IRVINE, CALIF. – Arbonne has renewed its lease for a 146,482-square-foot building in Irvine that serves as its world headquarters. The building is located at 9400 Jeronimo Ave. It is part of a four-building campus. Arbonne has resided at the building since 2000. The skincare products company also maintains offices in Canada, the United Kingdom and Australia. Its new 60-month lease commences this November. The company was represented by Michael Props, Royce Sharf and Jeff Cannon of Savills Studley’s Orange County office. The landlord, The Irvine Company, was represented in-house.
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MIAMI BEACH, FLA. — Plaza Construction has begun building two luxury condominium communities in South Beach for The Related Group. The properties include the $187 million One Ocean and the $88 million Marea condominiums. Enrique Norten of Ten Arquitectos and The Sieger Suarez Architectural Partnership designed the seven-story, 275,141-square-foot One Ocean. Sieger Suarez designed the six-story, 190,654-square-foot Marea community as well. Working on both projects, Enzo Enea is the landscape architect and Yabu Pushelberg is the interior designer. The two condominium projects are slated for completion in 2015. Plaza Construction is the general contractor on a total of four projects for The Related Group totaling $498 million. The other two communities include the $118 million, 42-story Icon Bay in Miami’s Biscayne Corridor and the $105 million, 42-story Millecento Residences by Pininfarina.
ANNAPOLIS JUNCTION, MD. — Somerset Construction Co. and OA Partners have broken ground on Annapolis Junction Town Center, a mixed-use, transit-oriented development in Annapolis Junction, equidistant from Baltimore and Washington, D.C. The $180 million property will feature 100,000 square feet of Class A office space, 416 luxury apartment residences, a 150-room hotel, 17,250 square feet of retail space and a new transit station for the Maryland Rail Commuter line featuring a 700-space parking garage. The MARC station and parking garage will open in the fall of this year, and the retail, office, hotel and apartment components will open in 2016. The project team includes office developer Corporate Office Properties Trust, residential and retail developer Southern Management Corp. and general contractor Whiting-Turner Construction Co.
ATLANTA — Houlihan-Parnes Realtors LLC has closed a $34 million loan for The Preserve at Legacy Park, a 498-unit apartment community in Atlanta. The property, built in 2001, is 98 percent occupied. Fred Stahl and Sheldon Stahl of Houlihan-Parnes Realtors LLC originated the 10-year loan with a fixed interest rate of 4.45 percent.
MIAMI — Marcus & Millichap has arranged the $11.6 million sale of Plaza Del Rey, a 50,186-square-foot shopping center located at 10000 W. Flagler St. in Miami, approximately one mile from Florida International University. The property is 95 percent leased to tenants such as Navarro Discount Pharmacy, Rent-A-Center, T-Mobile and Vicky Bakery. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller and the buyer, both limited liability companies based in Miami.
STOCKBRIDGE, GA. — Wheeler Real Estate Investment Trust Inc. has assumed the contract to acquire Freeway Junction, a 156,834-square-foot shopping center in Atlanta suburb Stockbridge, for $10.5 million. Wheeler REIT (NASDAQ: WHLR) is assuming the contract from Wheeler Interests LLC, an affiliated company. The shopping center, located along Georgia Highway 138, is 95.5 percent leased to tenants such as Northern Tool + Equipment, Goodwill, Ollie’s, Farmer’s Furniture, Cato Fashion, Citi Trends and Jackson-Hewitt.
ROMEOVILLE, ILL. — Molto Properties plans to develop a 189,731-square-foot distribution facility in Romeoville, approximately 30 miles southwest of Chicago. The 10.8-acre development will be located at 1485 Normantown Road. The building will feature a 32-foot clear height ceiling, car and trailer parking and ESFR sprinklers. The building will be visible from I-55. Jim Estus of Colliers International will market the speculative building on behalf of Molto Properties. Meridian Design Build has been selected as the general contractor for the project.
LUDINGTON, MICH. — Spartan Real Estate Services has arranged the $8.1 million sale of a multifamily development in Ludington, approximately 58 miles north of Muskegon. Sherman Oaks Apartments, located at 700 Sherman Oaks Drive, consists of 172 two-bedroom units. Matt Callendar of Callendar Commercial represented the seller, Morren Wiltjer LLC. Wayne Loebig of Spartan Real Estate Services represented the buyer, Ludington-Sherman Oak LLC.
ALTOONA, IOWA — New England Development plans to build a 325,000-square-foot outlet center in Altoona, a suburb of Des Moines. The new facility will be located at the intersection of I-80 and U.S. Highway 65. The 32-acre Des Moines Outlets will feature approximately 75 retailers. The outlet center will be an integral part of The Shoppes at Prairie Crossing, a 174-acre, mixed-use site being developed by Heart of America Group. The Shoppes at Prairie Crossing will consist of more than 1.4 million square feet of leasable space. The Shoppes at Prairie Crossing site is adjacent to Prairie Meadows Racetrack & Casino, Adventureland Amusement Park, Bass Pro Shops and the Facebook Data Center. According to The Des Moines Register, construction on the project is expected to begin next year and will be completed in early 2016.
LAKEMOOR, ILL. — The Boulder Group has brokered the $6.7 million sale of a 14,820-square-foot Walgreens property in Lakemoor, a Chicago suburb approximately 25 miles north of Schaumburg. Walgreens is the sole occupant of the single-tenant, triple-net-leased property, located at 28895 W. Highway 120. Walgreens has 25 years remaining on the lease that began in November 2013. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, and buyer, a private investor who purchased the property in a 1031 tax-deferred exchange.