BOISE, OREM, UTAH, MALIBU, CALIF. — Kennedy Wilson(KW) and its partners have recently acquired three Western-based retail properties for a total of $37.3 million. Its most recent acquisition was a 209,329-square-foot, multi-tenant retail center in Orem. It has also purchased 15,118 square feet of retail and office space in Malibu, as well as a 114,404-square-foot retail center in Boise. Partners in these acquisitions included The LeFrak Organization and Kennedy Wilson Fund IV, among others.
MIAMI — LNR Property and LYND plan to break ground on the $65 million, 390-unit EnV at Mary Brickell Village, an 800,000-square-foot residential tower located at 999 SW 1st Ave. in Miami, this month. The 35-story tower will be constructed on top of an existing Publix and multi-level parking structure for the Shops at Mary Brickell Village. Amenities will include a recreation deck with a swimming pool, spa, gazebos and cabanas. Behar Font & Partners is the architect for the project, which Plaza Construction is building. BlackRock Realty Advisors is the equity provider and Wells Fargo is the construction lender. Completion is slated for 2014.
RALEIGH, N.C. — Roundabout Partners has sold the 202-room Clarion Hotel, located in Raleigh, to South Hospitality for $9.35 million. The buyer plans to convert the hotel back to a Holiday Inn. The property includes 7,800 square feet of meeting space, an outdoor swimming pool, fitness and business centers and a restaurant. Monty Levy and Ketan Patel of HREC Investment Advisors represented the seller in the transaction.
COLUMBUS, GA. — The 81-suite Home2 Suites by Hilton, located at 1664 Whittlesey Road in Columbus, has opened. The all-suite hotel is the first in Georgia. Amenities include the Oasis lobby area, the Home2 MKT, Spin2 Cycle and complementary breakfast. Nirvana LLC owns the property and RAM Hotels manages it.
FREDERICKSBURG, VA. — Calkain Cos. has arranged the $2.9 million sale of a 2.08-acre McDonald's ground lease, located in Fredericksburg. The lease term is 20 years, with structured rent increases and renewal options. Andrew Fallon of Calkain Cos. represented the seller, a private family investment group, in the transaction. The buyer was a 1031-exchange, California-based buyer.
PANAMA CITY AND JACKSONVILLE, FLA. — CBRE Group has arranged $37.1 million in financing for three multifamily properties located in Florida. In Panama City, the company secured $23.5 million in permanent debt to refinance Eagles Landing and Enclave in Panama City on behalf of Arbor Properties, the borrower. The 10-year loan has a 30-year amortization schedule. In Jacksonville, CBRE Group arranged $13.6 million in permanent financing for the acquisition of Waterford Apartments, on behalf of Insula Properties. The 10-year loan has two years of interest-only payments followed by a 30-year amortization schedule. Glenn Housman of CBRE Group arranged the loans through Freddie Mac.
GLEN ELLYN, ILL. — Phillips Edison — ARC Shopping Center REIT has acquired Baker Hill Center, a 135,355-square-foot shopping center in Glen Ellyn, a western suburb of Chicago. Baker Hill is 98.2 percent occupied and anchored by a 72,397-square-foot Dominick's grocery store. Additional tenants include Gymboree and Nationwide. The acquisition brings the company's total portfolio to 20 properties with an aggregate purchase price of $222.6 million.
EASTLAKE, OHIO — Remedi SeniorCare has acquired Cornerstone Pharmacy, further expanding Remedi's presence in the Midwest. Based in Eastlake, Cornerstone provides pharmacy services to long-term care facilities. Baltimore-based Remedi did not disclose how much it paid for Cornerstone, which has about 90 employees. Remedi now serves more than 15,000 long-term care residents from the mid-Atlantic to the Midwest. The 90 Cornerstone employees will become part of Remedi.
NEW YORK CITY — Meridian Capital Group has arranged a $72 million loan to refinance two office properties in the Garment District of New York City. David Hayum of Meridian negotiated the 10-year loan through Morgan Stanley. The two office properties, totaling 250,000 square feet, were recently repositioned and are home to many high-tech tenants and fashion showrooms.
NEW YORK CITY — Marcus & Millichap has arranged the $1.5 million sale of 277 W. 150th St., a 20-unit apartment building in New York City. The property totals 14,554 square feet. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller, a private investor, in the transaction. They also secured the buyer, a limited liability company.