GLENDALE, CALIF. –An investment group headed byCapital Real Estate Advisors has purchased a34,000-square-foot, stand-alone grocery store building in Glendale. The seller, a previous tenant, vacated the building in early November. Capital Real Estate plans to retant and potentially redevelop the property. The firm was represented in-house byMichael Poyer.
HUNTINGTON BEACH, CALIF. — DJM Capital Partners has purchased about 11 acres south of the Huntington Beach Pier along Pacific Coast Highway where it intends to build the retail and hotel portions Pacific City. The land for this new mixed-use development was purchased from Crescent Heights.
BETHESDA, MD. — Brasfield & Gorrie, in a joint venture with Walbridge, has completed the new Main Exchange Complex at Walter Reed National Military Medical Center in Bethesda. The $42 million, 151,450-square-foot design-build project began in July 2011 and the facility is now serving the campus. The complex is the largest Navy Exchange in metropolitan Washington, D.C., and was designed to serve the retail and personal needs of active duty, wounded warriors, reserve and retired military personnel. The Exchange was designed to be the first LEED Gold-certified exchange and was constructed to anti-terrorism and force protection standards. It includes a pharmacy, barber shop, beauty salon, clothing and jewelry retailers, food court, dry cleaner and uniform center. CMH Architects, Timmons Group and I.C. Thomasson served as the project architect.
NORTH MIAMI, FLA. — The 72-unit Waterford Apartments has broken ground in the Ojus area of North Miami. The apartment complex will include one mid-rise building consisting of 64 total units and one townhome building with 8 units. The mid-rise building will include one-, two- and three-bedroom units and the townhome building will offer two- and three-bedroom options. Construction is expected to be complete in August 2013. Hollywood, Fla.-based Cornerstone Group is developing the multifamily project. Altamonte Springs, Fla.-based Forum Architecture & Interior Design Inc. is designing the development.
CORAL SPRINGS, GA. — Westview Shoppes, a distressed 60,732-square-foot shopping center anchored by Office Depot at 9525 Westview Dr. in Coral Springs, has sold for $9.6 million. Drew Kristol, Kirk Olson and Greg Zeifman of Marcus & Millichap’s Miami office represented the seller, Westview Shoppes Fla. LLC. A North Miami Beach, Fla.-based private investor purchased the retail property. Westview Shoppes was built in 1999 and features two retail plazas. Tenants include Youfit Health Club, Mega Liquors, Dunkin’ Donuts, Anthony’s Coal Fired Pizza and a dry cleaning business.
ALEXANDRIA, VA. — HFF has secured construction financing and joint venture equity for the development of the 276-unit Bell Del Ray, a Class A multifamily community in Alexandria. A joint venture between Woodfield Investments, Arsenal Real Estate Partners LLC and The Davis Companies engaged HFF to secure equity and debt capitalization for the development. The debt for the project was secured through Sovereign Bank and the equity was provided by Bell Partners Fund IV. Bell Del Ray will also include 3,513 square feet of ground-floor retail space. Community amenities will include a courtyard swimming pool, outdoor fireplaces, state-of-the-art fitness facility, club room and gaming room. Bell Del Ray will be located at the south end of Alexandria’s 167-acre, master-planned Potomac Yard, a mixed-use community.
MEMPHIS, TENN. — Spartanburg, S.C.-based Johnson Development Associates Inc. (JDA), a developer of large-scale distribution and warehouse projects across the central and eastern United States, has selected Jones Lang LaSalle (JLL) to market Aerotropolis Logistics Park, a 113-acre site in Memphis that can accommodate two or more speculative or build-to-suit facilities of up to 1.2 million square feet. Russ Westlake and Jack Wohrman of Jones Lang LaSalle will lead the marketing efforts. Aerotropolis Logistics Park is within three miles of Memphis International Airport, the FedEx Express Global Super Hub, the United Parcel Service (UPS) Regional Sorting Hub and the United States Postal Service (USPS) Sorting Center.
INDIANAPOLIS — Gramercy Capital Corp. has acquired a two-property, 540,000-square-foot industrial portfolio in Indianapolis for $27.1 million. The portfolio is comprised of Class A buildings that are fully leased to three tenants with a 10.2-year weighted average lease term. According to Gordaon DuGan, CEO of Gramcery, the closing is the first in the company's new strategy to become a “premier net lease investor focused on office and industrial properties.”
CREVE COEUR AND CEDAR LAKES, MO. — L3C Capital Partners has acquired a four-property apartment portfolio in the greater St. Louis region for $115 million. The portfolio totals 1,447 units and properties include Westchase, Cove West and Cross Creek in Creve Coeur and Cedar Lakes in St. Louis. Freddie Mac provided a $92 million loan for the acquisition. L3C plans to invest $8.2 million to upgrade the properties. Village Green Management will manage the property.
DAYTON, OHIO — Cooper Commercial has arranged the $885,000 sale of a freestanding Wright-Patt Credit Union in Dayton. The 3,500-square-foot property was developed in 2010 and requires no landlord responsibilities. Wright-Patt has a ground lease on the property through 2030, with 10 percent rental increases every five years. Bob Havasi of Cooper Commercial represented the sellers, an institutional entity based in New York. The buyer was a private group based in Cleveland.