SEATTLE — GLL Real Estate Partners has purchased a 130,530-square-foot, Class A office building in Seattle’s South Lake Union neighborhood for a reported $97 million. The six-story building is located at 202 Westlake. It is fully leased, with Amazon being the main tenant. The building is only three blocks away from the company’s high-rise headquarters development, which will contain 2.2 million square feet at Sixth and Blanchard. This is GLL’s first purchase in Seattle.
LOS ANGELES – The State Bar of Californiawill soon occupy the top four floors of a 111,000-square-foot office building in Downtown Los Angeles. The building is located at 845 South Figueroa Street. The space is undergoing a $14-million interior renovation before the State Bar takes up residency this December. Smart & Final recently opened on the building’s ground floor.The renovation will be carried out by Driver SPG, a construction affiliate of C.W. Driver. LeanArchwill serve as the project’s architect. The five-story building also underwent a full-base renovation last year before the State Bar purchased the property from L&R Companies. The State Bar will be relocating from the AT&T Center once the renovations are complete.
PHOENIX – Omninet Capital has purchased the Midtown Phoenix Bank of America Tower for $14.8 million. The 189,000-square-foot building is located at 3030 N. Central Ave. The tower is currently 87 percent leased to tenants like Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute. Omninet plans to invest more than $2 million to renovate the building. The company also plans to invest an additional $200 million in the Phoenix market over the next two years. Omninet represented itself in this transaction. The seller, a partnership between Morrison Street Capital and Ronald Realty Group, was represented by Michael Crystal of Cushman & Wakefield of Arizona and Jim Palmer of The Palmer Group.
ALEXANDRIA, VA. — The Bozzuto Group, a Greenbelt, Md.-based real estate services company, and MGL Partners, a Denver-based development firm, have broken ground on The Frasier, a $75 million apartment community in Alexandria. The 249-unit development will be located across the Potomac River from Washington, D.C. Bank of America and RBS Citizens provided construction financing, and The Bozzuto Group and MGL Partners provided equity. Bozzuto Construction Co. commenced construction on the development, which is slated for completion in spring 2015. The transit-oriented community will be located within walking distance of the Potomac Yard Metro Station, which is expected to open in 2016 or 2017. The Frasier's amenities will include an outdoor kitchen, lounge area with a fire pit and waterfall, a swimming pool, 2,200-square-foot fitness center, game room and library.
LAKELAND, FLA. — Lakeland-based Publix Super Markets Inc. has entered into an agreement with Bi-Lo Holdings LLC, parent company of the BI-LO and Winn-Dixie grocery store chains, to purchase seven BI-LO stores in North and South Carolina. The seven stores include 8120 S. Tryon St. in Charlotte, N.C.; 12810 York Road in Charlotte; 9815 Rose Commons Drive in Huntersville, N.C.; 158 Highway 274 in Lake Wylie, S.C.; 3110 Fincher Farm Road in Matthews, N.C.; 1735 Heckle Blvd. in Rock Hill, S.C.; and 2186 Cherry Road in Rock Hill. Grand opening dates for the locations will depend on the scope of the remodels, according to Publix.
ATLANTA — Washington, D.C.-based StoneBridge Investments has acquired Spalding Crossing, a 252-unit luxury apartment community located between Atlanta's Sandy Springs and Dunwoody neighborhoods. The community is also located within Atlanta's Central Perimeter office submarket. An offshore investment group and a Netherlands-based affiliate of StoneBridge provided equity for the purchase. Additionally, SunTrust Bank N.A. provided a $24.3 million acquisition loan. StoneBridge will soon begin a $2.7 million upgrade to the community. StoneBridge has retained ZRS Management LLC to provide property management services.
LOUISVILLE, KY. — A joint venture between Brennan Investment Group and TriGate Capital has acquired Tradeport I, a 212,500-square-foot, Class A distribution facility. The property is located at 9001 Cane Run Road in Louisville's Riverport submarket. Kevin Grove of CBRE Louisville represented the seller, Principal Real Estate Investors, in the transaction. The acquisition is TriGate Capital's second investment with Brennan and its first acquisition in Louisville.
ATLANTA — Atlanta-based Fairlead Commercial Real Estate LLC and The Creations Group have acquired 34 Peachtree, a 30-story office tower located in downtown Atlanta. The buyers purchased the mortgage note for nearly $11.9 million, or $39 per square foot, in partnership with private investors based in Asia. The prior ownership had paid approximately $28.3 million for the property in 2005. The 282,589-square-foot office tower, which is currently 66 percent leased, went into foreclosure on Sept. 3. Fairlead acted on behalf of its ownership entity, One Park Tower LLC, in the all-cash transaction. Cushman & Wakefield represented special servicer Midland Loan Services in the note sale. Fairlead will handle leasing and property management services at 34 Peachtree.
BARBERTON, OHIO — Marcus & Millichap has arranged the $6.6 million sale of Barberton Shopping Center, a 101,688-square-foot retail property in Barberton, located about 40 miles south of Cleveland. Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a real estate investment firm based in New York. Patton, Wiles, Fuller and Christopher Jackson of Marcus & Millichap represented the buyer, a private REIT. Barberton Shopping Center is located at 15 5th St. S.E. and is anchored by Giant Eagle. The asset sold at 99 percent of its listing price, which equates to a 7.3 percent cap rate.
OTTAWA, ILL. — The Boulder Group has completed the $2.7 million sale of a single-tenant, net-leased Kroger property in Ottawa. Built in 1982, the 44,038-square-foot property is located at 2701 Columbus St., about 80 miles southwest of Chicago. Kroger has four years remaining on its current lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois-based limited partnership, in the transaction. A California-based limited liability company was the buyer.