Property Type

Kohl’s Department Store at The Shops at Glassford Hill Marketplace Sells for $2.7M

by Nellie Day December 1, 2014

PRESCOTT VALLEY, ARIZ. – An 8,639-square-foot Kohl’s department store at The Shops at Glassford Hill Marketplace in Prescott Valley has sold to Zynda Family Trust for $2.7 million. The property is located at 3264 N. Glassford Hill Road. The fully leased shopping center contains five tenants that hold triple-net leases. The trust was represented by Rob Walter of Century 21 Arizona West. The seller, Prescott Valley Signature Entertainment LLC, was represented by Joseph Compagno of CBRE’s Phoenix office.

December 1, 2014

Florida Multifamily Southeast

Wood Partners Breaks Ground on Apartment Community in Metro Tampa

by John Nelson December 1, 2014

LAND O’ LAKES, FLA. — Wood Partners has broken ground on Alta Terra Bella, a 19-acre, 311-unit apartment community in Land O’ Lakes, a suburb of Tampa. The developer expects to complete the garden-style property in May 2016 and begin pre-leasing in September 2015. Wood Residential Services, a division of Wood Partners, will manage the property. Alta Terra Bella will feature an 8,939-square-foot clubhouse with a community room, fitness center, kids’ playroom, Wi-Fi café, summer kitchen and swimming pool. The design team includes civil engineer Surak Engineering, landscape architect Libra Design Group, general contractor Wood Florida Builders and architect Charlan Brock & Associates. PNC Bank was the seller for the land deal, which was brokered by Bruce Erhardt of Cushman & Wakefield. NXT Capital and EIG Euroinvestor are the equity partners on the project, and Synovus Bank is providing construction financing.

December 1, 2014

Multifamily South Carolina Southeast

MHA Brokers Sale of Two Apartment Communities in the Carolinas Totaling $20.2M

by John Nelson December 1, 2014

LITTLE RIVER, S.C. AND WINSTON, SALEM, N.C. — Multi Housing Advisors (MHA) has brokered the sale of two apartment communities in North and South Carolina totaling $20.2 million. The 168-unit Summer Chase in Little River sold for $11.1 million. Hudson Capital Investments LLC and Apex One purchased the community from Hemrick Properties LLC. The 168-unit Hawk Ridge in Winston-Salem sold for $9.1 million. Peak Capital purchased Hawk Ridge from Spyglass Capital Partners. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

December 1, 2014

Hospitality Kentucky Southeast

First Hospitality, City Properties Open Hilton Garden Inn in Louisville

by John Nelson December 1, 2014

LOUISVILLE, KY. — First Hospitality Group Inc. and City Properties Group LLC have opened the 162-room Hilton Garden Inn Louisville Downtown. The seven-story, 111,000-square-foot hotel is located at 350 W. Chestnut St. in downtown Louisville’s Clay Commons District. The hotel features a fitness center and a rooftop restaurant/full-service bar known as 8UP. First Hospitality and City Properties co-developed the hotel.

December 1, 2014

Florida Office Southeast

Joint Venture Acquires Office Building in Downtown St. Petersburg

by John Nelson December 1, 2014

ST. PETERSBURG, FLA. — A joint venture between affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate has purchased First Central Tower in downtown St. Petersburg. The 17-story, 250,000-square-foot office building is located at 360 Central Ave. Feldman Equities is spearheading leasing and redevelopment efforts, and Tower Realty Partners will handle management responsibilities. The joint venture plans to invest $10 million in building renovations and tenant improvements. First Central Tower was 50 percent leased at the time of sale, accounting for known tenant move-outs. Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms. In addition, the new ownership is planning an amenity package, which will include a concierge desk, state-of-the-art luxury fitness center and conference center. Mechanical/system upgrades will include completely new elevator systems and cabs. The parking garage will be upgraded with a new electronic door entrance and upgraded lighting. In addition, air conditioning systems will be upgraded throughout the building. First Central Tower is anchored by BB&T Bank — whose name tops the building — Abbey Adams Law, Traub Lieberman Law and United Insurance.

December 1, 2014

Office Washington Western

Ivanhoé Cambridge, Callahan Buy Two Seattle Office Properties for $280M

by John Nelson November 26, 2014

SEATTLE — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired two adjoining office properties in downtown Seattle for $280 million. The transaction includes a 34-story, 572,500-square-foot, Class A office tower at 1111 3rd Ave., along with its neighbor, a five-story,135,000-square-foot office property known as Second & Spring at 1100 2nd Ave. The larger building recently underwent significant capital improvements, including an upgraded lobby and storefront, new building systems and a new fitness center. Second & Spring was constructed in 1906 and redeveloped in 2013. The seller was not named.

November 26, 2014

New Jersey Northeast Retail

CBRE Arranges Sale of Village at Cambridge Crossing in Mount Laurel

by Amy Works November 26, 2014

MOUNT LAUREL, N.J. — Paramount Realty has completed the sale of Village at Cambridge Crossing in Mount Laurel. Cornerstone Real Estate Advisers acquired the shopping center for an undisclosed price. Tenants at the LA Fitness-anchored center include Chico’s, Ann Taylor Loft, Verizon Wireless, AAA Car Center, Ruby Tuesday and Charming Charlie. The property was 100 percent leased at the time of sale. Brad Nathanson, Thomas Gorman, Jeffery Dunne and David Gavin of CBRE represented the seller and procured the buyer in the deal.

November 26, 2014

Colorado Retail Western

AmCap Buys The Gardens on Havana in Aurora for $86.3M

by John Nelson November 26, 2014

AURORA, COLO. — AmCap has purchased The Gardens on Havana, a 496,561-square-foot open-air shopping center in Aurora, for $86.3 million. The center is located at 10551 E. Garden Drive. The retail center is 98.4 percent occupied. Notable tenants include Target, Sprouts Farmers Market, Kohl’s, Toys ‘R’ Us, Dick’s Sporting Goods, Petco, Ulta, Noodles & Company, Chick-fil-A and Starbucks. The Gardens on Havana was purchased on behalf of one of AmCap’s institutional investors. Miller Realty was the seller.

November 26, 2014

Mixed-Use New York Northeast

Vornado Realty Trust Acquires 440,000 SF Mixed-Use Property in Queens

by Amy Works November 26, 2014

NEW YORK CITY — Perella Weinberg Partners Asset Based Value Strategy, a unit of Perella Weinberg Partners and Madison Marquette, has sold The Center Building to Vornado Realty Trust for an undisclosed price. Located at 33-00 Northern Blvd. in Queens’ Long Island City area, the 440,000-square-foot, mixed-use commercial building is 98 percent leased. When the joint venture originally purchased the property in late 2012, it was 88 percent leased. New tenants include New York Foundling, which signed a 15-year lease for more than 35,000 square feet. Ackman-Ziff advised Perella Weinberg Partners Asset Based Value Strategy and Madison Marquette on the transaction.

November 26, 2014

California Multifamily Western

Central Park La Mesa Rental Homes in San Diego Sells for $28.3M

by John Nelson November 26, 2014

SAN DIEGO — A partnership controlled by R&V Management has acquired 124 units at Central Park La Mesa, a 216-unit condominium community in the San Diego submarket of La Mesa. The community is located at 5636 Amaya Drive. The development was constructed in 1989 and partially renovated in 2006. Condo sales began in late 2006 before they were halted in early 2008. About 92 homes were sold during that time. The remaining 124 homes feature either one or two bedrooms. They average 865 square feet. Community amenities include a clubhouse, fitness center, swimming pool, spa and barbecue areas. The partnership acquiring the units was VLD Sweetwater LP and Central Park Partners LP. The seller was JH/TMP La Mesa, an affiliate of JH Real Estate Partners.

November 26, 2014

Newer Posts

Older Posts