LOS ANGELES — MacFarlane Partners has acquired Park Fifth, a 2.2-acre development site in Downtown Los Angeles, for nearly $40 million. The site is located on the corner of Fifth and Olive streets. MacFarlane plans to develop mid- and high-rise residential properties on the site, in addition to retail. The Fifth and Olive intersection has been a popular one with developers as of late. Aside from Park Fifth, new developments at this juncture include Metropolis, G12 and the Rosslyn Hotel. The seller of Park Fifth was Africa-Israel USA (AFI-USA). The sale was executed by Jimmy Kuhn, Chris Cooney, Josh Levy and Matt Dobso of Newmark Grubb Knight Frank.
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WASHINGTON, D.C. — Strategic Hotels & Resorts Inc. has closed a $120 million limited recourse loan that is secured by the Four Seasons Washington, D.C. The new loan replaces the previous $130 million financing that was encumbering the property. Deutsche Bank Securities Inc. originated the five-year loan, which features a three-year initial term with two one-year extension options available to Strategic Hotels & Resorts.
ATLANTA — AWH Partners LLC has purchased the former Hotel Melia, a 501-room hotel in Atlanta’s Midtown neighborhood, in an all-cash transaction. AWH will reposition the property into a dual-branded hotel, with both brands belonging to InterContinental Hotels Group (IHG). After the renovation is complete, the new property will include 360 Crowne Plaza rooms and 102 Staybridge Suites rooms. The dual hotel is scheduled to open in January 2016. Spire Hospitality will operate the two hotels under a franchise agreement with IHG. Upon completion, the 25-story property will feature 31,000 square feet of meeting space, three restaurants and two lobbies.
LAUREL, MD. — Preston Scheffenacker Properties Inc. has plans to develop a new 244,500-square-foot industrial facility in Laurel. The new property, located at 9001 Whiskey Bottom Road, will be a build-to-suit facility for Coastal Sunbelt Produce, a produce distributor with a staff of 300 and annual revenue near $300 million. The property will include 196,500 square feet of refrigeration space, 38-foot clear heights and 48,000 square feet of office space on two floors. Cambridge will serve as the development manager and lease representative for the new facility. Coastal Sunbelt Produce signed a 15-year lease at the build-to-suit.
LILBURN, GA. — HFF has closed the sale of and arranged acquisition financing for Lilburn Corners, a 105,161-square-foot Publix-anchored shopping center at 375 Rockbridge Road N.W. in Lilburn, a northeastern suburb of Atlanta. The asset is 92.4 percent leased to tenants such as H&R Block, The UPS Store, Snap Fitness and Marco’s Pizza. BDB Realty LLC purchased the asset from Philips Edison & Co. for $11.2 million. Jim Hamilton and Richard Reid of HFF represented the seller in the transaction. HFF also arranged $8.6 million in acquisition financing on behalf of the buyer. Chip Sykes of HFF arranged the 10-year loan with a fixed interest rate through Jefferies LoanCore.
LORTON, VA. — The JCR Cos. has acquired 51,800 square feet of retail space at Lorton Station Town Center in Lorton, located 18 miles southwest of Washington, D.C., for $13.8 million. The Lorton Station Town Center, which occupies the ground-floor area above the Virginia Railway Express commuter train station, was sold by Regency Centers. It is fully leased to 19 local, regional and national tenants, including Wells Fargo, Fireside Grill, Subway, Pan e Vino and FedEx. It is part of a mixed-use project with more than 170,000 square feet of office and commercial space, and nearly 1,200 single-family homes, townhomes, condominiums and apartments. Cantor Commercial Real Estate financed the acquisition.
SCHAUMBURG, ILL. — Zurich North America has broken ground on its new facility headquarters in Schaumburg. The multi-line insurance provider purchased nearly 40 acres from Motorola Solutions at the northwest corner of I-90 and Meacham Road to construct its new facility. The new campus will feature 735,000 square feet with the potential to add on in the future. The developer and design builder, Clayco and financier/landlord Stonemont Financial Group, have made a $300 million investment and plan to lease the building to Zurich for the next 26 years.The new facility is scheduled to open in 2016. The Village of Schaumburg assisted in Zurich’s decision to remain in the area, offering incentives through the newly created North Schaumburg Tax Increment Financing district. Zurich is in the final stages of executing a package with the state of Illinois to receive Economic Development for a Growing Economy, or EDGE, incentives, according to the company.Representatives from Zurich, the state of Illinois and the business community recently joined together for a groundbreaking ceremony for the new facility. Zurich currently employs approximately 2,500 people in Schaumburg and also has an office in downtown Chicago. Zurich employs about 60,000 people worldwide serving customers in more than 170 …
DALLAS — Capital Senior Living Corp. has purchased three senior living communities, known as the Ohio JV Communities, located in Ohio from joint ventures in which it held a 10 percent interest for $83.6 million. The Dallas-based company previously managed the Ohio JV Communities under long-term management agreements. The Ohio JV Communities are comprised of 433 units, consisting of 227 independent living units and 206 assisted living units. Two communities are financed with $40.1 million of 10-year fixed rate debt that is non-recourse to the company with a blended interest rate of 4.41 percent. The third community is financed with a $21.6 million two-year bridge loan with a variable interest rate beginning at approximately 2.9 percent.
MINNETONKA, MINN. — PCCP LLC has provided a $30.3 million loan to Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-room hotel in Minnetonka, approximately 12 miles southwest of Minneapolis. The hotel, located at 5801 Opus Parkway, is situated on more than 10 acres. Built in 1988, Marriott Minneapolis Southwest is a 16-story hotel with more than 14,500 square feet of meeting facilities, more than 4,700 square feet of function space, a restaurant, lobby bar/lounge, fitness center and indoor pool. The new owner plans to invest nearly $10 million to enhance management and staffing of the hotel and implement a full renovation of the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.
FRANKLIN, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 56,000-square-foot industrial building in Franklin, a suburb of Milwaukee. The property is located at 10179 S. 57th St. GHN Franklin LLC purchased the building from Joseph Kraft Sr. for an undisclosed price. Samuel D. Dickman and Samuel M. Dickman Jr. of the Dickman Co. negotiated the transaction.