SCOTTSDALE, ARIZ. — A partnership formed by Alliance Residential has purchased a 5.4-acre multifamily development site in Scottsdale for $18.5 million. The site is located at 75th Street and Stetson Drive in the city’s downtown region. It is approved for 316 units. Alliance hopes to break ground on the new multifamily project later this year. The seller, Equity Partners Group, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Investment Group, and Don Arones of Cassidy Turley’s Office Group. Equity Partners Group is a division of Triyar Companies.
Property Type
RANCHO CUCAMONGA, CALIF. — Fit Development, LLC has purchased The Monet at Victoria Gardens Mall, a 31,407-square-foot retail center in Rancho Cucamonga, for $13.2 million. The outparcel to Victoria Gardens is located at 12455 Victoria Gardens Lane. Victoria Gardens is a 1.9-million-square-foot mall. Notable tenants at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza and Pacific Dental. Fit Development was represented by Jeff Conover and Matt Mousavi of Faris Lee Investments. The seller was Monet in Rancho Development, LLC.
MARATHON, FLA. — Carey Watermark Investors Inc. has purchased Hawks Cay Resort, which includes 177 guestrooms and more than 250 villas, for $133.8 million. The resort is located in Marathon, part of the Florida Keys. The resort features several restaurants and bars, a marina and a spa. HWE Florida Inc., an affiliate of Hodges Ward Elliott Inc., represented the seller in the transaction.
BOWLING GREEN, KY. — Meridian Design Build has broken ground on a new 72,500-square-foot, 108-room Hyatt Place Hotel in Bowling Green. The new hotel will be located adjacent to Western Kentucky University’s Augenstein Alumni Center. The four-story hotel will feature an outdoor pool, fitness center and meeting rooms. The hotel is expected to open in the fall of 2014. Dellisart LLC will oversee operations of the hotel, Adkisson & Associates Architects Inc. will provide architectural services and Arnold Consulting Engineering Services Inc. will provide civil engineering services.
DESTIN, FLA. — Baltimore-based Continental Realty Corp. has acquired Plantation Commons, a 121,402-square-foot neighborhood shopping center located at 4495 Commons Drive W. in Destin. The asset sold for approximately $13.3 million. Fresh Market anchors the shopping center, whose other tenants include Marshalls, Destin Health and Fitness Club and HomeGoods. The center was 70 percent leased at the time of sale. Continental Realty purchased the center from Plantation Plaza at Kelly Plantation LP through CRC Fund III LP. Casey Rosen and Cliff Taylor of CBRE represented the seller in the transaction. Continental Realty was self-represented.
WASHINGTON, D.C. — Washington, D.C.-based Greysteel has arranged the sale of Spring Valley Flats, a six-building, 28-unit apartment community located in Spring Valley, an upscale neighborhood in Washington, D.C. The asset, located at 4000-4013 47th St. N.W., sold for approximately $7.6 million. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the sellers, Urban Investment Partners and Stonebridge Investments, in the transaction. The buyer was 47th Street LLC.
ANN ARBOR, MICH. — Bernard Financial Group has arranged a $9.5 million loan for South Industrial Portfolio, which includes three flex buildings in Ann Arbor. The portfolio totals 99,859 square feet and is within close proximity to the University of Michigan main campus. 2725/2805 Associates LLC was the borrower and Starwood Mortgage Capital was the lender. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.
INVER GROVE HEIGHTS, MINN. — Phillips Edison – ARC Shopping Center REIT Inc., through a wholly-owned subsidiary, purchased Cahill Plaza, a 69,000-square-foot shopping center in Inver Grove Heights, for $8.4 million. SCP PE Cahill LLC, a Minnesota-based limited liability company, sold the grocery-anchored shopping center. Cahill Plaza is 96 percent leased to seven tenants, including a Cub Foods grocery store, which occupies approximately 75.4 percent of the property.
WAUKESHA, WIS. — The Vault, LLC has purchased a 29,950-square-foot industrial building at 1450 W. Ave. in Waukesha. The purchase price was undisclosed. The building, formerly occupied by package and label manufacturer Lauterbach Group, is located on five acres. Rand Wolf of The Boerke Co. represented the seller, Moe, Larry, & Curly LLC, in the transaction.
BANNOCKBURN and DEERFIELD, ILL. — NAI Hiffman has represented two owners and one tenant in three separate transactions totaling nearly 24,000 square feet of office space in Chicago’s north suburban market. In Bannockburn, Marathon Capital expanded its lease for 9,367 square feet at FGMK LLC’s property located at 2801 Lakeside Drive. At 1751 Lake Cook Road in Deerfield, L’Oreal USA signed a new lease with James Campbell Co. for 7,052 square feet of office space. Just down the street at 111 Deer Lake Road, ECD Co. signed a lease renewal with Green & Associates for 7,500 square feet. Michael Flynn and Jason Wurtz with NAI Hiffman’s office services group represented FGMK, LLC, L’Oreal USA and ECD Co. in the three separate transactions. Tim Hart of Colliers International represented Marathon Capital; Adam Showalter of CBRE represented James Campbell Co.; and Vic Sanmiguel and Peter Billmeyer of Chicagoland Commercial represented Green & Associates.