REBusinessOnline.com

March 20, 2012

CHAMPION BUYS 1.1-ACRE PARCEL FOR LA MIXED-USE DEVELOPMENT
HOLLYWOOD, CALIF. -- Champion Real Estate Company has purchased a 1.14-acre commercial parking lot in Hollywood where it plans to develop a mixed-use project. The firm will continue to operate the parking lot, located at 1717 Cherokee and 1718 Las Palmas, until construction commences. This is Champion’s second Hollywood acquisition within a year. It also recently purchased a $20-million, 2.76-acre redevelopment site for another mixed-use development.


HILLSBORO RETAIL BUILDING SELLS FOR $4.5M
HILLSBORO, ORE. – A 12,000-square-foot retail building in Hillsboro's Tanasbourne area has sold to an unnamed buyer for $4.5 million. The building is currently fully leased to two medical tenants, including Aspen Dental and Concentra Health. Both recently signed 10-year leases at the property after the building was retrofitted. Chris Johnson, MaryKay West, Denis O'Neill and J.J. Unger of NAI NBS represented the seller, Quattro Hillsboro LLC, in this transaction.


MORRISON STREET CLOSES THREE TRANSACTIONS FOR $5.6M
DENVER, TEMPE, ARIZ. -- Morrison Street Capital has recently closed three transactions in the Denver and Tempe areas for a total of $5,661,000 in invested equity for Morrison Street Fund IV and Morrison Street Debt Fund II. The investments included $2,661,000 of preferred equity for the 312-unit Greenwood Point Apartments in Englewood, Colo.; $1.4 million for the 230-unit Peachtree Apartments in the Denver metro area; and $1.6 million in the 172-unit The Park in Tempe. Morrison Street utilized the preferred equity investment to finance the Colorado acquisitions and to recapitalize the Tempe property.


FOREVER 21 TO OCCUPY FORMER BORDERS LOCATION IN SANTA CRUZ
SANTA CRUZ, CALIF. -- Forever 21 will occupy the 22,508-square-foot space in downtown Santa Cruz that was previously home to Borders bookstore. The fashion retailer will move into the building in August after the remodeling has been completed. Stuart Zall of the Zall Company and Neal Berkowitz of Newmark Knight Frank represented the landlord, Redtree Properties, L.P., in this transaction.

Western