INGLEWOOD, CALIF. — Luxury home furnishings manufacturer J. Robert Scott has signed a 78-month lease extension for a 76,675-square-foot industrial facility in Inglewood. The facility, which is located at 500 N. Oak Street within the Airport Business Park, will serve as the corporate headquarters for his company’s operations. The lease is valued at $4.3 million. Scott was represented by Doug Marshall of Klabin/CORFAC’s Los Angeles office. The landlord, Roxbury Property Management, was represented by F. Ronald Rader, also in the firm’s Los Angeles office.
RENO, NEV. – The 80-unit El Chaparral Apartments has sold for $3,250,000, or $40,625 per unit. The bank-owned community is located near Downtown Reno and the University of Nevada, Reno. It contains 54,800 square feet of rentable space. Scott MacDonald and Ric Russell with Cassidy Turley’s Multi-Family Group represented the seller.
PLEASANTON, CALIF. — Axis Community Health has purchased 5925 W. Las Positas Blvd., a 24,188-square-foot office flex building in Pleasanton. The building was previously occupied by DirectBuy.com. This purchase represents an expansion for Axis, which is relocating their health center and headquarters from its current location on nearby Railroad Avenue. Mark Triska of Colliers International represented Axis. Anton Qui with TRI Commercial represented the seller, Cathay Bank.
WASHINGTON, D.C. — A joint venture between UDR and Kuwait Finance House (KFH) has acquired the 292-unit 1301 Thomas Circle, a 10-story multifamily property in Washington, D.C., for $154 million. The property is currently 94 percent leased. Amenities include a rooftop pool, outdoor kitchen, fitness center, clubhouse, private courtyard, business center and 24-hour concierge. Fannie Mae provided a $90 million interest-only loan for the acquisition, KFH provided $44.8 million and UDR provided $19.2 million.
MADISON, ALA. — GBT Realty Corp. has broken ground on the 122,000-square-foot Madison Corners, a mixed-use development located at the intersection of U.S. Highway 72 and Balch Road in Madison, adjacent to the Madison Medical Park. The property will include two medical office buildings totaling 100,000 square feet and a 22,000-square-foot retail component. Triad Properties Corp. has purchased 3.46 acres of the property to build the first medical office building, totaling 60,000 square feet, which is slated for completion in the fourth quarter of 2012. The retail space, which is pre-leased to tenants including Firehouse Subs, LawLer's Barbecue and Specialized Medical Devices, will be constructed in two buildings and will open in March of this year.
ATLANTA — A partnership between Novare Group and Baston-Cook Development Co. has commenced construction on the $60 million, 320-unit SkyHouse Midtown, an apartment high-rise located at 12th and West Peachtree streets in Atlanta. An investor account advised by UBS Global Asset Management is providing construction and permanent financing for the project. Jonathan Rice and Paul Berry of CBRE's Atlanta office arranged the financing. Smallwood, Reynolds, Stewart, Stewart is the architect for the development, which is slated for completion in December of 2012.
RICHMOND, VA. — The 285,846-square-foot former Best Products office building, located at 1400 Best Plaza Dr. in Richmond, has been sold for $6.22 million. Paul Silver, Mark Douglas and Suzanne White of Cushman & Wakefield/Thalhimer's Richmond office represented Metropolitan Life Insurance Co., the seller, in the transaction. The buyer was the County of Henrico.
VIRGINIA BEACH, VA. — The 12,814-square-foot Buckner Boulevard Retail Center, located at the intersection of Buckner Boulevard and Independence Boulevard in Virginia Beach, has sold for $2.7 million. Chris Zarpas of S. L. Nusbaum Realty Co.'s Norfolk, Va., office represented 130 London Bridge, the buyer, in the transaction and Timothy Finn, also of the firm's Norfolk office, represented Buckner 3545 Associates, the seller.
PHOENIX — Phoenix-based Cole Real Estate Investments has acquired five CVS assets, including three properties in Ohio, for a total of $11 million. The locations include Mansfield, Ohio; Warren, Ohio; Bellevue, Ohio; Titusville, Pa.; and Erie, Pa. Tom Lagos, Shawn Bakke and El Warner of the Los Angles office of Colliers International represented the seller, a private investor in Ohio.
PEORIA, ILL. — New York-based American Realty Capital Healthcare Trust has paid $32 million for two acquisitions, including Methodist North Medical Office Building in Peoria. The company secured a ground leasehold interest in the three-story outpatient center in Peoria for $24.6 million. It also paid $7.4 million for a ground leasehold interest in a medical office building at the Odessa Regional Medical Center in Odessa, Texas. The two properties total 112,522 square feet. The Peoria property is fully leased to Methodist Services Inc., which holds two leases that expire in January and February 2025. The ground lease expires in July 2058 and includes two 25-year renewal options.