BELLEVUE, WASH. – The Eating Recovery Centerhas leased 25,179 square feet at Overlake Medical Pavilion in Bellevue. The specialty medical office building is located at 116th Street N.E. on the Overlake Hospital Medical Center campus. The pavilion will house the recovery center’s newest residential program, which provides constant observation and support, medical and psychiatric care and daily therapeutic programming to patients. Other tenants at the pavilion include Proliance Orthopedics & Sports Medicine, Center for Prosthetics Orthotics and Overlake Hospital Medical Center staff. It is currently 45 percent leased. The Class A building is owned by Healthcare Realty. Leasing efforts are handled by CBRE’s Paul Carr, Steve Perovich, Tim Owens or Marcus Yamamoto.
PORTLAND, ORE. — Pebblebrook Hotel Trust has purchased the 174-room Hotel Modera in Portland for $47.5 million. The hotel is located at 515 SW Clay Street. It was originally built in 1962 and underwent a $13-million renovation in 2008. The seller, Posh Ventures LLC, was represented by Paramount Lodging Advisors in this transaction.
NORTH HOLLYWOOD, CALIF. – Kennedy Wilson and one of its partners have acquired a 188,366-square-foot office building in North Hollywood for $45 million. The Class A office building is located at 5161 Lankershim Blvd. The buyer plans to execute a series of enhancements at the property before marketing it to the technology, entertainment and media industries that are common throughout this Los Angeles submarket. Pacific Western Bank provided $30 million in financing for this transaction.
DENVER — PM Realty Group has announced its plans for a 288-unit, high-rise apartment tower in Denver. The community will be located at 2166 15th Street where the Platte River meets Cherry Creek in Riverfront Park. The tower is being developed in partnership with National Real Estate Advisors and Ray Suppa. Its ground floor will feature restaurant and retail space. Construction will commence in fall 2013. Once completed in fall 2015, it will be the tallest structure in Riverfront Park.The joint venture equity was arranged by HFF’s Rob Rizzi, Colin Oberg, Josh Simon, Jordan Robbins and Jake Young. Newmark Grubb Knight Frank brokered the 50,000-square-foot parcel of land. The firm’s Stephen Roesinger and Wade Fletcher assisted both parties in this transaction.
SLIDELL, LA. — RCG Ventures has acquired the 144,638-square-foot Village at Northshore, a shopping center located in Slidell, within the New Orleans MSA. Bed Bath & Beyond, JoAnn, Marshalls, Baskins and Dollar Tree anchor the center. Jones Lang LaSalle represented the seller in the transaction.
RICHMOND, VA. — Capstone Advisors, a real estate investment, development and advisor firm based in Carlsbad, Calif., has purchased The Shops at Wellesley in Richmond. The 42,250-square-foot center is located in the Short Pump area of suburban Richmond and serves the affluent Wellesley neighborhood. Current tenants include daycare center Minnieland, Wellesley Animal Hospital and Vinnie's Italian Grill. Capstone Advisors plans to hold the center for a long-term investment. The center is part of a three-property, $16 million acquisition that Capstone recently announced. The other two properties are located in California and Arizona.
PARAGOULD, ARK. — Belk has announced its 10,000-square-foot expansion at Town West Shopping Center in Paragould, a city in northeast Arkansas. The $1.8 million project will include updated decor with new paint, carpet, tiled aisles and lighting. The remodeled 48,000-square-foot store is set for a mid-October grand reopening. Real Estate Southeast LLC handled the lease expansion.
ESSEX, MD. — NorthMarq Capital has arranged $2.5 million in first mortgage refinancing for Townhomes at River's Crossing, a 66-unit multifamily property located in Essex, about eight miles east of Baltimore. Nancy Ferrell of NorthMarq's Baltimore office arranged the 10-year loan with a 30-year amortization schedule through a life company lender.
SPRINGFIELD, MO. — Hotel owners John McQueary and Billy McQueary have launched the redevelopment of a historic, circa-1906 building in downtown Springfield to become a boutique hotel set to open in mid-2014. Most recently the building was used for office and performance space, but was originally a Masonic Temple. Once the renovation is complete, the Vanivort hotel will feature subtle masonic references, along with 36 guest rooms and 14 suites. The owners plan for LEED Silver certification. The redevelopment team includes local architecture firm Bates & Associates; hospitality interior design firm Studio R Interiors; construction company Larry Snyder & Co.; hotel consulting firm IDM Group; and brand development firm Marlin Co.
NEOSHO, MO. — Boston Capital is investing $3.6 million in the construction of Prairie View Estates, a 27-unit multifamily development in Neosho, a city in southwest Missouri. The development will be built with tax credit equity from the Low Income Housing Tax Credit program. Affordable Housing Development Inc. is the developer. The construction of Prairie View Estates will generate $2.8 million in local salaries and create more than 40 new jobs in the Neosho area. Boston Capital's investment in the development adds 27 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in approximately 5,000 units of affordable housing in Missouri. Prairie View Estates will feature 27one-story, single-family rental homes available to families earning 60 percent or less of the area median income. Each 1,408-square-foot home will include three bedrooms and two bathrooms, as well as in-unit washers and dryers, two-car garages, patios, walk-in closets and FEMA-approved safe rooms.