WESTWOOD, CALIF. – A nine-unit apartment building in the Los Angeles submarket of Westwood has sold to TSI Property Management, LLC for $2.37 million. It closed at a 5.1 percent cap rate. The property was built in 1991. TSI was represented by Kimberly Roberts Stepp with Charles Dunn Company. The property was listed and sold by The Soroudi Group at Charles Dunn Company. The seller, GSR Apartments, LLC, was represented by Hamid Soroudi.
LONG BEACH, CALIF. – Ignify is relocating its headquarters to 200 Pine Ave. in Long Beach. The company plans to lease the entire fourth floor of the 67,000-square-foot building. Ignify was represented by Noel Aguirre of Lee & Associates. Bob Alperin of Cushman & Wakefield represented the landlord, the Realm Group, which recently acquired the property for $9.58 million.
ATLANTA — Atlanta-based IDI has plans to begin construction on the 650,000-square-foot Building A, a speculative industrial property located at Riverside Business Center in Atlanta. The building will be built to LEED certification. Completion is slated for the third quarter of 2012. When complete, Riverside Business Center will include 1.2 million square feet of warehouse and industrial space. In addition, there are two commercial sites on the property totaling 20 acres, which will be used for retail and commercial uses.
CASSELBERRY AND PORT ORANGE, FLA. — A joint venture between GoldOller Real Estate and a New York-based private investment firm has purchased a two-property multifamily portfolio totaling 632 units for $37.9 million. The properties include the 336-unit Reflections Apartments, located at 100 Reflections Cir. in Casselberry, and the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield's Orlando, Fla., office represented Denver-based Apartment Investment and Management Co., the seller, in the transaction. The buyer has plans to complete capital improvements, including upgraded fitness centers, redesigned clubhouses and the addition of a business center.
MORGANTON, N.C. — Mount Pleasant, S.C.-based WRS has broken ground on a 450,000-square-foot power center, located on the former site of the Henredon manufacturing facility at 400 Henredon Dr. in Morganton. A 177,000-square-foot Walmart, T.J. Maxx, Ross Dress For Less and PetSmart will anchor the center, which is 75 percent pre-leased. Phase I is slated for completion in the summer of 2013. WRS will manage development and leasing/sale activities on behalf of the owner, Morganton Retail Investment.
WASHINGTON, D.C. — Washington, D.C.-based Rock Creek Property Group has purchased a 28,366-square-foot building, located at 1100 16th St. NW in Washington, D.C., at a foreclosure auction from Tysons Corner, Va.-based Cardinal Bank for $4.72 million. The company plans to gut the building and convert the project into a first-class office headquarters. Rock Creek has retained Washington, D.C.-based OTJ Architects as the base-building architect and planner. Construction is slated to begin in the first half of 2012 with completion slated for later in the year.
ELIZABETHTOWN, KY. — Love Funding has closed an $8.15 million construction-to-permanent loan for the 100-unit Tunnel Hill Apartments, located on Tunnel Hill Road in Elizabethtown. Tammy Tate of Love Funding's Knoxville, Tenn., office arranged the 40-year permanent loan with a low fixed-interest rate for the duration of construction through the FHA's 221(d) loan insurance program.
GLENDALE HEIGHTS, ILL. —Benjamin Kadish of Maverick Commerical Mortgage Inc. has secured a $5.8 million construction and mini-per loan for Kelly Moon Properties LLC. The loan will finance a new, 40,000-square-foot Dodge Chrysler Jeep dealership to be built in Glendale Heights. Maverick secured the 21-year loan from an East Coast lending institution. The construction loan converts to a mini-perm loan after construction is completed. Charles River Development is building the dealership and the property is being designed by Northbrook, Ill.-based Interwork Architects. The building is slated for completion in mid-2012.
CHICAGO — Duke Realty has acquired Burr Ridge Medical Center, a 104,912-square-foot facility at 6800 N. Frontage Rd. in Chicago. The facility is fully leased to Loyola University Medical Center (LUMC), a subsidiary of Loyola University Health Systems. Burr Ridge houses LUMC's musculoskeletal, orthopedics and neuroscience service lines and rehabilitation facilities, as well as other physicians and healthcare practices.
NAPERVILLE, ILL. — Procter & Gamble's Tide Dry Cleaners will open a new drive-thru facility in the Chicagoland area. Tide will occupy a newly built 3,000-square-foot building in Naperville Commons at 95th and 59th St. in Napperville. Tide plans to open this summer. Jaime Platt of Mid-America represented the landlord in the transaction. Allen Joffe of Baum Realty represented the tenant.