LOS ANGELES — Reseda Plaza, a 10,000-square-foot shopping center, has sold to Collins 36 Ltd. for $4 million. The center is located at 18300 Vanowen in the Los Angeles submarket of Reseda. The buyer was represented by Paul Kenworthy of Charles Dunn Company. The private seller was represented by Cheryl Pester of NAI Capital.
LOS ANGELES — Mack Urban and AECOM Capital have purchased six acres of land in Downtown Los Angeles’ South Park district for more than $80 million. This transaction represents the largest land acquisition by acreage in the Central Business District prior to the start of the 2008 economic recession, according to Mack Urban. The partnership plans to develop high-rise towers on the land. The project is currently in the planning and design phase. A groundbreaking is scheduled for late 2014, while completion of the final phases is slated for 2024. The project will be designed by AC Martin Partners. The seller was EVOQ Properties. AECOM Capital is the investment fund of AECOM Technology Corporation.
LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street. The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month. The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
PORTLAND, ORE. — Goodwill Industries of Columbia Willamettehas purchased a 173,395-square-foot industrial building in Portland for $12.6 million. The facility is located at 5950 NE 122nd Ave. Goodwill plans to occupy the building. This new hub will allow it to serve the Gresham, Halsey, Sandy, Powell, Clackamas, Woodstock, Hood River and The Dalles Goodwill stores. The building was previously occupied by Qwest. Goodwill was represented by David L. Ellis of Capacity Commercial Group/CORFACand Dan Bozich of Urban Works Real Estate.The seller, 5950 NE 122nd Ave, LLC, was represented by Don Ossey, Robbie McEachern and Mitch Page, also of Capacity/CORFAC.
CLERMONT, FLA. — Plaza Advisors has brokered the sale of Clermont Crossings at Lost Lake, a 149,698-square-foot shopping center located in Clermont, a suburb of Orlando. The property was 91 percent leased at the time of sale. The property includes a 11,254-square-foot strip center tenanted by Jimmy Johns and Flippers Pizzeria. Commons at Twin Lakes Associates LLC purchased the shopping center from KMH LLC. Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller in the transaction.
CHARLOTTE, N.C. — The Connor Group, a real estate investment firm based in Ohio, has purchased The Retreat at McAlpine Creek, a 400-unit apartment community in south Charlotte. The apartment community is The Connor Group’s third multifamily acquisition in the Charlotte area, which it entered in 2011. The Retreat is located near Quail Hollow Club, site of the 2017 PGA Championship. The apartment community features two pools, a 24-hour fitness center and tennis and basketball courts.
VIRGINIA BEACH AND CHESAPEAKE, VA. — CBRE | Hampton Roads has arranged $42.9 million in long-term, non-recourse financing for five multifamily communities in the Hampton Roads area of Virginia. The five properties, all owned by Clark Whitehill Enterprises, include Windsor Lake Apartments, South Lake Apartments and Shoreline Apartments in Virginia Beach, as well as Phases I and II of Greenbrier Woods Apartments in Chesapeake. Clark Whitehill owns and manages approximately 1,500 multifamily units in eight apartment communities. John Richards of CBRE arranged the financing through an unnamed life insurance lender.
LANHAM, MD. — Greystone has provided $15.9 million in Fannie Mae DUS financing for Whitfield Towne Apartments, a 322-unit apartment community located in Lanham. Andrew Ellis of Greystone originated the loan. The borrower, Rockville, Md.-based Avis-R Co., will use $2.4 million from the loan for capital improvements. Marc Troop of Eastern Union Commercial assisted in the transaction.
MURFREESBORO, TENN. — Dollar General Corp. has opened its 11,000th store, located in Murfreesboro, about 34 miles south of Nashville. Dollar General anticipates opening 650 new stores in 2013 and creating approximately 6,000 new jobs. The company has created nearly 30,000 new jobs since 2007.
CLEVELAND — Developer Geis Cos. and Sandvick Architects Inc. have teamed up to transform the former AmeriTrust tower and Cleveland Trust Rotunda into The Metropolitan at The 9. The $250 million hotel will be located at the intersection of East 9th Street and Euclid Avenue in downtown Cleveland. When it opens in the fall of 2014, the hotel will include 156 rooms and suites, featuring 16 custom-designed sky suites with large windows that provide panoramic views of downtown Cleveland. The project will also feature 12,000 square feet of meeting space, a Heinen’s grocery store, indoor dog park, spa and fitness center. Additional amenities include the Adega restaurant, offering Mediterranean cuisine and downtown Cleveland’s largest outdoor dining area, along with Azure Sky, which will offer the downtown’s largest rooftop bar. Geis Cos. and Sandvick Architects plan to preserve the site’s architectural features, while combining that with modern technology and design. The hotel will be affiliated with Marriott International’s Autograph Collection of more than 50 independent hotels. Geis-owned GLSD Architects is designing the project.