ENGLEWOOD, COLO. – Construction is underway at Elevation at County Line Station, a 265-unit apartment community in Englewood. The $44-million, transit-oriented development is situated on eight acres next to the County Line Road Park-n-Ride. It also enjoys a close proximity to the light rail station and Park Meadows Mall. The four-story, four-building luxury apartment communityis scheduled for completion this fall. It includes many unique amenities, such as a light rail commuter lounge, roof top clubroom, a “paw spa” (dog wash), an electric car charging station and a bicycle-borrowing program. It is being developed by Grand Peaks Properties and designed by KTGY.
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COLORADO SPRINGS, COLO. – The 292-unit Spring Canyon Apartments in Colorado Springs has received a $32.4-million acquisition loan. The community was purchased by Advenir @ Spring Canyon LLC. It is located at 4510 Spring Canyon Heights. The seven-year Freddie Mac loan features interest-only payments for one year. Financing was secured by Charles Foschini of CBRE’s Debt & Structured Finance Group. Christian Lee of CBRE’s Capital Markets Institutional Group and Christopher Apone of CBRE’s Debt & Structured Finance Group assisted in this transaction.
DENVER — Hudson’s Bay Centre, a 172,912-square-foot boutique office building in Denver, has received $21.2 million in acquisition financing. The Class A office building was acquired by a joint venture between MDC Realty Advisors USA and Artis REIT. The property is located at 1600 Stout Street in the Midtown East section of the Central Business District. It sits adjacent to the 16th Street Mall Shuttle and Stout Station RTD light rail station. The transit-oriented property is currently 96.4 percent leased. The seven-year loan features a fixed interest rate of 3.76 percent. It was secured by HFF’s Josh Simon and Leon McBroom. The loan was placed with Principal Real Estate Investors.
TUCSON, ARIZ. — Starwood Hotels & Resorts has sold the 154-room Aloft Tucson University Hotel to Lightstone Value Plus Real Estate Investment Trust II for $19 million. The hotel is located at 1900 E. Speedway Blvd., next to the University of Arizona in Tucson. The hotel will remain under the Aloft Hotels flag. It will be managed by Island Hospitality Management. The public, non-traded REIT is sponsored by The Lightstone Group. Starwood was represented by Bill Murney and Mike Cahill of HREC Investment Advisors.
MIAMI — Swire Hotels is set to open EAST, Miami, the company's first hotel in the United States. The hotel, which will feature 263 guestrooms and 89 apartment units, is set to open in 2015 at Brickell City Centre, Swire Properties Inc.'s $1.05 billion mixed-use development in Miami's Brickell neighborhood. The hotel will feature two restaurants, a poolside bar and lounge, rooftop bar, meeting rooms, banquet halls, outdoor pool deck and a 24-hour fitness center. The property is Swire Hotels' third hotel, with the other two being EAST, Hong Kong and EAST, Beijing. The design team includes architect Arquitectonica and interior designer Clodagh Design.
GAINESVILLE, VA. — The Peterson Cos. has unveiled the newest merchants to join Promenade at Virginia Gateway, the fifth and final phase of the 1.3 million-square-foot Virginia Gateway development in Gainesville. The 300,000-square-foot Promenade will add Charming Charlie (5,900 square feet), LOFT (5,400 square feet), White House Black Market (3,500 square feet), Francesca's Collections (1,400 square feet), Soma Intimates (2,500 square feet), Pinkberry (1,250 square feet), IT'SUGAR (1,800 square feet) and Presley Laurent Salon & Spa (2,500 square feet). The new retailers and eateries will debut at the property's opening on April 26. With the new additions, the lifestyle center is 97 percent leased.
ROCK HILL, S.C. — Angelic Real Estate and Red Rock Development have closed the sale-leaseback financing of a 105,000-square-foot headquarters and lab building in Rock Hill, part of the greater Charlotte, N.C., area. The financing amount was roughly $24.4 million. Red Rock developed the property on behalf of the tenant, Physicians Choice Laboratory Services (PCLS). The facility serves as PCLS' headquarters and primary testing facility. BlackArch Partners also provided financial advisory services to PCLS in the transaction. Red Rock Development and Angelic Real Estate have a strategic partnership for the financing and capitalization of commercial properties.
CHARLOTTE, N.C. — H.H. Gregg has signed a 10-year lease to occupy 22,934 square feet at Windsor Square Shopping Center in Charlotte. Other tenants of the 661,156-square-foot shopping center include PetSmart, Sam's Club, Kohls, JC Penney, Ross Dress for Less, Office Depot, DSW Shoes, Lifetime Fitness, Dress Barn, Shoe Carnival, Justice, Rue 21, Vision Works and Outback Steakhouse. Sterling Organization, owner of Windsor Square Shopping Center, will debut the new H.H. Gregg store in September. Jeff McElhinny of Atlantic Retail Properties represented H.H. Gregg in the transaction.
CHARLOTTE, N.C. — NorthMarq Capital has arranged approximately $2.9 million to refinance Mallard Professional Center, a 31,500-square-foot office building in Charlotte. Kevin Jenkins of NorthMarq's Charlotte office arranged the five-year loan with a 20-year amortization schedule through an unnamed credit union.
CUDAHY, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of a 23,000-square-foot industrial building in Cudahy, a city in metro Milwaukee. The property is located at 5171 S. Pennsylvania Ave. DR Investments LLC purchased the building from Joshua Properties LLC for an undisclosed price. Samuel Dickman Jr. and Samuel D. Dickman of The Dickman Company Inc. represented the seller in the transaction. Travis Tiede of NAI MLG Commercial represented the buyer.