LOS ANGELES – A six-tenant retail property in Los Angeles has sold to Ness Holdings, Inc. for $6.2 million. The property is located at 7601-7615 Beverly Blvd. It is situated across from the Grove, Pan Pacific Park, and the Broadcast Center Apartments. Ness plans to reposition the month-to-month leases. It will also renovate the property.
LONG BEACH, CALIF. – A 24,278-square-foot office building in Long Beach has sold to 2H Construction for $3.3 million. The vacant, four-story building is located at 2165 E. Spring Street. The buyer plans to refurbish the property as a build-to-suit. 2H Construction was represented by Matt Stringfellow and Courtney Bell of The Klabin Company/CORFAC International. The sellers, the Lawrence Shields Trust, was also represented by Stringfellow and Bell, along with Kimball Wassick of Cushman & Wakefield.
CHARLOTTE, N.C. — Simon Property Group Inc. and Tanger Factory Outlet Centers Inc. have teamed up to break ground on Charlotte Premium Outlets, an upscale, 400,000-square-foot outlet mall in Charlotte. The new property will be located eight miles southwest of uptown Charlotte at the interchange of Interstate 485 and Steele Creek Road. The new outlet mall is expected to employ about 900 full- and part-time employees and add more than 400 local construction jobs during development. More than 90 brands are expected to have a presence at the new development, including Saks Fifth Avenue OFF 5th. The project is a 50/50 joint venture between Simon and Tanger. Simon is providing management services and marketing for the mall, and Tanger is providing site development and construction supervision.
GREENSBORO, N.C. — Owings Mills, Md.-based Black Oak Associates has purchased Hicone Shopping Center, a 90,000-square-foot, grocery-anchored center in Greensboro for $7.2 million. Food Lion and CVS/pharmacy anchor the development, which is located at the intersection of Hicone and Rankin Mill roads, near downtown Greensboro. The property is about 85 percent occupied and includes pad acreage sites for future development. Nancy Cox of NAI Piedmont Triad is the leasing agent for the shopping center. Ed Laycox of West, Lane & Schlanger represented the seller, Hicone Properties LLC, in the transaction. John Hancock Life Insurance Co. provided acquisition financing for the transaction.
FRANKLIN, VA. — Severn Peanut Co. has purchased a 154,982-square-foot industrial facility in Franklin for $2.4 million. The facility is located on a 40-acre site at 32126 General Thomas Highway. The buyer will use the former paper converting facility as an additional peanut processing facility. Robert Thornton of Cushman & Wakefield | Thalhimer represented the seller, International Paper Co., in the transaction.
NORTH CHARLESTON, S.C. — New York-based URS Capital Partners has acquired St. James Crossing, a 280-unit apartment complex in North Charleston. In order to appeal to the nearby expansion of a Boeing facility, URS will renovate and position the apartment complex as an affordable living option for entry-level Boeing employees and middle management. New York-based DJ Capital provided a bridge loan and joint venture equity for the transaction.
WAYNESBORO, GA. — UC Funding has provided a $5.5 million acquisition bridge loan on a 475,000-square-foot industrial complex in Waynesboro, about 29 miles south of Augusta. The property is pre-leased to Stone & Webster Construction, a wholly owned subsidiary of Chicago Bridge & Iron. The property features five single-story warehouse buildings. The sponsor hopes to renovate the property and increase the occupancy, which is now at 20 percent, according to UC Funding.
CUMBERLAND, IND. — Independence Realty Trust Inc. has acquired a 354-unit apartment community in Cumberland, an eastern suburb of Indianapolis, for $13.3 million. The property was constructed in 1970, and the previous owner invested more than $3.5 million into renovations during the past three years. The property includes a mix of one-, two-, three- and four-bedroom townhome and garden-style apartments. The average occupancy of the property at the time of the acquisition was 98 percent.
CHICAGO — Aries Capital has arranged $1.6 million in acquisition financing on behalf of Metro Property Group for a 65-unit apartment building in Chicago. A private lender provided the 10-year, non-recourse loan, which includes a 5.67 percent interest rate and a 30-year amortization schedule. The property is located at 7733 S. South Shore. Eric Jones, vice president at Aries Capital’s Chicago office, arranged the financing. Metro Property Group owns several single-family residential properties throughout the United States. This is the borrower’s first commercial real estate purchase in the U.S.
EVANSVILLE, IND. — Tikijian Associates, an Indianapolis-based multi housing broker and investment advisor, has arranged the sale of Shady Tree Apartments, a 126-unit multifamily community in Evansville. West Palm Beach, Calif.-based Ocwen Loan Servicing sold the property to Renewing Management Inc., an Anderson, Ind.-based owner. Shady Tree Apartments is located at 3900 N. Fulton Ave. Renewing Management plans to renovate the interior and exterior of the property. Tikijian Associates represented the buyer and the seller in the transaction. The purchase price was undisclosed.