LAHAINA, HI — The Outlets of Maui has undergone a $28-million redevelopment. The 10-building, 147,000-square-foot center received new storefronts, expanded walkway overhangs, outdoor seating areas, and significant improvements to common areas and site signage. It is located on 12 acres at 900 Front Street. The outlet center is currently 91 percent leased to tenants like Michael Kors, Guess, Tommy Hilfiger, Calvin Klein, Coach, Izod, Lucky Brand, Brooks Brothers, Carter’s, Banana Republic, Gap, Adidas and Sketchers. It also includes restaurants like Hard Rock Café and Ruth’s Chris Steak House. Notable Hawaiian retailers, including Hilo Hattie, ABC Stores and Warren & Annabelle’s, also reside at the center. Watt Advisors, the commercial investment arm of Watt Companies, joined with local development partners in April 2013 to convert the aging, traditional shopping center into Maui’s first outlet center. The Outlets of Maui is one of only two outlet centers in Hawaii. Watt and its partners plan to add 50,000 square feet to the center by the end of next year.
Property Type
SAN DIEGO — Drawbridge Acquisitions LLC has acquired Via del Campo Court, a 188,072-square-foot corporate office campus in the San Diego submarket of Rancho Bernardo for $26 million. The two-building campus is located at 16710 and 16750 Via del Campo Court, just north of the I-15 and SR-56 intersection. Via del Campo is fully leased to Northrop Grumman through 2016. Drawbridge represented itself in this transaction, while the seller, WAM Via del Campo LP, c/o WAM Development Group, was represented by Rick Reeder and Brian Driscoll of Cassidy Turley’s San Diego office.
VANCOUVER, WASH. — Columbia Shores Office Building, a 41,592-square-foot property in Vancouver, has sold to Columbia Shores SPE LLC for $6.7 million. The Class B building is located on SE Columbia Shores Boulevard. It is fully leased to six tenants, including SmartRG, Schlage Lock and Columbia Resources. The LLC was represented by Todd VanDomelen and Charles Conrow of Norris & Stevens, Inc. – TCN Worldwide. The seller, 501 SE Columbia Shores SPE LLC, was represented by Eric Fuller of Eric Fuller & Associates.
BAL HARBOUR, FLA. — A group of banks led by HSBC Holdings PLC has provided a $332 million loan to Consultatio, an Argentine development firm led by Eduardo Costantini. The loan will be used to finance the construction of Oceana Bal Harbour, a 28-story, 240-unit luxury residential tower at 10201 Collins Ave. in Bal Harbour, a village community 12 miles northeast of Miami. The tower is slated for a 2016 completion. Units at Oceana Bal Harbour are selling at an average price of $1,875 per square foot with prices ranging from $3 million to $30 million. Total sales are projected to be in the $1.2 billion to $1.3 billion range. Amenities of the new community will include underground parking, a private poolside restaurant, lap pool and leisure pool with cabanas, movie theater, children’s playroom, fitness center, 24-hour concierge, two tennis courts and a wine cellar.
ALPHARETTA, GA. — Cassidy Turley has brokered the $83.5 million sale of Somerby of Alpharetta, a 282-unit seniors housing community in Alpharetta, an affluent northern suburb of Atlanta. The facility is comprised of 16 independent living villas, 187 independent living apartments, 56 assisted living units and 23 memory care units. The property was built in 2008 and has maintained occupancy in the mid-90 percent range. Allen McMurty represented the seller in the transaction. The buyer was a publicly traded REIT.
UNIONDALE, N.Y. — Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, has funded 13 loans totaling $43.7 million for multifamily communities in the Southeast. Stephen York of Arbor’s New York City office originated all of the loans, several of which were Fannie Mae loans. The financing included: · a three-year, $10.8 million acquisition loan for a 392-unit unnamed community in Montgomery, Ala. · a seven-year, $7.9 million acquisition loan for the 344-unit Sunrise Point Apartments in Birmingham, Ala. · a two-year, $4.6 million acquisition loan for an unnamed 172-unit property in Gainesville, Fla. · a 10-year, $2.1 million loan for the 48-unit 1720 Cleveland Street Apartments in Hollywood, Fla. · a 12-year, $2 million loan for the 30-unit Gardens at Stirling Apartments in Davie, Fla. · a 30-year, $1.4 million refinance loan for the 64-unit Winter Garden Apartments in Winter Garden, Fla. · a seven-year, $3.5 million loan for the 150-unit Keystone Landing Apartments in Memphis, Tenn. · a 10-year, $3.4 million refinance loan for the 58-unit Hearthstone Apartments in Blacksburg, Va. · a 10-year, $2.7 million loan for the 56-unit Colonial Point Apartments in Gloucester, Va. · a 10-year, $1.8 million refinance loan for …
STAUNTON, VA. — Phillips Edison-ARC Grocery Center REIT II Inc. has acquired its second grocery-anchored shopping center, the 80,265-square-foot Staunton Plaza in Staunton. Martin’s grocery store anchors the center, which also includes a Five Guys Burgers and Fries, Fantastic Sams and a gas station.
WINSTON-SALEM, N.C. — Oak Coast Properties and The Harp Group have acquired the Marriott Residence Inn hotel in Winston-Salem for $5.9 million. The property features a fitness center, business center, outdoor pool and firepit. The 88-room hotel, which is within a mile of Wake Forest University’s campus, underwent a $2 million renovation between 2012 and 2013. Marriott Residence Inn is the first hospitality purchase for Oak Coast Properties. The Los Angeles-based firm plans to invest up to $125 million in new hotel acquisitions during the next two years.
MINNEAPOLIS — Law firm Norton Rose Fulbright has signed an 18,505-square-foot, full-floor lease at RBC Plaza, a 40-story office tower in Minneapolis. Managed by Cushman & Wakefield/NorthMarq, RBC Plaza is a 678,045-square-foot tower located at 60 S. Sixth St. and 555 Nicollet Mall. KBS Real Estate Investment Trust III owns the building. RBC Plaza is currently undergoing renovations, which includes the conversion of two floors from retail into office space. Improvements also include the addition of a new conferencing center, full fitness facility with showers, lockers and secured bicycle storage. The improvements are slated for completion in fall 2014. Sonja Dusil of Cushman & Wakefield/NorthMarq represented KBS REIT III in the transaction. Landon Helm and Jim Bailey of Cushman & Wakefield represented Norton Rose Fulbright. The law firm is set to move into the new space in November.
EVANSTSON, ILL. — Sperry Van Ness has arranged the sale of 26 of 49 bulk condominium units in Evanston, a northern suburb of Chicago. The 26 units, which total 37,310 square feet, sold for $7.25 million. The condominium property is located at 1228 Emerson St. Jim Sears of Sperry Van Ness represented the seller, Bluewater Group. Reid Bennett also of Sperry Van Ness represented the undisclosed buyer.