Property Type

Doubletree by Hilton Orlando at Sea World Orlando

AWH Partners, Building and Land Technology Buy Orlando Resort

by John Nelson June 1, 2015

ORLANDO, FLA. — AWH Partners LLC and Building and Land Technology have purchased the 1,004-room Doubletree by Hilton Orlando at Sea World in an off-market transaction. The Orlando Business Journal reported that an affiliate firm of Atlanta-based UrbanAmerica Advisors LLC sold the hotel to the partnership for $55 million. The new ownership plans to renovate the hotel’s guest rooms, meeting space, public areas and resort grounds, as well as add 30,000 square feet of upgrade facilities and ballroom space for the hotel’s conference center. AWH Development will oversee the renovations and Spire Hospitality will manage operations under a franchise agreement with Hilton Worldwide. Located in Orlando near global attractions such as Sea World, Universal Studios Orlando and Walt Disney World, the resort features an upscale spa, lagoon pool, two children’s pools, kids’ lounge and game area, miniature golf course, putting green, recreation center and seven dining outlets.

June 1, 2015

Multifamily Southeast Student Housing Tennessee

Green Real Estate Breaks Ground on Student Housing Property in Chattanooga

by John Nelson June 1, 2015

CHATTANOOGA, TENN. — Green Real Estate Group LLC, in partnership with DEW UTC LLC, has begun development on a five-story, 68-bed student housing project, VINE 422, located in downtown Chattanooga adjacent to the University of Tennessee at Chattanooga campus. VINE 422 is scheduled to be completed for the 2016 summer semester. Throughout the building, students will reside in one-, two- and three-bedroom apartments, all featuring designer kitchens, full appliance packages with washers and dryers and large windows for natural light. Students will also have free access to EPB’s 1 Gigabit Internet services, along with water, trash removal and monthly cleaning services included in the price of rent. Located on the ground floor of VINE 422 will be a sit-down restaurant that offers food made with fresh ingredients from local farms. There will also be a second small commercial space where Green envisions a late-night food walk-up or small convenience store. Green has selected Pointe General Contractors as the builders for VINE 422. Chattanooga-based Caughman & Caughman Architects, along with Knoxville-based interior design firm McAbee Hayes, will provide the project’s design services. Berry Engineering PLLC, Advanced Energy and Engineering Design PLLC and Woods Engineering PLLC will provide all of the project’s …

June 1, 2015

Retail Southeast Tennessee

Westwood Financial Corp. Acquires Kroger-Anchored Center in Memphis

by John Nelson June 1, 2015

MEMPHIS, TENN. — Westwood Financial Corp. (WFC) has acquired The Shops at Kirby Gate, a Kroger-anchored shopping center located at 2857 Kirby Parkway in Memphis. The shopping center is the first Tennessee property for WFC, which owns and operates more than 115 shopping centers and retail properties in 27 metropolitan markets. The shopping center was 65 percent leased at the time of sale. The property’s retail tenant roster includes Kroger and a Kroger fuel station, Subway, Cricket Wireless, Pak Mail and Hollywood Feed. Shane Soefker of Commercial Advisors represented the undisclosed seller in the transaction.

June 1, 2015

Loans Louisiana Midwest Multifamily Ohio Seniors Housing Southeast

Lancaster Pollard Arranges Seniors Housing Refinancing in Louisiana, Ohio

by John Nelson June 1, 2015

MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …

June 1, 2015

California Multifamily Western

Jefferson Apartments on the San Francisco Peninsula Sells for $10M

by Nellie Day June 1, 2015

REDWOOD CITY, CALIF. – The 30-unit Jefferson Apartments in the San Francisco Peninsula submarket of Redwood City has sold to an unnamed buyer for $10 million. The community is located at 1331 Jefferson Ave. It was built in 1963. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and seller in this transaction.

June 1, 2015

California Retail Western

Westfield MainPlace Adds 24 Hour Fitness, Round 1 Entertainment as Anchors

by Nellie Day June 1, 2015

SANTA ANA, CALIF. — Westfield MainPlace has added two new retailer to the its ongoing revitalization program. Round 1 Bowling & Amusement and 24 Hour Fitness Santa Ana Super Sport are slated to join the center as anchors and open this week, May 29 and 30, respectively. The 40,000-square-foot Round 1 Bowling & Amusement facility will feature bowling, billiards, arcade games and private karaoke rooms. The 50,000-square-foot 24 Hour Fitness Super Sport Club will feature cardio, strength and functional training equipment, Cycle and Group X classes, a rooftop basketball court, an outdoor pool and balcony, an indoor whirlpool, steam room and sauna, personal and group training services, Kids’ Club and towel service. Additionally, two new restaurants are scheduled to open at the center. Lucille’s Smokehouse Bar-B-Que will open in this summer and Wokcano is slated to open this fall.

June 1, 2015

California Retail Western

Jersey Mike’s Subs Signs Three Leases in Los Angeles

by Nellie Day June 1, 2015

LOS ANGELES – Jersey Mike’s Subs has signed three leases in the Los Angeles area. The fast-casual sandwich chain will open a 1,200-square-foot location at 801 Hope Street in Downtown Los Angeles; a 1,200-square-foot space at 1603 Wilshire Blvd. in MacArthur Park; and a 1,700-square-foot restaurant at 1197 E. Los Angeles Ave. in Simi Valley. The leases were executed by Michael Pakravan of Kennedy Wilson’s Brokerage Group. The firm has been hired to represent Jersey Mike’s Subs in its expansion efforts throughout Greater Los Angeles. The chain is specifically targeting Sherman Oaks, Studio City, Granada Hills, Los Feliz – Silver Lake, Echo Park, Burbank, Toluca Lake and Glendale.

June 1, 2015

Arizona Retail Western

Val Vista Square Shopping Center in Gilbert Sells for $3.6M

by Nellie Day June 1, 2015

GILBERT, ARIZ. – Val Vista Square, an 8,400-square-foot shopping center in Gilbert, has sold to Roebbelen Investors 1 LP for $3.6 million. The center is located at SWC Pecos Road and the Loop 202 Freeway, within the San Tan Mall trade area. The fully leased property is shadow anchored by WinCo Foods. Ed Beeh, Sean Thomas and Brian Polachek of SRS represented both the buyer and seller, Kornwasser Shopping Center Properties, in this transaction.

June 1, 2015

California Office Western

SR Commercial Buys R&D, Flex Complex in San Diego

by Nellie Day June 1, 2015

SAN DIEGO – SR Commercial has purchased a 35,335-square-foot R&D/flex office complex in the Sorrento Valley submarket of San Diego for an undisclosed sum. The two-building complex is located at 10505 Roselle Street and 3770 Tansy Street. SR Commercial plans to make significant improvements to the buildings, which are currently vacant. They will then be marketed for lease, both together and separately.

June 1, 2015

Mixed-Use Texas

PM Realty Group Reveals Master Plan for $1B Mixed-Use Development in Houston

by Haisten Willis May 29, 2015

HOUSTON — PM Realty Group (PMRG) has revealed the plans and name for its development of a 35-acre tract in the center of Houston’s Energy Corridor, the previous location of the ExxonMobil Chemical headquarter campus. PMRG acquired the site in 2013. Republic Square, the $1 billion-plus, high-density mixed-use development, will include a mix of restaurants, hotels, meeting space and apartments. The development is situated between I-10 and Memorial Drive, bordering Terry Hershey Park, a 500-acre public park that winds through the Energy Corridor. PMRG plans to incorporate Republic Square with Terry Hershey Park to create a pedestrian-and-eco-friendly destination.

May 29, 2015

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