SCOTTSDALE, ARIZ. – A 47,366-square-foot office building inside the Perimeter Center Business Park in North Scottsdale has sold to Scottsdale Investment Management for $3.3 million. The building is located at 17800 N. Perimeter Drive. It was built in 2000 and was 88 percent occupied at the time of sale. The seller, FH Arizona Properties, was represented by Eric Wichterman, Mike Coover and Mike Kitlica of Cassidy Turley BRE Commercial.
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NATIONAL CITY, CALIF. – . ITT Educational Services has leased 45,000 square feet at South Bay Corporate Center in the San Diego submarket of National City. The center is located at 401 Mile of Cars Way. ITT will be relocating from its current location in nearby Kearny Mesa. This newest lease brings the center to a 22 percent occupancy rate. ITT was represented by Don Mitchell of Cresa Partners. The landlord, Greenlaw Partners, was represented by Tony Russellof Jones Lang LaSalle.
ATLANTA — The 1,073-room Westin Peachtree Plaza, located in downtown Atlanta, has started a $45 million renovation, which includes completely redesigned guest rooms and hallways, an update to the six luxury suites and the addition of five rooms. A $3 million renovation of the Sun Dial Restaurant, Bar & View, located on top of the 73-story hotel, is planned to begin in the coming months. The room renovation is slated for completion by mid-November.
MOBILE, ALA. — Burton Property Group has acquired the 140,190-square-foot Westwood Plaza and the 244,024-square-foot Schillinger Towne Centre, located in Mobile, from The Guardian Life Insurance Company of America for $33.25 million. Hobby Lobby and Office Max anchor Westwood Plaza and Walmart SuperCenter and Burke's Outlet anchor Schillinger Towne Center. Josh Burmeister of SRS Real Estate Partners represented the buyer in the transaction. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle represented the seller. Richard Brinson of Grandbridge Real Estate Capital arranged acquisition financing.
BALTIMORE — Home Properties has sold the 177-unit Woodholme Manor Apartments, located at 8049 Woodgate Court in Baltimore, to Woodholme DNB Associates, a subsidiary of Geller Associates, for $16 million. Amenities include a pool, laundry facilities and playground. The buyer plans to complete renovations to 19 units. Jeff Coles and Don Dworkin of First Capital Realty represented the seller in the transaction.
BATON ROUGE, LA. — RockBridge Partners has purchased the 290-room Hilton Baton Rouge Capital Center, located on the Mississippi River in downtown Baton Rouge. The property includes more than 20,000 square feet of meeting space, an outdoor pool, garden deck and the Viking Cooking School Outdoors. Dallas-based Prism Hotels & Resorts sourced the off-market deal and will manage the property, which will undergo a $7.1 million renovation.
VIRGINIA GARDENS, FLA. — Marcus & Millichap has arranged the $7.5 million sale of a 134,743-square-foot office property, located at 6595 NW 36th St. in Virginia Gardens. The building is 67 percent leased to tenants in service industries including health care, insurance, real estate and government. Alex Zylberglait off Marcus & Millichap represented the seller, a Texas-based limited liability company, in the transaction, as well as the buyer, a North Miami Beach, Fla.-based limited liability company.
FRANKENMUTH, MICH. — Sabre Health Care REIT, based in Irvine, Calif., has acquired a 249-unit independent living facility in Frankenmuth for $26.5 million. Concurrent with the purchase, Sabre entered into a triple-net lease with affiliates of Unified Acquisitions and Development. The lease has an initial term of 10 years with two, five-year renewal options.
ESCANABA, MICH. — The new, $11 million Doctors Park medical office building has opened in Escanaba. The 43,145-square-foot property is located on a 5.5-acre site at 710 S. Lincoln Road. The facility replaces Marquette General's smaller Doctors Park building near Seventh Avenue, and allows the health system to expand services to Delta County residents. The medical office features a laboratory, home infusion, oncology, primary care, imaging, a blood donor center, administrative offices and other services. Duke Realty, which developed and financed the project, will own and manage the building. BSA Life Structures was the architect.
EDEN PRAIRIE, MINN. — Dougherty Mortgage has arranged a $21.3 million loan for the refinancing of The Colony at Eden Prairie, a 164-unit assisted living facility in Eden Prairie. SE Rolling Hills owns the property, which is managed by The Waters Senior Living. Dougherty arranged the 40-year loan through the HUD Lean 232/223(a)(7) refinance program. The financing contains a 40-year amortization schedule.