LAS VEGAS — A 71,551-square-foot retail building in Las Vegas has sold to Sunstone Diamond, LLC for $12.3 million. It is located at 8030-8180 Blue Diamond Road. Sunstone was represented by Gino Vincent of Mint Property Group. The seller, SA Group Properties, was represented by Cathy Jones, Paul Miachika, Mikel McCullough, Jessica Beall and Roy Fritz of Sun Commercial Real Estate.
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PHOENIX – K Hovnanian Homes has renewed its lease for 19,892 square feet of space at Desert Ridge Corporate Center II in Phoenix. The homebuilder signed on for an additional eight years. Desert Ridge is located at 20860 N. Tatum Blvd. K Hovnanian was represented by Mark Seale of Cassidy Turley. The landlord, Faison, was represented by Bill Blake, Craig Coppola, Andrew Chene and Colton Trauter of Lee & Associates.
HUNTINGTON BEACH, CALIF. – HomeGoods has signed a 10-year lease for 24,160 square feet at the Sher Lane Shops in Huntington Beach. The community center is located at the southeast corner of Edinger Avenue and Sher Lane in Huntington Beach. HomeGoodsis expected to open in a former Office Depot building in spring 2013. Other notable tenants at the center include Men’s Wearhouse, Stone Hedge Tiles and Vitamin Shoppe. HomeGoods was represented by Anthony Mansour of the Clover Company. Present Value Properties is the exclusive representative forSher Lane Shops. Sharon Courtway executed this lease transaction on behalf of the center.
NEW ORLEANS AND NASHVILLE, TENN. — Irving, Texas-based FelCor Lodging Trust Inc., a publicly traded real estate investment trust, has sold the 370-room Embassy Suites – New Orleans-Convention Center and the 296-room Embassy Suites – Nashville-Airport for an aggregate price of $70 million to an unlisted buyer. FelCor is using the net proceeds to pay the remaining $37.7 million of accrued preferred dividends and to repay debt. The company is selling 39 non-strategic hotels as part of its long-term portfolio repositioning strategy. With the sale of these two Embassy Suites, FelCor has sold 18 of the 25 hotels it has brought to market since December 2010.
MIAMI — Parkview Gardens, a new 60-unit affordable housing complex, has opened at 1437 N.W. 61st St. in Miami’s Liberty City neighborhood. Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, teamed with Tacolcy Economic Development Corp. and the Florida Housing Finance Corp. to develop the multifamily property. The $12 million development provides housing for tenants earning at or below 60 percent of the area’s median income (AMI) with six units set aside for those earning at or below 33 percent of the AMI. Parkview Gardens consists of six three-story residential buildings, a community center and a two-story parking garage. Amenities include a playground, an exercise room, a computer lab, a library and a picnic area. Crossroads Management Inc., a property management subsidiary of Carrfour Supportive Housing, manages Parkview Gardens. First Housing and JP Morgan Chase Bank served as funding partners, and RBC Capital Markets served as equity provider for the project.
MIAMI BEACH, FLA. — The Levi’s Building South Beach, a 10,549-square-foot retail property including a 3,300-square-foot, three-bedroom luxury loft on Miami Beach’s South Beach has sold for $8.5 million. The building is located at 826 Collins Ave. in South Beach’s fashion district that includes flagship stores for Guess, Victoria’s Secret, Aldo, Barney’s Co-Op, Diesel, Tommy Hilfiger and Puma. The Levi’s Building South Beach was constructed in the 1930s and restored in the 2000s. It is currently leased to Levi Strauss & Co. with two retail showroom spaces on the second floor. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, a New York-based private investor.
ATLANTA — Capital Advisors has arranged $2.15 million in refinancing for a 21,326-square-foot retail and office space at 3717-3721 Roswell Rd. in Atlanta’s Buckhead submarket. The property includes The Ivy Restaurant, several small office tenants and a single-story car wash. Kelly Martone of Capital Advisors’ Atlanta office arranged the 20-year loan with a 25-year amortization schedule on behalf of Habif Properties. It was arranged through Capital Advisors’ correspondent lender, StanCorp Mortgage Investors LLC.
DAYTONA BEACH, FLA. — The 157-room Days Inn Speedway Hotel, located at the Interstate 4 and International Speedway Boulevard intersection in Daytona Beach, has traded. Jeffrey Kolessar of GF Management, in his capacity as receiver for the ownership entity as appointed by the Circuit Court of Volusia County, sold the hospitality property to Executive Eagles Investment Group LLC. Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller<
CAROL STREAM, ILL. — COM2 Computer Recycling has signed multiple transactions in Carol Stream, increasing its footprint in the city to 261,357 square feet. COM2 penned a lease for 175,000 square feet at 500 Kehoe Blvd. The company also renewed its lease within its current office and processing facility, located at 140 E. Fulleton Ave. COM2 occupies 86,357 square feet in the facility. John Whitehead of NAI Hiffman represented the tenant in both transactions. John Cash and David Haigh of NAI Hunneman represented the landlord, 500 Kehoe LLC, in the new lease.
SAVAGE, MINN. — Work is completed on the new Savage Sports Center, a 108,100-square-foot seasonal athletic facility, located in Savage Community Park. The air-inflated structure houses three fields, three batting cages and golf netting. An attached 5,000-square-foot building houses a concession area, lounge, restrooms and offices. The City of Savage owns the center, which will be open from November to April. The city constructed the property to provide indoor training space for local youth athletic groups and expand recreational activities for the city.