CENTENNIAL, COLO. – Good Times Burgers & Frozen Custard has completed a sale-leaseback in Centennial. The restaurant is located at 14505 East Arapahoe Road. The asset was purchased by a local individual investor. The seller, Good Times Drive Thru, entered into a new long-term, triple-net lease at closing. Good Times was represented by Drew Isaac of Marcus & Millichap’s Denver office.
IRVINE, CALIF. – LoanDepot has doubled the size of its largest online direct-lending production center in Orange County. The consumer lender increased its space from 131,267 square feet to 238,732 square feet. It now maintains a total of 885,162 square feet of office space nationwide. The company has direct-lending production centers in Plano, Texas, Brentwood, Tenn., and Scottsdale, Ariz. The company also plans to hire an additional 1,000 employees.
LOS ANGELES – Kinetic Content has leased 57,000 square feet of creative office space in Los Angeles. The television production company leased 37,000 square feet at 11755 Wilshire Blvd. It will be expanding at this property. The second new lease includes 20,000 square feet just down the street at 12100 Wilshire Blvd. Kinetic Content was represented by Jacob Bobek and Jeff Vertun of Avison Young. CBRE represented the landlord, CalSTRS, in the first lease transaction. The second landlord, Hines, represented itself.
GLEN BURNIE, MD. — Transwestern has brokered the $76.3 million sale of The Coves at Chesapeake, a 469-unit townhome community in Glen Burnie, a city in the Washington-Baltimore corridor. Dean Sigmon and Robin Williams led Transwestern’s Mid-Atlantic Multifamily Group in representing both the buyer, Sage Management LLC, and the seller, Home Properties LP, in the transaction. This is the group’s third sale brokered in Anne Arundel County in the past nine months.
ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties will break ground next week on Murano at Grande Lakes, a $33.6 million luxury apartment community in Orlando. The trio of South Florida-based developers will build the 240-unit property on a 9.5-acre site at the southeast corner of John Young Parkway and Taft-Vineland Road. The design team includes architect Forum Architecture and Interior Design and general contractor Roger B. Kennedy Inc. Wells Fargo provided construction financing to the development team for the project, which is slated for a summer 2016 completion.
ATLANTA — Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has closed on its acquisition of Securities Centre, a two-building, 531,000-square-foot office campus in Atlanta’s Buckhead submarket. The campus is located at 3490 and 3500 Piedmont Road near the intersection of Piedmont and Lenox roads. APG purchased the office complex from LNR Partners, which had foreclosed on the property in November 2011. APG has purchased 10 office properties spanning 3 million square feet in the metro Atlanta area since mid-2010. APG will lease and manage Securities Centre, with plans to complete a multi-million dollar renovation to the property during its first year of ownership. JLL represented LNR Partners in the transaction.
CONYERS, GA. — MB Real Estate Healthcare Group and McWhirter Realty Partners have broken ground on a 30,000-square-foot medical office building in Conyers Medical Park. Conyers Medical Park is an 11-acre campus situated at 1301 Sigman Road in Conyers, a suburb of Atlanta. The lead tenant for the property is Rockdale Medical Center, a subsidiary of LifePoint Health. Additional tenants include Piedmont Hospital and MD Pain Management. The design team includes general contractor Benning Construction Co. and architect Robertson Loia Roof. The development team expects to deliver the medical office building in the fourth quarter of 2015.
STONE MOUNTAIN, GA. — Crown Bay Group LLC, a Boca Raton, Fla.-based real estate investment and management firm, has purchased Wynview Apartments on Central Drive in Stone Mountain for $3.9 million. This is the company’s first acquisition in the Atlanta area. The garden-style apartment community is situated on a park-like lot and features a swimming pool. Crown Bay Group plans to renovate the property and rebrand it as Parc Central. The renovation will include the upgrade of unit interiors, the addition of new amenities including a playground, picnic area near the pool and a community room that will also house a business center.
PHILADELPHIA — HFF has arranged the sale of a medical office building located at 833 Chestnut St. in Philadelphia’s Center City district. A publicly traded healthcare REIT purchased the 12-story, 705,061-square-foot property for $160.7 million from Digital Realty Trust. Originally built in 1928, the property has been substantially renovated and was 92 occupied at the time of sale. Major tenants include Thomas Jefferson Hospital, JUP, Thomas Jefferson University, Nemours Children’s Clinic, Ballinger Co. and the U.S. Government. Mark Thomson, Andrew Scandalios, Jose Cruz, Michael Bennett and Philip Mahler of HFF represented the seller in the transaction.
IRVINGTON, N.J. — HillTop Partners, a joint venture between Kapwood LLC and Urban Builders Collaborative, has broken ground for the development of The HillTop, a residential and mixed-use development in Irvington. The first phase of the project, slated for completion in late 2017, will include a five-story, 110,000-square-foot residential building comprising 115 market-rate and affordable housing rental units, while additional phases will comprise 700 mixed-use units and 15,000 square feet of commercial and retail space, as well as a preschool and restaurant space. Designed by Perkins Eastman, The HillTop is located on six acres formerly occupied by Irvington General Hospital, which shuttered nearly a decade ago. HillTop Partners acquired the site from the township in 2013.
