SAN DIEGO – Construction has commenced on The Headquarters, a $40-million, adaptive re-use and renovation of the Old Police Headquarters building in San Diego’s Seaport District. The new project will transform the building into a 100,000-square-foot retail, dining and entertainment destination. The space is located at 525 Pacific, adjacent to Seaport Village. The property was originally developed in 1939 and served as the San Diego Police Headquarters until 1987. The Headquarters is scheduled for completion in fall 2013. It is being developed by Terramar Retail Centers and built by Legacy Building Services.
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PHOENIX – The Consulate General of the United Mexican States has signed a five-year lease for 24,216 square feet of office space at McDowell Corporate Center in Phoenix. The Mexican Consulate is expanding and relocating from a building near 15th Avenue and West Camelback Road. It will occupy about 70 percent of McDowell Corporate Center. The Consulate was represented by Tivon Moffit of Colliers International in Phoenix. The landlord, Abart Properties 26 LLC, was represented by Luke Walker and David Carder of CBRE’s Phoenix office.
TAMPA, FLA. — Sun Pointe Lake, a 350-unit multifamily community at 14200 Bruce B. Downs Blvd. in Tampa, has traded for $14.2 million. A Miami-based private investor sold the property to an Alabama-based student housing operator. Sun Pointe Lake was built in 1981 and is situated on approximately 21 acres near the University of South Florida. Bob Goldfinger, Darron Kattan and Kevin Kelleher of Tampa-based Franklin Street Real Estate Services represented both parties. “The buyer saw the opportunity to redevelop this apartment community into a fully furnished, master-metered student property,” says Goldfinger. “They will spend significant capital to modernize the property allowing it to compete with newer construction community around the University of South Florida.”
MURRELLS INLET, S.C. — Flagship Capital Partners, the investment affiliate of Charlotte, N.C.-based Brackett Flagship Properties, has acquired the 17,694-squarefoot Inlet Medical & Dental Center office building in Murrells Inlet. Flagship purchased the property through Flagship Healthcare Real Estate Fund, its recently launched private equity fund. Inlet Medical Associates, an affiliate of Roper Saint Francis physician practice, anchors the building that is 100 percent leased. Other tenants include Adult & Children’s Dentistry, Bio Identical Hormones, Clinical Research Authority and Myers Podiatry Clinic.
STAFFORD COUNTY, VA. — A 5,200-square-foot loft-style apartment building with a ground-floor restaurant in the Historic Falmouth District in Stafford County has traded. 103 West Cambridge LLC purchased the property from Hugh Arthur Mooney as an owner-occupied investment. Paul Eakin of Cushman & Wakefield/Thalhimer represented the buyer.
WEST CHESTER, OHIO — FAE Holdings 413133R LLC has acquired 5 acres at the corner of Allen and Mulhauser roads in West Chester for $2.1 million. Hi Five Development Services, a locally-based hotel developer, plans to build a full-service hotel and conference center on the site for the buyer, which is an operator of several hotels throughout the region. Mike Halonen of Edge Real Estate Group represented the seller, JaNaka Ltd., in the transaction.
ALSIP, ILL. — Shannon Investments, an Illinois-based investor, has acquired 420-4252 W. 124th Place, an 18,500-square-foot industrial property. Built in 1970, the property is one mile from I-294 & Cicero/127th Interchange. Tim Wagener, Carrie Wagener and Andrea Hauger of Owen Wagener & Co. represented the seller in the transaction.
WESTMONT, ILL. — Midwestern Consulting has signed a lease for 10,343 square feet of office space at 500 Quail Ridge Dr. in Westmont. The building is centrally located in the Oakbrook area with easy access to O'Hare International Airport and Chicago. Amenities include restaurants, a hotel and day care. Adam Johnson of NAI Hiffman represented the tenant in the transaction. Jim Whiteside of Heartland Commercial represented the landlord, Quail Ridge Drive Investors LLC.
GREENWICH, CONN. — HFF has arranged $96 million in financing for Greenwich Place and Greenwich Oaks, two multifamily communities totaling 396 units in Greenwich. The borrower is LCOR. Jon Mikula and Jim Cadranell led the HFF team that negotiated the two fixed-rate loans through Allianz Real Estate of America. Greenwich Place and Greenwich Oaks are two miles apart near Interstate 95, about 35 miles north of New York City. Amenities at each property include a clubhouse, heated pool and fitness center.
PISCATAWAY, N.J. — KMM Telecommunications has signed a long-term sublease agreement for 195,555 square feet of warehouse space at 21 Constitution Ave. in Piscataway. KMM provides supply chain services to the communications industry. Frank Truesdell, Joel Lubin and Brian Cass of Jones Lang LaSalle represented the property's sub-landlord, Verizon New Jersey Inc. KMM was represented in-house by John Campanelli of Jones Lang LaSalle. Developed to Verizon's specifications in 2004, 21 Constitution Ave. totals 288,115 square feet.