LOS ANGELES — Global architectural practice Altoon Partners has signed a lease for 15,876 square feet at 617 W 7th Street in Downtown Los Angeles. The company will be relocating from nearby 444 S. Flower later this year. The new lease will bring the 7th Street building to 92 percent capacity. It was built in 1923 and is owned by The Swig Company.
LEESBURG AND CENTREVILLE, VA. — Home Properties has acquired the 164-unit Hunter's Crossing, located in Leesburg, and the 504-unit Woodway at Trinity Centre, located in Centreville, for a total of $112.2 million. Hunter's Crossing was purchased for $16.2 million and is 98 percent leased. The company has renamed the property The Manor East and plans to invest $2.8 million in improvements, including enhanced curb appeal and upgraded kitchens and bathrooms. Woodway at Trinity Centre was acquired for $96 million and is 97.2 percent leased. The company has planned a $3.9 million renovation, including upgrading and renovating units and replacing kitchen cabinets and appliances.
FALLS CHURCH, VA. — INOVA Health System has selected Suffolk Construction to build the $16 million, 115,000-square-foot INOVA Fair Oaks Medical Office Building VI, located at 3190 Fairview Park Drive in Falls Church. The project is designed to LEED Silver certification standards. Sittler Development Associates is the development consultant, Architecture Inc. is the project architect, Dewberry & Davis is the civil engineer, Leach Wallace Associates is the MEP Engineer and Rathgeber/Goss Associates is the structural engineer. Groundbreaking is scheduled for June with completion slated for June 2013.
NEW ORLEANS — The 170-room Hyatt Place New Orleans/Convention Center, located at 881 Convention Center Blvd. in New Orleans, has reopened following an $8 million renovation. The hotel was formerly known as Hotel New Orleans. A joint venture between HRI Properties and Interwest Capital Corp. purchased the property in July 2011 and renovation work started in the third quarter of 2011. The hotel includes more than 3,300 square feet of meeting space, as well as a Kitchen Skillet complimentary breakfast area and the Intimate Bakery Cafe, which features specialty coffees, premium beers, wines and cocktails.
LAKELAND AND AUBURNDALE, FLA. — Salt Lake City-based Extra Space Storage, a public REIT, has acquired a three-property, 1,958-unit self-storage portfolio. The properties are located at 1012 U.S. Hwy. 92 W. in Auburndale, and 2190 Harden Blvd. and 6445 S. Florida Ave. in Lakeland. Michael Mele of Marcus & Millichap represented the seller, a Lakeland-based privately held firm, in the transaction.
CHARLOTTE, N.C. — Centerline Capital Group has arranged a $19.32 million loan for the 309-unit Highlands at Alexander Pointe, an apartment complex located at 310 Highroad Dr. in Charlotte. Centerline's Atlanta office secured the 5-year loan.
CHICAGO — The Boulder Group has arranged the $3.8 million sale of a triple net-leased Bank of America at 3010 S. Kedzie Ave. in Chicago. The 6,500-square-foot building was developed in 2003. The property is fully leased to Bank of America, which has 11 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest developer, in the transaction. The buyer was a high net-worth individual in California.
WAUKESHA, WIS. — Hallmark Gold will occupy the final space at the Shoppes at Fox River development in Waukesha. The addition of the greeting card retailer makes the first phase of the 273,000-square-foot development fully occupied. The shopping center is also home to Target, The Cash Store and Associated Bank. Opus Development Corp. also recently broke ground on the second phase of the project, which is expected to contain 150,000 square feet. The first building in Phase II will include T.J. Maxx, Ulta Salon and Rue 21. The Shoppes at Fox River is a redevelopment of a former Supervalu distribution facility located along Sunset Drive. Opus sold Phase I to Ramco-Gershenson in 2010, but has remained responsible for securing tenancy.
CHICAGO — McShane Construction Co. has been selected to build the 89,630-square-foot Oakwood Shores Terrace Apartments and Mercy Medical Center. The mixed-use development will be located at 3753-3755 S. Cottage Grove Ave. in Chicago's Bronzeville neighborhood. The project will include 48 apartment units — 36 of which are affordable housing — and 28,000 square feet of medical office space on the first two floors of the building. Mercy Hospital and Medical Center will operate the medical office space. The Community Builders is the project developer and NAI Architects and Lee Incorporated are providing design services. The building is slated for completion in May 2013.
NEW YORK CITY — A joint venture between HSBC Alternative Investments Limited and Edge Fund Advisors has purchased 4 New York Plaza, a 1.1 million-square-foot office tower in lower Manhattan. Virginia-based investment firm Harbor Group International was the seller. Industry sources value the transaction at about $270 million, including debt. Harbor Group acquired the property for $107 million in 2010 from JP Morgan, when the building was 75 percent occupied. The current occupancy is 95 percent and tenants include New York Daily News, U.S. News and World Report and American Media. The building is located on the southeast corner of Water and Broad streets.