EL SEGUNDO, CALIF. – A 112,695-square-foot office building in El Segundo has sold to a joint venture between Bixby Land Company and Cornerstone Real Estate Advisers, LLC for an undisclosed sum. Cornerstone worked on behalf of an institutional investor. The five-story building is located at 2101 El Segundo Blvd. The JV plans to invest $10 million to reposition and lease the building to stabilization. It was completely vacant at the time of sale. Shubin + Donaldson Architects will design the new contemporary work environment. Bixby represented itself in this transaction, while the seller, The Krausz Companies, was represented by CBRE’s Bill Bloodgood.
MARINA DEL REY, CALIF. — DoubleTree by Hilton has opened the 277-room Hotel MdR Marina del Rey – a DoubleTree by Hiltonhotel in the Los Angeles beach community. The hotel was formerly known as the Courtyard Los Angeles Marina del Rey before it was purchased by Channel West Group and Arris Investments LLC. It is operated by Evolution Hospitality, which also made an equity investment in the hotel. Preliminary renovations began in 2012, while property renovations are expected to be complete in early 2014. The $7-million renovation will include the addition of six more guestrooms. It is being carried out by architecture firm CMMI.
BETHESDA, MD. — Walker & Dunlop has arranged $98 million in financing for six multifamily properties in the Southeast, consisting of 1,708 units. The firm arranged a 10-year acquisition loan for Polo Glenn Apartments in Rockledge, Fla., through Freddie Mac on behalf of the borrower, Pollack Shores Real Estate Group. In Georgia, Walker & Dunlop arranged refinancing loans through Freddie Mac for Sinclair Apartment Homes and Springdale Glen Apartments on behalf of the borrower, Cortland Partners. Priderock Capital Partners secured a 10-year acquisition loan through Walker & Dunlop, which arranged the loan through Fannie Mae. The borrower used the funds to acquire Park Place Apartments in Louisville, Ky. In the last deal, the firm arranged two, 10-year loans for multifamily properties in Louisiana — Palmetto Creek Apartments and Regency Club Apartments — on behalf of the borrower, Favrot & Shane Cos.
FORT LAUDERDALE, FLA. — Berlin Packaging, a North American packaging supplier, has signed a 40,000-square-foot lease at a new spec distribution building located at 9682-9689 Premier Parkway in Fort Lauderdale. The new lease at the 87,540-square-foot property brings the building to full occupancy, just one month after Sunbeam Properties brought the spec building to market. The remainder of the building is occupied by a manufacturing company. Steven Medwin, Chris Watts and Nick Wigoda of Jones Lang LaSalle represented the tenant in the transaction.
LEAVENWORTH AND KANSAS CITY, KAN. — Prime Healthcare Services has completed the acquisition of Providence Medical Center, a 400-bed acute care hospital in Kansas City, and Saint John Hospital, an 80-bed acute care hospital in Leavenworth, from SCL Health System. Providence's key services include cardiovascular care, neurosurgery and orthopedics, and include state-of-the-art spine and joint centers. At Saint John, the hospital specializes in emergency care, senior behavioral health, rehabilitation and ambulatory surgery. Prime Healthcare Services will provide at least $10 million toward capital improvements and other investment projects during the next five years.
TOLEDO, OHIO — Campus Crest Communities has purchased 629 student housing beds, located across the street from the University of Toledo, for $13.8 million from Rochester, Mich.-based Campus Village. According to Triad, the portfolio has undergone some distress in recent years and had an occupancy rate of 80 percent during 2012. Campus Crest has plans for a substantial renovation and repositioning of the properties. The company also plans to take advantage of the close-to-campus location. Triad Real Estate Partners brokered the sale.
WARRENVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant Bank of America ground lease, located at 28301 Diehl Road in Warrenville, for $3.4 million. Bank of America is the sole occupant of the 4,500-square-foot retail building, which was developed in 2003. The bank’s lease had 11 years remaining at the time of sale. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net-worth individual, in the transaction. The buyer was a Chicago-based private individual in a 1031 tax-deferred exchange.
BLOOMFIELD TOWNSHIP, MICH. — Lifetime Fitness Platinum Club has committed to a 67,500-square-foot, build-to-suit in Bloomfield Township, located about 25 miles north of Detroit. The fitness club will occupy a three-story building located at Dublin and Telegraph roads. John Lominack and Bob Hanzl of Colliers International represented Lifetime Fitness in the transaction.
NEW YORK CITY — Besen & Associates has arranged the sale of apartment buildings located at 243, 244, 247, 333 & 335 E. 33rd St. in the Murray Hill neighborhood of Manhattan for $20.6 million, or $317,000 per unit. The buyer is a private investor and the seller is Five on 33rd LLC. The portfolio includes two walkups and three elevator buildings, a total of 63 apartments and two offices. The properties total 35,638 square feet, with approximately 16,000 square feet of air rights. Glenn Raff and Ron Cohen of Besen & Associates completed the transaction.
FLORHAM PARK, NJ— A private investor has paid $25.8 million for four freestanding grocery store sites totaling 120,335 square feet of space in New York and northern New Jersey. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. and its affiliates. The buyer purchased the properties and simultaneously leased the properties back to A&P, which continues to operate grocery stores at each of the sites. Properties acquired by the investor include 895 Paulison Ave. in Clifton, N.J.; 49 Old Highway 22 in Clinton, N.J.; 1886 Pleasantville Road in Briarcliff Manor, N.Y.; and 410 West 207th Street in New York, N.Y. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval of HFF represented the seller. Founded in 1859, A&P operates more than 300 supermarkets in six states under the following banners: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.