PORTLAND, ORE. — RLJ Lodging Trust has purchased the 106-room SpringHill Suites Portland Hillsboro for $24 million. The hotel is located at 7351 NE Butler Street near Intel’s Ronler Acres campus. It underwent a major renovation in 2011.Al Calhoun, Mark Fraioli and Melvin Chu of Jones Lang LaSalle represented the seller, an entity consisting of affiliates CPA:17 – Global; a publicly held, non-traded REIT affiliate of W. P. Carey Inc.; Watermark Capital Partners, LLC; and Montclair Hotel Investors, Inc
LAFAYETTE, LA. — The Ainbinder Co. has broken ground on Ambassador Crossing Shopping Center, located at the intersection of Ambassador Caffery Parkway and Settlers Trace Boulevard in Lafayette. A 36,200-square-foot Whole Foods Market will anchor the 108,000-square-foot neighborhood center. Other tenants will include J. Crew, Carter’s Babies & Kids/Osh Kosh B’Gosh, Lee Michaels Jewelers, Massage Envy, Chipotle Mexican Grill, Which Wich and Superior Nails. The Ainbinder Co. acquired the development site from the Saloom Family of Lafayette. Chris Campion of Houston-based CAC Realty represented Ainbinder, and Jack Castle of Lafayette represented the Saloom Family. Rick Kirschman of New Orleans-based Kirschman Realty represented Whole Foods in the lease transaction. Ruben Alvarez of Sovereign Bank in Houston provided construction financing for the development. The design team includes architect Boucher Design Group of Houston, project engineer Paul Miers Engineering of Lafayette and general contractor Parkes Construction of Nashville. Shaw MacIntyre and Ed James of UCR Moody Rambin Page in Houston are handling the property’s leasing.
TAMPA, FLA. — Institutional Property Advisors (IPA) has arranged the $32 million sale of Bristol Place Apartments of Tampa Palms, a 340-unit apartment community located at 15210 Amberly Drive in Tampa. The property is part of the master-planned Tampa Palms, a 5,400-acre community featuring apartments, single-family homes, restaurants, churches, offices, recreational facilities, schools and shops. Bristol Place features a resort-style pool, gazebo-covered spa, gas grilling area, separate lap pool, tennis court, car wash area, playground, clubhouse, fitness center and indoor racquetball court. Each unit features a built-in entertainment center, Roman-style soaker tubs, washer/dryer, glass showers, French doors, private balcony/patio and a security monitoring system. Jamie May of IPA represented the seller, AVR Realty Co., in the transaction. Preston Giuliano Capital Partners was the buyer.
IRVINE, CALIF. — Cornerstone Core Properties REIT has acquired three assisted living facilities in North Carolina for approximately $15.3 million. The three facilities include the 64-bed Carteret House in Newport, the 60-bed Hamlet House in Hamlet and the 64-bed Shelby House in Shelby. Cornerstone purchased the facilities through a sale-leaseback transaction with wholly owned subsidiaries of Meridian Senior Living LLC, which will continue to operate the facilities.
WASHINGTON, D.C. — Washington, D.C.-based Greysteel has arranged the sale of 1101 Rhode Island Ave. N.W. and 1528-1530 11th St. N.W., two commercially zoned land parcels in Washington, D.C.’s Logan Circle neighborhood. Condominium properties in the area have been selling for more than $800 per square foot, according to Greysteel. Nearby developments include O Street Market and CityCenterDC. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones of Greysteel represented Q Street LP in the sale of the parcels to CAS Riegler Cos. LLC.
CENTREVILLE, VA. — Lotte Plaza International Grocer has leased approximately 47,000 square feet at Centreville Square II, a 200,366-square-foot neighborhood center located in Centreville. Centreville Square II is located at the intersection of Centrewood Drive and Lee Highway and is tenanted by Party Depot, Sleepy’s Mattress Professionals, Five Guys Burgers and Fries, Wells Fargo, Hair Cuttery and the UPS Store. The new grocery store will offer fresh produce, hard-to-find international food brands, a meat shop and a food court with Japanese, Korean and Chinese eateries. Lotte Plaza is slated to open in spring 2014.
UNIVERSITY HEIGHTS, OHIO — Inland Real Estate Corp. has acquired Cedar Center South, a 139,000-square-foot shopping center in suburban Cleveland, for $24.9 million through Dutch pension fund advisor PGGM, its joint venture partner. A 45,300-square-foot Whole Foods grocery store and a 12,100-square-foot CVS/pharmacy, both on long-term leases, anchor Cedar Center South. The 83 percent-leased center also includes a mix of other national and local retailers. Cedar Center South is situated approximately eight miles east of downtown Cleveland in the inner ring suburb of University Heights. Including Cedar Center South, Inland currently has an ownership interest in four retail centers totaling more than 592,000 square feet of leasable area within the Cleveland metro area.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $4.5 million loan for Stanford Townhouses, a 118-unit multifamily property in Southfield. Stanford Townhomes LLC was the borrower, and Citigroup Global Markets Realty Corp. was the lender. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Standford Townhouses is located at 26666 Stanford Drive W. and features two- and three-bedroom apartments, according to Rent.com.
UNION GROVE, WIS. — Marcus & Millichap has arranged the $1.1 million sale of McDonald's ground lease, a 3,500-square-foot, net-leased property located in Union Grove, about 30 miles south of Milwaukee. Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook, Ill. office, marketed the property on behalf of the seller, a private developer. Weisenbeck and Sharko also represented the buyer, an East Coast-based individual/personal trust, in the transaction. The property, located at 835 15th Ave., sold at 97.3 percent of its original list price. McDonald’s is under a 20-year lease, which includes eight five-year options to renew. Matthew Fitzgerald, a broker at Marcus & Millichap, assisted in closing the transaction.
NEW YORK CITY — City Council members have approved the demolition of the landmark 5Pointz warehouse in Long Island City and a $400 million development replacing it. Demolition work at the 5Pointz property, which has become a tourist attraction as a mecca for graffiti art, could start by the end of this year or in early 2014, according to Jerry Wolkoff, the owner of 5Pointz and the developer behind the new project, according to The Wall Street Journal. The new development will include a 47-story tower and a 41-story tower, which will include a total of 1,000 apartments and 50,000 square feet of retail space. Wolkoff also says the project will feature 12,000 square feet of studio space to be rented first to artists, who previously occupied space at 5Pointz. To readThe Wall Street Journal’s full story, click here.