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.
TEMPE, ARIZ. — DCT Industrial Trusthas purchased Broadway Industrial Portfolio, a three-building, 308,038-square-foot portfolio in Tempe, for $22 million. The acquisition includes an 110,000-square-foot building at 1005 W. Alameda Drive; a 96,437-square-foot building at 2910 S. Hardy Drive; and a 101,601-square-foot building at 2925 S. Roosevelt Street.All three buildings are Class A, institutional-quality properties that offer manufacturing, distribution and office space. Notable tenants include United Stationers Supply Co., ACI Plastics, Misty Mate and Triumph Group. Pat Harlan,Steve Sayreand Kyle Westfallof Jones Lang LaSalle will handle the portfolio’s leasing efforts.
RENO, NEV. — Ardagh Group has purchased a 330,000-square-foot, Class A manufacturing facility in the Tahoe Reno Industrial Center for $11.5 million. The property is located at 900 Waltham Way in McCarran, which is just east of Reno. The acquisition also includes two 18-acre parcels on the east and west sides of the building that can be used for future expansion.The glass and metal packaging solutions company will invest $20 million to retrofit the new facility. It hopes to begin production in January 2014. Ardagh was represented by Dave Simonsen, J. Michael Hoeck and Michael Nevis of the NAI Industrial Properties Team. The seller was not named.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.), a commercial real estate development and management company, has acquired Morningside Courts and Sloan Square in Atlanta. Morningside Courts is a 172-unit, garden-style apartment community located on Piedmont Road in Atlanta's Midtown submarket. The property features stacked washer and dryers, walk-in closets, gas fireplaces, private balconies/patios, resort-style swimming pool and a 24-hour fitness center. Sloan Square is a 197-unit, garden-style apartment community located on Lavista Road near Emory University. Sloan Square includes fully equipped kitchens, walk-in closets, vaulted ceilings, fireplaces in select units, two swimming pools, a fitness center and a car care area. A | P Cos. will make capital improvements to the properties' amenities and unit interiors. A | P Cos. will also handle all property management responsibilities for both properties.
NAPLES, FLA. — Inland Real Estate Acquisitions Inc. has acquired the 146-unit Berkshire Reserve Townhomes in Naples for approximately $15.9 million. The property was 93 percent occupied at the time of sale. The property features three-bedroom, two-and-a-half bathroom townhomes. Residents are offered discounted membership to the adjacent Collier County Fitness and Aquatic Center.
KISSIMMEE, FLA. — Greystone has originated a $6.6 million loan for Ravenwood of Kissimmee, a 185-unit affordable housing multifamily property located in Kissimmee. Andrew Ellis of Greystone's Rockville, Md., office originated the loan, which David Metzger of Eastern Union Commercial brought to Greystone through Freddie Mac. Greystone will service the loan.
COLONIAL HEIGHTS, VA. — Cushman & Wakefield | Thalhimer has arranged a 184,616-square-foot industrial lease at the Enterchange at Walthall in Colonial Heights, about 23 miles south of Richmond. Evan Magrill and Dawn Calabrese of Cushman & Wakefield | Thalhimer represented the landlord in the transaction. Central Shared Services is the new tenant.
SHOREVIEW, MINN. — Marcus & Millichap has arranged the $6.6 million sale of two net-leased buildings totaling 65,370 square feet in Shoreview, about 15 miles north of Minneapolis. The office building serves as the corporate headquarters for PaR Systems, and the manufacturing facility was built by PaR as a build-to-suit for the company’s long-term operations. Sean Doyle, Matthew Hazelton and Adam Prins, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a limited liability company. David Sperling and Christopher J. Zorbas, investment specialists in Marcus & Millichap’s San Diego office, represented the buyer, also a limited liability company.
OAK BROOK TERRACE, ILL. — Loyola University Medical Center has signed a new 54,000-square-foot lease at Oak Brook Terrace Medical Center in metro Chicago. The health system will expand its presence at the medical office building by adding a 10,700-square-foot primary care clinic. Construction of the project is slated for completion by November. Oak Brook Terrace Medical Center is located at 1S224 Summit Ave. in Oak Brook Terrace, about 20 miles west of downtown Chicago. Holladay Properties provides leasing and property management services for the 92,000-square-foot, two-building medical campus owned by Nashville-based HCP Inc. Jeffrey Fischer of NAI Hiffman represented Loyola in the transaction, and Brian Dolehide of Holladay Properties represented HCP. Holladay Properties is also providing construction management services for the project.