IRVINE, CALIF. — Irvine-based Gantry has secured $40 million in acquisition financing for four separate purchases of self-storage properties in Tennessee and Florida. Totaling 286,000 rentable square feet, the properties include three Storelocal Self Storage properties in Franklin and Spring Hill, Tenn., and a U.S. Storage Center facility in Tampa. Andy Bratt and Amit Tyagi of Gantry arranged the fixed-rate loans through separate life insurance companies on behalf of the borrower, a multi-generational private family that is buying the properties in a 1031 exchange. Two of the loans were bridge loans and two were permanent loans.
CLEARWATER, FLA. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties Ltd., has brokered the $19.6 million sale of an eight-story office building in Clearwater. Gary Goodgame, Jeremy Dee and Max Browne of Kennedy Wilson Brokerage represented the seller, Mercury Casualty Co. (i.e. Mercury Insurance), in the transaction. Convergent Capital Partners, a Tampa-based investment group, is the buyer and is planning to make renovations to the property. Located at 1901 Ulmerton Road, the 157,000-square-foot building is located on a 7.3-acre site in Clearwater’s Feather Sound area and features a gym, café and five-story parking garage. The building was delivered in 1999 and currently has approximately 100,000 square feet available for lease. K.C. Tenukas, Kristin Kenney and Nick Baldwin of CBRE will be marketing the building for lease on behalf of Convergent Capital.
TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit apartment community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million. The Gallery is a two-story, 13-building property built in 1972 on approximately four acres. Amenities include a pool, fitness center and laundry facility. Apartment features include private patios or balconies. The two- and three-bedroom floor plans average 1,013 square feet in size. Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap’s Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson led the IPA capital markets team.
FLAGSTAFF, ARIZ. — Faris Lee Investments has arranged the $23.5 million sale of The Marketplace, a 268,000-square-foot shopping center in Flagstaff. Tenants at the property include Petco, Best Buy, World Market, Marshall’s, Old Navy and Bealls Outlet. Don MacLellan, Jeff Conover and Scott DeYoung of Faris Lee represented the seller, Macerich, in the all-cash transaction. A California-based 1031 investor purchased the property.
RIVERSIDE, CALIF. — Clarion Partners has provided a has provided a mezzanine loan that’s part of the acquisition financing package collateralized by an industrial building in Riverside. An affiliate of Societe Generale arranged the $10 million mezzanine loan subordinate to a $70 million senior loan. The Class A, 600,000-square-foot facility is fully leased and serves as the headquarters for a third-party logistics provider.
IRVINE, CALIF. — Premier Workspaces has taken over a co-working location at 100 Spectrum Center Drive in the Irvine Spectrum area. Formerly a Carr Workplaces, this 24,200-square-foot location offers ninth-floor views, 87 private offices, three serviced meeting rooms, an on-demand office and a common area lounge with on-site hospitality staff. This latest transaction expands Premier Workspace’s footprint in Irvine to more than 233,000 square feet across 10 locations.
BUDA, TEXAS — Texas-based private equity firm SPI Advisory has acquired The Bradford, a 264-unit apartment community located in the southern Austin suburb of Buda. Built in 2010 as Trails at Buda Ranch, the property offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center and outdoor grilling and dining stations. Patton Jones of Newmark represented the undisclosed seller in the transaction. SPI Advisory will undertake a light capital improvement program at the property. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.
MISSION, TEXAS — Partners Real Estate has arranged the sale of a 49,320-square-foot medical office building in the Rio Grande Valley city of Mission. According to LoopNet Inc., the property was originally built in 1999 and renovated in 2010. Gustavo Torres of Partners represented the seller, MMP Development, in the transaction. Alex Wenzel of Sands Investment Group represented the undisclosed buyer.
MANCHESTER, N.H. — CBRE has negotiated the sale of a 108-room Holiday Inn Express & Suites hotel in Manchester, located in the southern part of the Granite State. The location at 1298 S. Porter St. puts the hotel, which opened in 2003, within four miles of Manchester-Boston regional airport. Amenities include an indoor pool, fitness center and meeting/event space. Dave McElroy and Scott Hutchinson of CBRE represented the seller, a local family, in the transaction. Manchester Hospitality purchased the asset for an undisclosed price.
BRADENTON, FLA. — Wolfson BTR, an affiliate of Wolfson Development Co., has sold a build-to-rent (BTR) residential community in the Tampa Bay city of Bradenton for $59 million. The buyer was not disclosed, but Manatee County Property Appraiser files identify the buyer as an affiliate of New York-based JP Morgan Asset Management. The Tampa Bay-area community, known as Cantabria Bradenton, spans 184 three- and four-bedroom homes on 36 acres. The property comprises 172 attached townhomes and 12 detached single-family homes, each with attached garages and private, fenced yards. Community amenities include a clubhouse, fitness center, pool, walking trails and picnic areas. Wolfson Development has a pipeline of nearly 2,000 units, including Cantabria Bradenton, with a total exit valuation of nearly $1 billion. The sale was done in partnership with Transcendent Investment Management and Dan Armistead.