TEMPE, ARIZ. – HUB on Campus at Arizona State University (ASU) in Tempe has sold to Inland American Communities Group (IAC) for $103 million. The HUB is located across from Sun Devil Stadium near the Mill Avenue entertainment district. It includes 640 beds, 21,842 square feet of ground-floor retail space and adjacent land for future development. HUB is set to be fully occupied for the 2013-2014 school year. IAC is a wholly owned subsidiary of Inland American Real Estate Trust.
IRVINE, CALIF. — California State University, Fullerton (CSUF) has purchased Banting Corporate Center in Irvine for $30.5 million. The two-building center is located at 1 and 3 Banting. It contains a total of 140,000 square feet on 12.35 acres. CSUF signed a seven-year lease for 70,000 square feet at the center in 2010. The university plans to eventually occupy the entire property as other leases expire. This will allow CSUF to double the size of its Irvine campus branch. CSUF’s Auxiliary Services Corporation was represented by CBRE’s Peter Andrichand Gregg Haly.
CHARLOTTE AND CARY, N.C. — Peak Capital Partners, a Utah-based multifamily investment company, has purchased two multifamily communities in North Carolina in two separate transactions. The firm purchased The Links at Citiside, a 274-unit complex located at 5005 Community Circle in Charlotte, and Oxford Square, a 184-unit property located at 1000 Village Greenway in Cary. Peak Capital Partners has also made capital improvements to each community, including new landscaping, refinished parking lots, exterior improvements and renovated clubhouses. The company owns and manages more than 6,000 multifamily units in eight states.
MORRISVILLE, N.C. — Cushman & Wakefield | Thalhimer has arranged the $9.2 million sale of the Research Triangle Industrial Center, a three-building industrial park totaling 153,629 square feet in Morrisville. The property is located at the intersection of Highway 54 and Airport Boulevard in the heart of Raleigh-Durham's top industrial submarket. Peter Lawrence Co. purchased the 93 percent leased property. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer's capital markets group represented the seller, Cambridge Hanover.
RIDGELAND, MISS. — Hilton Worldwide has opened its 21st U.S. Home2 Suites by Hilton hotel, which is designed for business travelers and extended-stay guests. Home2 Suites by Hilton Jackson/Ridgeland is the second Home2 Suites hotel in Mississippi. The four-story, 92-suite hotel is located at 526 Evergreen St. in Ridgeland. New Vision Ridgeland Hotel LLC owns the property, and New Vision Hotel Management is the hotel's manager. The hotel's amenity package includes a fitness center, laundry facility, continental breakfast station, lobby, saline pool, patio with gas grills and a fire pit.
ATLANTA — RLJ Lodging Trust, a publicly traded hospitality REIT, has acquired the 78-room Residence Inn Atlanta Midtown Historic in Atlanta's Midtown submarket. RLJ Lodging, which bought a mortgage loan collateralized by the hotel in 2009 for $5 million, purchased the hotel through a foreclosure sale after the borrower defaulted on the loan earlier this year. The hotel will be closed later this year to undergo a comprehensive renovation that will include upgrades to the guest rooms and public spaces. The hotel will reopen in the third quarter of 2013 under the Residence Inn by Marriott flag.
GERMANTOWN, MD. — NorthMarq Capital has arranged $3.3 million in first mortgage refinancing for Churchill Business Center, a 39,917-square-foot industrial facility located at 13210-13220 Wisteria Drive in Germantown. The property is fully leased to tenants such as Selvadurai Palanivelu, Autobody Connection and Sherwin Williams. Matthew Kohlhoss of NorthMarq's Washington, D.C., office arranged the 25-year loan with a 20-year amortization schedule.
STERLING HEIGHTS, MICH. — SOBB Sterling LLC has purchased a 206,000-square-foot shopping center in Sterling Heights for $7.6 million. Led by Joshua Simon, president of commercial real estate development firm SimonCRE, the SOBB Sterling partnership acquired Market Place Shopping Center through a foreclosure. Target, a 20-screen MJR Theatres, Ruby Tuesdays and a variety of regional and local retailers anchor the center, which is located on Van Dyke Avenue. More than 50,000 square feet of retail space is available in the 20-acre shopping center. Simon plans to renovate the retail property by updating the landscaping and parking lot and making overall building improvements. Target is currently remodeling its store to match the new look that Market Place Shopping Center will receive. SOBB Sterling LLC brings together investors from Arizona and Kansas to Michigan.
MADISON, WIS. — WS Development has unveiled plans for a major redevelopment of the Hilldale Shopping Center in Madison. The Massachusetts-based company, which owns and operates the 55-store, 475,000-square-foot mall, announced its $15 million proposal Tuesday.Redevelopment plans include transforming the existing enclosed mall area between Metcalfe’s and Macy’s and create an open air streetscape. The plan also proposes outward-facing storefronts along the existing streets in the area. A host of new stores, including kitchenware retailer Sur La Table, fitness studio Pure Barre, Morgan Shoes, Stride Rite and New Balance, are expected to open in fall 2014.
CARPENTERSVILLE, ILL. — Capital Real Estate Advisors LLC has purchased a 110,000-square-foot shopping center located on Western Avenue in Carpentersville, about 40 miles northwest of Chicago, for $7.1 million. Tenants at Springhill Market Place include Fifth Third Bank, Big Lots, Firestone, Auto Zone, Sherwin Williams, UPS and Fast Signs. National Realty Network represented Capital Real Estate Advisors in the transaction. Rosemont, Ill.-based Foresite Realty Partners is serving as the property manger.