CARLSBAD, CALIF. – Research Center Plaza, an 81,118-square-foot R&D/office campus in Carlsbad, has sold to a joint venture between Lincoln Property Company and Artemis Real Estate Partners for $9.5 million. The property is located at 2232, 2234 and 2236 Rutherford Road. It was 75 percent leased. The JV plans to upgrade the exterior and interior spaces of the project, creating office lofts with collaborative features, open ceilings and enhanced natural lighting. The JV represented itself in this transaction, while the sellers, RCP Funding Corp. and Shmael Carlsbad Investors LLC, were represented by Rick Reader and Brian Driscoll of Cassidy Turley.
LOS ANGELES – The 24-unit Wilcox Gateway Properties apartment complex in Los Angeles has sold to NHVA1-XVlll for $4.4 million. The community is located at 1812 -1830 Wilcox Ave. The property consists of 24 units on four parcels of land. Three of the properties were built in the 1920s. The fourth was built in 1986, which means it is not subject to rent control. The new owner plans to relocate the existing tenants so it can renovate the 24 units. Tim Steuernol and Rob Zaharia of NAI Capital’s West L.A. office represented both the buyer and seller, Wilcox Gateway Partners LLC, in this transaction.
COLORADO SPRINGS, COLO. – Budget Self Storage, a 51,400-square-foot self-storage facility in Colorado Springs, has sold to an unnamed buyer for $3.4 million. The property is located at 4915 Galley Road. It was 97 percent occupied at the time of sale. The seller, an LLC, was represented by Adam Schlosser, Chico LeClaire and Matt Tyler of Marcus & Millichap’s Denver office.
DALLAS — Marcus & Millichap has arranged the sale of Hamilton Village, a 34-unit, Class C apartment complex in Dallas. Hamilton Village is located at 3201 Hamilton Ave. in Dallas, just east of I-45 and southeast of I-30 in the Fair Park submarket. The property was built in 1964 and consists of three buildings with one-, two- and three-bedroom floor plans. Stephen Crittenden, Michael Ware and William Jarnagin of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden, Jarnagin and Ware also procured the buyer, a private investor.
LEAGUE CITY, TEXAS — Slingerland Properties LLC has purchased a 7,500-square-foot industrial building in League City. The property is located at 1205 Butler Road in the Brittany Business Park. Taylor Schmidt and Reed Vestal of TNRG brokered the transaction.
WILLOWBROOK, ILL. — Morgan/Harbour will complete a 26,000-square-foot office renovation and a 5,000-square-foot office expansion for Midtronics in Willowbrook. The property is located at 7000 Monroe St. in the southwest suburb of Chicago. Construction at the headquarters will feature the addition of 140 office workstations, new AV systems, a new executive boardroom and two meeting rooms. Morgan/Harbour will also complete extensive millwork, replace all flooring, apply new paint and lighting throughout as well as replace all light fixtures and install new acoustical ceiling tiles. A mezzanine will be constructed above the cafeteria to serve as additional seating for meetings or collaborative *breakout areas. Construction is scheduled for completion in late spring 2015. Morgan/Harbour’s construction team included Ben Warriner, Graeme Foster, Scott Heguy and Keith Zagroba. Ware Malcomb is providing architectural services. Midtronics develops and markets technologies for battery management.
GRIMES, IOWA — Hubbell Realty Co. has begun construction on three new apartment buildings and a clubhouse at Meadowlark Place, an apartment community in Grimes. The third phase of expansion, totaling $9.3 million, is located at 1000 S.E. 11th St. The complex is undergoing another expansion with the addition of 90 apartment units, a second community clubhouse, a pool surrounded by expansive patio areas and 58 garages. Following the completion of construction, Meadowlark Place will feature two clubhouses that will both feature a 24-hour fitness center, theater room and community room. Meadowlark Place, a mixed-income project with both market rate and affordable housing units, includes one-, two- and three-bedroom apartment homes. The units feature in-unit washers/dryers, designer appliances, patios or decks, accent paint colors and spacious closets. Hubbell Construction Services is building the project. Meadowlark Place’s new apartment homes will be available beginning in spring 2015.
SPRINGDALE, OHIO —Marcus & Millichap has brokered the $5.2 million sale of a 48,300-square-foot retail property in Springdale, an area on the northeast side of Cincinnati. Wimbledons Plaza is located at 11770-11818 Springfield Pike. An Outback Steakhouse anchors the shopping center. Tenants include Penn Station, H&R Block, Select Staffing, Dairy Queen and other local and regional tenants. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus and Cleveland offices represented the seller, a regional owner and developer. Nathan Whalen of the firm’s Indianapolis office represented the buyer, a private investment group.
UNIVERSITY CITY, MO. — Cushman & Wakefield | Gateway Commercial has arranged the lease of a 1,400-square-foot retail space in University City. Racanelli’s Pizza will occupy space at 6314 Delmar Blvd. Dan Rossini of Cushman & Wakefield represented the tenant. NAI Desco represented the landlord, FRANCO Inc., in the transaction.
ATLANTA — Wood Partners has begun construction on 33 Peachtree Place, a $100 million mixed-use development on West Peachtree Street in Midtown Atlanta. The project will include a 21-story high-rise and mid-rise apartment building totaling 369 residential units (including five penthouse suites) and 20,000 square feet of ground-level retail space. The project will be Atlanta’s first multifamily property to utilize natural gas for heating, cooling, water and cooking. The property’s amenity offerings include a dog-friendly resident park, resort-style pool deck, club rooms, half-acre private park and courtyard space and more than 500 parking spaces. Prudential Real Estate Investors (PREI) was the seller of the site, a former parking lot for the 10 Peachtree Place building. PREI is also Wood Partners’ equity partner for 33 Peachtree Place. The general contractor, Balfour Beatty, expects to complete the project by the third quarter of 2016.