TEMPE, ARIZ. — Mill Avenue Retail LLC has purchased Centerpoint on Mill, a 127,027-square-foot, mixed-use property in Tempe, for $38 million. The project is located at the northwest corner of Mill Avenue and University Drive. The property was 87 percent leased overall at the time of sale. The office portion was fully leased. Notable tenants include Churchill's Fine Cigars, Devil's Diner, Fat Tuesday, Five Guys, Great Clips, The Handlebar Tempe, Jimmy John’s, Mellow Mushroom, P.F. Chang’s China Bistro, Pita Pit, Poppa Maize, Rita's Italian Ice, Robbie Fox's Public House and Sitewire. They will soon be joined by AMC Theatres, Zipps Sports Grill, El Hefe, Hot N Juicy Crawfish, Lincoln Strategy Group and One Energy. Mill Avenue represented itself in this transaction, while the seller, DMB, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office.
ATLANTA — Brasfield & Gorrie has completed 77 12th, a 23-story upscale apartment community located in Atlanta's Midtown submarket. Brasfield & Gorrie's construction budget was $57 million, with total development costs for the property reaching $88.7 million. The project comprises 615,000 square feet, with 330 residential units and 23,000 square feet of retail space. The new residential units feature granite countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. The community also features a 20,000-square-foot outdoor plaza that has a saltwater pool, bocce ball courts, a private terrace and several outdoor fireplaces. The rental rates are among the highest in Midtown, according to Brasfield & Gorrie. More than 80 percent of the units have been reserved and nearly all of the retail space has been leased. Brasfield & Gorrie worked with Daniel Corp. and Selig Enterprises on the project. Northwestern Mutual provided construction financing for the new apartment community.
ATLANTA — Colliers International has arranged $80.9 million in financing for a portfolio of 31 industrial properties in metro Atlanta. The 3.1 million-square-foot portfolio is 91 percent leased. Hank Hall and Kevin Troy of Colliers International's Atlanta office arranged the non-recourse, floating rate loan on behalf of Clarion Partners. Prudential Insurance Co. of America provided the loan.
DURHAM, N.C. — Starwood Hotels & Resorts Worldwide will break ground later this year on the 134-room Aloft Durham Downtown, located at the intersection of Blackwell and Vivian streets in the city's American Tobacco Historic District. The hotel will be a key component of the district, which launched a redevelopment and restoration project in 2004 to transform the American Tobacco Co.'s campus into a mixed-use property. Aloft Durham Downtown will feature a pool, bar, 24-hour gym, private parking and 2,230 square feet of meeting space. Davidson & Jones will own the hotel, which is scheduled to open in May 2015. Starwood Hotels & Resorts Worldwide operates more than 75 Aloft hotels in 14 countries. The Aloft brand offers a tech-forward, vibrant experience and a modern style.
DALLAS AND NASHVILLE, TENN. — Landmark Apartment Trust, a multifamily REIT, has acquired two multifamily properties in Dallas and Nashville in separate transactions totaling $33.5 million. The properties total 454 units and are 94 percent occupied. Landmark at Preston Wood in Dallas, formerly known as Mission Preston Wood, was built in 1979 and features a fitness center, pool/spa, playground and picnic areas. Landmark at Lyncrest Reserve in Nashville, formerly known as Mission Bellevue Ridge, was built in 1985 and features a business center, fitness center, swimming pool, playground and tennis court.
KANSAS CITY, MO. — American Realty Capital – Retail Centers of America Inc. has purchased the Tiffany Springs Market Center, a retail power center in Kansas City, for $53.5 million. The 240,000-square-foot retail property was 88 percent leased to 28 tenants at the time of the sale. Three tenants, Best Buy, The Sports Authority and PetSmart, represent 48 percent of the annualized rental income of the property. Best Buy occupies 46,000 square feet and The Sports Authority leases 42,000 square feet, both have 10-year lease terms, which expire in January 2019. PetSmart occupies 25,000 square feet and has a 10-year lease term, which expires in July 2018. The purchase of the Tiffany Springs Market Center represents ARC Retail's third acquisition of a retail power center with multiple credit tenants. ARC Retail's portfolio now exceeds $107 million in purchased assets.
CHICAGO — Aviv REIT Inc. has acquired four post-acute and long-term care skilled nursing facilities in Ohio and Indiana for $35.9 million. The properties are triple-net leased to existing Aviv operator Diversicare Healthcare Services. Diversicare is an operator of 47 skilled nursing and assisted living facilities in nine states. The 15-year triple-net lease has an initial cash yield of 10 percent. Chicago-based Aviv has now closed three transactions with Diversicare totaling $55 million in the past year.
NORTH AURORA, ILL. — USAA Real Estate Co. has acquired 32 acres in suburban Chicago and has contracted The Opus Group to develop, design and construct a 604,565-square-foot speculative industrial building. USAA Real Estate Co. will own the building. The speculative building will be located in proximity to I-88 in North Aurora. The building will feature 32-foot clear ceiling heights, 60 docks, 103 trailer parking spaces, office space and future expansion capabilities to 1 million square feet. Construction is slated to begin in early October, with completion scheduled for June 2014. Opus Design Build LLC will construct the building, and Opus AE Group LLC will serve as project architect. Opus also purchased an adjacent 25-acre parcel, which is available for build-to-suit opportunities or building expansion. Brendan Kelly of Avison Young represented USAA in the land transaction.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the $2.3 million sale of a 24-unit multifamily property in the Albany Park neighborhood of Chicago. The sales price equates to $94,000 per unit. The apartment building is located at 4901-07 N. Whipple St. Jeffrey Baasch, senior vice president of multifamily sales, and Brian Kochendorfer, senior advisor of Sperry Van Ness, represented the buyer and seller, both private investors, in the transaction.
BOSTON — HFF has arranged $112 million in refinancing for Seaport Square, a master-planned development in Boston’s Seaport District. The Seaport Square project includes 20 buildings of varying sizes totaling 6.3 million square feet of commercial development. HFF worked on behalf of the borrower, a joint venture between Boston Global Investors and Morgan Stanley Real Estate Investing, to secure a six-year loan through Starwood Property Trust. The loan was structured to allow the borrower flexibility in selling parcels while maintaining leverage such that the loan will likely carry the sponsor through full execution of its business plan. Collateral for the loan consists of 15 development sites, which have been used as parking lots. The Boston Redevelopment Authority has granted the necessary approvals for the parking lots to be converted to 6.3 million square feet of offices, residences, shops, restaurants, schools, hotels and open space. Located across the Fort Point Channel and the Financial District, the parcels are situated in the heart of the Hub’s Seaport District. John Fowler, Anthony Cutone and Brett Paulsrud led the HFF team representing the borrower.