SEATTLE — Kennedy Wilson and Capri Capital Partners have joined forces to acquire the 372-unit Bailey Farm Apartments in the Seattle suburb of Bothell. The community was built in 2013 at 1225 183rd Street SE , just north of Bellevue. The seller was Wolff Company. Bailey Farm was acquired with $45.8 million of debt through a life insurance company. Kennedy Wilson also invested $4 million of equity in this transaction.
Property Type
RENO, NEV. — Dermody Properties has broken ground on a 624,000-square-foot warehousing and distribution building in Reno. The facility represents the first phase of LogistiCenter 395, a 91-acre, master-planned industrial park that will be located on Lemmon Drive near Highway 395 in northern Reno. The three-building park will be built by United Construction Company. Phase I is scheduled for completion this fall. Once fully completed, LogistiCenter 395 will contain a total of 1.2 million square feet. PCCP LLC is acting as Dermody’s strategic capital partner on the project. CBRE will serve as the facility’s broker.
SAN FRANCISCO – A 71-unit apartment building in San Francisco has received $32 in refinancing. The Class A community is located at 2130 Post. The seven-year, fixed-rate loan was arranged by Dennis Williams and Brian Esquivel of NorthMarq Capital through one of the firm’s existing banking relationships.
WEST HOLLYWOOD, CALIF. – The Oprah Winfrey Network (OWN) has signed a lease for three floors at Formosa South, a creative office building in West Hollywood. The 98,000-square-foot building is situated within The Lot studios where OWN will have access to sound stages and other production facilities. The Formosa South building is the first in a series of new office buildings being developed at The Lot, an 11-acre studio campus on Santa Monica Boulevard. The Lot was originally founded in 1919 by Mary Pickford and Douglas Fairbanks. Notable productions such as Guys and Dolls, Westside Story, Some Like it Hot, The Love Boat, Dynasty, The Social Network and True Blood have all been filmed at The Lot. The landlord is CIM Group.
TEMPE, ARIZ. — Dornin Investment Group acquires Agave Center, a five-building office/flex development in Tempe, for $29.5 million. The development includes the 55,221-square-foot Agave Business Center at 8945 S. Harl Ave.; the 86,115-square-foot Agave Corporate Center at 1711 W. Greentree Drive; and the three-building, 78,405-square-foot Agave Executive Center at 17211, 1725 and 1729 W. Greentree Drive. The 219,741-square-foot Agave Center was developed in 2000. The center is collectively more than 90 percent leased. Chris Toci, Chad Littell and Ryan Bartos of Cushman & Wakefield represented the seller, an entity owned by certain funds managed by Westport Capital Partners LLC, in this transaction.
DULUTH, GA. — RexxHall Realty has acquired a six-building, 250,000-square-foot office portfolio in Duluth, a suburb of Atlanta. The portfolio is located in the Chattahoochee Corners office park. This the first time since 1998 that a single entity has owned Chattahoochee Corners — RexxHall previously acquired 250,000 square feet of office space from The Alter Group at Chattahoochee Corners in August 2013. RexxHall plans to make capital improvements to the park, including a new full-service fitness center, improved running trails, food truck program and completion of its fiber optic network. Including this transaction, RexxHall owns approximately 700,000 square feet of office space in metro Atlanta. Tom Shafer of CBRE represented the undisclosed seller in the transaction. Bryan Heller, Heather Lamb and Peter McGuone of CBRE have been given the leasing assignment for the park. Alter Asset Management will handle property management services for the park.
COLUMBIA, S.C. —Peachtree Hotel Group has acquired the Courtyard Marriott in downtown Columbia for an undisclosed price. The nine-story, 189-room hotel features 5,213 square feet of flexible meeting space, a full-size restaurant, bar, business center, high-speed internet, a gift shop, valet and a dry-cleaning service, as well as a free shuttle to the Columbia Metropolitan Airport. The property is slated to undergo a $3.5 million renovation, which will include the new Courtyard “Refreshing Business” lobby and a new bistro restaurant concept, as well as improvements to meeting spaces and guest rooms. Sam Winterbottom and Bhavesh Patel of Newmark Grubb Knight Frank Hotels, along with Marshall Kibler of Newmark Grubb Wilson Kibler, represented the seller, an affiliate of Fillmore Capital Partners LLC.
GREENSBORO, N.C. — Home2 Suites by Hilton has opened its 30th hotel nationwide: Home2 Suites by Hilton Greensboro Airport in Greensboro. The five-story, 95-suite hotel is located at 7801 National Service Road, which is minutes away from the Piedmont Triad International Airport. Triad Hotels LLC owns the hotel, which is the fourth Home2 Suites by Hilton hotel in North Carolina. The hotel features a combined fitness and laundry area called Spin2 Cycle, as well as an indoor chlorine pool and gas grills.
DESTIN, FLA. — Marcus & Millichap has arranged the sale of Country Inn & Suites, an 83-room hotel located at 4415 Commons Drive E. in Destin. The hotel sold for approximately $4.7 million. Nearby attractions include the beach, several country clubs and Destin Commons, an upscale outdoor lifestyle center. David Greenberg and David Altman of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Kansas, in the transaction. Greenberg and Altman also procured and represented the buyer, a private investor based in Alabama.
HOFFMAN ESTATES, ILL. — J.C. Anderson Inc. will complete a 70,000-square-foot, three-floor office build-out for Omron Corp., a Japanese-based industrial automation company, in Hoffman Estates a northwest suburb of Chicago. Omron is relocating its North and South America Group corporate offices from Schaumburg, Ill. to the Greenspoint Office Park. Omron will occupy the first three floors of the office building, which is located at 2895 Greenspoint Pkwy. The project is expected to take 10 weeks to complete and will include the build-out of open office areas, private offices and conference rooms. The space will feature high-end finishes, wood slat ceilings and decorative metal screens throughout. The building will also have a training center, fitness room, lunchroom and laboratory facilities. Tom Raveret and Marty Powers of J.C. Anderson and Gensler are providing architectural services for the project. Construction is scheduled for completion in June. Andrea VanGelder and Sean Reynolds with JLL represented Omron in the relocation.