LANCASTER, CALIF. – A 53,822-square-foot retail property located within the Lancaster Plaza has sold to 2429 Danalda and Kab Plaza LLC. It is located at 1006, 1022, 1030, 1060 E. Ave. J. The center was more than 82 percent leased at the time of sale. Fariba Kavian with NAI Capital’s West LA office represented the seller, LNR Properties, in this transaction.
SAN DIEGO — Camino Village Shopping Center in San Diego has sold to HP Investors for $5.25 million. The 34,602-square-foot center is located at 11255-79 Camino Ruiz and 11345-11347 Zapata. Both the buyer and the seller, LNR Partners, LLC, were represented by Richard Lebert, Mark McEwen, Matt Zimsky, Jon Busse and John Gross of Colliers International.
ATLANTA — Prudential Real Estate Investors has purchased the 259,500-square-foot Ten Peachtree Place, a Class A office tower located in Atlanta, from a venture managed by Cousins Properties for $61.4 million. The 20-story building, which is fully leased, serves as the corporate headquarters of AGL Resources. The property is currently undergoing a $1.2 million renovation to achieve LEED Silver status.
HYATTSVILLE, MD. — Federal Capital Partners has purchased the 234-unit Ager Road Station, an apartment complex located at 5720 29th Ave. in Hyattsville, in an off-market transaction for $14.75 million. Amenities include a playground, horse shoe pit, volleyball and barbecue and sheltered picnic areas. The buyer plans to invest $2.5 million in renovations for common areas and interior apartment upgrades. The property will be rebranded as North Pointe.
CLERMONT, FLA. — McCann Realty Partners has acquired the 276-unit Vista at Lost Lake Apartments, a garden-style community located at 2550 Citrus Tower Blvd. in Clermont. Pegasus Residential will manage the property. The acquisition was funded in part by a 7-year, fixed-rate Fannie Mae loan, originated by Beech Street Capital. The company also purchased a 16.4-acre parcel adjacent to the property to build an additional 192 apartments as a second phase within the next year.
STATESBORO, GA. — CPPI and Lavender & Associates have been awarded a $6.5 million contract to renovate Georgia Southern University's Sanford Hall. The former dormitory will be redeveloped to accommodate column-free classrooms and student-operated radio and television stations.
BETHESDA, MD. — KeyBank Real Estate Capital has arranged $95 million in Fannie Mae financing for the 549-unit The Grand Apartments, a luxury high-rise apartment community located at 5803 Nicholson Lane in Bethesda. KeyBank secured the 10-year loan with 5 years of interest-only payments on behalf of the borrower, ForestCity Enterprises.
ROGERS, MINN. — Liberty Property Trust plans to break ground on a 227,000-square-foot industrial building this June at Liberty Industrial Park at Diamond Lake in Rogers. The $14 million, multi-tenant building will be located on 13 acres at 13320 Wilfred Lane North. The building will include four distinct entrances and 27 dock doors. The project is expected to be complete by the end of the year. Edward Farr of Edward Farr Architects Inc. is the architect for the project, and Anderson K.M. Builders is the general contractor.
BERKELEY, MO. — Construction is complete on a new city hall and fire station in Berkeley. The buildings are located within a $16 million municipal complex, which will also contain a police station. Kwame Building Group, the construction manager, broke ground on the project in 2010 and construction began simultaneously on the 29,500-square-foot city hall and the 17,200-square-foot fire station. Features include separate offices for each of the city's five council members, expanded living quarters for firefighters and larger bays for fire engines.
CANTON, OHIO — Luttner Real Estate Investment Services has arranged the $5.6 million sale of a 32,160-square-foot medical office building in Canton. The property, which was built in 2000, is leased to NeuroCare Center. Neurocare recently entered into a new, 15-year lease. Mark Luttner of Luttner Real Estate Investment Services represented the seller, a private ownership group. He also procured the buyer, a private East Coast investor.