LOS ANGELES – A 20,727-square-foot building in Beverly Hills that is leased to high-end fashion retailers Tom Ford and Bally has received $120.2 million in financing. The three-story trophy building is located at 338-342 Rodeo Drive. Financing included $30.2 million of mezzanine debt and preferred equity, which was sold at closing to an account managed by BlackRock. ECA Capital will use a portion of the loan proceeds to reposition the asset. Financing was originated by Ronnie Gul of Mesa West and arranged by Chuck Hoag and Trisha Connolly of Cushman & Wakefield’s Chicago office.
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CYPRESS, CALIF. — Stockbridge has purchased the Cypress Distribution Center, a 543,431-square-foot industrial project, for $60 million. The Class A center is located at 6550 Katella Ave. and 11130 Holder Street in the Orange County suburb of Cypress. The project contains two buildings that are separately parceled. Notable tenants include Empire Warehousing, ILAD, VF Outdoor, Inc. (Vans) and Integrated Alarm Services. CBRE’s Kevin Shannon, Darla Long and Barbara Emmons represented the seller, Colony Realty Partners, alongside Cushman & Wakefield’s Rick Ellison and Tom Sheets.
CERRITOS, CALIF. — CenterCal Properties has purchased Cerritos Best Plaza, a 357,220-square-foot, open-air shopping center, for $61.8 million. The plaza is located at the corner of 183rd & Gridley in Cerritos. It is currently 85 percent leased. Notable tenants at the center include Burlington Coat Factory, Big Lots, Guitar Center and Easy Life Furniture. CenterCal was represented by Geoff Tranchina and Jason Gribin of Wilson Commercial Real Estate. Deborah Collins of The Collins Co. represented the unnamed seller.
SPARKS, NEV. — Sparks Galleria Shopping Center, a 213,900-square-foot commercial center, has sold to Pine Tree Commercial Realty, LLC, for $26.2 million. The center is located at 101 Los Altos Parkway in Sparks’ Spanish Springs master-planned community. It was built in 2006 and is shadow anchored by Costco and Home Depot. Pine Tree plans to redevelop and expand the center with 120,000 square feet of additional retail space. Acquisition funding was provided by Prime Financial and arranged by Bill Barry of Draper & Kramer.
CASTLE ROCK, COLO. – The 186-unit Rolling Hills apartmentcomplex in Castle Rock has sold to Virtú Investmentsfor $16.6 million. The community is located just east of Interstate-25near the Southeast Business Corridor, Sky Ridge Medical Center, RidgeGate development and Park Meadows Mall. It was built in 1987 and updated in 2007. The seller, an unnamed national real estate investor, was represented by ARA’s Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews.
NEW ORLEANS — The Domain Cos. has secured financing and begun construction of the second building in The South Market District, a four-block mixed-use development in downtown New Orleans. The Domain Cos. expects development costs for the building to total $21.3 million. The new property, The Park at South Market, will feature 27,000 square feet of retail space, a 2,200-square-foot public plaza and a 440-space parking garage. The property will feature charging stations for electric cars and an open rooftop that will serve as an entertainment venue. New Orleans-based Eskew Dumez and Ripple designed the five-story building, and Woodward Design+Build is the project’s general contractor. First NBC Bank provided a $16 million construction loan for the project and a $2 million New Markets Tax Credit equity investment. The Domain Cos. and Woodward Interests, an affiliate of Woodward Design+Build, provided equity for the project as well. Furniture retailer Arhaus has leased 15,500 square feet at the property, and pet groomer Fetch has leased 1,500 square feet. The Domain Cos. will deliver the property in October.
BROOKLYN PARK, MD. — The Greeysteel Co. has arranged the sale of Arundel Village Plaza, a 54,480-square-foot retail center in Brooklyn Park, five miles south of Baltimore. The property sold for $6.5 million. The property was 88 percent occupied at the time of sale by Taco Bell/Long John Silver’s, Domino’s Pizza, Valvoline Instant Oil Change and The State of Maryland Department of Health & Mental Hygiene. Gil Neuman of Greeysteel led the retail division to represent the seller, BTR Capital Group, and procure the buyer, Oak Tree Management.
FORT MYERS, FLA. — Stevens Construction has begun the renovation of a 16,097-square-foot retail property located at 7381 College Parkway in Fort Myers. Physician’s Primary Care and Blue Moon Pizza will lease space at the property. Architect Burt Hill/Pollock Krieg Architects Inc. designed the renovated space for Physician’s Primary Care, and Sheeley Architects designed Blue Moon Pizza’s restaurant space, which includes a 1,410-square-foot covered patio.
CHESAPEAKE, VA. — CBRE | Hampton Roads has arranged the sale of Marina Point Apartments, a 104-unit apartment community located at 1301 Canal Drive in Chesapeake. An affiliate of Frontier Financial purchased the property from Property Capital Group. Dan Johnson and Hank Hankins of CBRE | Hampton Roads, along with Andrew Boyer and Jonathan Greenburg of CBRE’s Washington/Baltimore multi-housing team, represented the seller in the transaction.
JACKSON, MISS. — The Jackson office of law firm Baker, Donelson, Bearman, Caldwell & Berkowitz has leased the top three floors of a 120,000-square-foot office building at The District at Eastover, a mixed-use development in Jackson. The law firm signed the lease with owner The District Land Development Co. Demolition of the old buildings and underground infrastructure is now complete, including crushing the concrete of the old buildings, which will be used for road and parking lot bases throughout the new development. Mass grading, subgrade, road and new infrastructure work will commence at the end of March, and foundation work for Phase I will begin approximately 45 days thereafter. The District at Eastover The design team for the property includes architect Nelsen Partners and developer Holder Properties.