SAN DIEGO — Alliance Diversified Holding, LLC, has purchased the Pyramid Building, a 131,218-square-foot office building in the Miramar Mesa submarket of San Diego, for $13.6 million. The building is located at 7310 Miramar Road. It was initially part of the Miramar Metroplex. The value-add private equity firm plans to convert the pyramid-shaped building into a creative office and technology hub. The space will also be rebranded as The San Diego Innovation Center. Alliance was represented by Jon Boland of Voit’s San Diego office. Brandon Keith, Ryan Bracker and Bob Brady, also of Voit, represented the seller, APEX 1 & 2 LP, in this transaction.
Property Type
LAKEWOOD, COLO. – The 257-unit Mountain Vista apartments in Lakewood has received an $18.5-million bridge loan. The funds will be used to facilitate the property’s acquisition and renovation. The community is located at 434-485 S. Wright Street near Green Mountain Open Space, Matthews Winters Park, Dakota Ridge Trail and Red Rocks Amphitheatre. The asset consists of two neighboring communities, the 137-unit Alpine Mountain Vista and the 120-unit Green Mountain Vista. Financing was provided by Pembrook Capital Management, LLC.
WASHINGTON, D.C. — Aria Development Group has wrapped up the $6 million renovation of The Alden, a multifamily community located in Washington, D.C.’s Columbia Heights neighborhood. The Alden has begun its lease-up period with monthly rents for market-rate units starting at $1,950. The Alden is located at 2620 13th St. N.W. and is listed on the National Register of Historic Places. United Bank provided construction financing for the project, which involved construction manager Blaco Construction, interior designer Aline Trindade, landscape architect Fritz & Gignoux, furniture provider Foundry, the DC Historic Preservation Office, the US National Parks Service and Traceries, an architectural history and historic preservation consulting firm. Aria Development Group paid $5 million to acquire the property in 2012.
ABERDEEN, MD. — Home2 Suites by Hilton has opened its third hotel in the Baltimore area, Home2 Suites by Hilton Baltimore/Aberdeen. The hotel is the brand’s 29th property and its second LEED Silver certified hotel. The five-story, 107-suite property features an indoor saline pool and gas grills for guest use. The hotel is also pet-friendly. Aberdeen Hotels Partners LLC owns the hotel and Cherry Cove Hospitality manages the asset.
ALPHARETTA, GA. — Bull Realty has arranged the $3.8 million sale of Ellard Mercantile Exchange, a 33,461-square-foot shopping center located at 8470 Holcomb Bridge Road in Alpharetta, a northern suburb of Atlanta. The shopping center was 93 percent leased at the time of sale to Quest Women’s Health and Fitness Center, Josephine’s Antiques, Victoria’s Closet, Durden-Jones Furniture and Elle Couture. Darrell Chapman of Bull Realty represented the seller, New York City-based Northlight Investment Partners, in the transaction. Alpharetta-based QS America Real Estate purchased the property. Fergal Brady of Wells Fargo arranged acquisition financing.
FORT LAUDERDALE, FLA. — Berger Commercial Realty has arranged the $1.2 million sale of a 17,800-square-foot industrial property, located at 840 N.W. 57th Place in Fort Lauderdale. The property features 18-foot clear ceiling heights, three docks, a drive-in ramp door and a fenced side yard. A marine engineering company will be the tenant at the property. St. George Guardabassi represented the seller, Baer Investment Management, in the transaction. The buyer was Mareleng Inc.
ORLANDO, FLA. — Jones Lang LaSalle has arranged a 15,559-square-foot lease at The Exchange, a 87,952-square-foot office building located at 101 S. Garland Ave. in downtown Orlando’s Church Street District. Technology firm PlanSource signed the lease to bring its headquarters to the property. Aaron Gray of Jones Lang LaSalle represented The Exchange’s ownership, Boston-based Tremont Realty Capital, in the lease transaction. Jason Schrago of CNL represented the tenant.
CHICAGO – NorthMarq Capital’s Dallas-based regional office has arranged $57 million for the acquisition of the Premier Chicago Portfolio, eight industrial properties that total 1.5 million square feet in metro Chicago. Ronald Reese of NorthMarq arranged the financing for Westmount Realty Capital LLC through Goldman Sachs. The properties are located in the O‘Hare and Midway submarkets and include a mixture of single-tenant and multi-tenant properties.
MINNEAPOLIS – Local developer Alatus has chosen Doran Construction to build Latitude 45, a 319-unit, market-rate apartment project Alatus is developing on Washington Avenue South in Minneapolis. Construction of the 13-story multifamily property is slated to start later this month and be completed in 2015. Finance & Commerce reported that Alatus expects to close on a deal for the site (owned by Mikulay Trust) shortly. The property is assessed at $2.4 million.
WARREN, OHIO – Marcus & Millichap has arranged the $2.4 million sale of Trumbull Plaza, a 189,996-square-foot retail property located in Warren, a city in northeast Ohio. Erin Patton, Scott Wile, and Craig Fuller investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, marketed the property on behalf of the seller, a developer, and represented the buyer, a limited liability company, in the transaction. Trumbull Plaza is located at Parkman Road and Route 422. Kmart and Sparkle Market are the two largest tenants at the center.