SANTA MONICA, CALIF. — Deluxe Entertainment has leased a 65,000-square-foot production facility in Santa Monica. The facility is located at 3401 Exposition Blvd. It was initially built in 1961 as the headquarters and manufacturing facility for the American Shower Door Company. The building has been used as a sound stage for movies and television since the mid-‘90s. It was purchased by Hudson Pacific Properties this past May. The company is renovating and redeveloping the facility for Deluxe, which plans to move in during the first quarter of 2014. Deluxe is owned by Deluxe Entertainment Services Group, a wholly owned subsidiary of MacAndrews & Forbes Holdings
SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, purchased the foreclosed REO property in March 2012. It has since been renovated. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyers and the seller in this transaction.
ATHENS, GA. — Selig Enterprises Inc., an Atlanta-based real estate development firm, has reportedly abandoned its planned $90 million mixed-use development in downtown Athens, according to the Athens Banner-Herald. According to a statement from Selig, the company decided to not develop the property after market analysis and attempts to find funding for the project proved unfavorable. The development, which would have spanned three city blocks, drew criticism from community activists in the fall of 2011 after it was reported it would house a Walmart store. “Over the past two years, we’ve invested a lot of time, energy, and financial resources trying to bring the Foundry at Broad project to fruition,” said Jo Ann Chitty, Selig Enterprise’s senior vice president, in the statement. “It’s bitterly disappointing. It has been a dream of ours to build a project in Athens that the community could be proud of.”
ALPHARETTA, GA. — AMC Theatres has opened the new AMC North Point Mall 12, a 12-screen movie theater located in North Point Mall in Alpharetta. The theater offers 1,100 seats, concessions, Coca-Cola Freestyle machines, automated box offices, an IMAX screen and MacGuffins, a full-service bar and lounge area. The new property is the first new AMC theater building in more than two years in the U.S.
ATLANTA — Goddard Investment Group LLC has acquired the 440,000-square-foot Overlook III office building, located in Atlanta’s Vinings neighborhood. The 21-story office building sits atop Mount Wilkinson (also known as Vinings Mountain), the highest point inside Interstate 285. The Class A office property offers skyline views from every floor and is currently 70 percent leased. Goddard purchased the property through the Goddard Value-Add Office Fund I LP. Goddard plans to improve the property’s public areas, including the lobbies, elevators, water feature and landscaping.
WASHINGTON, D.C. — Donohoe Real Estate Services has arranged the sale of the Beaux Arts Building, a nine-story, 29,000-square-foot office building located on the corner of 15th and L streets in Washington, D.C.’s central business district. The asset, located at 1025 15th St. N.W., sold for $9.5 million. Charlotte Seale of Donohoe Real Estate Services represented the buyer, Honeybee Hospitality LLC, in the transaction. Honeybee plans to convert the office building into an independent hotel.
WASHINGTON, D.C. — NAI KLNB has arranged the $8.8 million sale of a 160,000-square-foot industrial building, located at 6501-5427 Chillum Place N.W. in Washington, D.C. The multi-tenanted building, constructed in 1961, is located near the intersection of Kansas Avenue and Blair Road. The property’s tenants include the United States Postal Service and Gelberg Signs. An affiliate of Spectrum Partners LLC purchased the property from 6500 Chillum Associates LP. Chris Kubler of NAI KLNB brokered the transaction.
LANSING, MICH. — Gillespie Group has broken ground on Midtown, a mixed-use development located along the Michigan Avenue corridor in Lansing, the state capital. Midtown will include 66 luxury apartment units and an 1,800-square-foot PNC Bank branch with drive-thru facilities. The development is on property formerly occupied by the Silver Dollar Saloon. Completion of Midtown is slated for August 2014.
ST. JOSEPH, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, a city in southwest Michigan. Harbor Village Hotel will include 92 hotel rooms, 14 luxury condominiums, conference space, spa and 60-slip (boat ramp) marina. The three-year, interest-only loan features a 70 percent loan-to-value advance. Dean Giannakopoulos in the firm’s Chicago office and Steven Rock in its Manhattan office arranged the loan.
NORMAL, ILL. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired The Fresh Market Shopping Center, a 76,017-square-foot retail property in Normal, a northern suburb of Bloomington. The Fresh Market grocery store anchors the fully leased center. Other tenants at the property include Dick's Sporting Goods, Michael’s and Marshalls. A portion of the purchase price included the assumption of a $6 million mortgage loan. Cincinnati-based Phillips Edison–ARC purchased the center from Wisnor LLC, a Wisconsin limited liability company.