SANTA MARGARITA, CALIF. – An 8,309-square-foot retail building in the Orange County submarket of Santa Margarita has sold to Fadco Enterprises for $2.6 million. It is located at 28672 Deerpath Road. Kevin Quick of Lee & Associates’ Newport Beach office represented Fadco. The seller, the Noel S. Schurrman Trust, was represented by Colliers International.
COOPER CITY, FLA. — The $45 million, 300-unit Monterra Apartments, a workforce housing community located in Cooper City, has opened. ZOM Florida and The NRP Group developed the property, and its amenities include a swimming pool, clubroom with computer work stations, 24-hour fitness center, playground, covered barbeque area and a dog park. Financing for the project included $26 million in NIBP bonds issued by the Florida Housing Financial Corp., HOME loan funding and additional loans provided under the SHIP loan program, funded and administered by Broward County. Bank of America provided project equity and construction financing. ZRS Management has been retained to provide property management services.
ATLANTA — Parkway Properties has sold 100 Ashford Center and Peachtree Ridge, two office properties totaling 321,000 square feet in Atlanta, for $29.9 million. Combined, the assets are 74.6 percent leased. The properties were part of the company's first discretionary fund, and with the close of this sale, the company has shed all assets that were part of this fund. The buyer assumed a $29.7 million mortgage.
BOYNTON BEACH, FLA. — ARA has brokered the $27.1 million sale of the 300-unit Ashley Lake Park, a multifamily community located at 5020 Ashley Lake Drive in Boynton Beach. The property is 95 percent leased. Hampton Beebe, Avery Klann and Marc deBaptiste of ARA's Boca Raton, Fla., office represented Chicago-based Capri Capital Partners, the seller, in the transaction. Boston-based Robbins Property Associates was the buyer.
ORANGE CITY, FLA. — Inland Real Estate Acquisitions has purchased the 119,894-square-foot Saxon Crossing, a shopping center located in Orange City, for $20.73 million. Hobby Lobby anchors the center, which is fully leased to tenants including LA Fitness, Papa John's and Jimmy John's. The buyer was self-represented by Lou Quilici.
MIAMI — New Boston Fund has purchased the 91,000-square-foot Waterford Centre, a Class A office building located in the Blue Lagoon Business Park at 6205 Blue Lagoon Drive in Miami. The buyer plans to invest significant capital in upgrading the building's appearance and building systems. Lincoln Property Co. represented both parties in the transaction and will continue to provide property management services. Blanca Commercial Real Estate will lease and market the property.
LINCOLNSHIRE, ILL. — Meridian Design Build has broken ground on a 100,280-square-foot building expansion for Kubota Engine America in Lincolnshire. The project includes the construction of an 81,880-square-foot warehouse and 18,400 square feet of office space. Kubota Engine America manufactures diesel and gasoline engines for the industrial market. Peter Schmidt and Ryan Moore of Meridian Design Build are managing the project. Timothy Morgan Associates is providing architectural services and Manhard Consulting will complete the engineering work.
NEW ALBANY, OHIO —Construction is under way on a new $31 million headquarters for Bob Evans Farms in New Albany. Bob Evans Farms owns and operates 569 full-service restaurants in 18 states with a heavy concentration in the Midwest. The company plans to move its corporate headquarters from Columbus to New Albany. The Corna Kokosing Construction Co. is building the project, which it describes as a mix of traditional and futuristic design. The campus will be situated on 40 acres of farmland. The project is expected to be complete in the fall of 2013.
OVERLAND PARK, KAN. — REI, a national outdoor retailer, will open its first store in the state of Kansas in the fall of 2013. The 23,500-square-foot store will be located at the intersection of West 135th Street and Lamar Avenue in Overland Park. The store will sell gear and apparel for camping, climbing, cycling and paddling, among other activities. The store will also feature a bike shop with assembly and repair services and a seasonal gear rental department. REI plans to hire 50 to 60 new employees for the store. The company operates 123 retail stores in 30 states.
PORTLAND, MAINE — Starwood Hotels & Resorts will reflag the Eastland Park Hotel in Portland under its Westin brand next year, after the hotel undergoes a $40 million renovation. New Castle Hotels & Resorts and RockBridge acquired the 289-room hotel last year. It will be renamed Westin Portland Harborview when the upgrades are completed next year. The renovation will include the restoration of the hotel's rooftop lounge and modernization of the building's systems, such as wireless Internet service. Crews will also strip part of the property down to its original brick and steel structure. The project will be financed in part by historical-property tax credits backed by U.S. banks. Built in 1927, the Eastland Park Hotel is located at 157 High St.