BEVERLY HILLS, CALIF. — The Commodore, a 14-unit apartment complex in Beverly Hills, has sold to Paul Ling for $4.7 million. The community is located at 1830 N. Cherokee Ave. It is situated just three blocks from the Golden Triangle on South Rexford Drive. Kevin Kawaoka of NAI Capital represented both the buyer, which was not identified, and seller, Tower Ventures LLC, in this transaction.
UNION CITY, CALIF. — Spacesonic is relocating its operations from San Carlos to Union City. The new 70,800-square-foot space is located at 30300 Union City Blvd. Spacesonic manufactures and distributes custom sheet metals. CBRE’s Chip Sutherland and Soroush Kaboli of Soroush Kaboli Brokerage Services represented Spacesonic. Greig Lagomarsino, Sean Sabarese and Nick Ousman of Colliers International’s Oakland office represented the landlord.
LONG BEACH, CALIF. — Rdbh LLC has acquired a 27-uinit apartment building in Long Beach for $4.8 million. The community is located at 1101-1121 Gaviota Ave. It was built in 1988. The property is located within the Rose Park historical district near the neighborhoods of Carroll Park and Belmont Heights. The buyer plans to hold this asset long term, according to Stepp Commercial, which represented the buyer. The seller, Lunar Bear Properties II LLC, represented itself. Robert Stepp and Michael Toveg represented Rdbh.
WESTMINSTER, COLO. — Orchard Town Center, a 914,000-square-foot open-air regional retail center located in Westminster, has added seven new tenants to its roster. Additions include a newly opened Bitto Bistro; a 2,673-square-foot Crushed Red to open in August; a 3,085-square-foot 20/20 EyeVenue to open in September; a 6,644-square-foot Katie Eile to open in October; and a 4,500-square-foot Rusty Bucket Restaurant and Tavern, a 23,000-square-foot Marshalls, and a 5,000-square-foot Maurices, all to open in spring 2016. Other recent openings include a 7,500-square-foot DXL and a 4,346-square-foot Panera Bread. Phoenix-based Vestar, who acquired the property in 2014 in a joint venture with UBS, oversees property management, leasing and marketing at Orchard Town Center.
An article highlighting the fortunes of the Milwaukee Bucks that appeared July 6 on CBSSports.com couldn’t be more accurate. “There’s something powerful and sustainable growing in Milwaukee, rising out of the weeds of small-market irrelevance and into a team you’re going to want to watch next season,” wrote Matt Moore who covers the NBA. Since New York hedge fund investors Wes Edens and Marc Lasry purchased the Bucks last year for $550 million, the team has been on the rise. Founded as an expansion team in 1968, the Bucks went from being the worst team in the league during the 2013-14 season to the sixth seed in the 2014-2015 playoffs. The new owners, along with former owner Herb Kohl, have committed $250 million for the construction of a new $500 million arena as a replacement for the team’s current home, BMO Harris Bradley Center, which opened in 1988. But if the new arena is not built by the 2017 season, Milwaukee could be left without an NBA team. Once complete, the entire development, which would sit on approximately 30 acres in the Park East corridor, could include up to 3 million square feet of office, entertainment, retail, residential and hotel …
CHICAGO — Reed Construction has completed the renovation of both towers that comprise The Franklin, an office complex in the West Loop neighborhood of downtown Chicago. The 60-story skyscraper is owned and managed by Tishman Speyer and consists of two separate towers: one at 222 W. Adams St. and the other at 227 W. Monroe St. The renovation work occurred on the fourth, 21st and 24th floors at 222 W. Adams, as well as the fifth floor at 227 W. Madison. A total of nine speculative suites, 10 breakrooms and four public corridors with men’s and women’s restrooms were renovated. A complete washroom was also relocated to the 21st floor of 222 W. Adams. Construction on each floor was completed simultaneously with staggered phasing to minimize disruptions for existing tenants. Jon Zawiski led the team for Reed Construction as the project manager, Jason Gunderson was the project executive, and Jay Crane was the superintendent. Harley Ellis Devereaux provided architectural services.
CHICAGO — Prudential Real Estate Investors has acquired the Roosevelt Collection, a Class A mixed-use property in the South Loop of Chicago. Terms of the transaction were not disclosed. Located at 150 Roosevelt Road, the LEED-certified, mixed-use property includes two eight-story buildings with 326,098 square feet of retail space, 342 loft-style apartment units, and a three-level parking garage. (LEED stands for Leadership in Energy and Environmental Design, a standard developed by the U.S. Green Building Council.) The acquisition also includes an adjacent land lot that is part of a planned 400-unit, 43-story high-rise multifamily project. Retail components of the Roosevelt Collection feature a 16-screen Kerasotes ShowPlace ICON Movie Theatre, Container Store, lululemon and Banana Republic.
GRANITE CITY, ILL. — IMPACT Strategies has completed construction of the second phase of the federally funded Granite City Green Communities in Granite City, about 10 miles northeast of St. Louis. IMPACT Strategies constructed 20 new units within six buildings for a total of 63 units at the development. Granite City Green’s design and construction are focused on sustainable and energy-efficient criteria. The project incorporates the use of solar panel and bioretention rain gardens in an effort to maximize the development’s environmental impact and performance. The Granite City Housing Authority hired Impact Strategies to lead construction of the project, which began last August and wrapped up at the end of July The first phase of Granite City Green was developed in 2012. Farr Associates, a sustainable architecture and urban planning firm in Chicago, designed the project.
JEFFERSONVILLE, IND. — America Place has completed construction of its second industrial building at River Ridge Commerce Center in Jeffersonville, approximately three miles outside of Louisville. America Place has invested over $100 million in the River Ridge development. The 252,515-square-foot building completed in the second phase comes on the heels of the 150,000-square-foot facility that America Place built last year on the River Ridge Campus. A third building, which will span 200,000 square feet and be located at the intersection of Salem Road and Trey Street, is slated for completion later this year. America Place is in negotiations with several potential tenants for the buildings completed in Phases II and III, but no leases have been signed yet.
DETROIT — Alidade Capital has selected Signature Associates to market 1900 St. Antoine, a 100,000-square-foot, Class A office property in Detroit, for sale or lease. The building, which is adjacent to Ford Field, was built in 2005 and features ample covered parking with an on-site garage, flexible floor plans, an on-site security desk, modern common areas and high-end finishes. Building signage and corporate branding opportunities are also available. The central downtown Detroit location makes it walkable to amenities in the central business district and provides easy access to the I-75 and I-375 expressways. Garrett Keais and Jarrod Champine of Signature Associates are the listing brokers representing Alidade Capital, the building owner.