DALLAS — Marcus & Millichap has brokered the sale of Park Place, an 82-unit apartment community in Dallas. Located at 2115 and 2116 N. Garrett Ave., the property offers studio, one- and two-bedroom floor plans ranging from 475 to 960 square feet, as well as proximity to Central Expressway. At the time of the listing, the complex was 94 percent occupied. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. Crittenden also secured the undisclosed buyer.
LOS ANGELES — Knollwood Plaza, a 23,922-square-foot shopping center in the Los Angeles submarket of Granada Hills, has sold to a private Los Angeles investor for $10.5 million. The center is located at 11846-11862 Balboa Blvd. It is fully occupied by tenants like Starbucks, Curves, Pacific Dental, State Farm Insurance, The UPS Store and a Bank of America ATM. The buyer was represented by Alex Needleman of Rosano Partners. The seller, Knollwood Balboa L.P., was represented by Edward B. Hanley and William B. Asher of Hanley Investment Group.
SCOTTSDALE, ARIZ. — Sierra Crossings, a 17,955-square-foot retail property in Scottsdale, has sold to a limited liability company for $5.5 million. The center is located at 11300 East Via Linda Road. It contains one single-tenant retail building that is occupied by Tutor Time and one multi-tenant retail building that includes four other tenants. The buyer was represented by Doug Fielding of Marcus & Millichap’s Phoenix office. The seller, another LLC, was represented by Mark Ruble and Jamie Medress of the same office.
CERRITOS, CALIF. — Big 5 Plaza, a 15,568-square-foot retail center in Cerritos, has sold to a private Vernon investor for $4.6 million. The plaza is located at 11310-11360 183rd Street. It is anchored by Big 5 Sporting Goods. The fully leased center is also home to Subway, Castlehead Escrow and Providence Speech and Hearing. Edward B. Hanley and Jeremy McChesney of Hanley Investment Group represented both the buyer and seller, a private Los Angeles investor, in this transaction.
MIAMI — Rilea Group, a Miami-based developer, has broken ground on The Bond on Brickell, the first condominium project planned for Brickell Avenue in Miami since the recession. The Bond will feature 328 units with one-, two- and three-bedroom floorplans, as well as loft and penthouse residences. The 44-story condo tower will be located at 1080 Brickell Ave. Rilea Group expects to deliver the tower in early 2016. Alicia Cervera Lamadrid of Cervera Real Estate is leading the sales efforts for the project. Architect Loguer Design is designing the project with a British theme, including vintage photographs of British celebrities and an original British Telecom phone booth on the outside of the project. Rilea Group is partnering with private equity firm MDR Toledo LLC, a subsidiary of MDR Americana, for the development.
HOOVER, ALA. — Red Capital Partners LLC has closed a $25 million balance sheet loan for Somerby St. Vincent’s One Nineteen, a 199-unit, Class A seniors housing facility located in Hoover, an affluent suburb of Birmingham, Ala. The facility offers independent living, assisted living and memory care services. The financing is anticipated to be refinanced by a Fannie Mae permanent loan. Dominion Partners LLC developed the seniors housing facility, while Somerby Senior Living Services LLC is operating the property.
GRIFFIN, GA. — Equity One, a shopping center developer and owner, has sold Spalding Village, a 235,000-square-foot neighborhood shopping center located in Griffin, approximately 40 miles south of Atlanta, for an undisclosed price. Mark Joines and Drew Fleming of Cassidy Turley’s Southeast retail group represented Equity One in the transaction. RCG Ventures LLC, a privately funded real estate investment group, purchased the center. Spalding Village’s tenants include Goodwill, Fred’s Stores, GNC and T-Mobile.
CHATTANOOGA, TENN. — HFF has secured $11.3 million in refinancing for Atrium Medical Office Buildings, a two-building, 102,705-square-foot medical office complex in Chattanooga. The medical office complex is located a half mile from Erlanger Hospital East Campus. Michael Klein of HFF arranged the three-year loan through Colony Capital on behalf of Diversified Realty Ventures.
ATLANTA — Comcast Spotlight Atlanta, a subsidiary of Comcast Communications Inc., has signed a full-floor lease at One Glenlake, a 353,000-square-foot office building located in Atlanta’s Perimeter submarket. Comcast Spotlight’s new office space is located at One Glenlake Parkway in Suite 1100. Michelle Galvani of Wildmor Realty represented Comast Spotlight in the lease transaction. PM Realty Group represented the landlord. Comcast Spotlight will move to One Glenlake after 18 years of occupying space at its previous location in Norcross, Ga.
CHICAGO — The Missner Group has completed the construction of a three-story, 41,000-square-foot medical office building for the Illinois Bone & Joint Institute (IBJI) in Chicago. Debb Kosich LLC was the developer for the project. The Missner Group demolished an existing industrial warehouse and cleared the site for the new three-story healthcare facility. IBJI will occupy the entire third floor of the building. Construction of the 20,000-square-foot space included the addition of private offices, meeting and conference rooms, medical exam rooms, MRI and X-ray suites and medical storage space. The building is located at 2923 N. California Ave. Glen Missner, vice president, Drue Stoehr, senior project manager, and Bill Stransky, superintendent, led the construction team for The Missner Group. Stephen Rankin & Associates provided the architectural services.