Property Type

Carter, PCCP Purchase 10-Story Office Building in Midtown Atlanta

by John Nelson July 20, 2015

ATLANTA — A joint venture between Carter and PCCP LLC has purchased 715 Peachtree, a 10-story office building adjacent to the Fox Theater in Midtown Atlanta. Originally constructed as a regional headquarters for J.C. Penney, the building was most recently occupied by Bank of America. The property has remained vacant since 2012. Carter and PCCP purchased the asset in an off-market transaction from a Washington, D.C.-based investor. The sales price was undisclosed, but the Atlanta Business Chronicle reports that the sales price is expected to be more than $40 million. Carter has retained CBRE to market 715 Peachtree and ASD | SKY for design services. The joint venture is planning to make capital improvements to the property’s façade, lobby and common spaces.

July 20, 2015

Georgia Mixed-Use Southeast

Partnership Acquires Mixed-Use Project in Midtown Atlanta for $10M

by John Nelson July 20, 2015

ATLANTA — A partnership between Dion Meltzer of Meltzer Properties, Chaz Y. Lazarian Esq. of Insignia LLC and Gamma Real Estate has purchased Baltimore Row for $10 million. Baltimore Row is a 125,000-square-foot mixed-use property located between West Peachtree and Spring streets in Midtown Atlanta. Originally built as Atlanta’s first multifamily development in 1885, Baltimore Row is a National Historic Landmark. The property features 100,000 square feet of loft office space and 15 rooftop townhome apartments. The new ownership plans to invest $2.5 million in renovations, which are scheduled for a year-end completion. Lazarian represented the partnership in the transaction, and Del Creviston of Sperry Van Ness represented the seller, Baltimore Row LP. The partnership has selected Cushman & Wakefield as the office leasing agent and property manager for Baltimore Row.

July 20, 2015

California Retail Western

Retail California Brokers Two Retail Sales Totaling 69,208 SF in Fresno

by Nellie Day July 20, 2015

FRESNO, CALIF. — Retail California, a division of Pearson Realty, has brokered two retail sales totaling 69,208 square feet in Fresno. In the first transaction, Fresno Coin Gallery Jewelry and Loan Inc. acquired a 9,208-square-foot retail space at 1727 E. Gettysburg Ave. from Dean & Arlene Sigle Trust. Michael Kennedy and John Lee of Retail California negotiated the transaction. In the second deal, Ag Land Joint Venture acquired a 60,000-square-foot retail building at 4550 and 4582 N. Blackstone Ave. from Rich Development/Gryphon Capital. Lewis Smith of Retail California, along with Mark Saito of Saito Company, brokered the transaction. The acquisition prices were not released for either sale.

July 20, 2015

Florida Seniors Housing Southeast

Enriched Community Development to Build Seniors Housing Community in Tampa

by John Nelson July 20, 2015

TAMPA, FLA. — Enriched Community Development LLC (ECD), a Tampa-based seniors housing developer, plans to break ground on an 80-unit assisted living and memory care facility in the Fishhawk area of southeast Tampa. The new community will be called Twin Creeks and will include 58 assisted living units and 22 memory care units in 62,000 square feet. ECD expects to break ground before the fourth quarter of 2015. Construction is expected to take approximately 11 months.

July 20, 2015

California Retail Western

Friars-Riverdale Sells Retail Center in San Diego

by Nellie Day July 20, 2015

SAN DIEGO — Friars-Riverdale Ltd has completed the disposition of Friars-Riverdale Center, a retail center located at 10383-01397 Friars Road in San Diego. Lai Family LP acquired the 32,696-square-foot property for $2.8 million. The property is fully leased to a mix of retail and office tenants. Brian Crepeau and Icela Galaz-Wittkopp of Pacific Coast Commercial represented the seller, while Judy Chou Hsieh of Greater Realty Inc. represented the buyer in the transaction. Renee Marshall of Chicago Title Company provided escrow services, and Ken Cyr, also of Chicago Title Company, provided title services.

July 20, 2015

Office Southeast Tennessee

Maddox Property Brokers $6.7M Sale of Suburban Office Building in Knoxville

by John Nelson July 20, 2015

KNOXVILLE, TENN. — Maddox Property Management & Sales Inc. has brokered the $6.7 million sale of Century Park Building I, a 51,604-square-foot, Class A suburban office building in Knoxville. The property is located at the intersection of Interstate 40/75 and Pellissippi Parkway. Steve Maddox and Brandon Clark of Maddox Property represented the buyer and seller in the off-market transaction. The office building’s tenant roster includes University of Phoenix, New Horizons Learning Center and the Institute for Female Pelvic Medicine. Additionally, Functional Pathways LLC will soon relocate its headquarters to the top floor of Century Park. Maddox Property took over management of Century Park earlier this year and will continue to lease and manage the property moving forward.

July 20, 2015

California Retail Western

College Plaza in Glendale Sells for $6.3M

by Nellie Day July 20, 2015

GLENDALE, CALIF. — College Plaza, a 5,528-square-foot retail building in the Los Angeles submarket of Glendale, has sold to James Hsu for $6.3 million. The building is located at 1500 Canada Blvd. It was built in 2005. Notable tenants include Coffee Bean and Flame Broiler. The buyer was represented by Peggy Chen of Ko Tai Realty. The seller, Hovik Khatchaturian of Turian Properties, was represented by Alex Vasquez of Stevenson Real Estate Services.

July 20, 2015

Florida Retail Southeast

Swire Properties Signs Luxury Retailers Valentino, Chopard to Lease at Brickell City Centre

by John Nelson July 20, 2015

MIAMI — Swire Properties Inc., in partnership with retail co-developers Whitman Family Development and Simon Property Group, has signed two new luxury retailers to join Brickell City Centre’s 500,000-square-foot shopping center. The shopping center, set to open in fall 2016, is part of the $1.05 billion, 5.4 million-square-foot Brickell City Centre master-planned development in downtown Miami. The two new retailers are Valentino, an Italian fashion retailer, and Chopard, a Swiss Watch and jewelry designer. The two new retailers will join announced tenants Saks Fifth Avenue, Quinto La Huella restaurant and rooftop bar, Sugar — located within EAST, Miami Hotel — and luxury theater Cinemex. The condominium, office and hotel components of Brickell City Centre are set to open beginning at the end of 2015.

July 20, 2015

California Retail Western

Ross Dress for Less to Open Five New Locations

by Nellie Day July 20, 2015

DUBLIN, CALIF. — Dublin-based Ross Stores Inc. will open five new Ross Dress for Less locations in Tennessee, Indiana, North Carolina and Illinois. New stores include a location at Thatcher Woods Center, 12 miles northwest of downtown Chicago; a location at Kensington Center in Plainfield, Illinois; a location at Lincolnton Center, 40 miles Northwest of Charlotte, North Carolina; a location at Village Commons in Evansville, Indiana; and a location at The Crossings at Dickson in Dickson, Tennessee. All locations are set to open July 18.

July 20, 2015

Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Provides $6.7M for Acquisition, Rehab of Oregon Community

by Nellie Day July 20, 2015

EUGENE, ORE. — Lancaster Pollard has provided $6.7 million in financing for Benicia Senior Living to fund the acquisition and rehabilitation of River Grove, a 60-unit assisted living and memory care community in Eugene. The funding will be used to renovate three of the community’s four buildings and build a commercial kitchen to serve the campus. Once renovations are complete, the entire campus will be dedicated to memory care. The financing structure, which included senior and mezzanine loans, allowed for the borrower to avoid raising substantial amounts of equity otherwise required for conventional financing. The financing carries five-year terms. Doug Korey, president of Lancaster Pollard, led the financing.

July 20, 2015

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