LONG BEACH, CALIF. – The first building to be completed at Pacific Pointe at Douglas Park in Long Beach has sold to Providence Industries for $12.7 million. The project is being developed by Sares-Regis Group (SRG) and features seven corporate headquarters buildings in a business park adjacent to Long Beach Airport. Providence Industries will expand and relocate to the 91,145-square-foot building from its former space in nearby Paramount. SRG also owns the adjacent 160 acres within Douglas Park. Providence was represented by Chuckie Lyons of Lyons & Lyons Properties. SRG was represented by CBRE’s Brian DeRevere and John Schumacher.
NORTH HOLLYWOOD, CALIF. – A 30-unit apartment building located at 11760 Hamlin Ave. in North Hollywood has sold to a private trust for $4.5 million. The trust was represented by Rick Raymundo of Marcus & Millichap Real Estate Investment Services. The unnamed seller was represented by Jim Fisher, Mike Smith and Duncan Lemmon of Lee & Associates.
RALEIGH, N.C. — KBS Realty Advisors has acquired Captrust Tower, a 300,389-square-foot office and retail building in the North Hills area of Raleigh. The sale also includes a six-level parking deck. The 17-story tower is 95 percent leased to 18 tenants, including Captrust Financial Advisors, the American Board of Anesthesiology and Regus. Duke Realty and Kane Realty developed the building in 2009 and Kane will retain an ownership interest in the project through a joint venture with KBS.
ORLANDO, FLA. — Consolidated-Tomoka Land Co. has acquired a two-building, 133,000-square-foot office complex leased to Hilton Resorts Corp. in Orlando for $14.6 million. Both buildings are under a long-term lease, with more than eight years remaining on the term. The purchase marks the company's sixth acquisition in 2013, and brings its single-tenant portfolio to a total of 38 properties across seven states.
ATLANTA — Novare Group and Baston-Cook Development Co. have broken ground on a 23-story apartment high-rise in Midtown Atlanta called 100 6th Street. The $63 million development will include 320 units with floor-to-ceiling glass, wood floors and granite countertops. An investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project. NGI and Baston-Cook are providing equity. The project team also includes project architect Smallwood, Reynolds, Stewart, Stewart and general contractor Baston-Cook Construction.
ATLANTA — Wyatt Family Partnership has purchased Venture Center, a 39,185-square-foot office building at 1605 Chantilly Drive in Atlanta, for $3.1 million. Children's Healthcare of Atlanta is the anchor tenant in the three-story property, which is fully leased. The building, visible from I-85, is just north of the Lenox Road/Cheshire Bridge intersection. Hunter Henritze, Michael Howell and Chip Sipple of Lincoln Property Co. Southeast represented the seller, CRM Properties LLC. Wyatt Realty Co. represented the buyer.
NORTH CHARLESTON, S.C. — Hudson Realty Capital has arranged a $7.5 million acquisition loan for a 77,777-square-foot office building in North Charleston. The Class A building was constructed in 1990. The borrower plans to use the funds to purchase the property and initiate lease-up of the remaining space.
CHICAGO — GLG International has acquired a 38,000-square-foot industrial building in Chicago, for $3.8 Million. GLG purchased the property, which is located at 2300 W. Lake St., to accommodate the company’s expansion. Built in 2000, the building features 12,000 square feet of cooler and 2,400 square feet of freezer space. Mark Nelson and Michael Nelson of locally based NelsonHill represented GLG. John Joyce, Ryan Phillips and Chris Ricketts of Newmark Knight Frank Epic represented the seller, J & S Produce, in this deal.
CINCINNATI — Holiday Office Park, a three-building, 349,000-square-foot office complex in Cincinnati, has sold for $2.6 million to Neyer Properties, a local full-service commercial real estate developer. The office complex is 51 percent occupied and faces the October 2014 departure of anchor tenant Paycor, a Cincinnati-based payroll services provider. The seller was Florida-based First City Financial Corp, which was represented by Cassidy Turley in the deal. First City purchased the property in November 2011 for $4.7 million.
LIBERTYVILLE, ILL. — A private investor has purchased a 27-unit apartment property in Libertyville, a northern suburb of Chicago, for $2.5 million. The property, which is located at 705 S. Milwaukee Ave., includes five one-bedroom units, 18 two-bedroom units and four three-bedroom units. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a personal trust. James Clough of Marcus & Millichap represented the buyer.