DENVER — Essex Financial Group has secured an $87.5 million loan to refinance a five-property retail portfolio totaling 689,599 square feet across the greater Denver area. King Soopers, a subsidiary of Kroger, anchors each of the neighborhood centers. Essex worked on behalf of AmCap Inc., which has owned the properties since 1987. The grocery-anchored portfolio is currently 98 percent leased, with King Soopers accounting for more than half of the net rentable area. Other tenants in the portfolio include a mix of national and local retailers focused on daily needs, service uses and restaurants. Essex secured the fixed-rate, nonrecourse loan with an institutional investment manager that was funding on behalf of a separate life insurance company account. Paul Donahue, Cooper Williams, Matt Perigard and Andrea Mehlem of Essex’s Capital Markets team arranged the financing.
WALNUT CREEK, CALIF. — Asia Pacific Capital Co. has arranged the purchase of Olympia Place, a retail center in Walnut Creek. Kimco Realty Corp. sold the asset to an undisclosed buyer. Terms of the transaction were not released. Olympia Place features 114,000 square feet of rentable space. Current tenants include Century Theatres, Planet Fitness, Starbucks Coffee and Fleming’s Steak House. At the time of acquisition, the property was about 90 percent occupied. Tina Yeung and Roger Li of Asia Pacific Capital Co. represented the buyer, while JLL represented the seller in the transaction.
LAS VEGAS — Apple Hospitality REIT has purchased Springhill Suites by Marriott Las Vegas Convention Center, located at 2989 Paradise Road in Las Vegas, for approximately $75 million, or $251,000 per key. The name of the seller was not released. Opened in October 2009, the hotel features 299 rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. With this acquisition, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms spread across 38 states.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a 1.73-acre parcel of vacant land at the northwest corner of Foothill Boulevard and Etiwanda Avenue in the Inland Empire city of Rancho Cucamonga. A Los Angeles County-based private investor sold the asset to a Los Angeles County-based private investor for $3 million. The land is zoned multi-use and is situated less than half a mile from Interstate 5. The buyer also owns the vacant land immediately adjacent and north of the property and is in the initial stages of planning and developing a mixed-use project that will encompass the multiple parcels. Neither a timeline nor specific details have been released. Chris Lindholm and Paul Galmarini of Progressive Real Estate Partners represented the seller in the deal.
MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Monroeville, an eastern suburb of Pittsburgh. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Cambridge Square Apartments consists of eight three-story buildings in one-, two- and three-bedroom floor plans, with 97 percent (198) of the units subject to a 20-year Section 8 Housing Assistance contract. Residents have access to services such as healthcare education, financial and computer literacy, childcare, youth activities, nutritional services, disability services, tenant homeownership training and parenting programs. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank structured the tax-exempt bonds, which were marketed for sale by Sam Adams of KeyBanc Capital Markets. The sponsor is Community Preservation Partners.
WHITEHALL, PA. — Lecangs, a third-party logistics company and subsidiary of Loctek, has signed a 504,000-square-foot industrial lease at 3585 Church St. in the Eastern Pennsylvania community of Whitehall. According to LoopNet Inc., the single-tenant property was built in 2001. Del Markward and Mike Capobianco of locally based brokerage firm Markward Group represented Lecangs in the lease negotiations. JLL represented the undisclosed landlord. Jeff Collins of Commercial Florida Realty Inc. also assisted in closing the deal.
BAYONNE, N.J. — Locally based developer KRE Group has begun leasing the third and final phase of Bay 151, a 212-unit multifamily project in the Northern New Jersey community of Bayonne. Designed by Minno & Wasko Architects & Planners, Bay 151 now consists of 625 units in studio, one-, two- and three-bedroom formats, as well as 10,000 square feet of retail space. Amenities include a pool, fitness center, dog park, bocce ball court, outdoor grilling and dining areas, business center, media room and a children’s play area. Rents start at $2,170 per month for a studio apartment. Construction of the 213-unit Phase II began in October 2020.
POMPTON LAKES, N.J. — Hudson Atlantic Realty has arranged the $20 million sale of Lakeside Residences, a 52-unit apartment complex located in the Northern New Jersey community of Pompton Lakes. Built in 2022, the property offers one- and two-bedroom units and amenities such as a fitness center, business center, game room and a resident lounge. Adam Zweibel of Hudson Atlantic represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
VOORHEES, N.J. — CBRE has brokered the $13 million sale of three standalone retail buildings totaling 62,358 square feet and an undeveloped land parcel in the Southern New Jersey community of Voorhees. The buildings are situated within the 366,000-square-foot Cedar Hill Shopping Center and are leased to tenants such as Starbucks Coffee, The Vitamin Shoppe, AT&T and Savers Thrift Store. Lowe’s, BJ’s Wholesale Club and Aldi anchor Cedar Hill Shopping Center. Matthew Gorman, Michael Shover, Thomas Finnegan and Rob Thompson of CBRE represented the seller and procured the buyer in the transaction.
LOS ANGELES — Carolwood Equities LP, a real estate private equity firm based in Beverly Hills, Calif., has purchased Aon Center, a 62-story office tower in downtown Los Angeles. The 1.1 million-square-foot skyscraper is located at 707 Wilshire Blvd. in the city’s Financial District. The $153.3 million sale of Aon Center represents the largest office sale in fourth-quarter 2023 in the Western United States, according to Newmark. The deal is also the largest purchase in downtown Los Angeles last year but sold for 45 percent less than its last purchase price, according to the Los Angeles Business Journal. The media outlet reports that the seller, San Francisco-based Shorenstein Properties, had previously purchased the tower in 2014 for $269 million. Private investors Daniel Abrams and Adam Tischer are part of the new ownership group alongside Carolwood Equities. Tischer, vice president of Colliers’ Los Angeles office, was also part of the brokerage team for the buyer that also included Sean Fulp, vice chair of Colliers. “The ownership group’s acquisition of the iconic Aon Center exemplifies the flow of private capital into Los Angeles, seizing the opportunity created by market dislocation,” says Fulp. “With a new low basis and a well-capitalized owner, Aon Center …