SAN DIEGO – A 5,000-square-foot retail building in San Diego’s Little Italy neighborhood has sold to H.G. Fenton Company for $3.3 million. The building is located at 1665 India Street. It is currently leased to Princess Pub & Grille. The seller, the Zolezzi Family Trust, was represented by Brian Jinings of Cassidy Turley San Diego.
MCCLELLAN, CALIF. – A new 70,000-square-foot conference center has opened at the Lions Gate Hotel at McClellan Park. The hotel is located in McClellan, which is seven miles southeast of Sacramento. The new addition includes a 38,000-square-foot General Session Room. The hotel previously contained only 8,000 square feet of meeting and event space.
SEAL BEACH, CALIF. — Bixby Office Park, a 297,241-square-foot complex in Seal Beach, has sold to Parallel Capital Partners for $85 million. The acquiring entity was PCPI BIXBY, LP. The three-building park is located at 3001-3005, 3010, 3020 and 3030 Old Ranch Parkway. It is currently 98 percent leased. Notable tenants include Baker Corp., SAIC, Olson Urban Housing, Seagate Offices and Clean Energy Fuels Corp. Parallel Capital Partners represented themselves in this transaction, while the seller, a large national insurance company, was represented by Adam Edwards and K.C. Scheipe of Eastdil Secured.
SANTA ROSA, CALIF. — The 138-room Courtyard by Marriott in Santa Rosa has sold to an affiliate of Pacifica Companies for an undisclosed sum. Santa Rosa is situated northwest of Napa and Sonoma. The hotel is located one block from the intersection of Highway 101 and Highway 12. It recently underwent an extensive renovation. The hotel will be managed by Pacifica Host Hotels. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors.
CALABASAS, CALIF. — The Summit at Calabasas, a 71,770-square-foot retail center in the Los Angeles submarket of Calabasas, has received a $21.3-million loan. The center is located adjacent to the 101 Freeway. It is currently 95 percent leased to Maddy's Market, as well as a variety of restaurants and soft goods retailers. The new three-year, floating-rate loan contains two year-long extension options. The funds were arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine office.
HOLLYWOOD, FLA. — The Delavaco Group has acquired Park Colony, a 316-unit apartment community in Hollywood. The property is located one-half mile south of Hollywood Boulevard, a major east/west thoroughfare in southern Broward County. Park Colony was built in 1987 and has been institutionally owned for 15 years, which has helped the property maintain stabilized occupancy, according to broker Hamton Beebe of ARA. The property was 95 percent occupied at the time of sale. Beebe, Avery Klann and Marc deBaptiste represented the seller, a Boston-based REIT, in the transaction.
UNION CITY, GA. — RCG Ventures LLC has sold Shannon Square, a 100,000-square-foot shopping center at 4720 and 4700 Jonesboro Road in Union City for $8 million. The property is 95 percent leased and tenants include Hibbett Sports, Dollar Tree, Rent-A-Center, Farmer's Home Furniture and Dunkin' Donuts. The buyer was a private equity group. Drew Fleming and Mark Joines of Cassidy Turley represented the seller in the transaction.
SNELLVILLE, GA — Carmike Cinemas says construction will begin soon on a new 13-screen theater across from a 43-acre, open-air shopping center development known as The Avenue in Snellville. The Carmike 13 will seat 2,800 moviegoers and include the upgraded “BigD” auditorium with a larger screen, plush chairs and enhanced video and audio. The movie theater chain will also have a grand opening for a 12-screen theater March 7 in Decatur Mall on Beltline Road in Decatur.
BROOKFIELD, WIS. — As part of an agreement with Marcus Corp., the Mandel Group will oversee the residential design, development and apartment leasing for The Corners of Brookfield, a $125 million mixed-use project. Approximately 150 luxury apartments will be built above the retail shops in the open-air, town-center-style development site in Brookfield. Upon completion, Mandel Property Services Inc., an affiliate of Mandel Group, will manage the leasing and operation of the upscale apartment community. The Corners of Brookfield is a 460,000-square-foot development in suburban Milwaukee that will be built on a 19-acre site at the intersection of I-94, Barker Road and Bluemound Road. Developers have targeted spring 2013 to start construction with a fall 2014 projected opening.
JOLIET, ILL. — WAP LLC has purchased a 12,551-square-foot office building for $1 million in Joliet, located about 40 miles southwest of Chicago. The two-story building, which offers medical office space, parking and easy access to I-80, was sold by Houbolt LLC. The building is located at 370 Houbolt Road. Adam Johnson of NAI Hiffman represented Houbolt LLC in the transaction.