LOS ALTOS, CALIF. – A 4,320-square-foot office property in the Silicon Valley city of Los Altos has sold to an individual/personal trust for $2.1 million. The property is located at 166 Main Street in the downtown region. The buyer was represented by Bill Allen of Marcus & Millichap’s Palo Alto office. The seller was not named.
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ATLANTA — IDI Gazeley plans to begin developing more than 1 million of square feet of speculative industrial space in metro Atlanta. The properties include Hamilton Mill Business Center Building C in Gwinnett County and Jefferson Distribution Center Building B in Jefferson County. IDI Gazeley plans to deliver the 196,000-square-foot Hamilton Mill property in the first quarter of 2015. The Hamilton Mill Business Center is 97 percent leased to tenants such as Office Depot, FedEx Freight, Daimler Trucks North America and Lund International. The 840,000-square-foot Jefferson Distribution Center facility is slated for a second quarter 2015 delivery. IDI Gazeley is part of Brookfield Logistics Properties following Brookfield’s acquisition of Atlanta-based IDI in 2013.
ORLANDO, FLA. — HFF has brokered the sale of the Holiday Inn Resort Lake Buena Vista, a 503-room hotel located at 13351 S. Apopka Vineland Road in Orlando. The transaction is the largest hotel sale brokered in Orlando this year, according to Real Capital Analytics. The hotel is a Walt Disney Good Neighbor Hotel, with 7,000 square feet of meeting space, a resort-style outdoor swimming pool, a new Applebee’s Neighborhood Grill & Bar, a fitness center, basketball court, children’s club, gift shop and business center. ROCH Capital purchased the asset from Vista Hospitality Co. free and clear of debt. Michael Weinberg and Max Comess of HFF represented Vista in the transaction. The hotel is part of a three-property portfolio that HFF is marketing on behalf of Vista; the other properties include Crowne Plaza Orlando Downtown and the Holiday Inn Express & Suites Fort Lauderdale. Portfolio Hotels will manage the asset on behalf of ROCH Capital.
VILLAGE OF PINECREST, FLA. — Franklin Street Real Estate Services has brokered the $7.4 million sale of a single-tenant office building at 9480 S. Dixie Highway in the Village of Pinecrest, a suburb of Miami. The property is fully leased to Intermex Wire Transfer, which recently signed a seven-year lease extension. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the buyer, Miami Har LLC, in the transaction. The seller, ATS Intermex LLC, owned the property for a little less than a decade.
WILMINGTON, N.C. — Mount Pleasant, S.C.-based Ziff Properties (ZPI) has sold the Murchison Building, a 60,000-square-foot mixed-use property in downtown Wilmington, for approximately $3.4 million. The 10-story property was built in 1914. John Hinnant of Maus, Warwick, Matthews & Co. represented the California-based buyer in the transaction. Patrick Gildea of CBRE represented ZPI.
FORT LAUDERDALE, FLA. — Stiles Realty has arranged more than 47,000 square feet of new leases, expansions and renewals at Commercial Place I & II, a 175,432-square-foot office campus in Fort Lauderdale. Madelayne Garcia of Stiles Realty represented the landlord, Western National Life Insurance Co., in the lease transactions. New leases totaling 15,271 square feet include: HDR Engineering Inc., an architectural and engineering firm, signed leases totaling 10,540 square feet. Keith Edelman and Scott Goldstein of JLL represented HDR in the transaction. International Tourism Management Services LLC signed a new lease for 3,218 square feet. Zachary Wendelin of Cresa represented the tenant. H5 Group, a wholesale importer of watches and jewelry, signed a new lease for 1,513 square feet. Barry Brizel of Raintree Properties & Investments represented H5. Renewed leases totaling 31,808 square feet include: Progressive Casualty Insurance has renewed for 21,576 square feet and expanded for another 5,417 square feet. The national insurance provider signed a 64-month lease. Zachary Wendelin of Cresa represented Progressive. Network solutions provider Presidio Networked Solutions Inc. renewed its lease for 4,815 square feet. Mary Catherine Washo of DTZ Americas represented Presidio.
CHICAGO — Prudential Mortgage Capital Co. has provided a $131.7 million loan to refinance 18 self-storage properties for Chicago-based Lock Up/Evergreen Storage LLC. The properties, which include 13,422 units totaling 1.15 million net rentable square feet, are located in Chicago, Minneapolis, Florida, New Jersey, Hawaii and Massachusetts. Several of the properties are Class A buildings, featuring modern construction and are located in predominantly dense, high-income urban locations. The properties are collectively 86.5 percent occupied. The $131.7 million loan is structured in two parts, a $20 million, seven-year, floating-rate tranche, and a $111.7 million, 10-year, fixed-rate tranche.
CHICAGO — McShane Construction Co. will provide construction services for a new Walmart Neighborhood Market in Chicago. The retail store will be located at the corner of E. 47th St. and S. Cottage Grove Ave. The 41,000-square-foot store will feature a full grocery component, which will include organic and natural selections, prepared food options, a self-serve deli, a bakery and frozen food section and a full-service pharmacy. The 18-foot clear height retail space will also incorporate two truck docks and a back storage area. Walmart Neighborhood Market will serve as the ground-floor anchor tenant for The Shops and Lofts at 47, a new mixed-use development being built by McShane Construction on behalf of developers The Community Builders Inc., Skilken and Troy Enterprises. As part of the original assignment for The Shops and Lofts at 47, McShane Construction will also complete the property’s sitework and an 85-car parking lot for retail customers. BRR Architecture Inc. is providing architectural services for the Walmart Neighborhood Market. Pappageorge Haymes Partners has served as architect for the mixed-use development, which is nearing completion.
RAVENSWOOD, ILL. — NGKF Capital Markets has arranged $40 million in construction take-out financing for Ravenswood Station, a 123,650-square-foot retail building located in Chicago's Ravenswood neighborhood. A correspondent insurance company lender provided the 20-year, permanent fixed-rate loan. Ravenswood Station, located at 1800 W. Lawrence Ave., is anchored by Mariano's Fresh Market and LA Fitness. The recently built property opened fully pre-leased. Marino’s Fresh Market opened in April. The property includes 364 spaces of surface and structured parking. NGKF represented the borrower, a joint venture between The Taxman Corp. and Barrett & Porto Real Estate. Executive managing director Joel Simmons led the NGKF team in the transaction.
MILWAUKEE — The Boulder Group has arranged the $1.8 million sale of a single-tenant, net-leased Chipotle restaurant property in Milwaukee. The property is located at 3232 S. 27th St. Chipotle is the sole occupant of the 2,295-square-foot retail building. Chipotle has approximately 10 years remaining on its lease, which was recently extended. The lease includes a 12.5 percent rental escalation in the primary term and a renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private investor. A California-based investor purchased the property in a 1031 tax-deferred exchange.