THORNTON, COLO. — The Plaza Las Americas, an in-line, shadow-anchored, multi-tenant retail building in Thornton, has sold to an unnamed buyer for $3.4 million. It is located at 810-880 E. 88th Ave. The inline retail center resides on both sides of Walmart Neighborhood Market. The property is nearly 91 percent leased. The buyer was represented by Matt Ritter at Pinnacle Real Estate Advisors. The unnamed seller was represented by Tom Ethington and Rob Edwards, also of Pinnacle.
LOS ANGELES – A 12-unit apartment complex located at 11292 Brookhaven Ave. in Los Angeles has sold to 11296 Brookhaven Investors, LLC for $2.2 million. The community resides between Pico and National boulevards near the 405 and 10 freeways. The buyer was represented by Michael Irvine of Bulldog Realtors. The seller, KWP Investments, LLC, was represented by Michel Hibbert of Charles Dunn Company.
WASHINGTON, D.C. — Work is complete on the new 160,000-square-foot building for the U.S. General Services Administration in Washington D.C. The property, designed by Cooper Carry, will house the Armed Forces Retirement Home. The project included the demolition of the existing Scott Building and the construction of a new building, also named Scott. The new building features 36 skilled nursing rooms for long-term care and 24 rooms for memory support, arranged in five “small house” groupings. The property also includes a kitchen, health and wellness center and auditorium. The project is located off North Capital Street at the Historic Armed Forces Retirement Home Campus, which was established in 1851. Contractor Hensel Phelps provided design and construction services for the project.
WINCHESTER, VA. — NVRetail has started development of Phase II of its Rutherford Crossing Shopping Center in Winchester. Located at the intersection of U.S. Route 11 and I-81, the second phase will include 140,000 square feet of retail and office space. NVRetail is actively seeking tenants including drug store chains, restaurants, oil companies and banks. Phase I of the project is currently 98 percent leased and is anchored by Target and Lowe's Home Improvement. Rutherford Crossing is adjacent to the Federal Emergency Management Agency (FEMA) facility, and approximately 2,500 new homes are slated for construction within one mile of the center.
MIAMI — Terreno Realty Corp. (NYSE: TRNO), a publicly traded REIT, has acquired a 50,000-square-foot industrial warehouse at 12600 NW 107th Ave. in Miami-Dade's Medley submarket for $5.1 million. CaribTrans Inc., a Caribbean shipping company offering air and ocean freight services, occupies the property. Steven Medwin and Nick Wigoda of Jones Lang LaSalle (JLL) represented the seller, LMS Realty, in the transaction. According to JLL, Miami’s position as the gateway to and from Latin America and the Caribbean, coupled with increasing trade activity with Europe and Asia, has led institutional-grade owners to make significant long-term investments in the area. Miami broke into the top 10 customs districts in the U.S. in 2012, with a record $124.7 billion in trade volume being routed through the area. The stock price of San Francisco-based Terreno Realty closed at $17.68 per share on Thursday, March 14, up from $13.59 per share one year ago.
CHICAGO — Acting on behalf of LaSalle Investment Management, Jones Lang LaSalle has secured $125 million in acquisition financing for Onterie Center, a two-building residential and commercial property located at 441 E. Erie St. in Chicago. New York Life provided the financing. Designed by Skidmore, Ownings & Merrill and completed in 1986, Onterie Center features a 60-story, 583-unit residential tower with 102,616-square feet of fully leased commercial space and an 11-story tower with 32 luxury loft units. Commercial tenants include Northwestern University, the Rehabilitation Institute of Chicago, Northwestern Memorial Hospital, Streeterville MRI and KinderCare daycare center. David Hendrickson, Keith Largay and Ian Russell of Jones Lang LaSalle brokered the transaction.
INDIANAPOLIS — Becovic Cos. has plans to develop a $12 million apartment complex in Indianapolis. The development, The Preserve at Willow Springs, will be located at 8845 Township Line Road and has received final zoning approval from the Indianapolis City Council. The master-planned community will consist of 90 luxury one- and two-bedroom apartment homes with direct access garages and high-end finishes. The community will be based on a green building design and promote environmental consciousness with residents by providing green initiatives including a solar-paneled clubhouse, electric vehicle charging stations, tankless water heaters and more. Texas-based architectural firm Humphreys & Partners designed the community. The first apartment homes will be available for occupancy in June.
SAINT CLOUD, MINN. — Marcus & Millichap has arranged the sale of a building occupied by Advance Auto Parts for $1.3 million in Saint Cloud, located about 65 miles northwest of Minneapolis. The 6,830-square-foot, net-leased property is located at 2550 2nd St. Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, an individual/personal trust. An outside brokerage represented the buyer, an individual/personal trust, in the transaction.
LINCOLNSHIRE, ILL. — Meridian Design Build has completed a 100,280-square-foot building expansion to Kubota Engine America’s headquarters in Lincolnshire. The expansion includes 81,880 square feet of additional plant/warehouse space and 18,400 square feet of space designed to serve as future offices. Site improvements were also completed to create more employee parking to accommodate Kubota’s future growth. Kubota is a manufacturer of compact diesel and gasoline engines. Timothy Morgan Associates provided architectural services for the project, and Manhard Consulting completed the civil engineering work.
CLINTON, MASS. — Fantini & Gorga has arranged $14 million in long-term financing for the redeveloped Lofts at Lancaster Mills, a 132-unit apartment complex located in Clinton, about 45 miles west of Boston. The 15-year loan was placed with a major insurance company. The Lofts at Lancaster Mills was redeveloped out of a portion of an existing mill structure. The property has high-end unit finishes and amenities, which include a theater, indoor basketball court, indoor putting green and car wash station.