PHOENIX – A joint venture between The Resmark Cos., Westfield and Greystar has broken ground on a 344-unit luxury apartment complex in the North Phoenix community of Desert Ridge. The new community will be located at the northeast corner of East Deer Valley Road, west of north 56th Street. The project will be situated adjacent to major employers like the Mayo Clinic Hospital, Desert Ridge Marketplace and the JW Marriott Resort. Amenities at the new development will include a clubhouse, pool, state-of-the-art fitness center, community room, business center, and a studio for yoga and Pilates. The community is scheduled for completion late next year. The new project will be designed by Todd & Associates.
Property Type
LAKEWOOD, COLO. – An 8,019-square-foot retail building in Lakewood that is occupied by Modmarket and Five Guys Burgers and Fries, among other tenants, has sold to a private buyer for $5 million. The building is located at 14630 West Colfax at The Promenade at Denver West. It sits adjacent to the Colorado Mills Mall. Additional tenants include Magic Nails and Caribou Coffee. Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors represented both the buyer and seller, another private party, in this transaction.
SAN DIEGO – A 21,260-square-foot office building in the San Diego submarket of Kearny Mesa has sold to Fenway Asset Acquisitions LLC for $2.3 million. The two-story, multi-tenant building is located at 9320 Chesapeake Drive. It is fully leased. Both the buyer and the seller, Chesapeake Management, were represented by CBRE’s Paul Lafrenz, Melissa Foster and John Hundley, as well as by Jill Morton of Capital Growth Properties.
ATLANTA — KDC has commenced construction on Park Center, a new 17-acre master-planned project in Atlanta’s Central Perimeter submarket. State Farm Insurance will lease 585,000 square feet in Park Center’s first office building, a 13-story property at Hammond Drive and Perimeter Center Parkway, adjacent to the Dunwoody MARTA station. The office building will feature a seven-level parking structure and ground-level retail space. KDC plans to achieve LEED Silver certification. The office building is the first step in Phase I of Park Center, which will also include 17,000 square feet of retail and restaurants and a 175-room hotel. Occupancy for the first office building is slated for late 2016. At full build-out, the transit-oriented development will feature 2.2 million square feet of office space; 100,000 square feet of retail, restaurant and entertainment space; and the previously mentioned hotel. The project team includes architect Cooper Carry & Associates and general contractor Holder Construction Co.
TAMPA, FLA. — A joint venture between Lubert-Adler and The Laramar Group has acquired The Cove, a 689-unit apartment community in Tampa, for $50.5 million at auction. LNR Property LLC sold the community following a 2011 foreclosure. Built in 1980, The Cove is situated on Tampa Bay’s waterfront with access to historic Bayshore Boulevard. The Laramar Group will continue to manage the apartment community, which will undergo a $3 million renovation that includes a revamped clubhouse and the addition of an outdoor recreation area with a dog park.
PLANT CITY, FLA. — Hendricks-Berkadia has arranged the $23 million sale of Hunter’s Ridge at Walden Lake Apartments, located at 1400 Plantation Blvd. in Plant City. The 352-unit apartment community features a resort-style swimming pool and spa, as well as racquetball, tennis and basketball courts. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, CFLP LLC, in the transaction. MIC HR LLC was the buyer.
MIAMI BEACH, FLA. — HFF has brokered the sale of the Raleigh Hotel, a 105-room historic art-deco hotel located at 1775 Collins Ave. in Miami Beach. The Raleigh Group purchased the landmark hotel from affiliates of New York City-based Tristar Capital for an undisclosed price. Hospitality management firm sbe Hotel Group will continue to manage the property. The Raleigh Group, a luxury hospitality group founded by Tommy Hilfiger, plans to renovate the hotel. Manuel de Zarraga, Max Comess, Cyrus Vazifdar, Claudia Steeb and Dan Peek of HFF represented the seller in the transaction.
HOLLYWOOD, FLA. — NorthMarq Capital has arranged a $15.8 million loan to refinance a 191,280-square-foot industrial facility leased to FedEx. The property is located at 2600 S.W. 39th St. in Hollywood. Jeff Robertson of NorthMarq arranged the 12-year loan with a 25-year amortization schedule through a life insurance company.
ROSEVILLE, MINN. — Dougherty Mortgage has originated a $14 million loan for the refinancing of Hillsborough Apartments, a multifamily property in Roseville. The three-story building includes 206 market rate units. Dougherty arranged the loan on behalf of Hillsborough Manor Apartments LLP. The HUD loan includes a 35-year term and a 35-year amortization schedule.
OLATHE, KAN. — Lee & Associates has arranged the $2.8 million sale of a 21,260-square-foot retail facility in Olathe, a suburb of Kansas City. The property is situated on approximately 4.3 acres of land at 800 N. Rogers St. Arizona-based powersports equipment retailer RideNow Powersports purchased the property and will occupy the space. This is RideNow’s first Kansas location. John Nolan and Russell Pearson of Lee & Associates represented the buyer. Van Wall Equipment sold the property.