LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.
LEXINGTON, KY. — Trinitas Ventures LLC, a student housing and mixed-use developer, has broken ground on an urban infill redevelopment in Lexington near the University of Kentucky. The Collegiate on Angliana will be a 278-unit, 699-bed student housing property that will serve UK students. It is anticipated to open this August. A joint venture between Trinitas and Harrison Street Real Estate Capital (HSRE) provided equity financing. The project is the fourth development for the Trinitas/HSRE partnership. Key Bank provided construction financing.
GREENACRES, FLA. — The 131,210-square-foot Woodlake Plaza, a grocery-anchored shopping center in Greenacres, has sold for an undisclosed price. The property is located at the intersection of Lake Worth Road and Sherwood Forrest Boulevard. Tenants include Monterrey Market, Dollar General, Goodwill, Phoenix Theatres and Medical Institute of Palm Beach. The property also includes freestanding outparcels for TD Bank, ABC Liquors, Olive Garden and Tire Kingdom. Jim Michalak and Paul Bores of Plaza Advisors represented the seller, JBH Woodlake Plaza LLC. A South Florida-based private investor purchased the retail property.
RICHMOND, VA. — Hungarybrook Shopping Center, located at 1200 Concord Ave. in Richmond, has sold for $5.7 million. Coastal Equities, a privately held investment, development and property management company with offices in Weston, Fla., and Garden City, N.Y., purchased the 87,190-square-foot retail property, which is anchored by Food Lion. Alexander Divaris and Jason Oliver of Divaris Real Estate (DRE) represented the special servicer, CW Capital Asset Management LLC, in the transaction. DRE has been retained as exclusive leasing agent for the neighborhood shopping center.
ATLANTA — Retailers in Phase I of Emory Point, a $100 million mixed-use project by Cousins Properties and Gables Residential near Emory University in Atlanta, are open and the project is in the pre-development stage for Phase II, which will include a 40,000 square feet of retail and restaurant space. Phase I consists of 80,000 square feet of retail space and is 90 percent committed. Emory Point includes retailers Jos. A. Bank Clothiers, LOFT by Ann Taylor, Lizard Thicket, Francesca’s Collections, American Threads, Strippaggio and fab’rik.
ATLANTA — Crestline Hotels & Resorts Inc. has completed a $1.5 million renovation and upgrade to the Georgia Tech Hotel & Conference Center in Midtown Atlanta. The hotel and IACC Conference Center are located on the Georgia Institute of Technology campus, and both are managed by Crestline. All 252 guestrooms have been renewed with new wall coverings, carpeting, draperies, new lighting, new desk chairs, new lounge chairs and luggage benches. All of the hotel’s suites were also renovated.
ST. PAUL, MINN. — Kellogg Square, a 32-story apartment tower in downtown St. Paul, has sold for $51 million. The apartment building features views of the Mississippi River, a walkable neighborhood and 594 covered parking stalls. The multifamily property is located at 111 E. Kellogg Blvd. and is adjacent to the Central Corridor light-rail line, which is slated to begin service in 2014. According to the StarTribune, the local newspaper, Northbrook, Ill.-based Sentinel Management sold the tower to Golden Valley, Minn.-based Bigos Management.
ADDISON, ILL. — A private investor has purchased the Addison Retail Center, a 9,504-square-foot retail property in Addison, Ill. for $3.7 million. The property is an outparcel to a Walmart and Sam’s Club, which is located at 1050 North Rohlwing Road, some 20 miles west of Chicago. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer. They also represented the seller, a Chicago-based partnership that developed the center.
AURORA, ILL. — NAI Hiffman will oversee property management and leasing for Rush Copley Physician Office Buildings I and II, which total approximately 160,000 square feet, in Aurora, Ill., some 40 miles west of Chicago. Both buildings are situated on the Rush Copley Medical Center campus and were recently purchased by American Realty Capital Healthcare Trust Inc., which awarded NAI Hiffman the assignment. The Class A medical office buildings provide physicians with suites ranging in size from 1,500 to 5,000 square feet. While Physician Office Building I is fully leased, Brian Edgerton and Mike Van Zandt of NAI Hiffman will market existing availabilities at Physician Office Building II.