SCOTTSDALE, ARIZ. — Kierland One, a 175,441-square-foot, Class A office building in Scottsdale, has sold to Hines and joint venture equity partner Pacific Coast Capital Partners for an undisclosed sum. The building is located at 16430 N. Scottsdale Road in the Scottsdale Airpark submarket. The building was vacant at the time of sale. The seller, Cornerstone Real Estate Advisers LLC, acted on behalf of an institutional investor. It was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office. The JV represented itself in this transaction.
CERRITOS, CALIF. — Cerritos Corporate Center, a 460,356-square-foot industrial business park, has sold to Angelo Gordon for $42.5 million. Gordon worked in partnership with Crowsnest Properties. The center is located at 13810-13950 Cerritos Corporate Drive in Cerritos. The institutional-quality business park is composed of seven free-standing buildings on three parcels. It is currently 95 percent leased. The seller, The Abbey Company, was represented by CBRE’s Kevin Shannon, Darla Longo, Barbara Emmons, Scott Schumacher, Rick McGeaghand John Biven.
PORTLAND, ORE. – The 165-unit Cathedral Apartments development in Portland has received $21.4 million in construction/permanent financing. The community will be located at 8680 North Ivanhoe Street. The 42-year loan features a 4.76 percent fixed rate. It was arranged by HFF’s Thomas Wilson on behalf of St. Johns Ivanhoe LLC. Financing was provided by Greystone, an FHA multifamily lender. The project is hoping to achieve LEED-Platinum certification. If successful, Cathedral Apartments will be the first LEED-Platinum-certified construction project in the nation that was completed by HUD. The project is being developed by W&K Development.
KEY WEST, FLA. — LaSalle Hotel Properties has acquired the 260-room Southernmost Hotel Collection in Key West for $184.5 million. The acquisition includes the Southernmost on the Beach, Southernmost Hotel in the USA and La Mer Hotel & Dewey House properties. LaSalle funded the transaction with borrowings from its senior unsecured credit facility. The hotel property is located on the southern end of Duval Street, which runs through Key West's Old Town, home to bars, restaurants, shops and historic sites. The hotel includes 3,128 square feet of meeting space and 2,488 square feet of outdoor space. About $13.8 million has been invested in the hotel's upkeep in the last three years. Highgate Hotels will operate the Southernmost Hotel Collection.
ORLANDO, FLA. — Stiles Realty, in partnership with Orlando-based Divaris Real Estate, has arranged the $8.6 million sale of Baldwin Park I and II, two Class A office buildings totaling 64,695 square feet in Orlando. The office properties are located at 4750 and 4776 New Broad St., three miles from downtown Orlando. Stiles and Divaris represented the seller in the transaction. Orlando-based MDS Baldwin Park LLC, a private investor, was the buyer.
SPARTANBURG, S.C. — Chambers Street Properties has acquired a 156,800-square-foot industrial property, located at 1200 Woods Chapel Road near Spartanburg. The property is located one mile from Interstate 85 and two miles from the Greenville-Spartanburg Airport. The project sits on a 32.5-acre parcel and is expandable to 273,000 square feet. With this purchase, Chambers Street now owns more than 2.1 million square feet of warehouse/distribution space in the Spartanburg area. Chambers Street purchased the property through its affiliate, RT Woods Chapel LLC. Virginia Wright of Atlanta-based Bull Realty represented the buyer in the transaction. Dick Merritt of Greenville, S.C.-based Merritt and Co. represented the seller, ACPS LLC. Lear Operations Corp, a supplier of plastic automotive components, occupies the plant.
HUNTSVILLE, ALA. — Sperry Van Ness | Avat Realty has arranged the $2.5 million sale of a 81,000-square-foot retail property in Huntsville. The retail center is located at 1001 N. Memorial Parkway and its tenant roster includes Books-A-Million and Toys “R” Us. Sperry Van Ness | Avat Realty represented the seller in the transaction.
CHICAGO — 4K Diversey Partners LLC has signed a contract to purchase the 1.4 million–square-foot, 21-acre former Marshall Field’s warehouse campus in Chicago. Macy’s Inc., which has owned the property since 2005 and vacated it in 2008, was the seller. The new owner plans to redevelop the campus into a multi-tenant project that will include manufacturing, warehouse and distribution space. The property is located at 4000 W. Diversey Ave., about six miles from the Loop. Chicago-based 4K Diversey Partners is comprised of three individuals: Lou Silver, Aaron Paris and Paul Fishbein. Occupancy is scheduled for January 2014. Op2mize Real Estate Advisors will provide leasing and property management services.
PALATINE, ILL. — Ramco-Gershenson Properties Trust has purchased Deer Grove Shopping Centre, a 236,173-square-foot property in Palatine, for $20 million. Developed in 1996, the retail center is anchored by Dominick’s, a Chicago-based grocer, and TJ Maxx/Home Goods, Petco and Staples. Target and Home Depot shadow-anchor the shopping center. The property is located at 605 E. Dundee Road, about 30 miles northwest of Chicago, and was 81 percent leased at the time of sale. Janice Sellis and Paul Barile of Transwestern’s Chicago office, along with C-III Realty Services, represented the seller, C-III Asset Management, in the transaction.
CHICAGO — Baum Realty Group LLC has arranged the sale of the REPAK Wicker Park Retail Portfolio, which includes five buildings totaling 28,000 square feet in the Wicker Park neighborhood of Chicago. The purchase price was undisclosed. The properties are located at 1455, 1519, 1521, 1525 and 1529 N. Milwaukee Ave. Tenants of the buildings include Citibank, Urban Outfitters, G-Star, Chrome Industries, Crossroads Trading and Dermatology and Aesthetics of Wicker Park. The portfolio offered properties with a range of rental rates, including some below market, according to Baum. Greg Dietz, Danny Spitz and Adam Secher of Baum represented the seller and procured the buyer, Newcastle Limited.