CHICAGO — AIC Ventures has acquired a six-building portfolio of distribution properties located in Chicago and the surrounding suburbs. The fully occupied, triple-net leased portfolio sold for $14.1 million. All of the properties have recent long-term, triple-net leases. Timothy McJilton and Brett Rodgers of Marcus & Millichap’s Chicago O’Hare office represented the undisclosed seller, while Patrick Dollaghan provided in-house representation for AIC Ventures in the transaction.
CHICAGO — New York City-based Castle Lanterra Properties (CLP) is renovating and rebranding a 424-unit apartment community in southwest Chicago. CLP has a $3 million upgrade and renovation program planned for the eight-building property, which has been renamed Midpointe Apartments. Upgrades include addressing deferred maintenance, roof replacement, new elevators and renovations to the property’s amenities, as well as individual unit renovations. Additionally, CLP has replaced lighting throughout the property with energy-efficient LED lighting. CLP acquired the property, formerly known as Southgate Apartments, in 2014.
PLAINFIELD, IND. — Poag Shopping Centers has selected Woolpert to provide design and engineering services for the $11 million redevelopment of its 600,000-square-foot retail center in Plainfield. The architecture, engineering and geospatial firm will plan for the reconfiguration of structural, mechanical, electrical, civil and underground utility systems at the shopping center. In October, Metropolis Lifestyle Center will be renamed The Shops at Perry Crossing. More than 44 stores and restaurants, including Dick’s Sporting Goods, JCPenney, Barnes & Noble, Old Navy and Carmike Cinemas, occupy the center. Construction began in July, with a grand reopening slated for this fall.
SAN FRANCISCO — A New York-based fund has acquired the Crossings @ 880, a 700,000-square-foot industrial project in San Francisco. The development is located near Interstate 880 and Dixon Landing Road in the Fremont submarket. The price was not disclosed. Construction commenced on the Crossings @ 880 last year. It was completed in the first quarter of this year. Notable tenants include Apple and Living Spaces. CBRE’s Rob Shannon, Darla Longo, Joe Kelly and Bob Ferraro represented the seller, Overton Moore Properties (OMP). OMP’s legal advisor was Elkins Kalt Weintraub Reuben Gartside LLP.
SAN DIEGO — Meridian Capital Group has arranged a $21.1 million acquisition loan for the purchase and improvement of Sorrento Court Shopping Center in San Diego. The borrower is The Festival Companies, a Los Angeles-based retail developer. The 36-month loan, provided by a debt fund, features full-term, interest-only payments, a floating interest rate and two 12-month extension options. Located at 9420-9460 Scranton Road, the 55,000-square-foot retail center features 17 quick-service restaurants and a variety of tenants, including Starbucks Coffee, Jamba Juice, Staples, Bank of America and J.P. Morgan Chase. At the time of closing, the center was 96 percent occupied. Seth Grossman and Andy Strauss of Meridian’s Carlsbad office negotiated the financing.
NEWCASTLE, WASH. — RPAI has acquired Coal Creek Marketplace, a 56,000-square-foot, grocery-anchored retail center located in the Seattle suburb of Newcastle. The center is currently 95 percent occupied and anchored by Quality Food Centers, a subsidiary of Kroger. Shane Garrison and Michael Hazinski represented RPAI in-house in the off-market transaction.
SACRAMENTO, CALIF. — NewMark Merrill Cos. has acquired the Food Source and Shops portion of the Valley Mack Plaza in Sacramento. Located at 6366 Mack Road, the Food Source and Shops location is a 64,171-square-foot building situated on 4.64 acres. Sands Investment Group sold the property for an undisclosed sum. Additional tenants at Valley Mack Plaza include dd’s discounts, Fallas Paredes, Rainbow Fashions, Auto Zone, Starbucks Coffee and McDonald’s.
NATIONAL CITY, CALIF. — Sperry Van Ness has arranged the $2.75 million sale of a 6,000-square-foot retail building located in National City. The property is an outparcel to South Bay Plaza Shopping Center. Chris Rink of CCIM and Katja Rada of Sperry Van Ness | Finest City Commercial represented the seller, Laundry Land Realty LLC, and the buyer, Plaza Boulevard 111 Partners LLC, in the transaction.
FORT WORTH, TEXAS — The final steel beam has been placed on the new Texas Health Huguley Hospital, signifying the project has reached its maximum height. The facility is both designed and constructed by Dallas-based The Beck Group and will be completed in summer 2016. The six-story facility will total 234,300 square feet and include a new public lobby on the ground floor, a women’s services floor with two C-section suites, eight labor and delivery rooms, 20 postpartum rooms and a nursery, three levels with medical/surgical units and 36 inpatient beds per floor.
SULPHUR SPRINGS, TEXAS — Marcus & Millichap has arranged the sale of Homespring Suites, a 60-room hospitality property located in Sulphur Springs. The terms of the sale were not released. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Cooper, Gomes and Miller also procured the buyer, a private investor. Homespring Suites is located at 1521 E. Industrial Drive. Built in 1999, the three-story, independent hotel is situated on 1.5 acres just off I-30. Amenities include an exercise room, outdoor pool, high-speed Internet access, meeting space and laundry facilities.
