TEMPE, ARIZ. – The retail portion of the three-building Crossroads of Tempe development has sold to a single-asset entity of Westwood Financial Corp. for $1.3 million. The sellers, a joint venture between ViaWest Group and Southwest Value Partners, originally purchased the three assets in July 2011 for $4,055,000. The just-sold retail portion contains a 15,460-square-foot retail center located at 7707 S. Kyrene Road. It was built in 2006 and is currently 54 percent leased. The center also contains two adjacent Class A office buildings totaling 96,600 square feet. The joint venture was represented by Grubb & Ellis in this sale.
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DURHAM, N.C. — Chevy Chase, Md.-based Federal Capital Partners (FCP) has purchased Phase I of West Village, a mixed-use development located at 212 N. Duke St. in Durham, from members of National Champion Real Estate for $32.52 million. The project includes 241 apartment units and 10,000 square feet of integrated retail. FCP will partner with Greensboro, N.C.-based Bell Partners, who will invest alongside FCP in the deal. Cleveland-based BGL Real Estate Advisors, a division of Brown Gibbons Lang & Co., represented the seller in the transaction. Bethesda, Md.-based First Capital Realty represented the buyer.
DURHAM, N.C. — Centerville, Ohio-based The Connor Group has sold the 292-unit Lenox at Patterson Place, located at 100 Rose Garden Ln. in Durham, to Westdale Lenox for $28.8 million. The Connor Group acquired the property in 2009 for $19.08 million. Amenities include a pool, playground, fitness center and tennis courts.
HAMPTON, VA. — Suttle Holding Corp. has acquired the 67,749-square-foot Hampton North II, an office building located at 303 Butler Farm Dr. in Hampton, from Hampton North I and Hampton North II for $5.25 million. John Duffy of Cushman & Wakefield/Thalhimer's Virginia Beach, Va., office represented the seller in the transaction.
LARGO, FLA. — Franklin Street Real Estate Services has arranged the $3.12 million sale of 59 of the 108 condo units at Whispering Palms Condominiums, located at 13200 Wilcox Rd. in Largo. Bob Goldfinger, Darron Kattan and Kevin Kelleher of Franklin Street's Tampa, Fla., office represented Whispering Palms Condominiums LLC, the seller, in the transaction. The buyer was JSSH 1.
CHAPEL HILL, N.C. — Charlotte, N.C.-based Medalist Capital has arranged $36.5 million in debt for the 716-unit Granville Towers, a University of North Carolina student housing property located at 125 W. Franklin St. in Chapel Hill. Don Williams, Bat Barber and Mary Neill Hagood of Medalist Capital arranged the long-term, fixed-rate loan through Aviva Investors North America on behalf of the borrower, The University of North Carolina at Chapel Hill Foundation. The Foundation has partnered with Atlanta-based Cousins Properties to start the redevelopment of the University Square portion of the project, which will include more than 500,000 square feet of retail, office and residential units upon completion.
CHICAGO — The Hearn Co. has purchased 55 W. Monroe in Chicago from LaSalle Investment Management for $136 million. The 803,000-square-foot, 40-story office tower was once known as the Xerox Center. The new owner plans to make street-level changes to the entries and upgrade the property's amenities and common areas. Bruce Miller, Jim Postweiler, David Hendrikson, Keith Largay, Jascint Vukelich and Nooshin Felsenthal of Jones Lang LaSalle represented Hearn in the transaction. The brokerage also secured acquisition financing of $108 million: $86.5 million in senior debt through Wells Fargo Bank and $21.5 million in mezzanine facility through Redwood Trust.
LINCOLNWOOD, ILL. — Podolsky Northstar CORFAC International has negotiated the sale of two mortgage notes that are secured by the property formerly known as the Purple Hotel in Lincolnwood. The value of the transaction was undisclosed. North Capital Group, a holding entity for two local investment and management firms, acquired the notes from the seller, First Midwest Bank. The property is located at the intersection of Touhy and Lincoln avenues and is situated on a 5-acre site. Randy Podolsky and Adam Tarantur of Podolsky represented First Midwest Bank in the transaction. The future plans for the site are not known.
NEW YORK CITY — The Albanese Development Corp. has purchased 510 W. 22nd St. in West Chelsea for $54.5 million. ADC plans to redevelop the site from a vacant, five-story garage into a 175,000-square-foot, Class A office building. The site was purchased from Highland Capital, a Texas-based investment fund, which acquired it from the previous owner, an investment group that included Shawn Carter, the rapper known as Jay-Z. Cook + Fox Architects is designing the structure.
SALEM, N.H. — Clarion Partners has sold the Village Shoppes of Salem shopping center in Salem for $39.9 million. The 170,270-square-foot shopping center is fully occupied with tenants such as Best Buy, Sports Authority and PetSmart. Chris Angelone, Jim Koury, Bill Moylan, Nat Heald and Josh Klimkiewicz of CBRE represented the seller in the transaction. They also procured the buyer, Route 28 Salem LP.