OPA-LOCKA, FLA. — Lee & Associates has arranged the $2.3 million sale of a 32,897-square-foot industrial and office building in Opa-Locka. The property is situated at 4600 NW 128th St., two miles from the 850,000-square-foot Amazon Mega Distribution Center and nine miles north of Miami International Airport. The building comprises 22,620 square feet of warehouse space and 10,277 square feet of office space and the option to build out an additional 3,462 square feet of office space. The facility offers front and rear loading, six dock height doors, one drive-in door, a truck court, 21-foot clear ceiling heights and two freight elevators. The buyer, Blue Ring Plastics LLC, plans to expand its avionics operations at the site. Avionics is the electronic systems used on aircraft, artificial satellites and spacecraft. Matthew Rotolante and Conner Milford of Lee & Associates represented the seller, Brain Power Investments LLC, and the buyer in the transaction.
ESCONDIDO, CALIF. — Colliers International has arranged the sale of Sage Apartments, a multifamily community located at 1920 and 1960 E. Grand Ave. in Escondido. Clear Sky Escondido LP sold the asset to Subsidiaria de Santa Jacinto LLC for $34.7 million, or $253,285 per unit. Peter Scepanovia and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory Group represented the seller in the transaction. Totaling 86,748 square feet, Sage Apartments features 137 units in a mix of one- and two-bedroom layouts. Over the past three years, the seller made various interior and exterior upgrades to the 1970-era property. The new owner plans to continue the upgrades and renovations.
HOLLYWOOD, CALIF. — Santa Monica, Calif.-based BLT Enterprises has purchased two office properties in Hollywood for a total consideration of $20 million. The properties are a creative office asset at 5735 Melrose Ave. and an 18,000-square-foot production and entertainment office compound at 6151 Santa Monica Blvd. BLT plans to transform the Santa Monica Boulevard property into a modern creative industrial compound catering to production catering to production companies, digital advertising agencies and other companies at the convergence of tech and media. The Melrose property already underwent a renovation to fit the needs of the marketplace. Brad McCoy and David Wilson of Lee & Associates represented BLT in both transactions. Adam Hall of TOLD Partners represented the undisclosed seller of the Santa Monica property, while Paul Brehme and Brad McCoy of Lee & Associates represented the seller of the Melrose property.
SAN BERNARDINO, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has arranged a $15.2 million interim bridge loan on behalf of Alliant Strategic Investments (ASI) to acquire Village Green Apartments, an affordable housing property in San Bernardino. Woodland Hills, Calif.-based ASI is an investment firm focused on the acquisition and preservation of affordable and workforce housing in urban markets throughout the United States. Situated on 22 acres, Village Green Apartments features 184 units in a mix of one- and two-bedroom layouts. Community amenities for the pet-friendly property include private backyards and two swimming pools. Additionally, KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group is arranging permanent financing — a Federal Housing Administration 223(f) mortgage through the U.S. Department of Housing and Urban Development — for ASI. The term of the Housing Assistance Payments Contract on the property will be extended. Hector Zuniga of KeyBank’s CDLI and Paul Angle of KBREC’s Commercial Mortgage Group structured the financing.
SIERRA VISTA, ARIZ. — Marcus & Millichap has arranged the sale of the Los Arcos Mobile Home Park, located at 650 E. Busby Drive in Sierra Vista. An individual/personal trust acquired the community from a private investor for $3.2 million. Situated on 37.2 acres, Los Arcos Mobile Home Park features 232 total lots. At the time of sale, the property was 60 percent occupied. Michael Escobedo and Glenn Esterson of Marcus & Millichap represented the seller and procured the buyer in the deal.
STATELINE, NEV. — Dickson Commercial has negotiated the sale of a two-building property located at 298 Kingsbury Grade and 160 Pineridge Drive in Stateline. Kingsbury General Improvement District acquired the assets from JM Ranches for $2.7 million. The two multi-tenant properties offer a total of 15,788 square feet of office, industrial and retail space. Travis Hansen of Dickson Commercial Group represented the seller in the transaction.
FRISCO, TEXAS — Embrey Partners, a San Antonio-based multifamily developer, has received a loan for the refinancing of Domain at the Gate, a 350-unit apartment community in Frisco. Built in 2017, the property offers a 24-hour fitness center with yoga and spin studios, an indoor sports simulator, clubhouse and coffee bar, pool with outdoor kitchen and a private library. Pacific Life Insurance Co. provided the loan, and Trinity Real Estate Finance Inc. placed the debt. The amount of the loan was not disclosed.
HOUSTON — A fund sponsored by Los Angeles-based CBRE Global Investors has acquired Elan Med Center, a 281-unit apartment community located within the Texas Medical Center in Houston. Built in 2014, the property offers one- and two-bedroom units and amenities such as a pool, clubhouse, game room, fitness center, pet park, multiple study lounges and an outdoor terrace area with a kitchen and grills. The seller was not disclosed.
FORT WORTH, TEXAS — Butler Animal Health Supply LLC, a provider of veterinarian supplies and medications, has renewed its 120,000-square-foot industrial lease at 14800 FAA Blvd. in Fort Worth. According to LoopNet Inc., the property spans 198,871 square feet across 10.9 acres. Bob Acuff of Colliers International represented the tenant in the lease negotiations. The landlord is ML Realty Partners.
PLANO, TEXAS — Digital Matrix Systems (DMS), an international provider of risk management solutions, has signed a 22,500-square-foot office lease at Preston Park Towers West in Plano for its new headquarters. The company is relocating from nearby Addison. Mike Cleary, Mike Kay and Campbell Puckett of CBRE represented DMS in its site selection and lease negotiations. Campbell Henry and Chris Axley with Lincoln Property Co. represented the landlord, TerraCap Mangement.