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
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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.
TUCSON, ARIZ. — Clarion Partners has acquired the 183-unit Retreat at Tucson, a new student housing complex, near the University of Arizona in Tucson. The 774-bed community is located at 1000 E. 22nd Street about 1.5 miles from the campus. A shuttle bus will transport residents to and from the university. The project was completed this past August. It is currently 99.6 percent leased. Clarion completed the transaction on behalf of one of its separate account clients.
GARDEN GROVE, CALIF. – Benedict Canyon Equities Inc. has purchased the 148-unit City Villas apartments in Garden Grove for $28 million. The community is located at 13061 Lampson Ave. across from Twin Lakes Freedom Park. It was built in 1964 on 9.5 acres. The seller, Fowler Property Acquisitions, was represented by Stewart I. Weston of Institutional Property Advisors.
SACRAMENTO, CALIF. – A seven-property industrial and flex office portfolio has received $38 million in financing. The portfolio includes a total of more than 1 million square feet throughout California, Washington, Colorado and Missouri. The portfolio includes: Sunrise Business Center in Rancho Cordova, as well as Bradshaw Business Parkand Fruitridge Industrial Center in Sacramento, Calif.; Andover Executive Park in Tukwila and West Valley Distribution Center in Kent, Wash.; and Inverness Business Park in Englewood, Colo. The portfolio is 52 percent leased. Financing was arranged by HFF’s Lloyd Minten, Paul Brindley and Tom Wilson. They worked on behalf of a joint venture between a subsidiary of Oaktree Capital Management and ScanlanKemperBard Companies. The adjustable-rate loan was placed with Latitude Management Real Estate Investors. The loan’s proceeds were used to acquire the portfolio.
VALDOSTA, GA. — Marcus & Millichap has arranged the sale of a five-property student housing apartment portfolio in Valdosta. The assets sold for approximately $25.1 million. John Brigel of Marcus & Millichap’s Tampa office represented the three sellers, all local apartment operators in Valdosta. Brigel also represented the buyer, an Atlanta-based limited liability company. Michael Fasano of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia. The five properties are located near Valdosta State University campus. The properties include Brooks Trace, Brookwood Forest, Jackson Square, Little Jo Court and Sustella Townhomes.
LOGANVILLE, GA. — HFF has brokered the sale of Loganville Crossing, a 120,819-square-foot, grocery-anchored retail center in Loganville. Jim Hamilton, Richard Reid and Mike Allison of HFF represented the seller, Loganville Crossing Investment LLC & Downtown Square Capital LLC, in the transaction. American National Insurance Co., which Realm Realty Co. Inc. represented, purchased the asset. Loganville Crossing is located at 4753 Atlanta Highway (U.S. Highway 78) northeast of Atlanta. Built in 2008, the center is 98 percent leased and is anchored by Kroger. Other tenants include Edible Arrangements, Great Clips, Marco’s Pizza, Quest Diagnostics and Shane’s Rib Shack.
ORLANDO, FLA. — CBRE has arranged a lease at The Plaza on University for Bento Café, a Pan-Asian/sushi restaurant. Bento Café is the first tenant announced in the new redevelopment site at The Plaza on University, located across from the University of Central Florida campus. The restaurant will occupy approximately 3,865 square feet at the northwest corner of University Boulevard and Alafaya Trail. The restaurant is scheduled to open in August 2014. Bobby Palta of CBRE represented the landlord, American Campus Communities (ACC), in the lease deal. The Plaza on University is a mixed-use redevelopment project currently under construction, and the redevelopment, situated on a 14-acre site, will have 60,000 square feet of retail below 360 units of student housing with a total of 1,700 parking spaces. ACC expects to complete the development of The Plaza on University by September 2014.
HANOVER, MD. — Cushman & Wakefield has arranged a new 11,106-square-foot lease for Nexius Solutions Inc. at 7550 Teague Road within the Arundel Mills Corporate Park in Hanover, about 15 miles southwest of Baltimore. AMCP-2 LLC owns the office property. Richard Thomas and Charlie Beck of Cushman & Wakefield represented the tenant in the lease deal. Nexius, a wireless services and software solutions provider, employs approximately 70 people locally.
CHICAGO — Avison Young and Jones Lang LaSalle (JLL) have completed an equity raise totaling approximately $300 million on behalf of ECHO Realty LP. H&R REIT acquired a one-third interest in Echo Realty, which holds an 8 million-square-foot portfolio of commercial properties located in Pennsylvania, Ohio, Maryland and West Virginia. Pittsburgh-based ECHO Realty’s $1.2 billion portfolio features 173 properties, including 62 grocery stores, five office buildings, six industrial properties and three parcels. The Avison Young team included James Solomon, former head of the firm's U.S. capital markets team, along with Earl Webb, president of U.S. operations, and Matt Hoffman, assistant vice president. Bruce Westwood-Booth and Guy Ponticiello, managing directors, led the JLL team in this transaction.