SAN FRANCISCO — Uber Technologies has signed a 10-year lease for 88,134 square feet at 1455 Market Street in San Francisco’s Mid-Market district. The affordable luxury transportation provider will backfill space currently occupied by the property’s largest tenant. That lease was scheduled to expire in 2017. Uber’s new lease will commence in the first quarter of 2014. It will occupy the entire fourth floor of the 1,012,012-square-foot, Class A office building. The landlord is Hudson Pacific Properties.
HERMOSA BEACH, CALIF. – A four-parcel property in Hermosa Beach that recently sold for $19.5 million is now slated to become a 104-room luxury beachfront hotel. The property was acquired by a joint venture between Bolour Associates and Provenance Hotels. Bolour plans to serve as the hotel’s developer, while Provenance will operate the hotel. The property is located at the intersection of Pier Avenue and the Strand and features 200 linear feet of beachfront access. The parcels were formerly occupied by the Mermaid Restaurant, among other tenants. The hotel is scheduled for completion in 2016.
REDONDO BEACH, CALIF. — Body Glove International has received a $3-million loan to renovate and convert its Redondo Beach Dive n’ Surf store into its new corporate headquarters. The company’s headquarters will occupy the second floor, while the renovated Dive n’ Surf store will remain on the ground floor. The space, which is located at 504 N. Broadway, will expand from 6,464 square feet to nearly 14,800 square feet. This expansion will allow Body Glove to consolidate its operations and recommit to the South Bay while it continues to grow its brand globally. As part of the renovations efforts, Body Glove will also make enhancements to the surrounding streets to improve accessibility and aesthetics. The project is scheduled for completion in August 2013, which will coincide with the company’s 60th anniversary. Founded in 1953 by twin brothers Bill and Bob Meistrell, Body Glove is one of the last original Southern California surf companies to remain under family ownership. Financing was arranged by Jeff Spinelli of Farmers & Merchants Bank.
MCDONOUGH, GA. — KTR Capital Partners has acquired a 504,000-square-foot distribution center located in the Atlanta suburb of McDonough. Situated at 220-230 Greenwood Court, the Class A building totals 504,000 square feet. It features 30-foot clear ceilings, 50-foot by 50-foot column spacing, cross-dock loading, ESFR sprinklers and trailer parking. It is currently vacant, but KTR plans to immediately reposition it. With this purchase, KTR’s Atlanta portfolio comprises six properties totaling 3.2 million square feet of space.
OXFORD, ALA. — Landmark Commercial Real Estate Services has arranged the sale of the Lowe’s Home Improvement Warehouse located in Oxford for approximately. $11.2 million. The 135,197-square-foot property is situated at 1836 U.S. Highway 78 East. A non-traded REIT purchased it from a Toronto-based private investor. Daniel Kukes and Kevin Baker represented the buyer in the deal.
WINTER PARK, FLA. — Resource Real Estate has acquired a distressed apartment community in the Orlando suburb of Winter Park on behalf of its Resource Real Estate Opportunity REIT for $10.1 million. Nob Hill Apartments consists of 192 units within 10 buildings on 10 acres of land. Amenities include a swimming pool, fitness center, club room, business center, theater, sauna, and tennis and shuffleboard courts. Resource plans to complete a capital improvements project that will include individual unit and common area repairs and renovations as well as new exterior painting and landscaping. Resource acquired the property from a financial institution that had previously foreclosed on it.
MARYLAND — St. John Properties has unveiled plans to begin construction on 10 office, R&D/flex and retail projects at six Maryland business communities by mid-September. The projects total 250,000 square feet and will be built on speculative basis with no pre-leasing commitments. The projects include: two flex office buildings on Easter Court in Owings Mills; a 12,675-square-foot retail building and a 14,280-square-foot office building in nearby Reistertown Crossing in Reistertown; an 8,125-square-foot retail building at 4001 N. Point Blvd. in Dundalk; a 24,190-square-foot office building at Route 100 Technology Center and a 13,325-square-foot retail building at BWI Technology Park, both located near Baltimore-Washington International Airport; and three one- and two-story office buildings totaling 100,000 square feet located within Annapolis Commons. Earlier this year, St. John commenced construction on five office, flex and retail buildings in Maryland totaling more than 320,000 square feet.
ORLANDO — Marcus & Millichap has brokered the sale of a multifamily community and a hotel in Orlando for a combined $7.6 million. Universal Suites is located at 1200 Holden Ave. The apartment community includes a 140 one- and two-bedroom units. It sold for $4.3 million. Tranquility Inn is a 110-room extended-stay hotel located at 4855 S. Orange Blossom Trail. It traded for $3.3 million. Nicholas Meoli, Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the local seller. John Keeler of Marcus & Millichap’s Orlando office represented the Colorado-based buyer.
WAUKEGAN, ILL. — NorthMarq’s Chicago regional office has arranged $32.9 million in first mortgage refinancing for Landings at Amhurst Lake, a 340-unit in Waukegan. The market-rate multifamily community is located at 1375 S. White Oak Drive, approximately 50 miles north of Chicago. The 10-year loan includes three years of interest-only payments and a 30-year amortization schedule. Sue Blumberg, senior vice president and managing director of NorthMarq arranged the financing for the borrower, Northern Crossing JV LLC, through its seller-servicer relationship with Freddie Mac.
CINCINNATI — Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. has brokered the $30 million sale of Colerain Towne Centre, a 400,000-square-foot power center in Cincinnati. A private real estate company purchased the center from New York-based Kimco Realty. Walmart Supercenter, Dick’s Sporting Goods, Jo-Ann Fabrics, PetSmart and Hobby Lobby anchor Colerain Towne Centre, which is located on the northeast quadrant of Colerain Avenue and I-275. Joe Girardi and Ben Wineman of Mid-America Real Estate Corp. represented the seller in the transaction in cooperation with Amy Holter of Anchor Associates. The buyer was self-represented.