BEVERLY HILLS, CALIF. — Harbor Group International LLC (HGI) has acquired 357 North Beverly Drive, a 14,144-square-foot urban retail property in Beverly Hills, for $40 million. The property is fully leased on a triple net basis to C.O.S., a subsidiary of H&M, on a long-term lease. HGI partnered with Image Capital on the transaction.
CHICAGO — Owner and developer GlenStar Properties has begun construction on a new rooftop terrace on the 23rd floor of the Chicago Board of Trade Building complex. The 4,300-square-foot deck will be located on the east side of the south building. It will accommodate up to 150 guests and feature a 20-foot illuminated water wall with bubblers, a 10-foot illuminated planter with bubbler, Cozumel curver sofas and sectionals, leather benches and wood deck tiling. The project is slated for completion later this year. Since acquiring the building, GlenStar has embarked on a significant capital campaign aimed at breathing new life into the landmark property and attracting a more diverse tenant base.
KANSAS CITY, KAN. — Berkadia has brokered the sale of Waterstone Apartments, located at 1100-1056 County Line Road in Kansas City, for an undisclosed price. The property was 90 percent occupied at the time of sale. The buyer was WI Waterstone LLC of Kansas City, Mo., with Worcester Investments serving as general partner. The seller was VIRTU KC1 Associates of Larkspur, Calif. The 372-unit property was built in 1969 and features one-, two-, and three-bedroom layouts. Unit amenities include fireplaces, fully equipped kitchens, decks or patios and walk-in closets. Community amenities include two swimming pools, a playground and covered parking. Phillip Brimble of Berkadia’s Kansas City office brokered the sale.
ST. CLOUD, MINN. — Grandbridge Real Estate Capital recently closed a $16 million first mortgage loan secured by a 240-unit multifamily property in St. Cloud. The 282,554-square-foot property sits on 33 acres of land. Tony Carlson of the Minneapolis office of Grandbridge originated the refinancing loan. The fixed-rate, nonrecourse loan provided by a life insurance company includes a 15-year term and 25-year amortization schedule. The Class A property includes an abundance of amenities and large, finished units.
GRAND RAPIDS, MICH. — Third Coast Development has broken ground on a two-building mixed-use project in downtown Grand Rapids that will offer a total of 26 apartments, plus two commercial spaces. The project is taking shape near the site of a Hampton Inn & Suites currently under construction in downtown Grand Rapids. The two buildings are located at 555 Michigan St. and 601 Michigan St. Third Coast Purple at 555 Michigan St. will be a three-story, 12,000-square-foot building featuring eight total apartments and one commercial space on the first floor. Third Coast Orange at 601 Michigan St. will be a four-story, 25,000-square-foot building that will include 18 total apartments and one commercial space on the main floor. The total cost for the two buildings is estimated at $7.4 million, and the project is expected to create at least 15 permanent retail jobs. Last December, the Michigan Community Revitalization Program awarded the project a $1 million grant. The City of Grand Rapids’ Brownfield Redevelopment Authority also provided $475,000 in local property tax breaks.
OSHKOSH, WIS. — The Morgan Partners is developing a 4,370-square-foot Panera bakery-cafe, complete with drive-thru, in Oshkosh. The freestanding building, subject to a ground lease with a 15-year primary term, is currently under construction on 1.68 acres at I-41 and Highway 21. Panera Bread expects the bakery-cafe to open this fall. Neighboring tenants include a newly constructed Dick’s Sporting Goods, McDonald’s, Lowe’s, Menards and Festival Foods. Ed Bowen of The Morgan Partners represented the development side of the transaction, while Joe Kleiman of Mid-America Real Estate Group represented the tenant.
PROVIDENCE, R.I. — Sterling Organization, through its Sterling United Properties I LP fund, has acquired Wampanoag Plaza, a shopping center located in Providence, for an undisclosed sum. The 225,908-square-foot retail center is anchored by Stop & Shop Supermarket and was 96 percent occupied at the time of sale. Additional tenants include Marshalls, Savers, NAPA Auto Parts and Dollar Tree. The name of the seller was not released.
IRVINE, CALIF. – Property Investment Co. has purchased the Landmark Building, an 89,041-square-foot office property in Irvine, for $27.4 million. The Class A space is located at 2100 Main Street, within the master-planned Irvine Concourse office park. The building was about 60 percent occupied at the time of closing. Property Investment Co. was represented by North American Commercial and Industrial Properties. The sellers, 2100 Main L.P. and Bethel Holdings LLC, were represented by Alan Pekarcik and Dan Vittone of Avison Young.
GREENWOOD VILLAGE, COLO. – Dayton Office Park, a 90,300-square-foot office park in the Denver submarket of Greenwood Village, has sold to an unnamed buyer for $6.6 million. The three-building complex is located at 6535-6565-6595 S. Dayton Street. The buildings were constructed between 1983 and 1985. The local seller was represented by Brandon Gouker of Pinnacle Real Estate Advisors.
KANSAS CITY, MO. — The Opus Group has completed construction on 51 Main, a mixed-use development in Kansas City’s South Plaza neighborhood. The six-story building includes 176 apartment units and 8,500 square feet of ground-level retail space. Owned by VanTrust Real Estate-related entities, 51 Main includes 345 onsite parking spaces, a clubhouse and courtyard, which includes an infinity pool, grilling area and cabana. 51 Main offers more than 50 unique unit configurations, ranging from studios to one- and two-bedroom units, some with additional study spaces. Construction began in January 2013 and the first residents moved into the building in February of this year. Opus Design Build LLC was the design-builder for the project, and Opus AE Group LLC was the architect and engineer of record.
