LOS ANGELES — The Magellan Group has recently closed on three acquisition and development transactions in Southern California. The company is also in escrow on a fourth investment that should close in May. The transactions include the acquisition of a 14-acre site at 1869-2069 Massachusetts Ave. in Riverside for $6.5 million, and a 4.8-acre site at 5115 Azusa Canyon in Baldwin Park for $4 million. The Riverside site currently contains a fully leased manufacturing building and yard area. Magellan plans to redevelop the property and add new industrial space as these leases expire over the next five years. The Baldwin Park site contains three buildings that total 70,000 square feet. They are currently leased on short-term bases. Magellan also plans to redevelop this site once the leases expire. Construction will also commence next month on a building conversion in Duarte. Magellan purchased the building, which used to serve as the building site for the Tournament of Roses parade floats, in March 2013 for an undisclosed sum. The building is located at the intersection of Buena Vista and Duarte Road. Magellan plans to convert the property into a 79,668-square-foot storage facility that will contain 728 units. The $10.6-million project is scheduled …
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KENNER, LA. — Marcus & Millichap has brokered the $55 million sale of a 174,522-square-foot Home Depot located at 2625 Veterans Blvd. in Kenner. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented the buyer, Kleban Holdings, in the transaction. William Hoffpauir of Marcus & Millichap is the firm’s broker of record for Louisiana. Eric Carlton of Colliers International listed the property.
ATLANTA — McCarthy Building Cos has broken ground on Grady Health System’s new 90,224-square-foot, five-story emergency tower located north of the Grady Hospital’s main campus. The project, estimated to cost $52.7 million, will also include the renovation of 77,599 square feet of existing space. The tower will include an intake area, public entrance, waiting area, 35 exam rooms, two resuscitation rooms and a staff support area. McCarthy expects to finish construction in 2016. Charlotte-based Freeman White Inc. is the project architect.
BALTIMORE CITY, MD. — Atlantic Realty Cos. has purchased Alameda Marketplace, a 113,000-square-foot shopping center located at 5600-5658 The Alameda in Baltimore City, for approximately $11.3 million. Atlantic Realty purchased the property from Continental Realty Corp. The asset was 95 percent leased at the time of sale to Stop Shop Save, Rite-Aid, Family Dollar, Goodwill, Bank of America, Rainbow and Rent-A-Center. Gil Neuman led The Greysteel Co. team in representing the seller and procuring the buyer.
NEWPORT NEWS, VA. — Blue Sage Ventures has sold the Maritime Square office building, a 135,103-square-foot property in Newport News, for $8.6 million. An affiliate of The Simpson Organization purchased the asset, which is located at 2600 Washington Ave. in downtown Newport News. The asset was 72 percent leased at the time of the sale. Eric Robinson and Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller in the transaction.
ATLANTA — Crescent Communities has begun pre-leasing Crescent Terminus, a 355-unit luxury apartment tower in the mixed-use Terminus development in Buckhead. Crescent Terminus will include rooftop terraces, an outdoor kitchen with a fire pit and grilling stations, zero-edge saltwater pool, pet park, Starbucks Coffee kiosk, fitness center, yoga room and demonstration kitchen. The development is being financed through an equity investment from Crescent Communities and construction financing from JPMorgan Chase & Co. The project team includes architect Lord Aeck Sargent, interior designer Vignette Interiors, landscape architect LandDesign and civil engineer Kimley-Horn. The multifamily property, which is Crescent’s first community in Atlanta, is set to open in June.
MONTROSE, OHIO — JLL has brokered the $32.5 million sale of Market Square at Montrose, a 510,231-square-foot retail center. The property is located at 3472 Brookwall Drive in Montrose, which is approximately 28 miles south of Cleveland. Anchor stores at Market Square at Montrose include The Home Depot, JC Penney, Levin Furniture, Dick’s Sporting Goods, Regal Cinemas, Toys ‘R’ Us and Cost Plus World Market. Kris Cooper, Margaret Caldwell and Becky Wells of JLL represented the seller, LaSalle Investment Management Inc. Brooklyn-based HP REALTY LLC purchased the property.
WOODRIDGE, ILL. — Sperry Van Ness has arranged the $2.2 million sale of a 13,309-square-foot multi-tenant restaurant property in Woodridge, which is approximately 30 miles west of Chicago. The property is located at 6320 Route 53 and is comprised of two independent restaurant spaces. Tilted Kilt leases one of the spaces. The other restaurant space is vacant and available for lease. Vincent D’Amico of Sperry Van Ness represented the undisclosed seller in the transaction. The buyer was a national investor that specializes in restaurant properties.
AUBURN HILLS, MICH. — Colliers International has brokered the sale of a 20,500- square-foot industrial building in Auburn Hills approximately 30 miles north of Detroit. The property is located at 1160 Centre Road. John Lominack of Colliers represented the seller, Knight Industries & Associates Inc., in the transaction. Friedman Integrated Real Estate Solutions represented the buyer, Nobel Automotive Group.
GREENWOOD, IND. — Lee & Associates has arranged the lease of a 2,160-square-foot retail space in Greenwood, a suburb of Indianapolis. Moody Retail Shops LLC will occupy space in Village Commons I located at 862 S. State Road 135. Cathy Richards of Lee & Associates represented the tenant. Scot Courtney and Bart Jackson of Lee & Associates represented the landlord, VC-1 LLC.