LOS ANGELES — Whole Foods Market has announced plans to open a 42,000-square-foot flagship location on the ground floor of a new 700-unit apartment complex in Downtown Los Angeles. The complex will be located at 770 S. Grand Ave. It is being developed by Carmel Partners (Carmel Partners Investment Fund IV) and is expected to open in 2015.
LOS ANGELES – A 14,655-square-foot office building in Los Angeles has sold to Park View Dream LLC for $2 million. It is located at 2351 West 3rd Street. The buyer plans to relocate its real estate investment and management business to the building. It will lease out the remaining space. The seller, Building Industry Credit Association, was represented by David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office.
RALEIGH, N.C. AND NASHVILLE, TENN. — Philadelphia-based Lubert-Adler has sold two hotels in Raleigh and Nashville totaling 648 rooms to New York City-based Carey Watermark Investors for $156.6 million. Lubert-Adler sold the 400-room Marriott Raleigh City Center for $83 million and the 248-room Hutton Hotel in Nashville for $74.3 million. The Marriott Raleigh City Center was developed through a public-private partnership with the city of Raleigh in conjunction with the city's new 500,000-square-foot convention center. Hutton Hotel was an adaptive re-use project of a 170,000-square-foot Class C office tower in Nashville's West End.
TAMPA AND FORT LAUDERDALE, FLA. — The Tampa and Fort Lauderdale offices of Calkain Cos., a net lease investment brokerage firm, have closed the sale of 40 net-leased properties in Florida for an aggregate sales price of $63 million. The transactions include the sale of 19 Circle Ks for $24 million, nine Applebees restaurants for $23 million, nine Fred's Super Dollar properties for $14 million and three Krystal restaurants for $2.2 million. The brokers from Calkain Cos. involved in the four transactions include Patrick Nutt, Michael Zimmerman, David Sobelman and Emily Cusmano.
DORAL, FLA. — Atlantic | Pacific Development has opened The Atlantic | Doral, a 360-unit luxury multifamily community located at 10500 N.W. 74th St. in Doral. Atlantic | Pacific began construction on the project in April 2012. Each unit will include granite countertops, stainless steel appliances, built-in USB charging stations, full-size washer and dryer, crown molding, vaulted ceilings, porcelain-tiled living areas and carpeted bedrooms. The property's amenities include an upscale clubhouse, resort-style swimming pool with a waterfall, an outdoor kitchen, hot tub, fitness center, movie theater, children's outdoor play area, game room, business center with WiFi and a conference room, lighted tennis courts and a dog park with water stations. Atlantic | Pacific Management will manage the property. Atlantic | Pacific Development and Atlantic | Pacific Management are affiliates of Atlantic | Pacific Cos., which currently owns or manages more than 22,000 residential units and more than 500,000 square feet of commercial space.
SUNRISE, FLA. — Beech Street Capital LLC has arranged a $19.9 million loan to refinance Colonnade Apartments, a 230-unit, garden-style apartment community in Sunrise, a suburb of Fort Lauderdale. The community features a resort-style swimming pool and spa, fitness center, business center, garage parking, lounge, gated access, outdoor gathering/grill areas and a clubhouse. Mitch Sinberg and Michael Wallace of Beech Street's Fort Lauderdale office originated the three-year, floating rate loan through City National Bank with a one-year extension option.
BEACHWOOD, OHIO — A joint venture between DDR Corp. and an affiliate of Blackstone Real Estate Partners VII LP has acquired a portfolio of seven shopping centers totaling 2.4 million square feet. The purchase price was $332 million, including assumed debt of $207 million and $28 million in new mortgage debt. Blackstone owns 95 percent of the common equity of the joint venture and an affiliate of DDR owns the remaining 5 percent. DDR also invested $30 million in preferred equity in the venture with a fixed dividend rate of 9 percent. Additionally, DDR will provide leasing and management services. The centers include Silver Spring Square in Harrisburg, Pa.; Falcon Ridge Town Center in Los Angeles; Sycamore Crossing and Indian Springs in Cincinnati; Fortuna Center in Washington, D.C.; Orchards Market Center in Portland, Ore.; and Vista Village in San Diego. Each asset averages approximately 345,000 square feet. The portfolio is 93 percent leased to retailers including Target, Walmart, Ross Dress for Less, Dick's Sporting Goods, Petco, Best Buy and The Fresh Market.
MINNEAPOLIS — The Opus Group has teamed up with Harrison Street Real Estate Capital LLC to develop and construct three apartment complexes near university campuses in Madison, Wis., Milwaukee and Minneapolis. Under the agreement, Harrison will own the projects in Minneapolis and Milwaukee, while the project in Madison is a joint venture between the two companies. The 162-bed, six-story Varsity Quarters, will be located adjacent to the University of Wisconsin – Madison campus and will include 7,000 square feet of ground-floor retail. IVY on Fourteenth, a 165-bed student-housing complex, will be located adjacent to the Marquette University campus in Milwaukee. The six-story, mixed-use development will include 7,000 square feet of ground-floor retail. The six-story, 247-bed student housing project in Minneapolis will include 9,500 square feet of ground-floor retail. Construction is scheduled to begin on all three projects later this month with completion slated for August 2014. Opus Development Co. LLC will be the developer and Opus Design Build LLC will be the contractor for all three projects. Eppstein Uhen Architects will design the Madison project, and Korb Tredo Architects will serve as the architect for the Milwaukee project. Opus AE Group in partnership with Minneapolis-based Elness Swenson Graham Architects Inc. …
INDIANAPOLIS — Marcus & Millichap has arranged the sale of The Lodge at Trails Edge, a 268-unit multifamily community in northern Indianapolis. The $18.4 million sales price equates to $68,657 per unit. Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, a Kansas City, Mo.-based partnership. The buyer was Irvine, Calif.-based Steadfast Cos. The Lodge at Trails Edge is located at 9535 Benchmark Drive near I-465, and is near the business district of Keystone at the Crossing, downtown Indianapolis and the city of Carmel. The 202,608-square-foot Lodge at Trails Edge includes 13 two-story buildings.
FORT WAYNE, IND. — Johnson Capital has arranged a $10.8 million loan secured by Willow Creek Crossing, a 582-unit multifamily property in Ft. Wayne. The property is located on Lakeridge Drive and was built in three phases between 1971 and 1987. A local operator owns the garden-style apartment complex, which is situated on more than 43 acres. Huntoon Hastings, a Johnson Capital subsidiary, provided the nonrecourse, Section 223(f) FHA financing. The 35-year loan is self-amortizing and includes a fixed interest rate below 3 percent. Proceeds from the loan will be used for renovations on the apartment community.