PALMDALE, CALIF. – A 15,250-square-foot retail strip center in Palmdale has sold to a family trust from Los Angeles for $5.95 million. The fully occupied center is located at 39450 10th Street West. Notable tenants include Shakey’s Pizza, Sally’s Beauty, Game Stop, and Panda Express. The buyer was represented by Russ Chen of Charles Dunn. The seller, O&S Holdings, was represented by Chris Maling and David Maling of Colliers International.
SANTA MONICA, CALIF. — IMAX Corp. has signed a lease renewal for the 65,000-square-foot Lantana IMAX Building within the Lantana Entertainment and Media Campus in Santa Monica. The space, which has served as IMAX’s West Coast headquarters since 2000, is located at 2900 Exposition Blvd. The landlord, the Lionstone Group, was represented by Jim Jacobsen and Scott Rigsby of Industry Partners.
TORRANCE, CALIF. — Genexus International has leased 25,365 square feet of light industrial space in the master-planned Pacific Gateway Industrial Park in Torrance. The new facility is located at 1214 Jon Street. The company will be relocating from nearby Inglewood. The new 10-year lease was valued at $1.28 million. Genexus plans to use this new headquarter space for administration, design and distribution. The company was represented by Mark Berman of LesMark. The landlord, Airport Plaza, Inc., was represented by Courtney Bell and Matt Stringfellow in The Klabin Company/CORFAC’s Torrance office.
CHARLOTTE, N.C. — Crescent Resources has sold the 360-unit Circle at South End, located at 222 E. Bland St. in Charlotte, for $74 million. The property, which is LEED Silver certified, has been fully leased since it opened in May 2009. Amenities include the Resident Lounge, which features billiards, video games, movies and a gourmet kitchen, as well as a swimming pool with grilling stations and access to courtesy bicycles. CBRE Group represented the seller in the transaction.
ATLANTA — Atlanta Property Group has acquired the 124,273-square-foot 280 Interstate North, an office building located in Atlanta, for $8.7 million according to public records. The building is 72 percent leased. The buyer will invest nearly $400,000 to renovate the building's common areas and improve the property's aesthetic appeal. David Meline and Stewart Calhoun of Cushman & Wakefield represented the seller in the transaction.
ARLINGTON, VA. — Vornado Realty Trust has completed a $7 million renovation at the 343-room Crystal City Marriott, located at 1999 Jefferson Davis Highway in Arlington. The project included the addition of the Bell20 restaurant, 10,000 square feet of meeting and event space, a 1,400-square-foot fitness center and a 1,200-square-foot concierge lounge. Marriott International manages the hotel.
MEMPHIS, TENN. — Marcus & Millichap has arranged the $4.5 million sale of two self-storage properties, located at 7384 Raleigh LaGrange Road in the Memphis MSA. Combined, the properties total 198,910 square feet. Michael Mele and Anne Williams of Marcus & Millichap represented the seller, Tellus Self Storage, in the transaction.
ATLANTA — NorthMarq Capital has arranged $32.8 million in first mortgage refinancing for the 353-unit 2924 Clairmont Apartments, a market-rate multifamily property located in Atlanta. Gardiner Champlin, Marty Meagher, Erick Flyckt and Paul Fearey of NorthMarq secured the five-year loan with one year of interest only payments followed by a 30-year amortization schedule through a life insurance company on behalf of Fairfield Clairmont I, the borrower.
ALSIP, ILL. — Meridian Design Build has broken ground on a 171,670-square-foot build-to-suit facility for Polmax Transportation in Alsip. The 38-acre development site includes the demolition of an existing 37,000-square-foot building. When complete, the new warehouse building will include 68 dock positions and 20,000 square feet of office space that will serve as Polmax's corporate headquarters. A vehicle repair facility will also be constructed within the building. Joe Grimes and Bob Malachowski are coordinating the project for Meridian Design Build. arete-Knight is providing architectural services and Hoefferle-Butler is completing the civil engineering work.
CHICAGO — Renovation work is under way on Borinquen Bella Apartments, a 47-unit apartment building in Chicago's Humboldt Park Neighborhood. The affordable housing project will encompass 62,896 square feet of exterior and interior renovation work that will modernize four existing multifamily buildings. McShane will install new building roofs, windows, doors and kitchen and bathroom upgrades. The City of Chicago's Department of Housing and Economic Development is financing the project. Latin United Community Housing Association is the developer and Landon Bone Baker Architects is providing architectural services.