SEATTLE – A joint venture between Provenance Hotels and Thayer Lodging Group has acquired the 120-room Hotel 1000 in Downtown Seattle for a reported $63 million. The Forbes Four Star-rated hotel is located at the intersection of 1000 First Avenue and Madison Street, near the waterfront along Elliott Bay. There are 10 floors of upscale condominiums that sit atop the 14-story hotel. The hotel portion also features a 100-seat restaurant, spa, state-of-the-art golf simulator, and 9,100 square feet of conference and event space. This is the joint venture’s first acquisition. It is Thayer’s third acquisition through its $300-million Thayer Fund VI. Provenance will manage the hotel.
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WASHINGTON, D.C. — Commonwealth Cooperative, a newly formed group of multifamily investors, has made its first acquisition: the 131-unit South Cathedral Mansions, located at 2900 Connecticut Ave. in Washington, D.C.’s Woodley Park neighborhood. Commonwealth Cooperative is comprised of Commonwealth Residential and CAS Reigler, with Oculus Realty providing property management services and Snead Construction providing contractor services. The new ownership is planning an extensive two-year redevelopment of the property, which will include the addition of 29 new apartments, 17 of which will feature 20- to 30-foot ceilings. The landmark property, which is listed on both the National Register of Historic Places and the D.C. Inventory of Historic Sites, has traded hands only four times since its development in 1922.
MIAMI — Phillips Edison-ARC Shopping Center REIT Inc. has purchased a portfolio of five grocery-anchored shopping centers totaling 347,478 square feet in Florida. The properties include Deerwood Lake Commons in Jacksonville; Heath Brook Commons in Ocala; West Creek Commons in Coconut Creek; Park View Square in Miramar; and St. Johns Commons in Jacksonville The portfolio is 92.7 percent leased and anchored by either Publix or Winn-Dixie. Casey Rosen, Dennis Carson and Cliff Taylor of CBRE represented the undisclosed seller in the transaction.
MYRTLE BEACH, S.C. — NAI Avant has arranged the $14.1 million sale of Ocean Bay Market, a 58,000-square-foot grocery-anchored shopping center in Myrtle Beach. Dail Longaker of NAI Avant represented the buyers, Randolph Freezer LLC and Red Sled Properties LLC, in the transaction. Carolina Forest Investment Group LLC, a partnership formed by Red Rock Developments LLC, recently developed the shopping center.
LAWRENCEVILLE, GA. — WinnCompanies and The Roseview Group have acquired Carroll at Bethesda Park, a 222-unit apartment community in Lawrenceville, an eastern suburb of Atlanta. The multifamily property, built in 2001, is the only apartment community along Ronald Reagan Parkway, which connects Lilburn and Snellville, two suburbs in Gwinnett County. The property is situated near Bethesda Park, a 159-acre park with playgrounds, an aquatic center, running trails and soccer and baseball fields. Following the acquisition, WinnCompanies and The Roseview Group will rebrand the property as Park156.
JUPITER, FLA. — Elion Real Estate Fund III LP has acquired Jupiter Reserve, a 43,172-square-foot shopping center in Jupiter, a northern suburb of Miami in Palm Beach County. The seller was Pebb Enterprises, and Atlantic Retail Properties represented both parties in the transaction. The sale price was undisclosed. The four-acre Jupiter Reserve is 93.6 percent leased to tenants that include Petco, T-Mobile, Vitamin Shoppe, Pizza Hut, Edible Arrangements and LabCorp of America. Atlantic Retail Properties will handle the property’s leasing responsibilities, Transwestern Commercial Services will manage the shopping center.
SPRINGFIELD, MO. — The Springfield Area Chamber of Commerce hosted a groundbreaking ceremony Friday, June 20 for the $16 million historic redevelopment of the Heer’s building in Springfield. The new Heer’s Luxury Living development will consist of 80 loft-style apartment units. Amenities at the community will include a fitness center, theater and game room and a rooftop clubhouse. The development will also feature a police substation and approximately 15,000 square feet of commercial space for office, restaurant, and retail use. Lee’s Summit, Mo.-based Dalmark Development Group is developing the mixed-use project. Shawnee, Kan.-based Straub Construction Co. Inc. is the general contractor for the project. St. Louis-based Rosemann & Associates will design the new facility. The building is slated to open by its centennial in September 2015.
BLOOMINGDALE, ILL. — NewMark Merrill Co. has arranged the lease of 42,000 square feet of retail space for Hobby Lobby at the Stratford Crossing shopping center in Bloomingdale, approximately 27 miles west of Chicago. The 378,000-square-foot shopping center is located at Gary Avenue between Army Trail Road and Schick Road. Hobby Lobby will occupy space next to PetSmart on the southern end of the center. The new store in Bloomingdale opened in May. The arts and crafts retailer maintains 558 stores across the nation. In addition to Hobby Lobby and PetSmart, tenants at Stratford Crossing also include Kmart, Buffalo Wild Wings, Outback Steakhouse, Starbucks and Dunkin’ Donuts.
CHICAGO — MB Real Estate has arranged a 26,214-square-foot office lease renewal and expansion for Knight Engineering at the LaSalle Wacker Building in Chicago. The property is located at 221 N. LaSalle St. The full-service engineering and architectural firm renewed its lease for space on the third floor and expanded to a portion of the fourth floor at the office property. Knight Engineering is the largest tenant in the 416,000-square-foot, 41-story building. MB Real Estate has managed and leased the property since 2010. Walter Hennig and Kelsey Karp of MB Real Estate represented building ownership in the transaction. Knight Engineering was self-represented in the negotiations.
TROY, MICH. — Colliers International has arranged the lease of a 14,350-square-foot retail building in Troy, a suburb of Detroit. The property is located at 799-801 Stephenson Highway. Barry Landau of Colliers International represented the landlord, Bostick Development LC and the tenant, Poochpeople Inc., in the transaction. Poochpeople will use the space as a doggy day camp, which will also provide overnight boarding for pets.