COSTA MESA, CALIF. – A 4,830-square-foot retail center in Costa Mesa has sold to a private San Clemente investor for $3 million. The center is located at 2800 Harbor Blvd., next to Orange Coast College. It is fully leased to Yoshinoya, AT&T and GoldMax. The buyer was represented by Dennis Vaccaro of Faris Lee Investments. The seller, a private Wyoming investor, was represented by Edward B. Hanley and Eric P. Wohl of Hanley Investment Group.
PORTLAND, ORE. — Ode to Roses, a 5,780-square-foot, mixed-use building in Portland, has sold to 4440 NE Fremont, LLC for $1.2 million. The building is located at 4440 NE Fremont. It is named for the former site of Rose's Famous 24 Flavors ice cream shop. Grand Central Bakery currently anchors the center. The unnamed seller was represented by Robert Black of NAI Norris, Beggs & Simpson.
GREENVILLE, S.C. — Windsor/Aughtry Co., a commercial real estate developer and brokerage firm based in Greenville, plans to develop a 156-suite Embassy Suites Hotel in downtown Greenville. The hotel will be located along River Street and the Reedy River within RiverPlace, a mixed-use development featuring residential, office and dining components. The hotel will feature a restaurant and bar at the lobby level, a roof-top deck, board rooms, banquet facilities, an indoor pool, business center and fitness center.
NORCROSS, GA. — PointOne Holdings, a commercial real estate investment firm, has purchased Grove Park Apartments, a 312-unit garden-style apartment community located in Norcross. PointOne Holdings purchased the property for approximately $12.8 million through Auction.com from CW Capital, the property’s special servicer. A10 Capital provided acquisition and renovation financing for PointOne Holdings. The company plans to invest $2.5 million in capital improvements to the property, which will include interior upgrades, siding replacement, mechanical systems enhancements and a boost in curb appeal. PointOne Holdings will also add a business center, dog park, security cameras and outdoor barbecue areas.
BOCA RATON, FLA. — Allen Edmonds, a U.S.-based manufacturer of premium men’s footwear and accessories, has signed a 10-year lease for retail space at The Shops at Boca Center, a 116,000-square-foot mixed-use lifestyle center in Boca Raton. The Shops at Boca Center, located at 5050 Town Center Circle, is fully leased to tenants including AT&T Wireless, Panera Bread, Starbucks Coffee, Morton’s, Brio Tuscan Grille, Total Wine & More and Verizon Wireless. Allen Edmonds has 47 stores in the United States. Lisa Ferrazza of CBRE represented the landlord in the lease transaction. Drew Schaul of Robert K. Futterman & Associates represented Allen Edmonds.
ATLANTA — Lincoln Property Co. Southeast has arranged two leases totaling more than 22,500 square feet at 1165 Northchase Parkway, an office building in Atlanta’s Galleria/Cumberland submarket. The four-story property is located in the Northchase Office Park development. Hunter Henritze and Jeff Henson of Lincoln Property Co. Southeast represented the landlord, JP Partners, in both transactions. The transactions include Crane Materials International signing a five-year lease for 14,484 square feet and Pinkerton & Laws signing a five-year lease renewal/expansion for a total of 8,093 square feet. Ryan Cone of Cone Middour Partners represented Crane Materials in its lease negotiations, while Gary Waddell of Cushman & Wakefield represented Pinkerton & Laws in its lease renewal/expansion.
SPRINGFIELD, ILL. — Marcus & Millichap has arranged the $18.95 million sale of two multifamily apartment complexes in Springfield. Located at 1516 7 Pines Road and built in 1986, the 288-unit Orchard Park Apartments and the 120-unit Orchard Park South Apartments were 94 percent occupied at the time of sale. Orchard Park Apartments features one-, two- and three-bedroom suites offering full-size washer/dryer, spacious closets, separate dining rooms and storage space. Community amenities include a fitness center, outdoor swimming pool, on-site laundry facilities and on-site maintenance. Orchard Park South offers two-bedroom/one-bath suites, with an average unit size of 988 square feet. Each suite features a full-size washer/dryer, spacious closets, storage space and ample parking. James Walsh, senior vice president investments with Marcus & Millichap’s Chicago downtown office, represented the seller, the property developer; the buyer was a Chicago-area private investor representing a family investment trust. Rick Lynn, director at Marcus & Millichap Capital Corp. Chicago Oak Brook office, arranged a loan for 75 percent of the purchase price from two local banks
KANSAS CITY, MO. — Pine Tree Commercial Realty, in conjunction with Wanxiang America Corp. and Osprey Real Estate Capital, has acquired the Shoppes at Shoal Creek in Kansas City, Mo., for $17.6 million. The retail center is located along North Flintlock Road. Built in 2005, the 97,085-square-foot shopping center was 97 percent occupied at the time of sale. Best Buy and OfficeMax anchor the property, and a 15,600-square-foot La-Z-Boy is currently under construction and expected to open this summer. Associated Bank provided $12.75 million in acquisition and construction financing, which was arranged by Bill Barry of Draper & Kramer. Pine Tree Commercial Realty is based in Northbrook, Ill.
MT. VERNON AND EVERGREEN PARK, ILL. — Northbrook, Ill.-based Pine Tree Commercial Realty is in the process of redeveloping one retail center and constructing another in Illinois. In partnership with The Sansone Group and Wanxiang America Corp., the company is redeveloping the Times Square Mall at 42nd and Broadway streets in Mt. Vernon with a targeted completion date of late spring. The 281,000-square-foot mall is anchored by JC Penney, Hobby Lobby, Ross Dress for Less and Big Lots. Associated Bank provided $12.8 million in construction financing, which was arranged by Bill Barry of Draper & Kramer. In Evergreen Park, Pine Tree and Inland Real Estate Corp. have joined with lead developer Chicago-based IBT Group to develop Evergreen Promenade, a 92,512-square-foot shopping center. Located west of Western Avenue along 95th Street, the property will be anchored by Mariano’s Fresh Market and Petsmart. Construction is slated for completion late summer of this year. PNC Bank is providing construction financing for the project.
OMAHA, NEB. — Lodging Dynamics Hospitality Group LLC has acquired the Staybridge Suites, located at 7825 Davenport St. in Omaha for an undisclosed price. The 106-room hotel opened in 2011 and is located a short distance from many Omaha attractions. Lloyd Farley of Paramount Lodging Advisors represented the buyer in the transaction.