LAS VEGAS – Ikea has submitted plans to open its first Las Vegas location in the Spring Valley submarket. The 351,000-square-foot outpost would be situated on 26 acres along the northern side of Interstate-215 at Durango Drive, near Sunset Road. The new store would feature nearly 10,000 exclusively designed items, 50 inspirational room-settings, three model home interiors, a supervised children’s play area, and a 450-seat restaurant serving Swedish specialties like meatballs with lingonberries and salmon plates, as well as American dishes. The Swedish home furnishings retailer hopes to open the new store in summer 2016. The next closest Ikea locations for Las Vegas include Covina, Calif., Tempe, Ariz.; or Draper, Utah.
Property Type
RESTON, VA. — Cassidy Turley has brokered the $41 million sale of a Class A office building located at 1775 Wiehle Ave. in Reston, about 22 miles west of Washington, D.C. First Potomac Realty Trust purchased the fully leased, 130,048-square-foot property from Normandy Real Estate Partners. The asset’s largest tenant is Odin, Feldman & Pittleman P.C. Paul Collins, Bill Collins, James Cassidy, Drew Flood and Jud Ryan of Cassidy Turley represented Normandy in the transaction.
MIAMI — Co-developers Carrfour Supportive Housing and Pinnacle Housing Group have opened Amistad Apartments, a $24 million affordable housing community. The 89-unit property is located at 517 S.W. 9th St. in Miami’s Little Havana neighborhood. The community is designated for formerly homeless and low-income residents. More than 1,500 people filled out resident applications to live in the new community, and a lottery was held to select from those applications.
NEWNAN, GA. — Colliers International has arranged the $10.2 million sale of Merchant’s Crossing, a 174,059-square-foot shopping center located at 50 Bullsboro Drive in Newnan, about 39 miles southwest of Atlanta. Slate Properties Inc. purchased the Kroger-anchored shopping center from Brixmor, a REIT that owns more than 500 grocery-anchored shopping centers in the United States. Joseph Montgomery III and Tony D’Ambrosio of Colliers International represented the seller in the transaction.
LAWRENCEVILLE, GA. — The RADCO Cos. has sold Ashford Way, a 98-unit apartment property in the Atlanta suburb of Lawrenceville, for $5 million. KENCO Apartment Communities purchased the asset for approximately $51,02 per unit. The community features one- and two-bedroom floor plans averaging 752 square feet. ARA brokered the transaction. RADCO originally purchased the asset in December 2012 out of receivership for $29,000 per unit. After implementing a $1 million capital improvement plan, RADCO raised the occupancy rate from 71 percent to 97 percent.
WELLINGTON, FLA. — Johnson Capital has arranged a $12 million loan to refinance Wellington Reserve, a Class A office and retail park in Wellington, a town in Palm Beach County. The complex contains approximately 93,000 square feet of office and retail space in seven buildings. Warren Factor and Eric Fixler of Johnson Capital’s Boca Raton office arranged the seven-year loan with a 25-year amortization schedule through a national bank. The borrower, an unnamed real estate investor active in Orlando and Miami, purchased the asset from Wells Fargo in March 2013 for $10.5 million.
PORTAGE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated a $20.7 million FHA/HUD loan for the acquisition and rehabilitation of Milham Meadows Apartments, a 300-unit multifamily property in Portage, approximately seven miles south of Kalamazoo. The fully leased property is located at the corner of Milham Road and Oakland Drive. The borrower, Integra Property Group, is utilizing Pillar’s acquisition loan and proceeds from the sale of low-income housing tax credits to purchase the property and to rehabilitate a number of elements, including a substantial renovation of energy and unit upgrades, as well as capital systems upgrades. The community will remain fully tenanted through the rehabilitation. Peter Nichol, of Pillar’s San Francisco office originated the transaction working closely with Mark Wiedelman and Nancy Ludwick of Pillar’s FHA lending team based in Bloomfield Hills, Mich. The affordable housing team secured a construction and permanent mortgage loan to facilitate the substantial rehabilitation of the property with short-term tax-exempt bonds and 4 percent tax credits.
ROSEVILLE, MINN. — Meritex has broken ground on the Highcrest Distribution Center, a 130,000-square-foot industrial project in Roseville, a suburb of Minneapolis. The property is located at 2400 Terminal Road. The project will have 32-foot clear height ceilings, up to 40 dock doors, ESFR sprinkler system, and can be subdivided to accommodate smaller tenants. The building will also have access to the Minnesota Commercial Railway. The project will be ready for occupancy in November 2014. Pope Architects designed the project. R.J. Ryan is the general contractor. Matt Oelschlager, John Ryden and Mike Bowen of CBRE are marketing the property for lease. The 9-acre development site was part of a larger 42-acre site that Meritex began marketing to users in 2009.
BIRMINGHAM, MICH. — Mid-America Real Estate Corp.’s investment sales team, in cooperation with NAI Farbman, brokered the sale of The Willits Retail, a 25,396-square-foot retail center in Birmingham, an affluent suburb of Detroit. Southfield, Mich.-based Seligman Group purchased the property for an undisclosed sales price. The center includes two premier dining restaurants — Mitchell’s Fish Market and Cameron’s Steakhouse, a TD Ameritrade and Darakjian Jewelers. Ben Wineman of Mid-America Real Estate Corp. and Bill Bubniak of NAI Farbman represented the seller, New York-based The Related Cos., in the transaction.
BECKER, MINN. — Marcus & Millichap has brokered the $2.4 million sale of a 68-room hotel in Becker, approximately 47 miles northwest of Minneapolis. Crossings by Grandstay Inn & Suites is located at 14435 Bank St. The hotel was built in 2004. Jon Ruzicka of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company. Ruzicka, with the cooperation of an outside brokerage, also represented the buyer, a private investor.