CONCORD, CALIF. – The 48-unit Rosemont Apartments in Concord has sold to 29th Street Capital for an undisclosed sum. The community is located at 1431 Monument Blvd., near Cambridge Park. The buyer plans to invest about $450,000 to renovate the property. Enhancements will include upgraded cabinets, countertops, flooring, paint and appliances. Exterior renovations will include fresh landscaping, paint and signs.
LA MESA, CALIF. – Trion Properties has sold the 21-unit Casa Verde Apartments in La Mesa for $3.5 million. The community is located at 7629-33 Normal Ave. It was built in 1958. The unit interiors were renovated prior to the sale. This included improvements to the flooring, kitchen cabinetry, countertops, bathroom vanities and showers, as well as new fixtures throughout the units. The sale was executed by Corey McHenry and Peter Scepanovic of Colliers.
SALT LAKE CITY — Gelt has purchased the 334-unit Layton Meadows in Salt Lake City for an undisclosed sum. Layton Meadows is located at 540 W. 1425 N. in Layton, about 25 miles north of Downtown. It is fully leased. Gelt will conduct light exterior and interior renovations to the property. It will also remodel the leasing office.
STREAMWOOD, ILL. — The Opus Group and USAA Real Estate Co. have unveiled plans for a 423,725-square-foot speculative industrial building located at 10 Falcon Court in Streamwood, approximately 35 miles northwest of Chicago. Located on 35 acres just off the Elgin O’Hare Expressway, the cross-docked warehouse will offer 32-foot clear heights, up to 88 exterior truck docks, up to 117 trailer parking stalls and 193 parking spaces with room for expansion. The site also offers quick access to O’Hare International Airport. Construction is expected to start this month and be completed by the end of this year.
DENVER — Baceline Investments LLC has acquired 10 neighborhood retail centers totaling 418,000 square feet in the Midwest and Mid-South for $33.3 million. It is the largest transaction in the history of the Denver-based private equity real estate firm. The portfolio will be part of Baceline’s high-yield income strategy designed to produce substantial income through the ownership of stable, cash-flowing commercial real estate. The acquired properties include: • Park Center, a 105,032-square-foot center in Memphis, Tenn.; • Shoppes of Loveland, a 64,607-square-foot center in Loveland, Ohio, near Cincinnati; • Towne Square, a 55,168-square-foot center in Florence, Ky., near Cincinnati; • Mainline Plaza, a 42,182-square-foot center in Belleville, Ill., near St. Louis; • Fort Plaza, a 39,994-square-foot center in Omaha, Neb.; • Weber Place, a 38,802-square-foot center in Omaha, Neb. • Midway Plaza, a 27,200-square-foot center in Fairview Heights, Ill. near St. Louis; • Noland View, an 18,480-square-foot center in Independence, Mo. near Kansas City; • Holly Hills, a 16,847-square-foot center in St. Louis; • Eagle Creek, a 9,239-square-foot center in Indianapolis.
GRAND RAPIDS, MICH. — The grand opening of Tanger Outlets Grand Rapids will take place Friday, July 31. This is the third Tanger Outlets retail center to open in the Great Lakes State. The 350,000-square-foot outlet center will contain 80 stores, including J. Crew Factory, Brooks Brothers Factory Store, Nike Factory Store and Cole Haan. The $77 million project has already had a positive economic impact, according to Tanger, including the creation of over 300 construction jobs and 1,000 part-time and full-time retail management and sales positions. The retail center is located approximately 11 miles south of downtown Grand Rapids at the southwest quadrant of US-131 and 84th Street in Byron Township.
NORTHVILLE, MICH. — Bernard Financial Group has arranged a $2.2 million refinancing loan for the Haggerty Road Retail complex in Northville, a western suburb of Detroit. The property consists of 8,400 square feet of retail and restaurant space and is leased through 2019. The retail and restaurant tenants include Verizon, Qdoba Mexican Grill and Reitz Enterprises. Dave Dismondy of Bernard Financial originated the loan for the borrower, Haggerty Eight LLC. The lender is Genworth, which has a correspondent relationship with Bernard Financial.
COON RAPIDS, MINN. — Marcus & Millichap has arranged the sale of a net-leased property occupied by Taco Bell, located at 13057 Round Lake Blvd. in Coon Rapids, approximately 15 miles north of Minneapolis. The 2,016-square-foot building sold for $2.1 million. Mark Lovering and Dan Yozwiak of Marcus and Millichap’s office in Columbus, Ohio, represented the seller, a limited liability company. Calvin Lee of Marcus & Millichap’s Los Angeles office secured and represented the buyer, a private investor. Craig Patterson, regional manager and broker of record in Marcus & Millichap’s Minneapolis office, assisted in closing the transaction.
STAMFORD, CONN. — Building and Land Technology (BLT) has acquired a 550,000-square-foot office complex, located at 1 Elmcroft Road in Stamford. Designed by I.M. Pei & Partners, the property is the former headquarters of Pitney Bowes. BLT acquired the vacant complex fromby Pitney Bowes for an undisclosed sum. The property is located adjacent to Harbor Point, the transformative mixed-use waterfront development in Stamford. BLT plans to reintroduce the complex to the market as prime office space.
NEW YORK CITY — HKS Capital Partners has secured $109 million in financing to complete the SLS Midtown South, a boutique hotel at 444 Park Avenue South in New York City. Moin Development acquired a 14-story office building at the site in 2011 for $45 million and partnered with SBE to develop the $150 million SLS Midtown South, which is slated to open next spring. The 20-story hotel will feature a 6,000-square-foot sub-cellar. Ayush Kapahi and Gabrielle Simon of HKS Capital Partners arranged the financing, which was provided by Fortress Investment Group.
