LOS ANGELES — Artemis Real Estate Partners has teamed with Primestor Development on behalf of New York Common State Retirement Fund’s $300-million real estate emerging manager program. The joint venture will focus on acquiring institutional-quality, core-plus retail properties in mainstream locations throughout California. The program is looking to invest with best-in-class operating partners.
PHOENIX – The 144-unit Metro Gardens in Phoenix has sold to an unnamed buyer for $5.1 million. The community is located at 10227 North 32nd Lane.The seller, Federal Home Loan Mortgage Corporation, was represented by Steve Chaben and Cliff David of Marcus & Millichap’s Phoenix office.
KEY WEST, FLA. — Ashford Hospitality Trust Inc. has completed its previously announced acquisition of the 142-room Pier House Resort and Caribbean Spa in Key West for $90 million. The hotel includes 40 waterfront facing rooms and suites and standard guest rooms that average 325 square feet. The hotel also features 2,600 square feet of meeting space, a 10,000-square-foot spa, three food and beverage outlets and a fitness facility. The property is located at the northern end of Duval Street on a six-acre compound with a private beach and immediate access to the Gulf of Mexico. In 2012, the hotel achieved RevPAR of $275, 83 percent occupancy and and average daily rate of $333.
ORLANDO — Continental Realty Advisors has acquired Bonita Fountains Apartment Homes, a 560-unit community in Orlando for $25.2 million. The property was built in two phases in 1988 and 2000 and units average 826 square feet. The new owner is planning more than $3.5 million in upgrades to the community in the next 12 to 24 months. “We intend to create a sizeable southeastern portfolio with significant holdings in Florida markets,” according to Warren Horvarth, director of acquisitions at CRA. “Bonita's location is focused on affordability but in close proximity to many tourism, service and manufacturing jobs, which should sustain the viability of the area for the long term.”
DALTON, GA. — Mattex Group, a Dubai-based carpet backings producer, will establish its U.S. headquarters by building an extrusion manufacturing plant in Murray County, which is part of the Dalton metropolitan statistical area in North Georgia. The company will invest $60 million in the facility and create 200 jobs during the next three years. The company currently has a warehouse in Calhoun, Ga., but the Murray County facility will be Mattex Group's first manufacturing plant outside the Middle East. The property will include between 275,000 and 375,000 square feet. The company, which is building the facility to serve its North American markets, plans to begin construction on the plant this summer and for the facility to become operational in 2014. The Georgia Department of Economic Development (GDEcD) partnered with Murray County and Murray County Industrial Development Authority to manage the expansion. Carl Campbell, regional project manager at GDEcD, led the project on behalf of the state. Georgia Quick Start, a workforce training program, will provide assistance to the company.
LAKE CHARLES, LA. — L'Auberge Casino Resort and Pinnacle Entertainment Inc. held a ribbon-cutting ceremony for the completion of a $20 million hotel room renovation project in Lake Charles. Phase II of the renovation will begin in September to complete renovation of the remaining hotel tower rooms and suites in the first half of 2014. The renovation included the addition of two new room categories: Royale and Marquis Suites. Upgraded amenities include refrigerators, Keurig brand coffee machines, make-up mirrors and new furnishings. KAP Construction served as the contractor for the project.
SIMPSONVILLE, KY. — Horizon Group Properties Inc. and CBL & Associates Properties Inc. have formed a joint venture to develop The Outlet Shoppes at Louisville in Simpsonville. Located along I-64, the 370,000-square-foot project will serve residents of Louisville, Lexington and Frankfort. It will be the only outlet center located in the state of Kentucky, according to a statement by the joint venture. Construction will begin in June with completion set for late summer 2014. The property is currently more than 75 percent leased and retailers include Coach, Banana Republic, Brooks Brothers, Chicos, Nike and Saks Fifth Avenue OFF 5TH.
CHICAGO — Chicago Mayor Rahm Emanuel is expected to announce sometime today plans for a $173 million, 10,000-seat arena for DePaul University’s basketball teams to be built near downtown Chicago, reports the Chicago Tribune. The basketball arena will be located near McCormick Place and be built with $125 million in public funds — $55 million in tax-increment financing and $70 million in hotel taxes, according to the newspaper. Plans also include the construction of two mega hotels on the property in the hopes of growing convention and meeting business in Chicago.
ELK GROVE VILLAGE, ILL. — CenterPoint Properties has broken ground on an 87,975-square-foot build-to-suit redevelopment located in Elk Grove Village for Weiss-Röhlig. The international logistics company in airfreight and sea freight transport will lease 57 percent of the facility with the remaining 43 percent to be completed on a speculative basis. The building will be situated on 4.4 acres of land at 1601 Estes Road, about 25 miles northwest of Chicago. Colliers International represented CenterPoint, and CBRE represented Weiss-Röhlig in the long-term lease transaction. CenterPoint, in a venture with an institutional advisor, expects construction to be completed this fall.
CHICAGO — NorthMarq has arranged $31.6 million in first mortgage refinancing for a 23-property industrial portfolio throughout the suburban Chicago area. The portfolio consists of 900,000 square feet and includes a diverse mix of more than 90 tenants in single- and multi-tenant industrial properties. The borrower, VIP Holdings I, wanted the flexibility to sell individual properties, partially prepay the loans and fix long-term rates for the portfolio, according to NorthMarq. Financing was based on five- and seven-year terms and a 25-year amortization schedule. Jeff Cherner and Rup Patel of NorthMarq arranged the loans through a life insurance company and a regional bank.