LAS VEGAS – A 6,232-square-foot building in Las Vegas that is occupied by Tire Workshas sold to an unnamed buyer for $2.1 million. It is located at 8532 Blue Diamond Road. Tire Works has 11 years remaining on its lease with three, five-year options to renew. Ray Germain and Tina D. Taylor of Marcus & Millichap’s Las Vegas office represented the seller, a limited liability company, in this transaction.
LEBANON, PA. — Marcus & Millichap has arranged the $5.9 million sale of a 13,225-square-foot CVS/pharmacy in Lebanon. The property, built in 2008, is located at 2200 West Cumberland St. CVS has 22 years remaining on its lease. Michael Shover and Matt Gorman of Marcus & Millichap represented the seller, a developer, in the transaction. They also represented the buyer, a private investor.
LOS ANGELES — California Landmark Group (CLG) has announced its plan to develop the “LC,” an 85-unit apartment building with 3,000 square feet of ground-floor retail, in Los Angeles. CLG recently purchased the development’s 55,000-square-foot lot at the corner of Larchmont Boulevard and Melrose Avenue. Construction will begin in March 2013, and is scheduled for completion in January 2015. The LC is being designed by PK Architecture.
ORTING, WASH. – The Pioneer Village Shopping Center in Orting, a tertiary market about 40 miles south of Seattle, has received a $9-million loan. The 82,130-square-foot, Safeway-anchored center is 92 percent leased. The 20-year loan features a 20-year amortization period and an interest rate in the 4-percent range. It was provided by Mike Wood and Andrew Patterson of NBS Financial Services.
GLENDALE, ARIZ. – Construction has been completed on Sarah’s Place, a 24-unit seniors housing residence in Glendale. The 15,000-square-foot facility is located at 6670 W. Butler Drive. It resides within the Glencroft senior living campus. Glencroft, which operates under the leadership of The Friendship Retirement Corporation, a not-for-profit corporation sponsored by Mennonite Health Services,also owns Sarah’s Place. The new facility will provide specialized care for individuals suffering from memory loss. It was constructed by McShane Construction Company and designed by Orcutt | Winslow Partnership.
JACKSON, MISS. — The first Whole Foods Market in Mississippi has broken ground at Highland Village shopping center in Jackson. The 31,000-square-foot grocery store featuring natural and organic products will open in 2013. Chesnut Hill, Mass.-based WS Development is the project’s new joint venture partner. The development firm acquired a controlling interest in the 220,000-square-foot Highland Village last month.
WASHINGTON, D.C. — Federal Capital Partners (FCP) and Self Storage Zone have formed a joint venture to acquire a property at 645 Taylor St. in Washington, D.C.’s Brookland submarket from Capital Area Food Bank. The joint venture will redevelop the property into a three-story, 78,600-square-foot self-storage facility, which is planned for completion in spring 2014. It marks the first self-storage investment for FCP.
NEWPORT NEWS, VA. — Ernest Kashouty Trust has sold the former Casey Auto and Collision Center at 975 J. Clyde Morris Blvd. in Newport News to VCT Enterprises LLC. The five-acre auto sales and collision center includes four buildings including the former BMW and Volkswagen showrooms and 275 parking spaces. Ned Brooks and Kevin Curran of CBRE/Hampton Roads represented Ernest Kashouty Trust in the transaction.
SIMPSONVILLE, S.C. — Blevins Inc., a supplier of manufactured housing products, has purchased an approximately 60,000-square-foot industrial property situated on 3.3 acres at 313 Standing Springs Ct. in Simpsonville from T. Walter Brashier for $1.4 million. Blevins is expanding its operations in the Greenville, S.C., area. Brian Young of Cushman & Wakefield/Thalhimer represented Blevins.
AMHERST AND GORDONSVILLE, VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities in Virginia, including the 48-unit Amherst Village Apartments in Amherst and the 43-unit Meadow Run Apartments in Gordonsville. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with Maryland-based T.M. Associates Inc. and North Carolina-based Telamon Corp., a non-profit organization.