WINSTON-SALEM, N.C. — Inland Private Capital Corp. has sold BB&T headquarters, a 240,000-square-foot, 20-story office tower located in Winston-Salem, for approximately $25 million. Inland facilitated the sale of the property on behalf of one of its 1031 investment programs through a subsidiary, which serves as Inland’s asset manager.
RICHMOND, VA. — Capstone Apartment Partners has brokered the $17.5 million sale of Ashton Square Apartments, a 372-unit apartment community located in Richmond. The property, originally built in 1964, was 95.4 percent occupied at the time of sale. Kohn Family Trust purchased Ashton Square from Weinstein Properties for roughly $47,151 per unit. Todd Conner, Jared Alcorn and Beau McIntosh of Capstone represented Weinstein Properties in the transaction.
LOS ANGELES — American Realty Capital Global Trust (ARC Global Trust) has purchased the 226,441-square-foot Quest Diagnostics building in the Los Angeles submarket of Santa Clarita for $96 million. The lab and office facility is located at 27027 Tourney Road. The property sits adjacent to Interstate 5, about 40 miles north of Los Angeles International Airport (LAX). Quest Diagnostics is the world’s leading provider of diagnostic testing and is one of the largest biomedical companies in the U.S. Quest occupies the entire building. The seller, Clarion Partners, was represented by HFF’s Ryan Gallagher, Mike McCann, Andrew Harper and Nick Foster.
LOS ANGELES — Hollywood Park Land Company has announced plans to develop a new sports and entertainment district in the Los Angeles submarket of Inglewood. The development is named the “City of Champions Revitalization Project.” The new development “builds on the momentum of the original 238-acre, mixed-use project currently under construction at Hollywood Park after years of community engagement and the approval of entitlements by the Inglewood City Council in 2009,” according to a statement from the land company. Hollywood Park Land Co. is a joint venture between Stockbridge Capital Group and the Kroenke Group (TKG). Stockbridge purchased the original 238-acre Hollywood Park site in 2005. The Kroenke Group purchased an adjacent 60-acre parcel in 2013. The two then joined forces through the Hollywood Park Land Co. venture in 2014 to develop the project. The 298-acre project will include a stadium of up to 80,000 seats and a performance venue of up to 6,000 seats. It will also reconfigure the previously approved Hollywood Park plan that called for up to 890,000 square feet of retail, 780,000 square feet of office space, 2,500 new residential units, a 300-room hotel, and 25 acres of public parks, playgrounds, open space, and pedestrian and …
TUCSON, ARIZ. — HSL Properties has broken ground on the 368-unit Encantada at Tucson National apartment community. The $46-million luxury community is located at 8323 N. Shannon Road. Encantada at Tucson National is scheduled for completion in fall 2016. It will begin leasing this summer. The newest community will join HSL’s existing apartment properties in northwest Tucson, including Encantada at Riverside Crossing, Dove Mountain and Steam Pump. Common amenities at Tucson National include a clubhouse, fitness center, movie theater, indoor/outdoor living space with a professional kitchen, two resort-style pools with a large spa and private cabanas, a complimentary coffee bar and a dog area.
OAHU, HAWAII — Hampton Hotels has announced plans to open its first property in Hawaii. The 175-key Hampton Inn & Suites hotel will be developed as part of the new Ka Makana Ali‘I mixed-use center in West Oahu. The hotel will break ground mid-year. Ka Makana Ali‘I will be a 1.4-million-square-foot regional shopping center with more than 150 new shops and restaurants, a movie theater and LEED-certified office space. Phase I is expected to open next year. Both the new hotel and the shopping center are being developed by DeBartolo Development. Hampton Hotels operates 2,000 locations worldwide. It will also boast locations in all 50 states, as well as the District of Columbia and Puerto Rico, once this project is completed. Hilton Worldwide currently operates six hotels and seven timeshare properties in Hawaii.
PHOENIX — American Realty Capital Healthcare Trust (ARC Healthcare) has acquired Paradise Valley Medical Plaza, a 104,000-square-foot medical office building in Phoenix, for $28.3 million. The Class A building is located at 3805 East Bell Road, on the Abrazo Paradise Valley Hospital campus. Paradise Valley Medical Plaza was 90 percent occupied at the time of sale. The property was sold by RP Paradise Valley LLC, a joint venture between Plaza Companies and USAA Real Estate Company. Plaza will continue to provide leasing, construction services and property management for the building. The medical office building was sold to ARHC PVPHXAZ01 LLC, a subsidiary of ARC Healthcare. Plaza Companies and ARC Healthcare are also collaborating on Arrowhead Professional Center in Glendale, which is owned by ARC Healthcare and managed by Plaza.
CHICAGO — HSA PrimeCare has completed the development of a 30,000-square-foot business center at Silver Cross Hospital in New Lenox. The two-story administrative building is on the east side of campus located at 1900 Silver Cross Blvd. HSA Primecare has now developed three medical buildings on the Silver Cross campus totaling more than 100,000 square feet. Itasca, Ill.-based Premier Design + Build Group served as the general contractor for the project. Partners in Design Architects provided architectural design services.
CHICAGO — Bernard Financial Group has arranged an $18.7 million CMBS loan to refinance a 23-story historic office building in Chicago’s Loop. The 198,698-square-foot property is located at 205 W. Randolph St. The sons of world-renowned architect Daniel H. Burnham designed the building. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Randolph Acquisition LLC, through Deutsche Bank.
CEDAR PARK & SEAGOVILLE, TEXAS — BMC Capital has provided a $5.9 million acquisition loan for a 100-unit multifamily property located in Cedar Park, a suburb of Austin. BMC has also provided a $588,000 acquisition loan for a 16-unit multifamily located in the Dallas suburb of Seagoville. The first is a five-year loan that includes a 69 percent loan-to-value ratio, a 4 percent fixed interest rate and a 30-year amortization schedule. The second is a seven-year loan that includes a 70 percent loan-to-value ratio, a 4.75 percent interest rate and a 25-year amortization schedule. The loans were arranged through BMC’s correspondent banking relationships.