Property Type

Anthem Breaks Ground on $12.6M Memory Care Community in California

by Nellie Day October 8, 2015

MURRIETA, CALIF. — Developer and operator Anthem Memory Care has broken ground on Vineyard Place, a $12.6 million memory care community in Murrieta, about 80 miles southeast of Los Angeles. Anthem expects to open the 38,000-square-foot, 66-unit community in summer 2016. Working with Anthem on developing and building Vineyard Place are CM Consulting, Markham Development Management Group, CBTwo Architects, Consolidated Contracting and LTC Properties, which is providing financing. Anthem, based in Lake Oswego, Ore., also operates a dementia care community in Chico, Calif., and four in Denver. It is currently developing three communities in the greater Chicago area.

October 8, 2015

Arizona Office Western

Arizona School of Real Estate & Business Building in Scottsdale Sells for $7.7M

by Nellie Day October 8, 2015

SCOTTSDALE, ARIZ. — Arc Construction and MacDonald Development have purchased a 17,711-square-foot building in Scottsdale that houses the Arizona School of Real Estate & Business for $7.7 million. The building is located at 7142 E. 1st St. The sale also included an adjacent parking lot on 40,623 square feet of land. Jon Rosenberg and Keri Davies of LevRose Commercial Real Estate represented the seller, Bill Gray, the school’s original founder.

October 8, 2015

California Retail Western

BIG USA, RED Development Add Five Properties to Recently Launched Joint Venture

by Nellie Day October 8, 2015

BEVERLY HILLS, CALIF. — Beverly Hills-based BIG Shopping Centers USA and RED Development have added five retail assets totaling 1.5 million square feet to their recently launched joint venture BIG RED Portfolio LLC. Acquired properties include Chandler Festival, a 494,858-square-foot power center, Chandler Village, a 296,460-square-foot power center and Chandler Gateway, a 261,678-square-foot power center, all located in Chandler, Arizona; One Pacific Place, a 91,143-square-foot outdoor shopping center located in Omaha, Nebraska; and Greenway Station, a 291,315-square-foot lifestyle center located in Middleton, Wisconsin.

October 8, 2015

Hawaii Retail Western

Six New Restaurants to Open at Ka Makana Ali’i in West Oahu

by Nellie Day October 8, 2015

KAPOLEI, HAWAII — Six new restaurants are set to open at DeBartolo Development’s Ka Makana Ali’i, a 1.4-million-square-foot regional mall currently under construction in Kapolei in West Oahu. Openings will include a 6,200-square-foot California Pizza Kitchen, Luibueno’s, Nagoya Ramen, Auntie Anne’s, Cinnabon and Gloria Jean’s Coffee. Phase I of the center is expected to open in late 2016.

October 8, 2015

Georgia Office Southeast

Highwoods Properties Acquires Monarch Centre in Buckhead for $303M

by John Nelson October 8, 2015

ATLANTA — Highwoods Properties Inc., a publicly traded REIT based in Raleigh, N.C., has purchased Monarch Centre in Atlanta’s Buckhead submarket for $303 million. The office property is located adjacent to Phipps Plaza and The Ritz-Carlton. Monarch Centre comprises the 25-story Monarch Tower, a 528,000-square-foot office building, and the 15-story Monarch Plaza, a 368,000-square-foot office building. The REIT’s $303 million investment, which is 20 percent below estimated replacement costs, includes $5.4 million in capital improvements. Monarch Centre was 88 percent leased at the time of sale to tenants such as Baker Donelson, JPMorgan Chase and Morgan Stanley. In addition to Monarch Centre, Highwoods owns the nearby One and Two Alliance office towers in Buckhead. According to the Atlanta Business Chronicle, Eastdil Secured marketed the office property on behalf of a partnership between the New York State Teachers Retirement System and the Abu Dhabi Investment Authority.

October 8, 2015

Madison at Spring Woods Jacksonville The Park at Via Veneto

Florida Multifamily Southeast

Blue Rock Partners, Konover South Buy Multifamily Portfolio in Jacksonville for $64.8M

by John Nelson October 8, 2015

JACKSONVILLE, FLA. — Blue Rock Partners LLC and Konover South LLC have partnered to purchase a three-property, 1,040-unit multifamily portfolio in Jacksonville for $64.8 million. The properties include Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd. and Madison at Spring Woods located at 445 Monument Road. The communities will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively. The partnership will invest another $8.5 million in interior and exterior upgrades, including updated fitness centers, internet cafés and upgraded landscaping. Dhaval Patel of CBRE brokered the transaction, and Equus Capital Partners was the seller. Wells Fargo provided acquisition financing on behalf of the partnership.

October 8, 2015

Phase II King Mill Distribution South Atlanta

Georgia Industrial Southeast

Trammell Crow, Allstate to Develop Phase II of Industrial Park in South Atlanta

by John Nelson October 8, 2015

ATLANTA — Trammell Crow Co. and Allstate have acquired an additional 56.8 acres of land along I-75 in Henry County, part of the South Atlanta industrial submarket. CBRE Global Investors advised Trammell Crow and Allstate in the transaction. The land is adjacent to the venture’s 44-acre land site, which will house the King Mill Distribution Park, an 846,496-square-foot, Class A distribution center. The new 56.8-acre site will house Phase II of King Mill Distribution Park, which will comprise a 759,495-square-foot, Class A warehouse property. Phase II will feature 36-foot clear heights, trailer storage and employee vehicle parking, two separate entrances and a design that can accommodate multiple tenants served by separate entrances. Bill Hare of Burke Holdings represented the seller in the transaction. Mark Hawks and Trey Barry of CBRE will be the leasing team for Phase II of King Mill Distribution Park.

October 8, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $12M Sale of Apartment Community in South Florida

by John Nelson October 8, 2015

LAUDERHILL, FLA. — Marcus & Millichap has brokered the $12 million sale of Royal Palms at Inverrary, a 208-unit midrise apartment community located at 2900 N.W. 56th Ave. in Lauderhill. Built in 1978 on seven acres, Royal Palms at Inverrary features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse and playground. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the buyer, also a private investor.

October 8, 2015

Georgia Retail Southeast

SEDA Arranges $11.5M Sale of Retail Center in Savannah

by John Nelson October 8, 2015

SAVANNAH, GA. — SEDA (Southeastern Development Associates), formerly Blanchard & Calhoun, has brokered the $11.5 million sale of Fort Howard Square, a 113,00-square-foot retail center located in Savannah. The property was 96 percent leased at the time of sale to tenants such as Goody’s, Fred’s, rue 21 and Hibbett Sports. Walmart shadow anchors the center. Ryan McArdle, David Rivers and Steve Collins of SEDA’s investment sales team represented the buyer, a publicly traded REIT, and the seller in the transaction.

October 8, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Ariel Property Advisors Brokers the Sales of Two East Harlem Properties Totaling $11.7M

by Amy Works October 8, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sales of two properties, totaling $11.7 million, in East Harlem. In the first transaction, a private investor acquired a six-story mixed-use property located at 124-128 E. 107th St. in East Harlem for $9.1 million, or $449 per square foot. The 20,395-square-foot building contains 34 residential units, two commercial units and two superintendent units. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property represented the seller, a private real estate firm, and procured the buyer. In the second deal, a private investor purchased a development site located at 2282 Second Ave. in East Harlem for $2.6 million, or $215 per buildable square feet. The property offers approximately 12,191 total buildable square feet for mixed-use development. Samuel Atlas, Tortorici, Sozio, Gillis and Berkowitz of Ariel Property represented the seller, a private real estate firm, and procured the buyer in the transaction.

October 8, 2015

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