CHULA VISTA, CALIF. — Interstate 5 Center LLC has acquired a 71,490-square-foot retail center located at 1008 Industrial Blvd. in Chula Vista for $8 million. Toys ‘R’ Us occupies 42,540 square feet at the center, while two buildings totaling 28,950 square feet currently remain vacant. Chris Amble and Brian Chambers of Wells Fargo Bank arranged financing for the transaction. A redevelopment and lease-up is currently planned for the site.
DENVER — OliverMcMillan, in partnership with Invesco Real Estate, has acquired Clayton Lane, a mixed-use property located in Denver’s Cherry Creek North, for an undisclosed price. Whole Foods Market and Crate & Barrel anchor Clayton Lane, which features over 182,000 square feet of retail across six separate buildings. The property also features underground parking.
PAHRUMP, NEV. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Inspirations Senior Living, a 78-unit seniors housing community in Pahrump, approximately 60 miles west of Las Vegas. The seller and purchase price were not disclosed. Inspirations provides independent living, assisted living and memory care services in a two-story building. The community will retain its name as part of the deal. This is CPF’s second acquisition in Nevada, and seventh total community. Grace Management will take over operations. CPF is a Chicago- and San Francisco-based healthcare private equity investment firm.
BRASELTON, GA. — Ackerman & Co. plans to develop a 1 million-square-foot bulk distribution center in Braselton, roughly 50 miles northeast of Atlanta. Ackerman recently purchased the 107-acre site off of Broadway Avenue and BDC Parkway from Synovus Bank for $4.5 million. The site is situated less than two miles from I-85 and the Georgia Highway 211 interchange. The building, known as Braselton Logistics Center, will feature 40-foot clear heights, ductilcrete floors and parking for trailers and automobiles. Ackerman plans to deliver the property in the first quarter of 2017. Julian Brown of Transwestern and Brett Buckner of Ackerman & Co. will lease the asset. The design team includes architect Randall Paulson, civil engineer Elberly Associates and general contractor Conlan Co.
ATLANTA — Amli Residential, a Chicago-based apartment developer, has selected JE Dunn Construction to build AMLI Arts Center, a 26-story, 350-unit apartment tower in Midtown Atlanta. The property will feature studio, one- and two-bedroom apartment units, as well as a precast parking deck providing 543 spaces and an upper level pool amenity deck. Cooper Carry is serving as JE Dunn’s architect of record for AMLI Arts Center. JE Dunn is also building AMLI 3464 in Atlanta’s Buckhead district. The general contractor expects to finish construction on AMLI 3464 in late 2016 and AMLI Arts Center in November 2017.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the $38.1 million sale of a three-property multifamily portfolio in Charlotte. The 618-unit portfolio features apartment communities built between 1997 and 1999. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Mission Charlotte DST, in the transaction. LIV Apartment Partners LLC was the buyer. The properties include the 249-unit Mission Harris Pavilion located at the intersection of University City Boulevard and I-485, the 207-unit Mission Reedy Creek located on East WT Harris Boulevard and the 162-unit Mission Concord Place located off I-85 in the northern Charlotte suburb of Concord.
MIAMI BEACH, FLA. — Marriott Vacation Club, a brand segment of Marriott Vacations Worldwide, has purchased The Edgewater Hotel in Miami Beach’s South Beach neighborhood for $23.5 million. The company will rebrand the hotel as Marriott Vacation Club, South Beach and adopt the property into the Marriott Vacation Club Destinations Exchange Program. Located on the 1400 block on the north end of Ocean Drive, the hotel is within walking distance of South Beach and Lincoln Road, Miami’s high street retail destination. The hotel was originally built in 1936 and offers 49 studios and suites. The hotel will undergo renovations through 2016.
ORLANDO, FLA. — JLL has completed two new lease transactions totaling 309,400 square feet of warehouse distribution space in Orlando. The two tenants, Mattress Firm and Sherwood Bedding, will occupy adjacent 154,700-square-foot spaces in a brand new 478,400-square-foot cross-dock facility at Air Commerce Park, a 3 million-square-foot, 300-acre industrial park currently under construction just west of Orlando International Airport. Joe Hills and Josh Lipoff of JLL worked with Damian Riveria of E. Smith Realty Partners to represent the tenants in their respective lease transactions. Chicago-based Becknell Industrial, along with local planning consultants Mike Stuart and Florida Engineering Group, are developing Air Commerce Park.
AUSTIN, TEXAS — Castle Lanterra Properties (CLP) has acquired Villas Tech Ridge, a 350-unit apartment community in Austin. CLP’s managing director Austin Alexander has relocated to Austin to oversee the company’s operations in the market. Villas Tech Ridge is located just off I-35 and offers a mix of one-, two- and three-bedroom units. Built in 2008, the property was developed as part of the Austin Energy Green Builder Program, an environmentally driven program that requires special consideration for “green” and energy-saving opportunities. Units include open floor plans with nine-foot or vaulted ceilings along with granite countertops, mahogany cabinets, ceramic tile and vinyl plank flooring. The property features a pool with cabana, clubhouse, fitness center and pet park.
GRAND PRAIRIE, TEXAS — CBRE Capital Markets has brokered the sale of Terraces on the Parkway, a 297-unit multifamily community in the Dallas suburb of Grand Prairie. EB Real Estate Group purchased the asset from Terraces on the Parkway LP for an undisclosed price. Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller. The 263,555-square-foot asset, located at 1109 N. Carrier Parkway, was built in 1972. The complex includes 20 two-story residential buildings and offers efficiency, one-, two- and three-bedroom options. The community was 97 percent occupied at closing. Tenants have access to two pools with outdoor kitchens, a fitness center, updated resident center, dog park and soccer field. Interiors include black-on-black appliances, faux-wood flooring, faux granite countertops, glass tile kitchen backsplashes and two-inch blinds. Monument Real Estate Services will manage the property.
