WEST HILLS, CALIF. – Westwood Insurance Agency, a QBE FIRST subsidiary, has expanded to 44,436 square feet at the Corporate Pointe in West Hills. The office space is located at 8407 Fallbrook Ave. Westwood has resided at Corporate Pointe for the past eight years. QBE was represented by Dan Sanchez and Gil Ohls of Jones Lang LaSalle. The landlord, Multi-Employer Property Trust, was represented by CBRE. Bentall Kennedy acts as Multi-Employer Property’s real estate advisor.
NASHVILLE, TENN. — The Carothers Building, a four-building, 509,000-square-foot office park in Nashville’s Cool Springs submarket, has traded for $96.1 million. It was built in 1994 for Ford Motor Credit and is now 100 percent leased with tenants Cybera, Community Health Systems and Nissan as well as Ford Motor Credit. J.P. Morgan Asset Management sold the office property to Houston-based The Lionstone Group, a private real estate investment firm. Stewart Calhoun and David Meline of Cushman & Wakefield’s Atlanta office and Don Albright of its Nashville office represented seller J.P. Morgan Asset Management, which purchased the office property in 2006 for $69.75 million.
ORLANDO, FLA. — Demolition and construction on the redevelopment planned for the 25-year-old University Shoppes retail center, which is located across from the University of Central Florida’s main entrance in Orlando, will commence this week. Austin, Texas-based American Campus Communities Inc. plans to bring 1,313 student housing beds, 60,000 square feet of new retail space and a 10-level parking structure to Orlando’s Northeast Orange County submarket. Bobby Palta of CBRE is marketing the retail space.
JACKSONVILLE, FLA. — The 205,696-square-foot Regency Plaza shopping center, which is located on Atlantic Boulevard directly across from Regency Square Mall in Jacksonville, has sold. Tenants include Burlington Coat Factory, OfficeMax, dd’s Discounts, Chuck E. Cheese’s, Baby Depot and Carrabba’s Italian Grill. Kimco Realty represented the unlisted seller, while DLC Management Corp. represented the unlisted buyer.
FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has closed a $6.2 million first mortgage loan secured by Eco Modern Flats, a 96-unit LEED Platinum multifamily property near the University of Arkansas in Fayetteville. It is the first property in Arkansas to be awarded LEED Platinum certification. Green design elements include solar-heated water, landscaping with native plants, innovative heating and cooling systems, and rainwater harvesting. Other amenities include a swimming pool, community area with an outdoor fireplace and grilling area, and rooftop patio. Alan Tapie of Grandbridge Real Estate Capital’s Atlanta office originated the permanent fixed-rate loan for Eco Modern Flats. Fannie Mae provided funding for the loan, which was structured with a 10-year term and 30-year amortization schedule.
ORLANDO, FLA. — A former Toys “R” Us location at 724 Herndon Ave. near Fashion Square Mall in Orlando has sold for $3.25 million. Tennessee-based UP Development LLC purchased the 42,000-square-foot big box retail space from Toys “R” Us. Scott Corbin of Colliers International Central Florida represented the buyer, while James Avallone of DJM Realty Inc. represented Toys “R” Us. The buyer also purchased the adjacent front parcel on Herndon Avenue to complete a retail assemblage for redevelopment, which is expected to begin in the first quarter of 2013 and be completed by the first quarter of 2014.
EVANSVILLE, IND. — The Embassy Group has purchased Terra Trace, an 84-unit apartment community at 1715 Theater Drive in Evansville, for $2.4 million. The property consists of 11 two-story rental buildings. Units average 752 square feet and rents average $540 per month. Amenities include on-site laundry, a clubhouse, swimming pool and private balconies. David Gaines and Alex Blagojevich of Marcus & Millichap represented the seller, Regency Apartments. They also secured the buyer.
HILLSBORO, OHIO — HealthSource of Ohio recently purchased a 14,009-square-foot portion of Hillsboro Plaza, a 58,127-square-foot retail center at 1088-1100 N. High St. in Hillsboro, for $1.4 million. Buckeye State Investors initially purchased the distressed center in 2005 and began a comprehensive renovation of the half-empty property. Brent Sears of NAI Bergman served as the general contractor and leasing broker for the project. The renovated property is fully leased to tenants such as Peebles Department Store and #1 China Buffet. The balance of Hillsboro Plaza is currently being offered for sale for $3.5 million.
DALLAS — A partnership between Mitra QSR and Chalak Growth Capital Fund has closed on its purchase of 120 franchise restaurants in the Northeast. The sale included 78 Kentucky Fried Chicken units, 39 KFC/Taco Bell co-branded units and three KFC/Long John Silver's co-branded units. The properties are located in Virginia, Maryland, Delaware, Pennsylvania, West Virginia and New Jersey. The seller is Yum Brands Inc. Mitra and Chalak have also partnered on a deal for 33 additional KFC/Taco Bell units in Texas, Oklahoma, Kansas, Missouri and Illinois. After the transaction closes, Mitra will be one of the largest KFC franchisees, the company said in a statement.
UNION, N.J. — Marcus & Millichap has arranged the $5.5 million sale of 2317 Route 22, a 16,235-square-foot retail property in Union. Four of the six retail units are occupied by GameStop, Quiznos, Radio Shack and Foot Locker. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller, a private investor. They also secured the buyer, a local developer.