LONE TREE, COLO. – The 38,600-square-foot Renewal Medical Center in Lone Tree has been purchased by Baceline Investments, LLC from a lender after foreclosure for $6 million. This is about 55 percent of the property’s original loan value, according to an announcement by Baceline. The medical office building was built in 1984 and renovated in 2005. It is currently 65 percent occupied. Baceline intends to carry out further improvements to the building over the next year.
LA VERNE, CALIF – The La Verne Towne Center has received two new tenants. Discount chain Marshalls celebrated its grand opening at the 226,872-square-foot shopping center on Oct. 13. Staples is set to open in 2012. The shopping center is owned by BIG Shopping Centers USA, which acquired the property in June 2010 through a joint venture with Kimco Realty Corporation.
HATTIESBURG, MISS., AND RUSTON, LA. — Marcus & Millichap has arranged the $39 million sale of two student housing properties in separate sales in Hattiesburg and Ruston. The 216-unit Eagle's Trail Apartments, located at 8 Eagle's Trail in Hattiesburg, one mile from the University of Southern Mississippi, has been sold to a large student housing REIT for $20 million. Additionally, the 144-unit University Crossing, located at 1201 W. California Ave. in Ruston, adjacent to Louisiana Tech University, has been purchased by a private investment group for $19 million. Ray Turchi of Marcus & Millichap's Orlando, Fla., office represented the seller of the two properties, Ken Dixon, a private investor, in both transactions. Gregory Wilson, also of Marcus & Millichap's Orlando office, procured both buyers. William Hoffpauir of Marcus & Millichap's Lafayette, La., office also represented the buyer of University Crossing.
ORMOND BEACH, FLA. — ARA has negotiated the sale of the 184-unit Shadow Lakes, a REO community located at 500 Shadow Lakes Blvd. in Ormand Beach. The property is currently 92 percent leased. Kevin Judd of ARA's Orlando, Fla., office, Patrick Dufuor of ARA's Tampa, Fla., office and Matt WIlcox of ARA”s Jacksonville, Fla., office represented the undisclosed seller in the transaction. The buyer was self-represented.
NAPLES, FLA. — CBRE has arranged the $1.65 million sale of the 9,203-square-foot Bellagio Shoppes, located at 877 91st Ave. on Tamiami Trail in Naples. Larry Foster and Bill Young of CBRE's Naples office represented the seller, LBUBS 2006-C6 Tamiami Trail, and procured the buyer, Bellagio Naples.
ORLANDO, FLA. — Nashville, Tenn.-based Robbins Property Group has purchased the 68-unit Windward Apartments, located at 1744 Bowen Dr. in Orlando, from Ocwea for $1.6 million. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando office represented the seller in the transaction.
BALTIMORE — Cassidy Turley has arranged $38.5 million in permanent financing for a 222,578-square-foot office building, located at 1001 Fleet St. in Baltimore. John Campanella of Cassidy Turley's Washington, D.C., office secured the financing on behalf of the owner, H&S Properties Development Corp.
STREETSBORO, OHIO — Monmouth Real Estate Investment Corp. has acquired a 368,060-square-foot industrial building, located in the Interstate Commerce Center Industrial Park in Streetsboro, for $19.6 million. The property is net-leased through August 2021 to Best Buy Warehousing Logistics.
CLEVELAND — Grubb & Ellis has negotiated the $1.7 million sale of a 198,000-square-foot industrial property Unit No. 2, located at 777 Lena Dr. in Cleveland. The property is part of the former Lucas Aerospace Building. Terry Coyne of Grubb & Ellis' Cleveland office represented the seller, PB IL OREO, in the transaction. The buyer was Lena Commerce.
CHICAGO — HSA — Primecare has selected Premier Design + Build Group of the 22,500-square-foot Silver Cross Hospital & University of Chicago Medical Center Cancer Center tenant improvements. In addition to medial exam rooms and physician offices, construction includes a variety of cancer treatment procedure area including chemotherapy infusion bays, computed tomography imaging and radiation oncology via linear accelerator radiotherapy equipment. Completion is slated for spring 2012.