KING OF PRUSSIA, PA. — IMC Construction has begun construction for the 155,000-square-foot expansion at King of Prussia Mall in King of Prussia. The new space will link The Plaza and The Court sections of the mall. More than 60 new retailers will be added along with a dining pavilion and expanded parking deck. The expansion was designed by RTKL. The mall will continue to stay open during the construction, which is slated for completion in fall 2016.
LAWRENCEVILLE, N.J. — Prism Capital Partners has secured three new leases, totaling 57,000 square feet, at Princeton Pike Corporate Center in Lawrenceville. J. Knipper and Company Inc. has inked a deal for 23,000 square feet of garden-level space at 1009 Lenox Dr. Sab Russo of Mercer Oak Realty represented the tenant in the long-term transaction. National law firm Eckert Seamans Cherin and Mellott LLC signed a long-term lease for 22,550 square feet of second-floor space at 2000 Lenox Dr. Ed DaCosta of CBRE represented the Pittsburgh-based firm, which will relocate its regional office to the property from Trenton, N.J. Additionally, Management Planning Inc. leased 11,370 square feet at 1000 Lenox Dr. Roby Bull of Jones Lang LaSalle represented the tenant in the long-term transaction. Prism Capital Partners and Angelo, Gordon & Co. acquired Princeton Pike Corporate Center in 2013. Bloomfield, N.J.-based Prism Capital serves as operating partner for the joint venture.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $38.5 million CMBS loan for Oakland Towne Square, a class A, 18-story office building in Southfield. The 426,760-square-foot property is located at One Towne Square. Dennis Bernard of Bernard Financial Group arranged the loan for the borrower Allied Phase One Venture LLC.
CHICAGO — Marcus & Millichap has brokered the $2.8 million sale of 1455 W. Hubbard St., a loft office property in Chicago. The two-story, 24,000-square-foot office building is located in the West Town neighborhood of Chicago. The property includes 16 parking spaces on the west side of the building. Stephen Lieberman of Marcus & Millichap’s Chicago downtown office represented the undisclosed seller. A private investment group purchased the building.
COLUMBUS — Foresite Realty Partners, through its affiliate Foresite Realty OH LLC, has arranged the sale of Chesapeake Mill Apartments in Columbus for an undisclosed sales price. The apartment property is situated on nearly 15 acres and includes 260 units. The community has a mix of one-, two- and three-bedroom units across 31 buildings and was 92 percent occupied at the time of sale. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH represented the undisclosed seller. An Ohio-based investor purchased the property.
MILWAUKEE — Mid-America Real Estate Corp. has brokered the sale of Point Loomis Shopping Center in Milwaukee. Cincinnati-based Phillips Edison purchased the 160,533-square-foot shopping center for an undisclosed sales price. Point Loomis Shopping Center is located at the southwest corner of 27th St. and Loomis Road. Tenants at the property include Kohl’s, Pick ‘n Save and Chase Bank. Ben Wineman and Joe Girardi of Mid-America Real Estate Corp. along with Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the buyer, Phillips Edison.
VENTURA, CALIF. – Marcus & Millichap has opened an outpost in Ventura. This is the commercial real estate investment services firm’s eighth sales office in Southern California. The office will be overseen by Adam Christofferson, first vice president and regional manager, and James Markel, sales manager. They will be joined by Gary Cohen as director of the firm’s National Office and Industrial Properties Group (NOIPG), along with Brian Johnson, senior associate of the National Multi Housing Group (NMHG). Parker Shaw, an associate with the NMHG, and James DeBuiser, an agent candidate with the NOIPG, will round out the new office. The Ventura office is located at 1000 Town Center Drive.
TACOMA, WASH. – Kennedy Wilson has acquired the 280-unit Bella Sonoma apartment complex in the Tacoma suburb of Fife for $46.7 million. The luxury residential community is located at 2301 62nd Ave E. Bella Sonoma was built in two phases in 2004 and 2006. About 35 percent of the community’s units are townhomes with attached garages. The community is situated near the Port of Tacoma and a Sound Transit stop which, connects to Seattle and Tacoma. Kennedy Wilson has purchased 2,185 units in the Pacific Northwest this year alone, bringing its Pacific Northwest multifamily portfolio to a total of 5,216 units. It owns a total of 20,719 multifamily units worldwide. The firm invested $11.1 million of equity into the acquisition. It also secured $37.3 million of new debt through Fannie Mae. That 10-year loan features a fixed interest rate of 3.59 percent and five years interest-only. The seller was not named.
VANCOUVER, WASH. – Eagle Home Mortgage has leased 8,340 square feet at the Broadway Building in Vancouver. The Class A building is located at 805 Broadway Building. Eagle Home Mortgage is a subsidiary of Universal American Mortgage Company, which is a division of Lennar Corporation. The company should occupy the building by Jan. 1. Eagle Home Mortgage was represented by Eric Turner of Cresa. The landlord, RS Holdings LLC, was represented by Doug Bartocci and Tamara Fuller of NAI Norris, Beggs & Simpson Associate.
ANAHEIM, CALIF. – A 2,250-square-foot industrial building in Anaheim has sold to an unnamed buyer for $2.5 million. The building is located at 145 W. Santa Ana Street. EmilAmerica is the building’s sole tenant. Chris Migliori of DAUM’s Orange County office represented both parties in this transaction.
