LANCASTER, PA. — Cronheim Hotel Capital (CHC) has secured a $7.5 million loan for the acquisition of Sleep Inn and Mainstay Suites in Lancaster. CHC financed the purchase at 75 percent of the acquisition price with a 10-year, fixed-rate loan featuring a 27-year amortization schedule locked at 4.39 percent. The two hotels, which are located adjacent to each other, were acquired for $10 million from a local owner/operator. The hotel total 151 keys and offer transient and extended-stay products. David Turley, Janet Proscia and Jeffrey Pacailler of CHC arranged the financing for the undisclosed borrower.
WOODSTOCK, GA. — CBL & Associates Properties Inc. and Horizon Group Properties Inc. have begun construction on the second phase of The Outlet Shoppes at Atlanta, an outlet mall in Woodstock that features 93 retailers. The 33,000-square-foot expansion is scheduled to open before the 2015 holiday season and will bring retailers GAP Outlet and Banana Republic to the outlet mall, which opened in July 2013 at the intersection of I-575 and Ridgewalk Parkway. Existing retailers at The Outlet Shoppes include Nike, Coach, Michael Kors, Saks Fifth Avenue OFF 5TH, Carter’s, Kate Spade, Vineyard Vines and Johnny Rockets. Horizon and CBL are co-developers of the project; Horizon is responsible for leasing and managing the center.
LOUISVILLE, KY. — Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, has brokered the $14.3 million sale of the historic Starks Building in downtown Louisville’s central business district. The 14-story, 395,505-square-foot office tower was originally constructed in 1913. Delray Beach, Fla.-based Hudson Holdings purchased the office tower from the Hertz Organization and plans to reposition the building into a mixed-use property featuring 100 apartments units and a 200-room upscale hotel. The property will also feature a coffee shop and full-service health club. Craig Collins and Sam English of Commercial Kentucky represented the Hertz Organization in the sale.
ASHEVILLE, N.C. — The Sanders Trust (TST) has purchased a 24,000-square-foot medical office building located at 20 Medical Park Drive in Asheville for $11.6 million. Originally built in 2005, the property was fully leased at the time of sale. TST purchased the asset in a joint venture with its capital partner Harrison Street Real Estate Capital LLC. An affiliate of 21st Century Oncology is the primary tenant at 20 Medical Park Drive.
CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors (AKREA) has purchased Shopton Ridge Business Park, a 422,400-square-foot office and industrial park in southwest Charlotte. The park was 90.8 percent leased at the time of sale to tenants such as PinPoint, Scent Air, Cardinal Health, Linde Gas and Rent-A-Center, among others. AKREA purchased the property for an undisclosed price through the Adler Kawa Real Estate Fund II. AKREA has tapped Bill Wood of Trinity Partners to lease the asset. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the seller in the transaction. Charles Foschini and Christopher Apone of CBRE’s Miami office arranged acquisition financing on behalf of AKREA.
CARY, N.C. — NorthMarq Capital has arranged the $4.2 million refinance of Lochmere Pavilion, a 32,236-square-foot retail property located at 2425 Kildaire Farm Road in Cary, part of the Raleigh-Durham metro area. David Vinson and Mark Dodson of NorthMarq Capital’s Raleigh and Los Angeles offices, respectively, arranged the financing through a local North Carolina bank on behalf of the borrower, a California-based entity.
Attention retailers — Baton Rouge is the place to be. For the first time in the area’s history, the Baton Rouge MSA is expected to exceed 400,000 overall jobs in 2015 according to economists Loren Scott and James Richardson. The surge in employment is being fueled by numerous projects including $16 billion in industrial construction projects in the Baton Rouge MSA, along with $1 billion in public construction. Construction is underway downtown on a $55 million office tower and residential complex, which will be the home of the new IBM Technology Center where 800 highly skilled computer savvy individuals will be employed. Construction is also underway on a state-of-the-art water research facility in downtown Baton Rouge. The “Water Campus” situated on 30 acres next to the Mississippi River will initially consist of three buildings totaling $45 million in construction costs. This research park will provide an opportunity for academics and private-sector scientists and engineers to collaborate in producing the best available science on water management and coastal issues. For a state heavily weighted in the energy and petrochemical sectors, this will be a catalyst for economic diversification. Newsworthy Projects Juban Crossing: The most significant new mixed-use project to come on …
SANTA MONICA, CALIF. – Lincoln Owner LLC has acquired a 23,557-square-foot office building in the Silicon Beach region of Santa Monica for $23.6 million. The building is located at 1315 Lincoln Blvd., just blocks from the Third Street Promenade and Santa Monica Place. The property was built in 2005. It was fully occupied at the time of sale. The seller, a partnership between Lincoln Property Company, Linwood Ventures and ASB Real Estate Investments, was represented by Bob Safai, Matt Case and Brad Schlaak of Madison Partners.
TORRANCE, CALIF. – Village Center, a 31,153-square-foot retail center in Torrance, has sold to a local private investor for $11 million. The center is located at 4170 Pacific Coast Highway. It is adjacent to a Walgreens-anchored shopping center. The unnamed seller was represented by Simon Mattox of Marcus & Millichap’s National Retail Group.
BERKELEY, CALIF. – A 47,281-square-foot, mixed-use building in Berkeley has sold to an unnamed buyer for an undisclosed sum. The building is located at 2190 Shattuck Ave. It is anchored by a ground-floor Walgreens with creative offices on the second story that are occupied by technology-oriented tenants. The property is situated directly atop the Downtown Berkeley BART station. It is within one block of the University of California at Berkeley. The space was built in 1956 through 1957. It was renovated in 2012. The seller, a partnership between Sansome Pacific Properties and Somera Capital Management, was represented by HFF’s Nicholas Bicardo, Danny Reddin, Steve Golubchik and Brandon Rogoff.