TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Vida Nueva Apartments, a multifamily property in Tucson. Equilibrium Villas Vida Blue LLC acquired the asset from Seajak Properties for $1.2 million. Located at 3525 N. Stone Ave., the 28,228-square-foot property features 24 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.
DUNCAN, S.C. — Cushman & Wakefield has brokered the $105.6 million sale of the Apple Valley Industrial Portfolio, a four-building portfolio of industrial facilities in the Upstate South Carolina market of Duncan. An affiliate of Lexington Realty Trust purchased the facilities from Panattoni and PCCP. Stewart Calhoun and Casey Masters of Cushman & Wakefield, along with Marcus Cornelius of CBRE and Ryan Koop of Broadstreet Partners, represented the sellers in the transaction. Situated near Inland Port Greer and BMW’s campus, the Class A portfolio is located off of Apple Valley Road and totals more than 1 million square feet.
SANDY SPRINGS, GA. — Kaplan Residential, a multifamily developer with offices in Atlanta and Miami, has sold Square One, a 203-unit mixed-use multifamily community in Sandy Springs. Atlanta-based Audubon purchased Square One for $59.2 million. Located at 6050 Roswell Road, Square One encompasses studios starting from 620 square feet to two-bedroom units spanning 1,361 square feet. Unit interiors feature stainless steel appliances, full-size washers and dryers, nine- and 10-foot ceilings, granite kitchen islands, subway tile in kitchens and bathrooms and walk-in closets. Community amenities include a rooftop bar and pool, coffee bar, onsite dog park, preferred parking for energy-efficient cars and a fitness center. The property also includes 10,000 square feet of retail space on the ground level leased to a wax salon, nail salon, gym and Vietnamese restaurant. George Morgan and Candy Morgan of George S. Morgan Development Co. Inc. partnered with Kaplan Residential for the entirety of the project. The firm enlisted architectural firm Niles Bolton Associates to design the shared amenity spaces, units and overall structure. Robert Stickel of Cushman & Wakefield represented the buyer in the transaction. Steven Kennedy of Seyfarth Shaw represented the seller. Kaplan Residential opened the five-story property, which sits at the corner …
BOCA RATON, FLA. — Grover Corlew, a locally based real estate investment and development firm, has purchased the 109,497-square-foot Bank of America Tower in downtown Boca Raton. The undisclosed seller sold the office building in an off-market transaction for $44.6 million. In addition to Bank of America, the building’s tenants include Charles Schwab and Waypoint Residential. Originally built in 1970, the eight-story Bank of America Tower offers onsite management and a building engineer, Wi-Fi access in the lobby, a conferencing facility and free and secure surface and garage parking. Located at 150 East Palmetto Park Road, Bank of America Tower is located 28.7 miles from Palm Beach International Airport and 4.1 miles from Boca Raton Airport. Additionally, the building is adjacent to Royal Palm Place and within walking distance to Mizner Park and the future Brightline Station. Dominic Montazemi, Scott O’Donnell and Mike Davis of Cushman & Wakefield brokered the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing on behalf of Grover Corlew through Wells Fargo Bank.
ITASCA, ILL. — NAI Hiffman has brokered the sale of two light manufacturing and warehousing facilities in Itasca for $13.2 million. Located at 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., the properties total 108,357 square feet and were built in 1969. Phoenix Converting Inc., a producer of specialty pouches for flexible packaging, occupies both buildings. Patrick Sullivan, Ryan Chambers and Jeff Janda of NAI Hiffman represented the seller, Oak Brook-based TradeLane Properties LLC. A national industrial REIT was the buyer.
TAYLOR, MICH. — NorthMarq has arranged a $10.3 million bridge loan for the acquisition of a 243,894-square-foot industrial property in Taylor, about 18 miles southwest of Detroit. The building is located on Trolley Industrial Drive. Reina Abboud of NorthMarq arranged the four-year loan, which features three years of interest-only payments. A bridge and mezzanine lender provided the loan on behalf of the undisclosed borrower.
BRIDGEVIEW, ILL. — Adelphia Properties has negotiated the $3.6 million sale of a single-tenant retail building occupied by Panera Bread in Bridgeview, about 15 miles southwest of Chicago. The newly constructed, 4,380-square-foot property is located at 8115 S. Harlem Ave. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Chicago-based private investor. A Chicago-based developer was the seller. There are 15 years remaining on Panera Bread’s lease.
DAVENPORT, FLA. — Berkadia has secured $43.2 million in acquisition financing for Legends at ChampionsGate, a 252-unit multifamily community located outside of Orlando. Mitch Sinberg and Matthew Robbins of Berkadia secured the financing on behalf of Taurus Investment Holdings, which acquired the property for $53.8 million from an undisclosed seller. The three-year, floating-rate, interest-only loan was underwritten at a 75 percent loan-to-cost ratio and inclues additional funds to finance capital improvements. Located at 8101 Champions Circle, Legends at ChampionsGate was built in 2002 and includes one-, two- and three-bedroom floor plans. The units include built-in shelving, digital thermostats, hardwood style flooring, walk-in closets and private balconies. Community amenities include a swimming pool, fitness center, playground, business center and yoga room. Situated 26.5 miles south of downtown Orlando, the community is approximately 7.2 miles from Interstate 4.
ORLANDO, FLA. — Newport Capital Partners has acquired West Colonial Oaks, a 160,792-square-foot, grocery-anchored shopping center situated on the southwest corner of West Colonial Drive and North Hiawassee Road in Orlando. Newport Capital acquired the property via its Newport Capital Partners Fund III. The property was sourced and acquired off-market from a private investor. Newmark arranged acquisition financing through Ameris Bank. The seller and sales price were not disclosed. West Colonial Oaks is currently 94 percent leased and its largest tenant is national discount retailer Ollie’s Bargain Outlet. The property’s other tenants include Fancy Fruit & Produce, Office Depot, Crazy Buffet, Family Dollar, Olive Garden and Optum Primary Care. The shopping center is shadow-anchored by The Home Depot and is also close to employment and education drivers including Valencia College, Orlando Health Central Hospital and the Seaboard Industrial neighborhood, which is home to Amazon’s 1.1 million-square-foot distribution center.
ARLINGTON, VA. — JLL Capital Markets has facilitated the sale of Alexan Earl, a 333-unit multifamily community in Arlington. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Trammell Crow Residential, which also had an equity partner. Lincoln Property Co. and Cadillac Fairview acquired the property for an undisclosed price. Additionally, Michael Cosby, Jimmy Conley, Jamie Leachman and Andy Scott of JLL secured a five-year, floating-rate acquisition loan through Mesa West Capital LLC. Alexan Earl features studio, one- and two-bedroom residential units averaging 827 square feet across two buildings. The property also features 3,396 square feet of retail space. Units include quartz countertops, undercabinet lighting, movable and fixed islands, undermount sinks, hard wood inspired laminate tile flooring, custom closets, stainless steel appliances and washers and dryers. Community amenities include a rooftop pool with an indoor/outdoor bar, ground-level courtyard, two fitness centers, social clubroom, complimentary Wi-Fi in all shared spaces, 24/7 concierge services and coworking space. Located off Wilson Boulevard at 1122 North Hudson St., Alexan Earl is located within walking distance of the Clarendon Metro Station.