WEST HOLLYWOOD, CALIF. — CIM Group has begun construction on two Sunset Strip projects in West Hollywood. The first is a 290-room, four-star hotel that will be located at 8490 Sunset Blvd. The hotel will contain two 10-story towers. The second is a 190-unit residential development with ground-floor retail that will be located at 8500 Sunset Blvd. It will contain two eight-story buildings. The projects will add about 500,000 square feet of hospitality, residential and retail space to the famed Sunset Strip. CIM initially purchased the fully entitled properties in November 2011.
CENTURY, CITY, CALIF. – A 157-unit multifamily portfolio referred to as the Sun Valley Collection has hit the market in the San Fernando Valley. The properties are housed in eight individual buildings that are all located within a one-block radius of each other in Sun Valley. They are being sold as cooperative stock units. The portfolio is being marketed by Pegasus Investments, which also represented the prior owner when it sold the collection in 2011. Since then, the new owner has invested in repairs and upgrades, bringing the portfolio to full occupancy.
WESTMINSTER, COLO. – The 384-unit Four Seasons apartment community in Westminster has sold to BMC Investments for $25 million. The community is located at 2002 W. 76th Ave. just northwest of Denver. The company plans to invest an additional $2.4 million to upgrade and rebrand the property. It will be renamed Villas on 76th. The investment includes a $21-million Fannie Mae loan through Centerline Capital Group. The 10-year loan features a two-year interest-only period and a 30-year amortization schedule. BMC financed the equity internally.This is BMC’s first deal in 2013, though the firm acquired more than 1,600 units in 2012. The transaction was executed by Chuck Sweeney from Hendricks Berkadia. The seller was Belgarde Enterprises.
BATON ROUGE, LA. — FelCor Lodging Trust Inc. has agreed to sell the 223-room Embassy Suites in Baton Rouge for $20 million. The buyer has already paid a $2 million non-refundable deposit toward the purchase price. FelCor Lodging will use all of the proceeds from the sale to pay down outstanding debt.
WASHINGTON, D.C. — Paramount Group, a real estate investment and management firm based in New York, has purchased the Commercial National Bank Building, located at 700 14th St. N.W. in Washington, D.C.'s East End. The acquisition bring's Paramount's total Washington, D.C., portfolio to more than 1.8 million square feet in six trophy assets. The property is located within one block of the White House. The building was built in 1917 and is listed on the National Register of Historic Places. Eastdil Secured represented the seller, Tishman Speyer, in the transaction. Dan Lauer represented Paramount Group in-house.
CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors (AKREA), a joint venture between Adler Group and Kawa Capital Management, has purchased Carmel Executive Park, a 225,000-square-foot business complex in Charlotte. The six-building property is located at the intersection of Carmel and Pineville-Matthews roads and houses more than 100 tenants, including Liberty Mutual Insurance, JP Morgan Chase Bank, Crump Life Insurance Services, Bank of North Carolina and Hanson Brick East. The property is currently 95 percent leased. The transaction is the first purchase for Adler Kawa Real Estate Fund II. AKREA purchased the property from Pizzagalli Properties, which originally developed the property in 1990. Patrick Gildea and Ryan Clutter of CBRE represented the seller in the transaction. Charles Foschini, Christopher Apone and Compie Newman of CBRE's Debt & Equity Finance Group arranged acquisition financing.
RICHMOND, VA. — Thalhimer Realty Partners, the investment and development subsidiary of Cushman & Wakefield | Thalhimer, has purchased Deering Manor Apartments in Richmond for $3.7 million. The 168-unit multifamily property is located at 2712 Hopkins Road. Thalhimer purchased the property from 2712 Hopkins Road Holdings LLC, which CW Capital controls. Thalhimer has engaged Cushman & Wakefield | Thalhimer to manage the community.
TAMPA, FLA. — ABILITY Network Inc., a healthcare technology company, has leased 11,720 square feet of office space at One MetroCenter in Tampa's Westshore Business District. One MetroCenter is located in MetWest International, a 32-acre mixed-use development. ABILITY Network will consolidate two Tampa offices totaling 75 employees to its new office space. Angela Odell of Taylor & Mathis and David Green of Jones Lang LaSalle negotiated the transaction. With the deal, One MetroCenter is 92 percent leased.
LOCKBOURNE, OHIO — CME Wire and Cable Inc. has signed an 84,616-square-foot lease at CreekSide Parkway, Suite 400 in Lockbourne, located 15 miles south of Columbus. The company outgrew its current building at the CreekSide Industrial Center and will move into the new office and warehouse building, which The Pizzuti Cos. is constructing, in April 2014. CME Wire and Cable is a subsidiary of XIGNUX Group, a 50-year-old firm, with more than 20,000 employees in North and South America and revenues exceeding $3.2 million. The wire distribution company opened its North American headquarters in Georgia in 1998, when it relocated from South Carolina. The company’s other distribution centers are located in California, Illinois and Texas. Cresa represented CME Wire and Cable Inc. in the lease transaction.
CHICAGO — Essex Realty Group Inc. has arranged the $7.5 million sale of a 12-story apartment building in Chicago’s Uptown neighborhood. Situated on the northeast corner of Kenmore and Lawrence avenues, The Lawrence House includes 371 apartments and five commercial spaces. The Lawrence House is currently marketed to adults over 65. Each apartment is furnished and includes weekly maid service that provides clean linens and light cleaning. Doug Imber, Matt Welke and Doug Fisher of Essex represented the buyer and seller, private investors, in the transaction.