ESCONDIDO, CALIF. – A 9,440-square-foot retail building in the San Diego submarket of Escondido has sold to The Tabata Family Trust for $2.6 million. The building is located at 935 W. Mission Ave. The property is a single-story strip center. The trust was represented by Steve Herrington and Gregg Herrington of Real Estaters of California. The seller, R.J. Mission Plaza LLC, was represented by Don Zech and Matt Orth of CDC Commercial.
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LOVELAND, COLO. – The Lids concept, Locker Room by Lids, has opened at the Promenade Shops at Centerra in Loveland. The sports apparel, headwear, accessories and novelties retailer is located between Banana Republic and Jos. A. Bank. The center is managed by Poag Lifestyle Centers, LLC.
MIAMI — Fundrise, a real estate crowdfunding platform, plans to raise capital for a 13,000-square-foot, mixed-use development in Miami’s Wynwood Arts District in conjunction with Atlas Real Estate Partners. The project, located at 2301 N. Miami Ave., is a recently renovated property that is 50 percent leased, with the remaining two leases out for signature, which will bring the building to full occupancy. On why Atlas Real Estate Partners decided to crowdfund a portion of the project’s funding, Arvind Chary, managing principal of Atlas Real Estate Partners, said, “We’re excited to allow retail investors to play a role in and benefit from the growth of Wynwood. Atlas prides itself on creating projects that spur community growth and the Fundrise model of crowdfunding investment, particularly for innovative projects, fits well with our mission.” Fundrise’s platform makes real estate investments available to both high net worth and small-scale investors.
JACKSON, MISS. — Holder Properties has begun constructing One Eastover Center, a 120,000-square-foot, Class A office building in Jackson. The property is located in the District at Eastover, a 21-acre mixed-use community. The law firm Baker Donelson will occupy the third, fourth and fifth floors of the five-story property. Holder expects to complete the project’s shell by summer 2015. The project team includes architect Nelson Partners, general contractor Roy Anderson Corp. and leasing brokerage firm Duckworth Realty.
CHARLOTTE, N.C. — J.McLaughlin, a sportswear and accessories retailer, is relocating its Charlotte store to Phillips Place, a mixed-use development in Charlotte featuring 133,059 square feet of retail space. Tenants at Phillips Place include Brooks Brothers and Dean & Deluca. The new J.McLaughlin store will open in the fall. Charlotte-based Lincoln Harris, owner of Phillips Place, inked the lease with J.McLaughlin.
WASHINGTON, D.C. — HFF has arranged the sale of The Woodley, a 212-unit multifamily high-rise building recently constructed in Washington, D.C.’s Woodley Park neighborhood. TIAA-CREF purchased the asset from The JBG Cos. and CIM Group for an undisclosed amount free and clear of existing debt. The property, located at 2700 Woodley Road N.W., has studio through three-bedroom units averaging 1,119 square feet each. The property’s amenity package includes a courtyard with reflecting pool, infinity edge swimming pool, rooftop lounge and clubroom with catering kitchen, library and fitness center. Dave Nachison, Alan Davis, Brenden Flood and Bret Thompson of HFF represented the sellers in the transaction.
MINNEAPOLIS — NorthMarq Capital has arranged a $35 million loan to refinance Flux Apartments, a 216-unit multifamily property in Minneapolis. The Class A asset is located at 2838 Fremont Ave. South. NorthMarq arranged financing for the borrower, AFL-CIO Building Investment Trust through its correspondent relationship with Allianz Life Insurance Co. of North America.
NEW LENOX, ILL. — HSA PrimeCare will develop a business center at Silver Cross Hospital in New Lenox, an eastern suburb of Joliet. The on-campus business center will be located at the intersection of Silver Cross Drive and Cedar Crossings Drive. The two-level, 30,000-square-foot facility will offer hospital staff and employees a comfortable working environment within a short walk to each of the other facilities on the medical campus. HSA PrimeCare plans to break ground in July 2014. Itasca, Ill.-based Premier Design + Build will serve as the project’s general contractor, and Partners in Design Architects with offices in Riverwoods, Ill., and Kenosha, Wis., is responsible for the design services. Projected occupancy for the building is January 2015.
MILWAUKEE — The Ehmer Group has brokered the $7 million sale of the Hilton Milwaukee River Hotel in Milwaukee. A Delaware-based investment group consisting of several Canadian-based and domestic hotel operators purchased the 164-room full-service Hilton Hotel. The buyer plans to invest $8 million for renovations and to convert the hotel into a Holiday Inn. The Hilton license expires this month and the hotel will be operated independently as the Milwaukee River Inn until the Holiday Inn PIP and conversion are complete. Greenbelt, Maryland-based Chesapeake Hospitality Management will manage the Holiday Inn Milwaukee River. Richard Ehmer of The Ehmer Group brokered the transaction.
CHICAGO — Marcus & Millichap has arranged the $1 million sale of a 10,854-square-foot, mixed-use property in Chicago. The property is located at 2939 W. Belmont Ave. and consists of one- and two- bedroom units. The building also includes two retail spaces on the first floor, which consist of approximately 1,500 square feet each and one space includes a self-contained studio in the back. The property features an on-site laundry facility, storage space for each unit, parking in the back of the building for five cars, and a resident garden. Tony Mazur of Marcus & Millichap represented the seller, a limited liability company. Marcus & Millichap’s Kyle Stengle and Joseph Bergman represented the buyer, another limited liability company.