TUCSON, ARIZ. — El Segundo, Calif-based Venture West Funding has arranged a $16 million loan for the refinancing of a multi-tenant office building located in Tucson. Originally built in 2018 and most recently renovated in 2018, the property features 141,295 square feet of multi-tenant office space. At the time of financing, the property was 92 percent leased to several national tenants, including Centene, Tsomas Engineering and Aecom. Matt Douglas of Venture West Funding secured the 10-year, fixed-rate, interest-only loan for the borrower, an affiliate of a Los Angeles-based investor, through Goldman Sachs.
TUKWILA, WASH. — Cederlind Real Estate has completed the sale of El Matador Apartments, a multifamily property located at 14828 Military Road South in Tukwila. James Lee of Lee El Matador LLC, a local private investor, purchased the apartment community for $7.4 million. Situated four blocks from the Tukwila Link Light Rail station, El Matador Apartments features 44 for-rent residential units and a swimming pool. Additionally, the property is located in close proximity to interstates 5 and 405 and Sac-Tac International Airport. Joe Levin of Colliers International represented the seller, while Ted Sipila of Kidder Mathews represented the buyer in the deal.
PHOENIX — Cambria Hotels, an upscale brand franchised by Choice Hotels International, has opened its third hotel in Arizona: Cambria Hotel Downtown Phoenix Convention Center. Situated at 222 E. Portland St., the seven-story, 127-room hotel features a spacious rooftop, multi-function meeting and event space, a pool with cabanas and bar, a state-of-the-art fitness center and Poppy, an on-site restaurant. Guest rooms feature modern fixtures, abundant lighting and plush bedding, as well as spa-style bathrooms. Oxford Hotels & Resorts manages the hotel, which was developed by True North Studio.
SEATTLE — Newmark Knight Frank (NKF) has arranged the sale of the Wallingford Bartell Drugs Building, a standalone retail building located in Seattle. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank’s Retail Investments Team represented the undisclosed seller in the deal. Terms of the transaction, including the name of buyer and acquisition price, were not released. Located at the corner of North 45th Street and Burke Avenue North, the single-tenant property features 8,660 square feet of retail space.
CHICAGO — ESG Kullen has acquired 1400 N. Lakeshore Drive in Chicago for $107 million. The buyer will convert the 391-unit, multi-building condominium property back into apartments. Sam Haddadin and Dan Cohen of CBRE represented the condo association and its president, Michael Arrington, in the condo deconversion sale. Built in 1927, the property originally comprised apartment units and was converted to condos in 2006. A large majority of the units are studios and one-bedroom units. The façade of the building was repaired in 2017 and the elevators were updated in 2016. The property features a large rooftop deck for residents. “Chicago is home to a great number of buildings in the age range of 50 to 90 years old. Many of those buildings were converted to condominiums in the 80s, 90s and early 2000s,” says Haddadin. “We’re finding that a large subset of those condominium associations have deferred important maintenance and capital expenditures and are now facing a choice: Do we do a large special assessment to address these capital projects? Or do we sell our building to a developer for a substantial premium and use those proceeds to purchase a newer home?”
JEFFERSONVILLE, IND. — SRS Real Estate Partners National Net Lease Group has arranged the sale of Jefferson Town Center West in Jeffersonville for $30 million. The newly developed, 184,663-square-foot regional shopping center is located at 4251 Town Center Blvd. It is fully leased to tenants such as Hobby Lobby, Burlington, TJ Maxx, HomeGoods, Petco, Five Below and Ulta. Michael Carter and Frank Rogers of SRS represented the seller, a Louisville, Ky.-based developer. Carter and Rogers also represented the buyer, a private investor based in Newport Beach, Calif.
LEBANON, IND. — Quantum Real Estate Advisors Inc. has negotiated the sale of a single-tenant medical office building in Lebanon, about 30 miles northwest of Indianapolis, for $7.7 million. Newly constructed this year, the property is located at 1310 Lebanon St. American Health Network leases the roughly 20,000-square-foot property. Daniel Waszak of Quantum represented the seller, a Midwest-based developer. A Midwest-based medical office REIT purchased the asset.
EAST LANSING, MICH. — Marcus & Millichap has brokered the sale of a 10,000-square-foot property leased to Firestone Complete Auto Care in East Lansing for $2.7 million. The building, renovated this year, is located at 2700 E. Grand River Ave. Don McMinn of Marcus & Millichap represented the seller, East Lansing BF Retail LLC. Andrew Irvine of Marcus & Millichap represented the buyer, Lincoln Street Commercial LLC. “This Firestone traded at 99 percent of list price with a 1031 buyer with multiple back up offers. This speaks to the strong investor demand for Firestone deals due to its strong credit, long-term NNN leases with increases, solid retail locations and internet-resistant business model,” says McMinn.
LOMBARD, ILL. — Brown Commercial Group has arranged the sale of a 10,000-square-foot industrial warehouse in Lombard for an undisclosed price. The Davey Tree Expert Co. purchased the property, which is located on a 4.7-acre site at 1200 N. Lombard Road. Mike Anotnelli of Brown represented the buyer, a residential and commercial tree and landscaping company. The sale enabled the buyer to acquire a local tree care company that occupied the building and to take over its business.
FORT WORTH, TEXAS — M2G Ventures has begun construction on North Quarter 35, a 640,000-square-foot industrial development within the AllianceTexas master-planned community in Fort Worth. The Class A project will deliver an undisclosed number of buildings with cross-dock, rear-load and front-load configurations. Stream Realty Partners will handle leasing of the new buildings, completion of which is slated for the fourth quarter of 2020. GSR Andrade is the project architect, and FCL Builders is the general contractor.