TEMPLE, TEXAS — Treetop Development has added its seventh Texas U.S. Department of Housing and Urban Development (HUD) -sponsored apartment complex with the recent acquisition of Wayman Manor in Temple. Situated at 1811 E. Ave. K, Wayman Manor consists of 160 one-, two- and three-bedroom rent-assisted apartments. Wayman Manor was part of a larger portfolio-style acquisition of four rental complexes by Treetop Development. Treetop purchased all four assets, which total 588 units, from GHC Housing Partners of Sherman Oaks, Calif., for $22.1 million. The acquisition brings the number of homes acquired by Treetop Development from HUD in the past two years to more than 5,000. Marcus & Millichap represented Treetop Development in the transaction. Steven Fleissig of Greenberg Traurig served as attorney.
DIAMOND BAR, CALIF. — Foremost Companies has acquired two adjacent shopping centers in Diamond Bar totaling more than 120,000 square feet of leasable commercial space for $23 million. The Ranch Center and Oak Tree Plaza cover 10.4 acres of property with a tenant roster including restaurants, medical offices, a bowling alley and retail. Foremost acquired The Ranch Center in an off-market acquisition from Preferred Bank, which foreclosed on the center in October 2014. Foremost acquired and consolidated the interest of a long-term ground-lease tenant at Oak Tree Plaza while restructuring a new lease with the anchor tenant. Preferred Bank provided acquisition financing, and Stonewood Properties will act as property manager for both centers.
PALM SPRINGS, CALIF. — Palisades Hospitality Group (PHG) has purchased the 57-room Colony Palms Hotel in Palm Springs for $24 million. The hotel is located at 572 North Indian Canyon Drive. Colony Palms is situated just one block off the city’s main downtown strip. It was built in the 1930s. Amenities include a full-service spa and the Purple Palm restaurant and bar. PHG plans to upgrade and enhance the property over the next several months. It will also create 1,200 square feet of meeting space for small groups and events that can accommodate up to 50 people. The hotel has a colored past, as it was allegedly once owned by mobster Al Westheimer. At the time, it featured a casino, speakeasy and brothel that attracted famous Hollywood guests like Clark Gable, Carole Lombard and Humphrey Bogart. The hotel was purchased in the 1940s by Robert and Amanda Leeds-Howard, the owners of famed racehorse Seabiscuit. It underwent a substantial $17 million renovation in 2008. That renovation was overseen by Martyn Bullard-Lawrence, who was named one of Architectural Digest’s top 100 interior designers. He is also known for his role on Bravo’s “Million Dollar Designers.” PHG will operate the Colony Palms under …
SAN DIEGO — Campus Advantage has hired Rosemary Whaling as vice president of communications and marketing to help continue its growth. Whaling joined Campus Advantage to lead the company’s awareness-building activities, including corporate marketing, public relations and employee communications. Whaling joins the company with more than 20 years of consumer marketing and public relations experience at companies such as Procter & Gamble, Dell, Commemorative Brands and Sweet Leaf Tea. Campus Advantage’s portfolio includes properties in San Diego, Reno, Nev., and Eugene, Ore.
INDIANAPOLIS — Fairbridge Properties has acquired Landmark Center, an office tower located at 1099 N. Meridian St. in Indianapolis. The 12-story, 304,946-square-foot Class A property sold for $21.5 million. The property features 25,000-square-foot floor plates, a fitness center and yoga studio, conference facility, indoor bike storage, full-service cafeteria and a parking ratio of four spots per 1,000 square feet. At the time of sale, the property was 94 percent leased to tenants, including Angie’s List, Consolidated Care, Disciples of Christ, United States Citizenship and Immigration Service and Jacobs Engineering. Andy Banister and Dan Richardson of CBRE represented the undisclosed seller, while Eli Mills and Tucker White, also of CBRE, represented Fairbridge in the transaction.
WICHITA, KAN. — Marcus & Millichap has brokered the sale of The Shores Apartments, a 342-unit multifamily property located at 2701 S. Emporia St. in Wichita. Kirkland, Wash.-based Weidner Apartment Homes purchased the property for an undisclosed price from a Florida-based private investor. Built in 1985, the property consists of 19 three-story buildings with 174 one-bedroom/one-bath units and 168 two-bedroom/two-bath units. Apartment amenities include private patios/balconies, eat-in kitchens, dishwashers, disposals and ovens with ranges. Community amenities include a pool, clubhouse, business center, fitness center, playground, tennis court, on-site management and maintenance staff, dry cleaning services and laundry facilities. Brett Meinzer, Michael Sullivan, Grant Kollman, Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller in the transaction. Greg Bates, also of Marcus & Millichap, is the broker of record in Kansas.
CHICAGO — I.M. Construction Group (IMCG) has completed an office renovation at 1101 W. Monroe in Chicago for Belgravia Group Ltd. The project included the demolition and build-out of two floors with the addition of private offices, open workspaces, a design center and conference rooms with full-height glass doors. Additionally, IMCG constructed two breakrooms featuring quartz countertops and stainless steel appliances. Belgravia Group is relocating to the new office space from space in Chicago’s River North district. Bob Nomellini of IMCG led the construction team and Len Corso, also of IMCG, was the project superintendent. Hirsch Associates provided architectural services for the project.
RIVER FOREST, ILL. — Mid-America Asset Management Inc. has brokered a 28,220-square-foot retail lease at 7501 W. North Ave. in River Forest. Fresh Thyme Farmers Market, a natural grocer, will occupy the space, a former Dominick’s supermarket location. Mike George and Richard Spinell of Mid-America represented the landlord, while Andy Robbins and Al Rodenbostel of ARCORE Real Estate Group represented the tenant in the lease transaction.
CHESTERFIELD, MO. — St. Louis-based Hilliker Corp. has arranged a 5,250-square-foot lease for B&G Industries, a material handling solution provider. The company relocated to 717 Crown Industrial Court from 744 Spirit of St. Louis Blvd. in Chesterfield. The new location offers 1,500 square feet of office space and 3,750 square feet of warehouse storage space. Will Aschinger of Hilliker represented the tenant, while Scott Properties represented the landlord, Scott Family Properties, in the transaction.
MIDDLEBOROUGH, MASS. — Braintree, Mass.-based Campanelli Construction has completed a 63,000-square-foot renovation of the formerly vacant Cranberry Specialty/St. Luke’s Hospital in Middleborough. The renovation transformed the property into the 72-bed High Point Hospital, a state-of-the-art psychiatric hospital for High Point Treatment Center. High Point currently operates inpatient and outpatient programs in Plymouth, Brockton, New Bedford and Taunton, Mass. The new hospital will create 200 jobs, including physicians, nurses, clinicians, maintenance staff, housekeepers, dietary, mental health and administrative staff, for the area.