HOLLYWOOD, CALIF. – A 23-unit apartment building that is located at 1347 North Alta Vista Blvd. in Hollywood has sold to an individual/personal trust for $2 million. The courtyard-style apartment complex was built in 1951. Earle Hyman of Marcus & Millichap’s Encino office represented both the buyer and the seller, which was also an individual/personal trust, in this transaction.
DENVER – A 680,277-square-foot office building in Denver has sold to Franklin Street Properties Corp. for $183 million. The building is located at 1999 Broadway in the city’s Central Business District. The acquisition included a nine-story parking structure. The building is 96 percent leased.
GOODYEAR, ARIZ. — Vista Capital Company has arranged and closed $32 million in financing for a five-property hotel portfolio. The 478-room portfolio includes the Hampton Inn & Suites, Holiday Inn Express, Residence Inn and Holiday Inn Hotel & Suites in Goodyear, as well as the Holiday Inn Express in Washington, Utah. The Goodyear hotels are located within a mile of one another.
ALBANY, ORE. — Hobby Lobby has finally entered the Oregon market. The arts and crafts chain recently leased a 61,000-square-foot outpost at the Heritage Mall in Albany. It will occupy the former Gottschalks building. Hobby Lobby is expected to open in the first quarter of 2014. It will join fellow mall tenants such as Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works. The mall is owned by Vintage Real Estate. It is currently undergoing a renovation and repositioning.
ATLANTA — Colonial Properties Trust has sold Three Ravinia, an 814,000-square-foot Class A office asset in Atlanta, for $144.3 million. The property is 92.1 percent occupied. Colonial plans to use proceeds from the sale to repay a portion of its outstanding balance on the company's unsecured credit facility.
HARRISONBURG, VA. — Morgan Property Group (MGP) has acquired land for the development of a new freestanding 7-Eleven store in Harrisonburg. MPG acquired the 1.1 acres from Trenton Inc. for $1 million. 7-Eleven Inc. will lease the project and develop a 2,940-square-foot convenience store with six pumping stations. MPG will break ground on the new store in June. The store is expected to open this fall.
PARAGOULD, ARK. — Belk, the mid-range department store chain, is expanding and remodeling its store at the Town West Shopping Center in Paragould, located in northeast Arkansas. The $1.8 million project will add 10,000 square feet of space for a total of 48,000 square feet. The remodeling project will also include updated decor, new paint, carpet, tile aisles and lighting. The expansion will be complete in late September, prior to the store's grand reopening in October.
NORFOLK, VA. — Town Point Club Inc. has renewed its lease for 18,394 square feet of office space in the World Trade Center, located at 101 W. Main St. in Norfolk. Town Point Club is a private business club comprised of formal and casual dining areas, meeting rooms, business center, bar, lounge and smoking room. The membership includes business executives, military officers and entrepreneurs. Michael Divaris of Divaris Real Estate Inc. represented the tenant in the deal.
WICHITA, KAN. — Wichita State University is building a new $60 million residence hall for approximately 770 students. A new 400-seat dining hall will be attached to the residence hall. The project will be paid for by revenue bonds. Housing revenues will be used over a period of time to repay the bonds. The residence hall will be complete by fall 2014 for, primarily, first-year students. EdR was selected as the development partner. The lead design architect is Page Southerland Page, which is working with local architects Howard and Helmer and MKEC Engineers. Dondlinger & Sons Construction and Farha Construction are the construction team under EdR.
LANSING, MICH. — General Motors has announced it will build a $44.5 million parts assembly facility at its Lansing Grand River Assembly plant. The 2.5-million-square-foot plant, which opened in 2001, is where the automaker builds Cadillac vehicles. General Motors plans to construct the 400,000-square-foot building adjacent to the plant to sequence and assemble parts to make manufacturing more flexible at the site. “This project is the latest example of how we’re doing business differently in General Motors today,” says Christine Sitek, manufacturing manager of General Motors North America. “We’ve developed an innovative material strategy that increases efficiency and improves quality to benefit our customers, employees and the bottom line.” General Motors hopes to have the building open and providing parts by the end of 2014, according to the Washington Post.