JENKS, OKLA. — Wheeler Real Estate Investment Trust Inc. has purchased Jenks Plaza, a 7,800-square-foot retail property in the Tulsa suburb of Jenks for approximately $1.7 million, or $223 per leasable square foot. The strip shopping center was fully leased at the time of sale to five tenants, including Tint World, Papa Murphy’s Pizza, Envy Nails, La Mode Quality Cleaners and Maple Gardens. Reasor’s Foods shadow-anchors the asset, which has direct access to Creek Turnpike, a major thoroughfare with traffic counts of more than 32,600 vehicles per day. The Virginia Beach, Va.-based Wheeler purchased the property from one of its affiliated entities.
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SAN FRANCISCO – A joint venture between MetLife and UDR has announced plans to build a $317-million, 42-story apartment building in San Francisco. The tower will be located at 399 Fremont Street in the Rincon Hill neighborhood. It will contain 447 residential units and 3,500 square feet of retail space. The complex is scheduled to open in 2016. UDR will have a 51 percent share in the development, while MetLife will retain a 49 percent stake.
DENVER — Shorenstein Properties LLC has purchased Denver City Center, a pair of Class A office buildings totaling 1.3 million square feet in the city’s downtown region, for a reported $286 million. The center is located along17th Street in the city’s Financial District. The acquisition includes the office portion of 707 17th Street, which occupies floors 21 through 42 of the building. Marriott Denver City Center resides on the lower floors of the building, and was not included in this transaction. The acquisition did include the adjacent Johns Manville Plaza, a 29-story office building. Both buildings were renovated in 2013.Notable tenants include Jacobs Engineering, Forest Oil Corporation, Johns Manville, Baker Hughes and AECOM. This is Shorenstein’s first acquisition in Denver since the early 1990s. The company completed its most recent acquisition on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P. The seller, Crescent Real Estate Holdings LLC,a subsidiary of Barclays plc, was represented by HFF’s John Jugl and Mary Sullivan.
EL CERRITO, CALIF., SEATTLE — Kennedy Wilson and its partners have acquired three apartment communities in Washington and California for a total of $167 million. The acquisition includes the 159-unit Village at Town Center in El Cerrito, Calif., near the University of California at Berkeley, and the 297-unit Big Trout Lodge in a suburb of Spokane, Wash. A 372-unit apartment community in a Seattle surburb is currently under contract and is expected to close in the first quarter of 2014. The seller was The Wolff Company.
SAN FRANCISCO — Intuit Inc. has signed a long-term lease for about 200,000 square feet of space in Downtown San Francisco. The building is located at 22 Fourth Street. Demandforce, a division of Intuit’s Small Business segment, will occupy the property’s entire office portion. The Container Store currently occupies 29,245 square feet of retail space on the building’s first two floors. Intuit was represented by Bart Lammersen, Paul Bryant and Chris Holland of Jones Lang LaSalle. The landlord, Jamestown, was represented by Wes Powell and Karen Wells from the same firm.
HOLLYWOOD, CALIF. — Todd-Soundelux, LLC has signed a 12-year lease renewal for a 40,315-square-foot office space in Hollywood. The property is located at 900 Seward Street in the city’s production corridor. The post-production sound company’s Todd AO Studios operates out of the facility. The company was represented by Arlene Sommer and Mark Robinson of Cushman & Wakefield. The landlord, Vista Investment Group, was represented by John Tronson and Steven Tronson of Avison Young.
LOS ANGELES – A nine-unit apartment building in West Los Angeles has sold to Tai On Investments, LLC for $3 million. The community is located at 11235 Richland Ave. It was built in 1987. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, KWP Investments, in this transaction.
WASHINGTON, D.C. — A joint venture between Somerset Development Co. and National Housing Trust-Enterprise Preservation Corp. has acquired Channel Square Apartments, a 223-unit community in Washington, D.C. The apartment community is located at 325 P St. S.W., across the street from Fort McNair and less than one mile from Nationals Stadium. Jonathan Rose Cos. and the Rose Green Cities Fund (Jonathan Rose Cos.’ investment fund with Citi Community Capital) have invested in the joint venture to redevelop the mixed-income community. Citi Community Capital provided the $24.6 million first mortgage loan, and an application for additional financing has been submitted to the D.C. Department of Housing and Community Development. The four-acre property was purchased in collaboration with the 325 P Street S.W. Tenants' Association through the Tenant Opportunity to Purchase Act (TOPA), which provides District of Columbia tenants the ability to purchase their building if it is offered for sale by the owner. With assistance from Housing Counseling Services and pro-bono counsel provided by Arnold & Porter LLP and Skadden, Arps, Slate, Meagher & Flom LLP, the tenants' association selected Somerset and NHT/Enterprise as the developer/owner through a bid process in February 2013. The development team will create a redevelopment plan …
FRANKLIN, TENN. — Spectrum | Emery has topped off the first office tower in Franklin Park, a mixed-use corporate complex in the Cool Springs area of Franklin. The building, known as One Franklin Park, is a 10-story, 272,720-square-foot, Class A office tower that is expected to open in September 2014. Franklin Park is a 72-acre development that will feature five Class A office towers, a 350-unit multifamily community and more than 12 acres of greenspace. The $10 million greenspace will feature an outdoor amphitheater, waterways, ponds, walking paths and open fields. One Franklin Park will feature a covered parking garage with covered walkways leading to the entrance of the building. The project team for One Franklin Park includes general contractor Bell and Associates, based in Brentwood, Tenn., and architect Duda Paine, based in Durham, N.C.
MIAMI — Berkowitz Development Group Inc. has secured refinancing of a $45 million loan on Kendallgate Shopping Center, a 194,624-square-foot shopping center in Miami. The asset is located at 11910 S.W. 88th St. and includes tenants such as DSW, Bed Bath & Beyond, Petco, Ulta Beauty, Chili’s, Macaroni Grill and Sports Authority. Berkowitz Development place the 10-year loan with a fixed interest rate through PNC Bank.