LOS ANGELES – A 71-unit apartment building in Los Angeles’ Miracle Mile neighborhood has sold to a private investor for $23.5 million. The community is located at 5700 West Olympic Blvd., just west of La Brea Avenue. It was built in 1972. The seller, an affiliate of Hillstreet Realty, was represented by Richard Ringer of Marcus & Millichap’s West Los Angeles office.
SCOTTSDALE, ARIZ. – Canyon Village, a mixed-use office project in Scottsdale has sold to Laurus Corp. for $18.7 million. The Class A project is located at 18801, 18835, 18867 and 18899 N. Thompson Peak Parkway. It is situated within the 8,800-acre, master-planned DC Ranch at the base of the McDowell Mountains. Canyon Village is primarily composed of office tenants, but also includes high-end medical office, retail and restaurant users like Ciao Wine Bar & Bistro and the Village Health Club’s hot yoga studio. It was 75.9 percent occupied at the time of sale. The seller, Canyon Village LLC, an entity of DMB, was represented by JLL’s Dennis Desmond and Brian Ackerman. DMB’s Michael Burke and T.A. Shover also participated in this sale, as did Alfred Hackbarth of SRS Real Estate Partners and JLL’s John Bonnell and Brett Abramson.
LAS VEGAS – A 55,583-square-foot retail center in Las Vegas has sold to Charleston Festival Retail LLC for $13.8 million. The center is located at 6250-6350 W. Charleston Blvd. The LLC was represented by Tim Behrendt and Lisa Hauger of Sun Commercial Real Estate. The seller, RPM Investments, was represented by Chris Clifford and Sean Margulis of the Equity Group.
SAN BERNARDINO, CALIF. – Shogun Japanese Restaurant has leased a 7,500 square-foot freestanding restaurant building in San Bernardino. The space is located at 1050 E. Harriman Place. The new restaurant is scheduled to open this summer. It is situated between Costco and Sam’s Club within the Hub shopping center. The family-friendly restaurant is open for lunch and dinner. It offers Japanese entrees and Teppanyaki. Paul Galmarini and Kenia Drugan of Progressive Real Estate Partners represented both the landlord and Shogun in this transaction.
DYER, IND. — Holladay Properties has arranged a 16,280-square-foot lease of a medical office building in Dyer. Franciscan Alliance will occupy space within the Medical Pavilion South building located on the campus of Franciscan Saint Margaret Hospital. Holladay Properties provides leasing and property management services for Medical Pavilion South, a 63,486-square-foot, three-story medical office building. The Franciscan Alliance will open the Program of All-inclusive Care for the Elderly (PACE) Senior Health and Wellness facility on the third floor of the building. The facility provides primary care, diagnostics, physical therapy, occupational therapy, dietician, social worker, CNA, home health support, recreational services as well as access to specialists in cardiology, ophthalmology, dermatology, orthopaedics and geriatrics. The Franciscan Alliance currently operates a similar Senior Health and Wellness Center in Indianapolis. Michael O’Connor of Holladay Properties represented the building owner in the transaction. Holladay Properties also provides property management services for the project.
CHICAGO — Interra Realty has arranged the $2.2 million sale of three multifamily properties in Chicago. The properties include an eight-unit, walk-up property located at 5417-19 S. Drexel in Hyde Park, which sold for $1.06 million; a four-unit apartment building located at 1900 W. Oakdale in the Lake View neighborhood, which sold for $750,000; and a vacant 12-unit building located at 4034-42 W. Palmer in the Hermosa neighborhood, which sold for $430,000. Brad Feldman of Interra Realty represented the undisclosed buyers and sellers in all three deals.
ST. CHARLES, ILL. — The Boulder Group has brokered the $2 million sale of a single-tenant, net lease On The Border restaurant property in St. Charles. The property is located at 3050 E. Main St. The 6,488-square-foot building is adjacent to The Quad St. Charles Mall. Von Maur, Carson Pirie Scott and Kohl’s anchor the 775,000-square-foot mall. On The Border has fifteen years remaining on its recently signed absolute-net-lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller. The buyer was a private high net-worth investor based in the Midwest. A Southeast-based private investment firm sold the property. On The Border is a privately owned Tex-Mex casual dining restaurant that operates more than 160 locations.
NEW YORK CITY — Savanna and Hornig Capital Partners has acquired a commercial loft building located at 2415 Third Ave. in the Mott Haven neighborhood of the Bronx for an undisclosed price. The eight-story, 172,000-square-foot building features 22,000-square-foot floor plates with 12-foot ceiling heights. The buyers plan to implement a $12 million capital improvement plan and re-brand the property. DY Realty Services represented the seller, Madhatters Realty, in the transaction. The acquisition was financed by CapitalSource, with Mission Capital as placement agent for the loan.
LOWELL, MASS. — DTZ has brokered the sale of Connector Park, two office buildings located in Lowell. Hudson Advisors sold the 199,783-square-foot property for $14.6 million to KS Partners. The asset consists of 41 Wellman Street, which is 100 percent leased on a long-term basis to three tenants, and 59 Lowes Ways, which is a 66 percent leased multi-tenant office building. David Pergola and Brian Doherty of DTZ Boston represented the seller in the transaction.
NEW YORK CITY — Houlihan-Parnes Realtors has secured $4.8 million in first mortgage refinancing for a 12,000-square-foot retail building located at 4174 White Plains Road in the Bronx. The five-year, non-recourse loan features a 3.75 percent fixed rate and a 30-year amortization schedule. Additionally, the loan is prepayable throughout the term on a declining scale and features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel for the undisclosed borrower.
