferl Road, Ridge Brewster Creek will feature 32-foot clear heights, 36 exterior docks, four drive-in doors and ample automobile parking. Brewster Creek Business Park, a mixed-use business park on 670 acres, is located at the intersection of County Road 29 and Munger Road. Triumph Construction Services Corp. will serve as the project’s general contractor, and Harris Architects Inc. will provide architectural services. Eriksson Engineering Associate Ltd. will provide civil engineering services.
CHICAGO — Interra Realty has brokered the $3.5 million sale of a 52-unit multifamily property in Chicago’s South Shore neighborhood. The apartment building, located at 7255-71 South Shore Drive, sold for more than 94 percent of list price with a per-unit cost of $68,269. A local investor purchased the asset from an undisclosed buyer. Dan Byrne of Interra Realty represented both parties in the transaction.
AGOURA HILLS, CALIF. — Lee & Associates-LA North/Ventura has brokered a 45,000-square-foot lease for a built-to-suit LA Fitness at 29431 Agoura Road in Agoura Hills. Selleck Development Group (SDG) is developing the LA Fitness facility, along with a 4,000-square-foot freestanding pad, which was approved by the Agoura Hills City Council in January. The full service health club will feature a pool, racquetball courts, basketball and volleyball courts, free weights, cardio, spinning and a kid’s club. The 4,000-square-foot retail portion of the development can be divided to accommodate units as small as 1,000 square feet. Mike Tingus and Grant Fulkerson of Lee & Associates represented the owner and developer, Selleck Development Group, in the transaction.
ELGIN, ILL. — Darwin Realty has arranged two leases totaling 291,520 square feet within the DCT Business Center in Elgin, approximately 40 miles northwest of Chicago. An international manufacturing company leased 150,550 square feet at 305-325 Corporate Drive and 140,970 square feet at 350-370 River Ridge Road. Noel Liston and Brendan Sheahan of Darwin Realty represented the landlord, DCT, in the long-term lease transactions. Mike Fonda of Avison Young and Jimmy Cohoat of Summit Realty Group represented the tenant.
VISALA AND SALINAS, CALIF. — DSW Inc., a footwear and accessories retailer, plans to open two new stores in Northern California. The stores will be situated in Visala and Salinas. The new outposts are part of a nationwide 14-store expansion. The stores will open between March and May of this year. As of February 22, 2016, DSW operated 468 stores in 42 states.
KENOSHA, WIS. — Sherwin-Williams Co. has leased 10,000 square feet of industrial space in Kenosha, approximately 35 miles south of Milwaukee. Sherwin-Williams will occupy space at the Business Center of Kenosha, which is located within the Business Park of Kenosha. The space being leased will serve as warehouse and distribution space for the paint products and materials company. Kevin Vernick of Vernick & Associates Ltd. represented Sherwin-Williams in the transaction. Sergio Chapa, Chelsea Couette and Michael Kleber of Newmark Grubb Knight Frank represented the landlord, Zilber Property Group.
MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …