CHICAGO — CBRE has arranged a 40,254-square-feet office lease for Harrison Street Real Estate Capital LLC, which will occupy a 52-story tower currently under construction in Chicago. Harrison Street will relocate its headquarters from 71 S. Wacker Drive to River Point, located at 444 W. Lake St. The developer, Ivanhoe Cambridge & Hines, will deliver the building in 2016. Harrison Street will nearly double its current footprint when it begins occupying the space in the first quarter of 2017. Cal Wessman and Mark Cassata of CBRE represented the tenant in the transaction. Greg Van Schaack and Laura Hines of Hines represented Ivanhoe Cambridge & Hines.
CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.
LOUISVILLE, KY. — Molto Properties and Verus Partners have broken ground on Phase II of a 1.2 million-square-foot industrial complex in Air Commerce Business Park in Louisville. Phase II will consist of a 645,840-square-foot cross-dock industrial facility featuring 36-foot clear heights, trailer parking and car parking. Molto Properties pre-leased 74 percent of Phase I to Hillsdale Furniture and is seeking to lease the balance of the 622,426-square-foot building. Doug Butcher and Kevin Grove of CBRE are handling leasing for Molto, Pepper Construction is the general contractor on the project and Verus Partners is the local development partner. Phase I is scheduled to be completed by year-end, and Phase II is set to be delivered by October 2016.
MIAMI — HFF has arranged a $20 million loan for the refinancing of Vista Shopping Center, an 88,699-square-foot retail center located at 6400 N.W. 186th St. in Miami’s Miami Lakes neighborhood. Sedano’s Supermarket and Navarro Pharmacy anchor the center. Other tenants of the 97 percent-leased center include Catherine’s Fashions, Chipotle Mexican Grill, Clippers, Wing Stop, LA Nails, Bridgestone, Miral Jewelry, Jiffy Lube, Checkers and La Brasa Miami Gardens. Chris Drew and Jose Carrazana of HFF arranged the 10-year, fixed-rate loan through TD Bank on behalf of the borrower, an affiliate of Saglo Development Corp., a Miami-based developer. Loan proceeds will be used to retire the existing mortgage and make capital improvements to the property.
TAMPA, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Garden Isles Apartment Homes, a 300-unit apartment complex located at 6919 Bonair Drive in Tampa. Blue Rock Partners LLC purchased the multifamily community from Garden Isles Management Inc. for roughly $47,700 per unit. Built in 1971, the property’s community amenities include gated access, covered parking spaces, an onsite leasing office, 12 laundry facilities, fitness center, two swimming pools and a dog park. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.
CONYERS, GA. — Atlanta-based Reliant Real Estate Partners has brokered the $9.9 million sale of Conyers Logistics Center, a 201,403-square foot distribution facility in Conyers. The property is located at 2107 Eastview Parkway. Conyers Logistics Center was 100 percent leased at the time of sale to Cellofoam North America and Pioneer Plastics. An affiliate of STAG Industrial Inc. purchased the distribution center from Kansas City-based Block Real Estate Funds. Bob Burdell and J.R. Wright of Reliant Real Estate Partners represented both the buyer and seller in the transaction.
ATLANTA — Avison Young has brokered the $4.4 million sale of a 63,000-square-foot office building at 524 W. Peachtree St. in Midtown Atlanta. The new owner, 524 Peach LLC, plans to convert the office building into a 175-room, upper midscale hotel. Originally built in 1928, the new eight-story hotel is expected to be operational in the summer of 2017. Matt Tritschler, Phil Barry and Hilton Barry of Avison Young represented the sellers, Marconi Park LLC and Quarry LLC, in the transaction.
SANTA ANA, CALIF. — CBRE has negotiated the sale of McCalla Centre, a 110,620-square-foot neighborhood shopping center in Santa Ana. A San Diego-based private real estate investment fund manager acquired the property from an Orange County, Calif.-based private investor for $31.8 million, representing a 3.76 percent cap rate on high occupancy. Situated on 8.7 acres at 230 N. Harbor Blvd., the center was 97 percent occupied at the time of closing. Anchor tenants include Northgate Market and CVS/pharmacy. Philip Voorhees, James Slusher, Megan Wood, Brad Rable, Matt Burson and John Read of CRBE represented the seller and the buyer in the transaction.
SAN FRANCISCO — Chai LP has purchased a 34,400-square-foot industrial building in San Francisco for $14.2 million. The building is located at 2650 18th St. in the city’s Mission District. Weston Wear previously occupied the space, though Zesty just signed a new lease. Zesty is a catering company that delivers, sets up and serves restaurant-made meals to businesses throughout San Francisco. Weston Wear has relocated to 389 Oyster Point where it now occupies approximately 12,000 square feet. Jason James of TRI Commercial/CORFAC International represented Weston Wear, Zesty and the building’s seller in all transactions.
PEORIA, GOODYEAR and MESA, ARIZ. — Avanti Senior Living is developing three matching assisted living and memory care communities in Peoria, Goodyear and Mesa, all in the Phoenix metro area. Each 77,000-square-foot community will cost $15 million and house up to 150 seniors. Based in Texas, Avanti Senior Living owns, develops and operates luxury seniors housing communities. The company was launched in 2013 and has nine communities either completed or under development in Texas, Louisiana and Arizona.