HOUSTON — NAI Partners represented Nuera Transport in the lease of 14,000 square feet of industrial space located at 4555 Brittmoore Road in Houston. Jake Wilkinson of NAI Partners represented the tenant, Nuera Transport, while the landlord, Brittmoore Investments, handled negotiations themselves. Nuera Transport has an inventory of over 10,000 towing and trailer parts, accessories and components.
GALESBURG, ILL. — Peak Construction Corp. has begun construction on a new Holiday Inn Express & Suites in Galesburg for Janko Group. IHG is rolling out a new prototype design for the Holiday Inn Express & Suites brand and the three-story, 81-room hotel will be one of the first new prototype hotels. Design builder Peak Construction broke ground on the project in January. The new hotel is being built to replace an existing Holiday Inn Express & Suites in Galesburg. The wood-frame structure will feature a variety of room types, a fitness facility, an indoor pool, multiple meeting rooms and a lifestyle lounge and business center. Completion of the project is schedule for October. Ligthtowler Johnson Associates provided architectural services for the project. Janko Hospitality will provide hotel management services.
LOS ANGELES — Freddie Mac Multifamily has provided an $878 million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast. HFF arranged the financing for borrower Prime Residential. Funding will be used to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program. The 4,245-unit property is rent-controlled, with about 10 percent of the units having below market-rate rents. The community includes 18 high-rise towers and 175 garden-style apartment buildings on 144 acres. Approximately 10,000 residents live in the community. The apartment community includes 24-hour security patrol, courtyards, Wi-Fi cafes, fitness trails, a movie theater, hair salon and business and fitness centers. Originally built between 1944 and 1952, Park La Brea underwent renovations between 1995 and 2014. The 96.4-percent-leased complex is located at 6200 W. Third St., about seven miles west of downtown Los Angeles near the Miracle Mile district. Managing director Peter Smyslowski of HFF led and assembled the West Coast-based team that arranged the financing. The team included executive managing director Jody Thornton, senior managing directors Paul Brindley and Kevin MacKenzie and managing director Charles Halladay. Freddie Mac provides liquidity, stability and affordability to the nation’s residential …
BEAVERCREEK, OHIO — Shopoff Realty Investments has acquired Apple Valley Office Center, a three-building, 130,440-square-foot office campus in the Dayton suburb of Beavercreek. The acquisition was partially capitalized by Shopoff Strategic Income Fund, which closed to new investors on Dec. 31, 2014. Apple Valley Office Center includes a three-story, 55,024-square-foot building, a two-story, 29,916-square-foot building and a single-story, 45,500-square-foot building. The campus was built in 1985 on approximately six acres. Shopoff Realty Investments plans to make overall improvements to the property, including transforming vacant office suites into move-in ready speculative space for future tenants. Apple Valley Office Center’s anchor tenants include Northrop Grumman Systems Corp., a global defense and technology company, and MacAulay-Brown, a company that provides advanced engineering services and product solutions. The campus, which includes more than 500 parking spaces, is accessible via I-675, I-75 and I-70, as well as State Route 35.
LOS ANGELES — A joint venture between Bridge Investment Group Holdings and Starr Companies has acquired The Enclave, a 306-unit apartment complex in Paramount, for $61.1 million. The community is located at 13801 Paramount Blvd. in the Los Angeles submarket of Paramount. The Enclave was built in 1991. It is situated near four Metro lines. Notable employers in the area include the County of Los Angeles, RMI International, Kaiser Permanente, Bellflower Medical Center, St. Francis Medical Center and Lakewood Regional Medical Center. The seller, Kennedy Wilson, was represented by Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.
RANCHO CUCAMONGA, CALIF. — Victoria Gardens in Rancho Cucamonga will undergo a complete renovation throughout the 1.1-acre shopping center. The full streetscape renovation will take place along Monet Avenue. It will include the refurbishment of exterior building facades, the widening of sidewalk areas to accommodate new outdoor patio dining, the introduction of parklets and a newly designed plaza area that will include a street art program. The redevelopment will introduce new, modern landscaping, linear concrete pavers, updated lighting and new streetscape furniture. The center will install LED lighting and drought-resistant landscaping, offer several hot spots along Monet Avenue with free Wi-Fi, and focus on new fast-casual restaurants and cafes that will be incorporated into the active outdoor patio areas. Ferraez adds this renovation project will serve as the prototype for the rest of the center as it grows and matures. The redevelopment will commence this month. It is scheduled for completion in November.
LOS ANGELES — Gelson’s Markets has leased 248,304 square feet of space at Freeway Springs Logistics Center in the Los Angeles submarket of Santa Fe Springs. The space will serve as the market’s warehouse and distribution center. Freeway Springs is located at 13833 Freeway Drive. Gelson’s will also occupy 30,000 square feet of office space at the facility. The lease is valued at more than $20 million. The Encino, Calif.-based market will assume more than half of the center’s 463,060 square feet. Gelson’s was represented by Stephen Calhoun, Craig Stevens and Tyler Stevens of Colliers. The landlord, Freeway Springs LLC, a division of Golden Springs Development Co., was represented by Calhoun, along with Clyde Stauff and Christopher Sheehan.
ATLANTA — Atlanta-based Hotel Development Partners (HDP) and its joint venture partner, Atlanta-based Hotel Equities, have acquired a portfolio of seven select-service Marriott hotels in metro Atlanta and Macon. The joint venture purchased the portfolio from Houston-based Moody National for an undisclosed price. The seven hotels are Fairfield Inn & Suites in Macon, Fairfield Inn & Suites Alpharetta, Fairfield Inn & Suites Buckhead, Fairfield Inn & Suites Perimeter Center, SpringHill Suites Alpharetta, TownePlace Alpharetta and TownePlace Suites Kennesaw. HDP and Hotel Equities plan to invest $17 million in the portfolio for capital improvements. Hotel Equities will manage the seven hotels.
ROSEVILLE, CALIF. – PCCP LLC has acquired Stoneview Plaza, a 108,354-square-foot office building in Roseville, for an undisclosed sum. The building is located at 3001 Lava Ridge Court. It is currently 72.5 percent occupied. The property will be managed by Basin Street Properties, while leasing efforts will be handled by Newmark Cornish and Carey.
WEST CHICAGO, ILL. — Marcus & Millichap has brokered the $750,000 sale of Sandpiper Square, a 9,500-square-foot retail property located in West Chicago. Sandpiper Square is located at 142-162 S. Neltnor Blvd. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company. Kyle Stengle, Jacob Korman and Joseph Bergman of Marcus & Millichap’s Chicago Downtown office represented the buyer, a partnership.