Property Type

Stantec Begins Renovations of Berkeley Shore Hotel in Miami Beach

by John Nelson November 24, 2015

MIAMI BEACH, FLA. — Stantec’s Miami office has begun renovations of the Berkeley Shore Hotel, a historic hotel located at 1610 Collins Ave. in Miami Beach. The 45,100-square-foot redevelopment will comprise 96 guestrooms, a restaurant and the addition of a new 10-story tower with a rooftop Zen garden and pool. The tower will sit behind the existing structure and will resemble the original Art Deco exterior of the Berkeley Shore Hotel that opened in 1940. The hotel renovations are scheduled to wrap up in spring 2016.

November 24, 2015

Maryland Retail Southeast

H&R Retail Arranges 42,000 SF Lease with Dave & Buster’s in Metro D.C.

by John Nelson November 24, 2015

SILVER SPRING, MD. — H&R Retail has arranged a 42,000-square-foot lease transaction with Dave & Buster’s at Ellsworth Place in downtown Silver Spring, roughly six miles north of Washington, D.C. The entertainment venue and restaurant was previously located at the former White Flint Mall in Bethesda, Md. David Ward and Sean Harcourt of H&R Retail represented the landlord, Petrie Ross Ventures, in the lease transaction.

November 24, 2015

Office Southeast Tennessee

Marcus & Millichap Brokers $11.9M Sale of Office Building in Knoxville

by John Nelson November 24, 2015

KNOXVILLE, TENN. — Marcus & Millichap has brokered the $11.9 million sale of Farragut Pointe, a 71,406-square-foot office building located at 11132 Kingston Pike in Knoxville. Formerly a retail building, the office property was 100 percent leased at the time of sale to office and medical office tenants. Gary Lee, Paul Johnson, Korey Prefontaine, Don McMinn, Zachary Taylor and Tyler Fish of Marcus & Millichap represented the seller, an unnamed private partnership, in the transaction. Jason Yukins of Marcus & Millichap’s Fort Lauderdale, Fla., office secured and represented the buyer, a limited liability company. Michael Fasano is Marcus & Millichap’s broker of record in Tennessee.

November 24, 2015

California Retail Western

Cushman & Wakefield Arranges $10.2M Sale of Sun City Plaza in Menifee

by Nellie Day November 23, 2015

MENIFEE, CALIF. — Cushman & Wakefield has brokered the sale of Sun City Plaza, a retail center located at 26100 Newport Road in Menifee, a southwestern suburb of Los Angeles, for $10.2 million. The seller, a developer, recently repositioned the former Alberston’s into a multi-tenant property. New tenants include 99 Cents Only, Fitness 19 and True Value. Dixie Walker, Charley Simpson, Tom Blake and Andrew Milne of Cushman & Wakefield brokered the transaction. The name of the buyer was not released.

November 23, 2015

California Loans Retail Western

Grandbridge Closes $14M Loan for Retail Property in Laguna Hills

by Nellie Day November 23, 2015

LAGUNA HILLS, CALIF. — Grandbridge Real Estate Capital has closed a $14 million loan for a 79,760-square-foot retail property in Laguna Hills. Funded by BB&T Real Estate, the permanent, fixed-rate, non-recourse loan features a seven-year term with a 30-year amortization schedule and a 3.67 percent interest rate. Tom Kenny, Rowin Jacobs, Josh Boehling, Steve Griffin, Thomas Turnage and Mark Durfee of Grandbridge’s Newport Beach, Calif., office secured the financing for the undisclosed borrower.

November 23, 2015

Colorado Industrial Western

Former Sausage Factory in Denver Sells for $4.5M

by Nellie Day November 23, 2015

DENVER — Pathfinder Winfeild RiNo Holdings LLC has purchased a former Gold Star Sausage Factory in Denver for $4.5 million. The factory is located at the corner of 28th and Walnut streets in the River North (RiNo) District. It contains five structures for a total of 47,326 square feet. The buyer plans to repurpose the space to include common-area meeting space, a kitchen, locker room and showers and a bike barn with a bicycle repair station. Brian Bair and Trent Rice of NAI Shames Makovsky represented Pathfinder in this transaction.

November 23, 2015

California Industrial Western

General Atomics Aeronautical Systems Leases Space in Poway

by Nellie Day November 23, 2015

SAN DIEGO — General Atomics Aeronautical Systems has signed a four-year lease for a 112,000-square-foot industrial property in the San Diego submarket of Poway. The building is located at 13550 Stowe Drive. The lease is valued at more than $4.2 million. General Atomics represented itself in the transaction. Ted Cuthbert of Colliers International and Bob Willingham, James Duncan and Mickey Morera of Kidder Mathews represented the landlord, CT Realty.

November 23, 2015

California Retail Western

Hanley Investment Group Negotiates $1.2M Sale of Tustin Retail Building

by Nellie Day November 23, 2015

TUSTIN, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a retail building located at 14191 Newport Ave. in Tustin, a southeastern suburb of Los Angeles. The 2,900-square-foot property sold for $1.2 million, representing a capitalization rate of 4.17 percent. The two-tenant building is situated on one-third of an acre near the intersection of McFadden and Newport avenues. Eric Vu and Jeff Hauber of Hanley Investment Group represented the seller, a private investor based in Southern California. The name of the buyer was not released.

November 23, 2015

Mixed-Use Multifamily New York Northeast Retail

LCOR Breaks Ground for 55 Bank Street in White Plains

by Amy Works November 23, 2015

WHITE PLAINS, N.Y. — LCOR has broken ground for 55 Bank Street, a mixed-use development in White Plains. The $250 million, 760,000-square-foot transit-oriented development will offer residential and retail space. The first phase of the project will include a 16-sory, 288-unit residential building with 3,000 square feet of ground-floor retail space and 381 parking spaces. Phase II will consist of a 16-story building with 273 homes, 3,350 square feet of retail space and 189 parking spaces. Twenty percent of the 561 residential units will be workforce designated housing. The project is located adjacent to the Metro-North White Plains Railroad Station, which offers express service into Grand Central Station in New York City.

November 23, 2015

Loans Multifamily New York Northeast

UC Funds Provides $12M Equity Investment for Multifamily Property in Malta, N.Y.

by Amy Works November 23, 2015

MALTA, N.Y. — UC Funds has provided a $12 million ground-up construction equity investment for a multifamily development in Malta, a suburb 20 miles north of Albany, N.Y. The investment will be used to develop a vacant parcel of land into 292-unit, Class AAA multifamily property consisting of 16 two- and three-story buildings. The property will feature high-end unit layouts, including granite countertops, crown moldings and luxurious fixtures. Additionally, the community will feature a swimming pool, spa, fitness center and juice bar. The property will be located adjacent to a planned 1,414-acre nanotechnology hub, which is home to Global Foundries, a leading microchip manufacturer that employs 3,600 local residents.

November 23, 2015

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