PHOENIX — AAA Northern California, Nevada & Utah Insurance Exchange has signed a 40-month lease for 41,752 square feet at Black Canyon Corporate Center in Phoenix. The building is located at 16404 N. Black Canyon Highway. It is now fully occupied. AAA was represented by Wally Hale and Kevin Mechelke of Jones Lang LaSalle. Black Canyon’s landlord, Parallel Capital Partners, was represented by John Bonnell and Brett Abramson, also of Jones Lang LaSalle.
PHOENIX — Allstate Insurance Company has signed an eight-year lease renewal and expansion for 35,560 square feet at Mesa Corporate Center in Phoenix. The 105,168-square-foot office building is located at 1001 W. Southern Ave. Allstate was represented by James Robinson with Phoenix Realty Advisors. The landlord, Parkway Properties, L.P., was represented by Matt Nebeker of Cassidy Turley Arizona’s Office group.
BEVERLY HILLS, CALIF. — The 297-room SLS Hotel at Beverly Hills has received $125 million in refinancing. The luxury hotel is located on La Cienega Boulevard at the crossroads of Beverly Hills and West Hollywood. Financing was arranged by Mathew Comfort, Reid McGlamery, Mike Huth, John Strauss and James Stockdale of Jones Lang LaSalle.
SAN PEDRO, CALIF. — The 226-room DoubleTree Hotel in San Pedro has sold to LA Sky Harbor, LLC for an undisclosed sum. The hotel is located along the Cabrillo Yacht Marina. The seller was San Pedro Ownership. The sale was executed by Michael Blahosky of HREC Investment Advisors.
SAN DIEGO — Pacific Hospitality Group (PHG) has acquired Warner Springs Ranch in San Diego County. The 2,400-acre property was purchased at auction. PHG will have $15 million to $18 million invested in the acquisition. It plans to invest up to an additional $50 million to renovate and redevelop the facilities. The ranch contains a 27,000-square-foot main lodge, 250 casita units, a 144-acre golf course and club house, four tennis courts, equestrian facilities, two restaurants, a spa, campgrounds, three swimming pools, a private airport and meeting facilities. The deal was brokered by CBRE’s Jeff Woolson.
BOCA RATON, FLA. — Marcus & Millichap is listing two South Florida office buildings, the 46,486-square-foot Town Executive Center in Boca Raton and the 140,635-square-foot Cypress Executive Center in Fort Lauderdale. The Town Executive Center is being offered at $18.5 million and the listing price for Cypress Executive Center is $15.2 million. The properties are owned by unrelated parties. Doug Mandel of Marcus & Millichap is representing the sellers.
BRADENTON, FLA. — Namdar Realty Grouup has acquired DeSoto Square Mall, a 680,000-square-foot enclosed mall in Bradenton. The mall is 75 percent occupied and major tenants include Macy's, JC Penney and Sears. “This is a great deal,” says Joel Gorjian, director of acquisitions and dispositions at Namdar. “There are plenty of great tenants, along with a solid amount of vacancy, which leaves us with some room to add value to the property.”
MIAMI — Bar Invest Group, a Miami-based private capital group, has acquired three apartment properties on South Beach at 1348 Drexel Ave., 1135 8th St. and 951 Jefferson Ave. for $5.5 million. The properties total 39 units. The deal is the fourth multifamily transaction that CBRE Private Capital Group has brokered the sale of in the past 12 months. All of the sales were to foreign buyers. Calum Weaver of CBRE represented the seller, Bleu Lionn Capital, in the transaction. According to Weaver, pricing is on the rise due to limited investment opportunities on Miami Beach and a competitive appetite among investors.
NEW ORLEANS — A new 13,000-square-foot Walgreens has opened in New Orleans on historic Magazine Street. The store includes a drive-thru window, full-service pharmacy and a Look Boutique that specializes in high-end cosmetics. Located at 5518 Magazine St., the site is the original home of the Ed Brauner American Legion Post #307, and portions of the building date back to 1947. To pay homage to the war veterans, several American Legion symbols were incorporated into the new design. Stirling Properties constructed the property, and the firm is currently building two additional Walgreens stores in Terrytown, La., and Pass Road in Fulport, Miss.
CHICAGO — Harbor Group International has completed the sale of the Burnham Center, a 22-story, 579,848-square-foot building, for $94.6 million to Alliance Partners HSP LLC. The building, which is located at 111 W. Washington St. in Chicago, features a two-story lobby with marble walls and floors, on-site retail, 24-hour security and access to an underground pedway system. Tenants include Tribeca Flashpoint Media Arts Academy, administrative offices for the Clerk of the Circuit Court and State’s Attorney, GrubHub and Burnham Nationwide. Bruce Miller, James Postweiler and Nooshin Felsenthal of Jones Lang LaSalle brokered the sale. Dave Hendrickson and Keith Largay of Jones Lang LaSalle secured the acquisition financing for Alliance Partners.