YAKIMA, WASH. — Valley Mall and Valley Mall Plaza in Yakima have received $42 million in financing. The regional mall and adjacent retail power center are located in the Yakima Valley in the south central part of the state. They contain a total of 679,845 square feet. The two centers are 94 percent leased to tenants like Macy’s, Sears, Kohl’s, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond, Michael’s, Ulta and Old Navy. The seven-year, full-term, interest-only loan was arranged by HFF’s Eric Tupler, Paul Brindley, Tom Wilson, Kristian Lichtenfels and Erica Christensen. The borrower, CenterCal Properties, used the proceeds to refinance the property’s maturing debt.
BLACKSBURG, VA. — HFF has brokered the $76.2 million sale of Terrace View Apartments, a 756-unit, 1,720-bed student housing community in Blacksburg. The community is located at 413 Hunt Club Road within walking distance to the Virginia Tech campus. The community, which is fully occupied, was renovated this year. The property includes a clubhouse, fitness center, swimming pool, resort-style hot tub with waterfall, tanning bed, game room, TV lounge, disc golf course, community garden, beach volleyball court, dog park, basketball and volleyball courts and 12 picnic areas. Brian Kelly, Troy Manson and Mike Higgins of HFF represented the seller, a joint venture between Iconic Development and Wheelock Street Capital. The buyer, MCS Capital Partners, assumed an existing Fannie Mae loan in the acquisition.
SPARTANBURG, S.C. — SunCap Property Group has selected Meridian Design Build’s national projects group to construct a 254,353-square-foot sorting and distribution center in Spartanburg. The new facility will include 98 loading docks, 166 interior van loading positions, 195 exterior trailer stalls and 10,953 square feet of office space. The project will also feature a vehicle maintenance facility, remote fueling island and a gateway security building. The design team includes architect McMillan Pazdan Smith Architecure and civil engineer Blackwood Associates Inc.
SAVANNAH, GA. — Chatham Lodging Trust, a hotel REIT, has purchased the 160-room SpringHill Suites by Marriott Savannah Downtown/Historic District for $39.8 million. The hotel is the newest hotel in Savannah’s waterfront district. The hotel’s amenity package includes a heated outdoor pool, fitness center, 2,645 square feet of meeting space and valet parking. The hotel is managed by Island Hospitality Management, which is 90 percent owned by Jeffrey Fisher, CEO of Chatham Lodging Trust.
ORLANDO, FLA. — CBRE has arranged the $31.5 million sale of Falcon Pines, a 300-unit apartment community located in Orlando. The gated apartment community is located at 10200 Falcon Pines Blvd. in the East Orlando submarket. The community was 92 percent occupied at the time of sale. The property features a resort-style swimming pool, fitness center, business center, dog park, playground and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, an unnamed institutional group, in the transaction. The buyer, Atlanta-based Carroll Organization, will renovate the property to boost the property’s rental rates, according to CBRE.
CORNELIUS, N.C. — Antiquity, a master-planned community located 20 miles north of Charlotte in downtown Cornelius, will develop a new 53,000-square-foot Harris Teeter grocery store with a drive-thru pharmacy. Cam Finley of Venture Properties, developer of Antiquity, expects to break ground on Harris Teeter in April 2014 and deliver it in the first quarter of 2015. Will Whitely and Paula Sanders of New South Properties are the exclusive leasing agent for Antiquity.
CHICAGO — Bucksbaum Retail Properties LLC, Structured Development LLC and institutional investors advised by J.P. Morgan Asset Management have begun construction on New City, a 500,000-square-foot mixed-use project in Chicago. The development team received a $182 million construction loan to build New City. The development will be located on 8.5 acres at the intersection of Clybourn and Halsted streets in the city’s Clybourn Corridor. The project will feature 360,000 square feet of retail space and a 200-unit, 16-story residential tower when it is complete in fall 2015. Mariano’s and Dick’s Sporting Goods will anchor the retail component of the project. The Mariano's store at New City will be the grocer's largest one in Chicago. The project will also feature new-to-market retailers ArcLight Cinemas, Earls Kitchen + Bar and Kings Bowl.
CLEVELAND, OHIO — Pinnacle Financial Group Inc. has arranged $26 million in refinancing for a four-property historic office portfolio in downtown Cleveland and Pittsburgh. The 382,814-square-foot portfolio includes the Park Building, Diamond Building and the Superior Building in Cleveland, as well as the Investment Building in Pittsburgh. Pinnacle worked on behalf of E.V. Bishoff Co. to secure the 15-year, non-recourse loan through a life insurance company lender. The loan also includes a fixed interest rate.
ROSEMONT, ILL. — The 525-room Westin O’Hare will undergo a $22 million renovation that will include transforming the lobby lounge into a Starbucks Coffee café. The project will also upgrade 50,000 square feet of meeting and ballroom space with new carpeting, wall vinyl, lighting fixtures, artwork, audio/video services and both wired and wireless Internet connectivity. The Gettys Group, a Chicago-based hotel consulting and design firm, will begin construction of the Starbucks this month, followed by a complete redesign of the front desk and lobby areas and construction of a 3,800-square-foot ballroom. The project is slated for a completion in March 2014. The project comes on the heels of a multi-million dollar renovation completed this past March, which included upgrading all of the guest rooms and meeting space.
GREENFIELD, IND. — Tikijian Associates has arranged the sale of Bluestone Apartments, a 208-unit luxury apartment community in Greenfield, an eastern suburb of Indianapolis. The purchase price was undisclosed. Tikijian Associates represented the property’s developer, Indianapolis-based Paragus, in the sale. Lauth Communities, an affiliate of locally based Lauth Group Inc., was the buyer. The community features large floor plans, attached and detached garages and a full community amenity package. Completed in 2009, Bluestone is the newest apartment community in the Greenfield market, according to Tikijan Associates.