LONG BEACH, CALIF. — Regus has agreed to lease 18,399 square feet of office space at Landmark Square in Downtown Long Beach. Regus’ business center is anticipated to open mid-year, providing executive suite offices, meeting space and virtual offices for executives and entrepreneurs in the South Bay. It was represented by Steve Solomon and Jason Fine of Jones Lang LaSalle Los Angeles. Landmark’s owner, Brookfield Properties, was represented in-house by John Barganski and Toliver Morris.
SAVANNAH, GA. — The Savannah College of Art and Design (SCAD) has purchased the 39,650-square-foot Crites Hall, located at 217 Martin Luther King Jr., Blvd. in Savannah, from GE Capital for $2.6 million. SCAD originally signed a 10-year lease for the building in December 2000. The buyer has invested more than $2 million in renovations. The building contains classrooms, lecture halls, dance rehearsal studios, a 150-seat theater, a set design shop, offices and conference rooms. Rex Benton and Dickey Mopper of Savannah-based NAI Savannah represented the seller in the transaction.
ARCADIA, FLA. — A 41,242-square-foot industrial building, located at 6018 SW Hwy. 72 in Arcadia, has been sold for $2.25 million. Gary Tasman and Shawn Stoneburner of Fort Myers, Fla.-based Cushman & Wakefield, Commercial Property Southwest Florida, represented Banc of America Leasing, the seller, in the transaction. Mark Mizell of Mulberry, Fla.-based Land South Realty represented the buyer, Cumberland and Western, which will use the property to manufacture roofing tile.
MIAMI — Avnet has signed a 103,131-square-foot lease renewal at Beacon at 97th, an industrial property located at 2011 NW 97th Ave. in Miami. Carol Ellis-Cutler of Colliers International's Miami office represented the tenant in the lease transaction. Brian Smith of Cushman & Wakefield's Miami office represented KTR Capital Partners, the landlord.
CHAPEL HILL, N.C. — PCCP has provided a $16 million senior loan to recapitalize the 367,623-square-foot University Mall, located at the intersection of Route 15/501 and South Estes Drive in Chapel Hill, which is owned by Madison Marquette. Dillard's, Rose's, Harris Teeter and A Southern Season anchor the shopping center, which is 89 percent leased. Madison Marquette plans to invest an additional $7.5 million in capital to continue the property's repositioning and value enhancement strategy. Mark Remington and Jordan Lex of HFF's Washington, D.C., office arranged the financing.
ROCKVILLE, MD. — Meridian Capital Group has secured a $14 million Fannie Mae conventional loan for the 162-unit Woods Edge Apartments, located at 14002 Cove Ln. #201 in Rockville. Jacob Katz of Meridian's Bethesda, Md., office arranged the 10-year, fixed-rate loan with full-term interest only through Beech Street Capital on behalf of the borrower, a Rockville asset development company.
CHICAGO — Chicago-based Structured Development has signed leases with PetSmart and buybuyBaby to occupy 45,000 square feet at 1415 N. Kingsbury St., a 2.3-acre retail development that will break ground early this year in Chicago. The Kingsbury Center project will also include an additional 8,500 square feet of retail space for lease. Structured Development moved forward with the project after its partner, Commonfund of Wilton, Conn., withdrew from the LLC. Structured paid off the existing PNC loan through a refinancing provided by The Private Bank in the amount of $14 million.
INDIANAPOLIS — Record Street Warehouse LLC has purchased a 110,000-square-foot industrial property in Indianapolis for an undisclosed amount. The building is located at 7800 Record St. Andrew Schrage of Coldwell Banker Commercial Realty Services represented Record Street in the transaction. The seller, LBC Corp. was represented in-house.
CHICAGO — BL Restaurant Operations will open a new Bar Louie location in Chicago's River North neighborhood on Feb. 1. The 11,591-square-foot restaurant and bar will be the eleventh Bar Louie in the Chicago area. Located at 333-335 N. Dearborn St., Bar Louie will seat about 260, with an additional 73 seats on the patio. The bar opens Feb. 1.
BETHESDA, MD. — Bethesda-based Walker & Dunlop has secured $163.8 million in Freddie Mac financing for four multifamily properties in Connecticut on behalf of Principal Management Partners. The 349-unit Hoyt Bedford Apartments and 238-unit Morgan Manor Apartments are located in Stamford; Seramonte Apartments, 450 units, are located in Hamden; and Montoya Apartments, 133 units, are located in Branford. The loans each carry a 7-year term with 2 years interest-only and a 30-year amortization schedule.