ORANGE, CALIF. — Paragon Commercial Group LLC has acquired Rusty Leaf Plaza, a 60,294-square-foot shopping center located roughly 30 miles outside Los Angeles in Orange. Formerly anchored by Ralphs supermarket, Rusty Leaf Plaza will be repositioned in the coming months to feature a Target as the new anchor. The 41,700-square-foot store is expected to open in October 2017. CJ Osbrink of HFF sold the property on behalf of the seller, Rusty Leaf Plaza LLC.
CHICAGO — Spirit Bascom Ventures LLC, a partnership between The Bascom Group LLC and Spirit Investment Partners LLC, has acquired a mixed-use building in Chicago for $18.9 million. The building is located in the Rogers Park neighborhood at 6807 N. Sheridan Road. In addition to 160 apartment units, the property features 10,150 square feet of fully leased retail space. Todd Stofflet of KIG represented the undisclosed seller in the transaction. Andy Feinberg, Marc Schulder and David Harte of Ackman-Ziff arranged a first mortgage loan from local lender First Midwest Bank and a mezzanine loan from New York-based Hillcrest Real Estate.
CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building in Chicago for $2.8 million. The 10,000-square-foot building is located in the Andersonville neighborhood at 5531-39 N. Clark St. Chase Bank and Hair Cuttery occupy the first floor, while the second floor features an office tenant and loft apartment. Danny Spitz and Greg Dietz of Baum Realty Group represented the seller, a local investor. A Chicago-based investment group was the buyer.
SAN DIEGO — A private client of Brighton Management has acquired the 419-room Crowne Plaza Hanalei in the San Diego submarket of Mission Valley for an undisclosed sum. The hotel is located at 2270 Hotel Circle N. The hotel will continue to operate under the Crowne Plaza flag. The new owner plans to make significant renovations and upgrades to the property. Brighton will manage the hotel. CBRE’s Bob Kaplan and Rod Apodaca represented the seller, Hanalei Associates LLC (with Multi-Ventures acting as a managing member), in this transaction.
NATIONAL CITY, CALIF. — Retail Insite has arranged the sale of a retail property located at 1302 E. Plaza Blvd. in National City. Plaza Boulevard 111 Partners sold the property to Bill Jay Corp. for $6 million. The 5,946-square-foot property is leased to Mission Federal Credit Union, 85°C Bakery Café and Bank of America ATM. Don Moser of Retail Insite represented the seller, while Chuck Klein of Cushman & Wakefield represented the buyer in the transaction.
RANCHO CUCAMONGA, CALIF. — Sprouts Farmers Market has signed a lease for 35,250 square feet of retail space to anchor Alta Loma Plaza, a retail center located at 6701 Carnelian St. in Rancho Cucamonga. The new store, which is the second location in the city, is expected to open in spring 2017. Other tenants at the 70,000-square-foot retail center include Walgreens and Del Taco. Brad Umansky and Paul Galmarini of Progressive Real Estate Partners represented the undisclosed landlord, while Ryan Sullivan of Western Retail Advisors represented the tenant in the deal.
SARASOTA, FLA. — Meridian Development Group has sold Meridian Distribution Center, a 907,237-square-foot warehouse situated on 50 acres in Sarasota. Toronto-based Agellan Capital Partners Inc. purchased the property for $51 million and will retain Meridian Management Group to serve as the property manager. The asset is fully leased to four tenants — United Natural Foods International occupies 460,000 square feet of dry and refrigerated space, Bealls occupies 200,000 square feet, Access USA leases 163,000 square feet and Albert’s Organics occupies 80,000 square feet of cooler/freezer space. Meridian purchased the former Winn Dixie distribution facility in 2006 for $30 million. In 2009, Meridian developed a two-story, 55,000-square-foot charter school on the site for Imagine Schools and sold it earlier this year for $10.2 million. Kevin Heiss of Largo Real Estate Advisors represented Meridian in the sale of Meridian Distribution Center.
ATLANTA — PCCP LLC and Carter have leased more than 62,000 square feet of office space to Honeywell International Inc., a global technology company with ties to the aerospace and homebuilding industries, at the 715 Peachtree building in Midtown Atlanta. Honeywell expects to grow to more than 700 employees at the building over the next five years. The firm is investing roughly $19 million into the new office space, which will house the company’s Home and Building Technologies headquarters. The 10-story, 318,000-square-foot office building is situated adjacent to Fox Theatre. The property was originally constructed as the regional headquarters for J.C. Penney.
LAS VEGAS — Loft 5 LLC has acquired the 241-unit Loft 5 apartments in Las Vegas for $51.5 million. The community is situated just off Interstate 15, nearby to the Las Vegas Strip. Loft 5 contains a mix of for-sale and for-rent units. Community amenities include four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center, steam room and club lounge. JLL’s John Cunningham and Charles Steele represented the seller, DK Loft 5 LLC, in this transaction.
NEWARK, N.J. — SJP Properties and Matrix Development have completed the sale of Two Riverfront Plaza, a 12-story office building located in Newark. An international entity advised by Arch Street Capital Advisors acquired the property for an undisclosed price. The 337,500-square-foot property is fully leased to Panasonic Corp. of North America on a long-term lease. The building was developed in 2013 as Panasonic’s U.S. headquarters. Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick, N.J., office, represented the sellers in the deal.
