LOS ANGELES — Mack Urban and AECOM Capital have purchased six acres of land in Downtown Los Angeles’ South Park district for more than $80 million. This transaction represents the largest land acquisition by acreage in the Central Business District prior to the start of the 2008 economic recession, according to Mack Urban. The partnership plans to develop high-rise towers on the land. The project is currently in the planning and design phase. A groundbreaking is scheduled for late 2014, while completion of the final phases is slated for 2024. The project will be designed by AC Martin Partners. The seller was EVOQ Properties. AECOM Capital is the investment fund of AECOM Technology Corporation.
Property Type
LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street. The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month. The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
PORTLAND, ORE. — Goodwill Industries of Columbia Willamettehas purchased a 173,395-square-foot industrial building in Portland for $12.6 million. The facility is located at 5950 NE 122nd Ave. Goodwill plans to occupy the building. This new hub will allow it to serve the Gresham, Halsey, Sandy, Powell, Clackamas, Woodstock, Hood River and The Dalles Goodwill stores. The building was previously occupied by Qwest. Goodwill was represented by David L. Ellis of Capacity Commercial Group/CORFACand Dan Bozich of Urban Works Real Estate.The seller, 5950 NE 122nd Ave, LLC, was represented by Don Ossey, Robbie McEachern and Mitch Page, also of Capacity/CORFAC.
OAKLAND, CALIF.—Harvest Properties and Prudential Real Estate Investors have purchased the 490,000-square-foot, Class A office building located at 555 City Center in Oakland. The purchase price was $132.3 million, or $270 per square foot, according toThe Registry. The 20-story, trophy-quality asset is the flagship of the Oakland City Center development. Jeffrey Weber, Stephen Van Dusen, Mark Penrod, Darin Rodriguez and Daniel Cichocki of Eastdil Secured executed the transaction. The seller was CBRE Investors. Harvest will manage the property, while John Dolby and Dane Hooks of CTBT will oversee the building's leasing efforts.
SAN DIEGO — The San Diego Community College District (SDCCD) Board of Trustees has signed a 99-year ground lease at a new mixed-use project that is being developed in San Diego’s Upper East Village. The 1.3-acre project will envelop a full city block.It will contain creative office space, apartments, and street-level shops and restaurants. The project is being developed by Lowe Enterprises and I.D.E.A. Partners, LLC. It will be designed by Gensler. SDCCD will pay $56,625 per month, for a total lease value of about $67.2 million. The new project is an inaugural component of the 95-acre I.D.E.A. (Innovation Design Education Arts) District, which looks to marry design and technology with the creative fields. The new district hopes to entice educational institutions, arts and artists. It is being designed as a walkable, sustainable environment.
BELLEVUE, WASH. – A joint venture between Trammell Crow Company and Principal Real Estate Investors has purchased a 1.5-acre land site in Bellevue’s Washington Square. The purchase price was not disclosed. The land is situated along 108th Ave. NE in the city’s Central Business District. The JV plans to develop a 462,000-square-foot, Class A office building with street-level retail on the site. The groundbreaking is scheduled for next April. The project will be built by Lease Crutcher Lewis and designed by LMN Architects. Leasing will be overseen by Tom Bohman, Pete Hollomon and Lennon Atteberry of CBRE’s Bellevue office.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has arranged the sales of six apartment communities in North Carolina totaling 1,261 units. The properties sold for an aggregate $34.3 million. Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the sellers in all six sales. The buyers weren’t represented by brokers. The acquired properties include the 220-unit Beacon Eastchase in Charlotte, which Eller Capital Partners purchased for $8.3 million; the 109-unit Lemans at Lawndale in Greensboro, which SBV Communities purchased for $2.7 million; the 106-unit Lexington Commons in Greensboro, which SBV Communities purchased for $3.4 million; the 180-unit Fox Run in Greensboro, which Richard Anderson bought for $4 million; the 454-unit The Park in Charlotte, which Northland Investment Corp. sold to FMM for $12.3 million; and the 192-unit Hanover Landing in Charlotte, which Ellington Management Group purchased for $3.6 million.
GAINESVILLE, FLA. — A beam signing ceremony was held for the new Heavener Hall, the University of Florida School of Business Building. The $22 million project is set to begin its vertical construction. Orlando-based SchenkelShultz Architecture, in conjunction with Robert A.M. Stern Architects of New York, designed the building to achieve LEED-Gold certification. The 56,200-square-foot building will be located near the corner of University Avenue and 13th Street on campus. The project will include class rooms, study rooms, academic advisement areas, informal collaboration zones, a café on the ground floor and offices. The new building is slated for a September 2014 completion.
TAMPA, FLA. — Franklin Street Real Estate Services has arranged the $13.1 million sale of Seasons, a 240-unit apartment community located at 11305 N. 51st St. in Tampa. Darron Katton, Kevin Kelleher, Robert Goldfinger and Zach Ames of Franklin Street represented both the buyer, Seasons Property Holdings LLC, and the seller, Bayside Ventures IV LLC, in the transaction. Seasons has undergone more than $1.2 million in exterior renovations since January 2012, according to Franklin Street.
CLERMONT, FLA. — Marcus & Millichap has brokered the sale of Oakley Square Shopping Center, a 30,214-square-foot unanchored retail strip center located at 1500 Oakley Seaver Drive in Clermont. The shopping center sold for approximately $7.5 million. The shopping center’s tenants include AT&T, Firehouse Subs, The Vitamin Shoppe, Mattress One, Robata Japanese Steakhouse, CFE Credit Union, Key Health Pharmacy and Massage Envy. Ronnie Issenberg, Gabriel Britti, Jonathan Gerszberg and Roee Ben-Moshe of Marcus & Millichap’s Miami office represented the seller, an investment fund based in Bay Harbor Islands, Fla., in the transaction. Issenberg, Britti and Ben-Moshe also secured and represented the buyer, a Miami-based limited liability company.