LOS ANGELES — Peninsula Center, a 300,000-square-foot retail center located in the Los Angeles submarket of Rolling Hills Estates, has sold to a joint venture between Vestar and a fund advised by UBS Global Asset Management for $87.3 million. The center resides on the Palos Verdes Peninsula. It is 88 percent leased. Notable tenants include Vons Pavilions, Rite Aid, TJ Maxx, Spectrum Health Club, Pier 1 Imports and Petco. Vestar represented itself in this all-cash transaction, while the seller, Principal Real Estate Investors, was represented by Christopher Hoffman, Rikki Keating and Thao Tran of Eastdil Secured.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.
DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.
POOLER, GA. — GBT Realty Corp. has closed on its purchase of 20 acres along Pooler Parkway for the development of Village on Pooler Parkway. The retail development will consist of more than 143,000 square feet when completed in the first quarter of 2014. T.J. Maxx, Ross Dress for Less, Michael's and PetSmart, which have all executed leases for the center, will anchor the property. Additional retailers will include Rack Room Shoes, Moe's Southwest, Jersey Mikes and Palm Beach Tan. The development also has building pads for freestanding buildings and outparcels. Panera Bread has a lease to locate in a freestanding building with a drive-thru. The project team will include general contractor Stewart Perry, MJM Architects and Wolverton & Associates, which will provide engineering services.
MARIETTA, GA. — 58 Twelve LLC has acquired a 304-unit distressed apartment property, Notting Hill Apartments, in Marietta for $5.3 million. The property was originally constructed in 1972, with renovations occurring in 2008 to update the apartment interiors. Located at 750 Franklin Road, the property was 30 percent occupied at the time of sale. The Commercial Real Estate Specialists listed the property for the seller, City National Bank/FDIC. Colliers International of Phoenix referred the buyer, which was represented by its local attorney.
FLORENCE, ALA. — National Net Lease Realty has arranged the $2.3 million sale of a 10,125-square-foot CVS/pharmacy property, located at 1501 Florence Blvd. in Florence. The net-leased property was built in 2000 and CVS has seven years remaining on its lease. Terry Marks of National Net Lease Realty represented the seller, a Southern California-based limited liability company. Marks also represented the seller, a national REIT.
WILLIAMSBURG, VA. — Polyzos Family Investments has purchased Palace Place, a retail strip center located at 113 Palace Lane in Williamsburg, for $610,000. C-111 Asset Management was the seller. Drew Haynie of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.
PALATINE AND VERNON HILLS, ILL. — Inland Real Estate Acquisitions Inc. has acquired two Mariano’s Fresh Market stores, located in Palatine and Vernon Hills, for a combined total of $46.3 million. Mariano’s Fresh Market, part of Milwaukee-based Roundy’s Inc., is an upscale grocer with nine Chicagoland locations. The Vernon Hills location opened in June 2011. The Palatine location opened in January 2012. Each store is approximately 71,000 square feet and fully occupied by Mariano’s on 20-year leases. Mark Cosenza of Inland Real Estate Acquisitions facilitated the transaction. Brand Duff of Stan Jonson Co. represented the seller, IM Properties. Inland Real Estate Acquisitions acquired Mariano’s first store, located in Arlington Heights, in April 2011.
CHICAGO — CommonWealth REIT has hired Jones Lang LaSalle as the leasing agent for the Illinois Center, a 2.1 million-square-foot office complex located at 111 E. Wacker Drive and 233 N. Michigan Ave. in Chicago’s East Loop. Reit Management & Research LLC manages the two-building complex. Brian Atkinson, Monica Moore and Brad Despot of Jones Lang LaSalle will oversee leasing efforts at Illinois Center. Designed by Fujikawa, Conterato, Lohan & Associates, the complex is known for its modern design and proximity to North Michigan Avenue and 30-plus restaurants.
ELK GROVE VILLAGE, ILL. — Premier Design + Build Group will construct a 124,028-square-foot warehouse distribution facility in Elk Grove Village, located about 20 miles northwest of Chicago. Construction will begin in April and is slated for completion in the fourth quarter of this year. The property will be located at 2475 Touhy Ave. and includes 35 delivery docks and 154 parking spaces. When the project is complete, the new warehouse will be capable of housing up to four tenants. Mark Melone of Premier Design + Build is the project manager and Scott Lebak of Premier is the project superintendent. Cornerstone Architects Ltd. is the architect, and Spaceco Inc. is the civil engineer.