GOODYEAR, ARIZ. – A 14,820-square-foot building in Goodyear that is net leased to Walgreens has sold to an individual/personal trust for $9 million. The property is located at 9800 South Estrella Parkway. It is the first Walgreens store in Arizona to feature the new Wellness Experience prototype. It is the second Walgreens in the country to receive LEED certification. The buyer was represented by Kirk Trammell of Marcus & Millichap’s Palo Alto office. The seller, a limited liability company, was represented by Mark Ruble and Jamie Medress of the firm’s Phoenix office.
SEATTLE — Hudson Pacific Properties has acquired a four-building office portfolio in Seattle for $367.5 million. The portfolio contains a total of 836,419 square feet. It includes a two-building, 472,881-square-footwaterfront office property located at 505 First Street & 83 King. This property was originally renovated and developed by Starbucks Coffee Company, though it is now occupied by tenants like Capital One/ING Direct, EMC Corporation and Nuance Communications. The buy also includes Met Park North, a 189,762-square-foot building in South Lake Union that is primarily occupied by Amazon. The final property included in the transaction is Northview Center, a 173,776-square-foot office building in Northend that is leased to tenants like ADP and FEMA. The seller, Spear Street Capital, was represented by the Eastdil Secured group of Wells Fargo Securities, LLC.
SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.
PERRIS, CALIF. – Sares-Regis is set to break ground on the SRG Perris Logistics Center, a 580,000-square-foot distribution in Perris. The Class A distribution building will be located at 3900 Indian Ave.near the former March Air Force Base. The $40-million project will be situated on 28.8 acres in a prime distribution corridor that contains major consumer brands and retailers, including Whirlpool, Hanesbrands Inc., Home Depot, Lowe’s and Ross.Construction will begin this summer. It should be complete by the end of the year. The center will built to LEED specifications. It is being marketed by Thomas Taylor, Steve Bellitti and Summer Colter of Colliers International. This team also represented both SRG and the land’s seller, Ridge Realty, in the land transaction.
ATLANTA — Franklin Street Properties Corp. has acquired a 28-story office building located in Atlanta’s Midtown submarket from Jamestown Properties for $157.9 million. Situated at 999 Peachtreet St., the property was constructed in 1987 and contains approximately 621,000 rentable square feet and a parking garage. Occupancy was 95 percent at the time of closing. Jamestown first purchased the tower in 2007 and since then has made improvements that resulted in the 2009 LEED-EB certification of the building. Jamestown also repositioned the tower’s street-level retail space with tenants that include restaurant Empire State South. Eastdil Secured represented Jamestown in the deal.
ASHEVILLE, N.C., AND HOT SPRINGS, VA. — Omni Hotels & Resorts has acquired two resort hotels from KSL Capital Partners. The newly christened Omni Grove Park Inn is located in Asheville. It contains 514 guestrooms and features restaurants, a golf course, a tennis and fitness center, a 40,000-square-foot spa and convention facilities. It is currently undergoing a $25 million renovation, which will be complete this summer. The second property is the renamed Omni Homestead Resort, which is located on 2,000 acres in Hot Springs. The 483-room resort features 72,000 square feet of meeting space, restaurants, golf courses, a water attraction, a downhill ski area and an equestrian center. It is currently in the midst of a $26 million renovation. The two resorts were part of a five-property, 2,362-room portfolio purchase that also included resorts in Texas and California. The acquisition price was not disclosed.
HOLLYWOOD BEACH, FLA. — Liberty Grand LLC has broken ground for Costa Hollywood, a 307-unit luxury condominium project located at 777 N. Ocean Drive in Hollywood Beach. The units will feature seven floor plans in studio through two-bedroom layouts ranging in size from 400 to 1,500 square feet. Residences feature private glass-railed terraces with oceanfront views. Community amenities include butler service, a rooftop pool, a cigar lounge, a day spa and a gym. Units are priced from $220,000 to $800,000. Completion is slated for spring 2015.
FAYETTEVILLE, ARK. — Carter Validus Mission Critial REIT has acquires Physicians Specialty Hospital in Fayetteville for $22.6 million The short-term, acute care surgical hospital totals 55,740 square feet. It contains 20 beds along with four operating rooms, one procedure room, an emergency department, an in-house diagnostic lab and a radiology department. The property was most recently renovated in 2009, when it was converted into a surgical hospital. The seller’s name was not released.
FAYETTEVILLE, N.C. — Construction is advancing for Glensford Way, a new 183,000-square-foot shopping center located in Fayetteville. Anchor BJ’s Wholesale Club has already opened its doors within the center, which is located at the intersection of Glensford Drive and Campground Church Road. When complete in spring 2014, the center will contain two junior anchor spaces, approximately 20,000 square feet of small-shop space and three outparcels, one of which has already been leased to Bonefish Grill. The Shopping Center Group is handling leasing for the project. The owner is Armstrong Ventures 2 LLC.
LONG BEACH, CALIF. AND COLUMBUS, OHIO — Molina Healthcare has sold its headquarters office complex in Long Beach, Calif., and an office building in Columbus, Ohio, for $158 million in a sale-leaseback transaction. The 160,000-square-foot building in Columbus was acquired in December 2012 and serves as the principal health plan operations of Molina Healthcare of Ohio. The Long Beach corporate office complex is approximately 500,000 square feet and was purchased in 2011. Angelo Gordon & Co., AGNL Clinic L.P was the buyer. The McKinney Advisory Group, led by Damian McKinney, represented Molina Healthcare in the transaction. In addition, Western Reserve Partners LLC, led by Victor Faris, managing director, and supported by associate Matthew Reus and analyst Andrew Foster, served as a co-advisor and placement agent to Molina Healthcare.