LOS ANGELES — Ready Capital Structured Finance has closed a $9.1 million loan for the Hangars at Playa Vista. The property contains four separate industrial/office buildings that total 22,675 square feet in the Los Angeles submarket of Playa Vista. The funds will be used to refinance and renovate the property. Hangars at Playa Vista will undergo a complete renovation that will convert it to a creative office space catering specifically to the Silicon Beach tech corridor. The loan features a two-year term with a one-year extension and an 80 percent loan-to-cost ratio. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.
LOS ANGELES — Majestic Realty Co. has selected Strategy+Style Marketing Group and FFO Realty to lead marketing and leasing efforts for Los Angeles Outlets, a ground-up outlet center in City of Industry area of Los Angeles. The project includes a 353,000-square-foot Phase One and a 58,000-square-foot expansion.
SCOTTSDALE, ARIZ. — The Wolff Company, a private equity firm based in Scottsdale, has announced plans to begin development on six independent living communities in the first quarter of 2016. The developments are expected to break ground over the next six months in Issaquah, Lacey and Spokane, Wash.; Henderson, Nev.; Oxnard, Calif.; and Colorado Springs, Colo. Wolff intends to invest $300 million to $400 million annually in the development or acquisition of independent living and assisted living communities.
CLEVELAND, OHIO — Weston Inc. and Citymark Capital have unveiled plans for a 3 million-square-foot mixed-use development in Cleveland. The five-acre area is currently occupied by parking lots that will be converted into luxury apartments, retail facilities, restaurants and green spaces. The development will include 1,200 residential units with a rooftop bar, deck and pool; approximately 100,000 square feet of retail space; green spaces and covered garage parking. The project will be built in fours phases. Phase I will include 352 units, 22,000 square feet of retail and 390 parking spots. Developers hope to break ground on Phase I in the spring of 2016. The first phase is slated for completion in the summer of 2017. The development will be one block west of Cleveland’s Public Square. Gensler will serve as the primary architect for the project and Gilbane Inc. will perform the construction.
GREEN BAY AND APPLETON, WIS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of four Cottage Living assisted living and memory care communities in Green Bay and nearby Appleton for $18.4 million. Blueprint represented the undisclosed seller, which sold the properties to a non-traded real estate investment trust. At the time of sale, the portfolio was 92 percent occupied. The purchase price equates to approximately $150,000 per unit and there are 123 units. The buyer partnered with an operator from the West Coast. The portfolio will represent the new operator’s first entry into the Wisconsin market. Jacob Gehl of Blueprint was the lead advisor on the transaction.
CHICAGO — S Loop Chicago Development LLC has received approval from the Chicago Plan Commission to develop the first phase of a residential development located at the southwest corner of Grant Park in the city’s South Loop neighborhood. Phase I will feature a 76-story apartment tower to be designed by Rafael Viñoly Architects. The tower, 1200 S. Indiana, is slated to become one of the tallest residential buildings in Chicago. Phase I of the apartment building will feature 792 units, multiple amenity floors and a total of 622 parking spaces. The tower will provide options ranging from studios to three-bedroom units. The building will also include an indoor and outdoor pool, a fitness center and gathering spaces. The proposal for Phase II includes a 648-unit residential tower on the west end of the Phase I parcel and will be connected by ground-floor retail and parking at the base. The Phase III proposal calls for a 100-unit development. Once completed, the development will represent one of the final pieces within the Central Station master plan, a development that was previously stalled by the recession. S Loop Chicago Development purchased the three-acre site in 2012. Construction on the first phase of 1200 …
AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.3 million refinancing loan for Five Point Medical Office Building in Auburn Hills, approximately 33 miles northwest of Detroit, and is 53,000 square feet. Five Points Professional Office Building LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the CMBS loan.
FRANKLIN, IND. — May Realty Advisors has arranged the $1.1 million sale of a freestanding building net leased to Starbucks in Franklin, approximately 25 miles south of Indianapolis. Thomas Levin, a private investor, purchased the building from Elias and Anthony Rantisi. The building, which was constructed in 2004 and spans 1,850 square feet, is located at 2279 N. Morton St., in a shopping center anchored by Lowe’s and Costco. Starbucks has signed a 10-year lease. Matthew May and Richard Huelsman of May Realty Advisors represented the buyer in the transaction. Frank Swiss of Swiss Company Real Estate represented the seller.
ATLANTA — CBRE Strategic Partners U.S. Value 7 has purchased 7000 Central Park, a 415,490-square-foot, Class A office building located in Atlanta’s Central Perimeter submarket, for $85.3 million. The 18-story office building was 86 percent occupied at the time of sale. The property includes amenities such as an on-site management office, café, Wi-Fi lounge, conference facility, EV charging stations, outdoor lakeside dining area, covered parking and walkways and a 7,200-square-foot fitness center. The seller was a joint venture in which Parkway Properties Inc. owns a 40 percent interest.
MIAMI — Colliers International has brokered the $65 million sale of the Holiday Inn Port of Miami located at 340 Biscayne Blvd. in Miami. Roughly 1.1 miles from the Port of Miami, the hotel will be the site of the proposed World Trade Center of the Americas, a 77-story mixed-use project that will feature 400 condominiums, 240 hotel rooms, 270,000 square feet of retail space and 246,000 square feet of office space, according to the Miami Herald. The city of Miami’s Urban Design Review Board has approved site plans for the project. An entity run by Gilberto Bomeny, the developer of the World Trade Center of the Americas, known as 340 Biscayne Owner LLC purchased the site from Marina Park Inn LLC. Larry Stockton and Jeff Resnick of Colliers International’s South Florida office brokered the sale.