LOS ANGELES — Union Village, a new $50-million luxury community, has broken ground in Pasadena. The Class A community will be located on a 1.2-acre site at the intersection of Union Street and El Molino in the city’s Playhouse District. The two-building project will contain 118 residential units and 7,600 square feet of ground-floor retail space. It is scheduled for completion in January 2016. The community is being developed by a joint venture between Mack Urban and Mill Creek Development Company. Cigna Investment Management is also acting as an equity partner. This is the second project between Cigna and Mack Urban. Mack Urban will manage the development, along with Kenneth McCormick of Mill Creek Development Co., the site’s previous owner. Union Village will be designed by RTKL Associates.
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PHOENIX — Cohen Asset Management has acquired a three-property industrial portfolio in Phoenix for $29 million. The portfolio includes three fully triple-net leased, single-tenant, high-tech assets that total 174,644 square feet. Microsemi occupies the 73,729-square-foot building at 3601 E. University, while FlipChip International occupies the adjacent 52,027-square-foot building at 3701 E. University in Phoenix. The buildings are located within the Southbank Business Park. MedPlast resides in the 48,908-square-foot building at 405 W. Geneva Drive inside the Broadway Industrial Park in Tempe. All three buildings have been institutionally maintained and managed. They were built between 1996 and 1998. Will Strong, Mike Haenel and Andy Markham of Cassidy Turley represented both the buyer and the seller, Alliance Commercial Partners, in this transaction.
VICTORVILLE, CALIF. — United Furniture Industries (UFI) has renewed its lease for 505,192 square feet at the Southern California Logistics Centre (SCLC) in Victorville. The 2,500-acre industrial and commercial complex is located off Phantom Street near the airport. The exclusive U.S. manufacturer of Simmons furniture upholstery signed on for another three years. UFI plans to expand its manufacturing and assembly lines to increase production. It will also hire 50 more employees. UFI has been a tenant of SCLC since 2012. In addition to UFI, Solar City Corporation has recently leased space at SCLC. Pacific Aviation Group also inked a renewal and expansion at the center. UFI was represented by Joe Brady of The Bradco Companies. The landlord, Stirling Capital Investments, was represented by CBRE’s Jay Dick.
PHOENIX — DCT Industrial Trust has acquired a 110,000-square-foot industrial building in Phoenix for $9 million. The building is located at 3405-3445 S. 5th Street. It is commonly referred to as 5th Street Industrial. JLL’s Mark Detmer and Bo Mills represented both the buyer and the seller, Clarion Partners, in this transaction.
SAN DIEGO — AltheaDx has leased a 69,808-square-foot corporate headquarters building at Torrey Ridge Science Center in San Diego. The building is located at 10578 Science Center Drive in Torrey Pines. AltheaDx will be relocating from nearby Sorrento Valley in the first quarter of next year. It was represented by Ted Jacobs, Brent Jacobs and Greg Bisconti of Cushman & Wakefield. The landlord, Legacy Partners, was represented by Rich Danesi and Ryan Egli of the CBRE Life Sciences group.
RALEIGH, N.C. — Trademark Property Co. plans to develop Carolina Row at Crabtree Valley, a mixed-use development on Glenwood Avenue in Raleigh. The property will feature 125,000-150,000 square feet of retail and restaurant space, a hotel and 700 residential units. There will also be a pedestrian/bicycle bridge connecting Carolina Row to the nearby Crabtree Valley Mall. Construction is set to begin in spring 2015, and the property is expected to open in late 2016.
FAIRFAX, VA. — Coretrust Capital Partners and Normandy Real Estate Partners have formed a joint venture, which has closed on its first acquisition: Fair Oaks Plaza in Fairfax. Fair Oaks Plaza is an eight-story, 179,282-square-foot office building located at the interchange of I-66 and Lee-Jackson Highway, about 20 miles west of Washington, D.C. The Coretrust-Normandy team worked with the special servicer to purchase an existing mortgage note from a CMBS trust. The property was 86 percent leased at the time of the sale to tenants such as HQ Global, NY Life Insurance, Computer Science Corp., Syska Hennessy Group, McCandlish & Lillard and Harrity & Harrity. The joint venture will manage the Class A office property, and Jeff Roman, Mike Pepper and John DiCamillo of CBRE will handle the leasing responsibilities. Eastdil Secured’s Washington, D.C., office arranged mortgage financing through Citizens Bank, N.A. on behalf of the joint venture.
OAKLAND PARK, FLA. — Avison Young has brokered the $4.1 million sale of Chase Bank Office Building, a 27,312-square-foot, three-story property located at 3201 N. Federal Highway in Oakland Park. David Duckworth of Avison Young represented the buyer, MCTUCHAUS LLC, in the transaction.
DESTIN, FLA. — Marcus & Millichap has arranged the sale of a 76-room Sleep Inn located at 10775 Emerald Coast Parkway in Destin. The hotel was constructed in 1992 and fully renovated in 2012. Jonathan Ruprai of Marcus & Millichap’s Tampa office represented the seller, a Florida-based limited liability company.
LAFAYETTE, LA. — The Ainbinder Co. has inked new lease agreements with several tenants for its Ambassador Crossing Shopping Center, which will be located at the intersection of Ambassador Caffery Parkway and Settlers Trace Boulevard in Lafayette. New tenants joining the Whole Foods-anchored center include J. Crew, Carter’s Babies & Kids, Osh Kosh B’Gosh, Lee Michaels Jewelers, Chipotle Mexican Grill, Sleep Number, Massage Envy, Which Wich and Superior Nails. Whole Foods will occupy 36,200 square feet of the 108,000-square-foot shopping center.