LOS ANGELES – Black Equities has purchased a retail center at 7300 Melrose Ave. in Los Angeles for $5.3 million. The center is home to Floyd’s Barbershop and the Dark Room bar and restaurant. The seller, Ness Holdings, purchased the center for $3.8 million in 2013. At that time, the firm renegotiated the anchor tenants’ leases and re-tenanted the additional spaces. The repositioning program was completed and the asset was sold in less than two years.
SACRAMENTO, CALIF. – The Board of Equalization, the State of California’s elected tax commission, has renewed its lease for 66,593 square feet at Gateway Corporate Center in Sacramento. The Class A building is located at 160 Promenade Circle, near the downtown region. It is situated within Sacramento Gateway, a mixed-use development that includes a hotel and a 655,000-square-foot retail center. The Board was represented by Newmark Cornish & Carey. The landlord was represented by Ron Thomas and Sean Mullen of Cushman & Wakefield’s Sacramento’s office.
WICHITA, KAN. — Value Place, a value extended stay hotel brand, has changed its name to WoodSpring Suites, effective immediately. In addition, the Wichita-based company is developing a brand extension with a more enhanced offering, WoodSpring Suites Signature, designed to appeal to less price sensitive guests. “Our new brand strategy will foster our ability to further expand our network, gain access to new markets and customer segments, and further drive RevPAR growth for our company owned hotels and development partners,” says Bruce Haase, CEO of the brand. “Leveraging our highly profitable operating model and history of product innovation, we believe that our rebranding strategy will be the catalyst to take the company to the next level of growth and profitability. We are building from a strong foundation.”
LONGVIEW, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2 million purchase loan for a 100-unit apartment complex located in Longview. The seven-year loan includes a 4.35 percent interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.
ELK GROVE VILLAGE, ILL. — Entre Commercial Realty has arranged the $2.3 million sale of a 41,600-square-foot industrial facility in Elk Grove Village. Horizon Logistics Inc., which is doing business as Seko Logistics, acquired the property located at 801 Lunt Ave. The free standing, single-tenant building is in close proximity to I-90, I-355 and O’Hare International Airport. Jonathan Kohn and Ron Behm of Colliers International represented the seller, Prologis. Tom Boucher and Dan Jones of Entre Commercial Realty represented Horizon Logistics. Seko Logistics is a 39-year-old global firm that specializes in transportation, logistics, freight forwarding and warehousing.
ROWLETT, TEXAS — Huffines Communities has broken ground on a 650-unit apartment community in Rowlett. Harmony Hill, which will open in two phases, is located at the intersection of Merritt Road and the President George Bush Turnpike. Pre-leasing for the 326 apartments in Harmony Hill’s Phase I will begin in spring 2016. Harmony Hill will include one- and two-bedroom apartment homes in multiple floor plans ranging from 560 to 1,263 square feet. Planned amenities include a 7,000-square-foot clubhouse with a fitness center, business center, swimming pool and pavilion. JHP Architecture / Urban Design designed the buildings and Moore Design Group developed the interior design.
COPPELL, TEXAS — Marcus & Millichap has arranged the sale of a 96,500-square-foot, single-tenant office building fully leased to Avaya Inc. Built in 1998 on 6.8 acres, the two-story office building is located near the Dallas/Fort Worth International Airport at 1111 Freeport Parkway in Coppell. The property features frontage on I-635, the Lyndon B. Johnson Freeway. Ron Hebert of Marcus & Millichap’s Dallas office represented the seller, KP Dallas LLC. Steve Sauter of firm’s Palo Alto office represented the buyer, Coliseum Storage Associates LLC.
AUSTIN, TEXAS — Home2 Suites by Hilton Austin North/Near the Domain is now open. The mid-tier, all-suite hotel brand is designed for business travelers and extended stay guests. Home2 Suites now has nearly 200 hotels in its property pipeline, with another 30 locations scheduled to open by the end of this year. Home2 Suites’ portfolio expansion into Austin, which brings 135 new hotel rooms to the state of Texas, comes on the heels of a major spike in demand for the extended-stay hotel product. Esperanza Hospitality LLC owns Home2 Suites Austin North/Near the Domain, which is located at 2800 Esperanza Crossing.
WELLINGTON, FLA. — HFF has brokered the $53.5 million sale of Wellington Green Commons, a Whole Foods-anchored retail center in Wellington, a village in South Florida’s Palm Beach County. Built in two phases in 2008 and 2010, the 112,354-square-foot center was 98.5 percent leased at the time of sale to tenants such as AT&T, Chili’s Grill & Bar, Macaroni Grill, Jason’s Deli, Moe’s Southwest Grill, Massage Envy Spa, Orange Theory Fitness, AmTrust Bank, Posch Boutique, My Community Pharmacy and BP Amoco/Dunkin’ Donuts. Daniel Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores of HFF represented the seller, Schmier & Feurring Properties, in the transaction. The buyer was Weingarten Realty Investors.
KENNESAW, GA. — Atlanta-based shopping center owner RCG Ventures has formed a joint venture with DRA Advisors to purchase Cobb Place, a 335,190-square-foot shopping center located along Ernest Barrett Parkway in Kennesaw, a northern suburb of Atlanta. The joint venture acquired the center from an undisclosed seller for $46.5 million. The property’s tenant roster includes Bed Bath & Beyond, Cost Plus World Market, DSW Shoe Warehouse, Ashley Furniture and American Signature Furniture. CBRE represented the seller in the transaction, and RCG Ventures was represented internally by Matt Klump.