DENVER — H&M has signed a lease for 20,000 square feet of space at The Orchard Town Center, a 914,000-square-foot, open-air regional retail center in the Denver submarket of Westminster. The center is located on the northwest corner of Interstate 25 and 144th Avenue. It is anchored by Macy’s, JCPenney, SuperTarget, AMC Theatres, REI and Lifetime Fitness. Other notable tenants include Forever 21, Chico’s, Victoria's Secret, Eddie Bauer, Old Navy, ULTA Beauty and Ross Dress for Less. Vestar acquired the center two months ago for $123.5 million in an all-cash transaction.
Property Type
LONG BEACH, CALIF. – Local developer Urbana Development, LLC, has acquired five acres of land Douglas Park in Long Beach. The developer plans to build two Class A medical office buildings that total 90,000 square feet on the site. The land was part of a 160-acre plot that is situated adjacent to Long Beach Airport. It was acquired by SARES•REGIS Group (SRG) from Boeing Realty Corp. in 2012. This is the first land sale SRG has executed on the site. SRG plans to develop up to 3.2 million square feet of premier office, industrial and retail facilities on the site. Urbana was represented by Jeff Colburn and Shaun McCullough at the Long Beach office of Lee & Associates. SRG was represented by Rick Warner and John Ayoob in CB Richard Ellis’ South Bay office.
TEMPE, ARIZ. — Alberta Development Partners has received $5.7 million to acquire and entitle a 1.86-acre, mixed-use development land site in Tempe. The site is located on the northwest corner of University Drive and Ash Avenue in the Mill Avenue District of Downtown. Alberta plans to develop 40,000 square feet of ground-floor retail and 187 high-rise apartment units on the site. The loan was provided by PCCP, LLC.
LANDOVER, MD. — Finmarc Management Inc. has sold a 216,000-square-foot warehouse property in Landover for approximately $31.7 million. The asset is located at 1701 Brightseat Road and currently serves as a temperature-controlled warehouse for the United States Library of Congress to store documents, books, photographs, periodicals and archival records. The warehouse is leased to the General Services Administration through Jan. 31, 2022. Marc Rampulla, Scott Frankel, Marcy Owens Test and Edward Welbourn of CBRE represented Finmarc in the transaction. The buyer was Charlotte, N.C.-based Salus Property Investments.
CONCORD, N.C. — KBS Legacy Partners Apartment REIT, a public non-traded REIT sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC, has purchased Legacy at Concord for $28 million. The Class A, 240-unit apartment community is located in Concord, a suburb of Charlotte. The property was 91 percent occupied at the time of sale.
ANDERSON, S.C. — Multi Housing Advisors (MHA) has arranged the $18.5 million sale of Walden Oaks, a 240-unit apartment community in Anderson. Jordan McCarley and Marc Robinson of MHA represented the seller, Hathaway Development Partners, and were the only brokers in the transaction. Chartwell Holdings purchased the community, which was built in 2007.
ATLANTA — The RADCO Cos., an Atlanta-based investor of distressed multifamily assets, has acquired Defoors Ferry West, a 297-unit apartment community in Atlanta, for $16 million. The distressed apartment community is located at 2788 Defoors Ferry Road in Atlanta’s West Midtown neighborhood. The property contains 48 two-bedroom/two-bath units, and the remaining apartments are all two- and three-bedroom townhomes. The community was 99 percent occupied at the time of sale, excluding 10 down units that are being restored as part of the contract. RADCO financed the acquisition through both bridge debt and private equity. To date, RADCO has raised $93 million of private equity to fund its acquisitions. The firm’s current multifamily portfolio consists of 5,700 units in Georgia, Illinois, Indiana and Oklahoma.
SPARTANBURG, S.C. — Terra Capital Partners LLC has closed a five-year, $3 million mezzanine loan as part of a $17 million recapitalization of the Marriott Hotel & Conference Center in Spartanburg. Natixis Real Estate Capital provided the new $14 million first mortgage. The hotel is a nine-story, 247-room property located at 299 Church St. in downtown Spartanburg. Peter Berk of PMZ Realty Capital arranged the loan on behalf of the borrower, a partnership between Southern Hospitality Group and Jimmy Gibbs of Gibbs International. Winegardner & Hammons manages the hotel.
CHICAGO — Marcus & Millichap has arranged the $9.8 million sale of 2157 North Damen Avenue, a 34,875-square-foot mixed-use property in Chicago. The property is located in Chicago’s Bucktown neighborhood and features two-bedroom, two-bath units. Apartments include ample closet space, fireplaces, hardwood floors throughout and balconies. Tenants have access to a climate-controlled indoor garage that houses 31 parking spaces with two additional handicap accessible spaces and 17 outdoor parking spaces. Steve Livaditis and Kyle Stengle in Marcus & Millichap’s Chicago offices, marketed the property on behalf of the seller, a limited liability company, and represented the buyer.
CHICAGO — Deutsche Asset & Wealth has acquired 2555 North Clark in Chicago on behalf of an institutional client. The 19-story apartment tower includes 162 units, which are 96 percent occupied, and 6,884 square feet of retail space. The property, four miles north of downtown Chicago, is located in the Lincoln Park neighborhood on Clark Street and is within close proximity to Lake Michigan. The building has undergone extensive exterior renovations since it was built in 1987. The purchase price was not disclosed.