EL PASO, TEXAS — Schneider Electric USA, an Illinois-based manufacturer of electrical distribution products and a subsidiary of French multinational firm Schneider Electric SE, has signed an industrial lease in El Paso. The company will occupy 112,721 square feet at 1701 Northwestern Drive, located on the city’s north side. Anthony Mash of CBRE represented the landlord, Boston-based STAG Industrial, in the lease negotiations. Adin Brown of Sonny Brown Associates represented the tenant.
DALLAS — Adolfson & Peterson Construction (A&P) has completed a 109-unit seniors housing community located at 8130 Meadow Road in Dallas. The property consists of 80 skilled nursing units and 29 assisted living suites. Amenities include a bistro for coffee and retail, a restaurant-style dining room, health and wellness therapy gym and a full-service salon and spa. National architecture firm Page designed the property. Corsair Ventures is the developer and U.S. Freedom Capital provided project financing. Construction began in February 2016.
ORLANDO, FLA. — CBRE has secured $46 million loan for the refinancing of 20 North Orange, an office tower in downtown Orlando. The borrower is an investment fund managed by Apollo Global Management and Steelbridge Capital. Situated within Main & Main, the 16-story building features 278,713 square feet of office space, 24-hour security, an on-site café and a parking structure at a ratio of up to 4/1,000 square feet via two covered sky bridges. At the time of financing, the property was occupied by 20 tenants. Amy Julian, Christian Lee and José Lobón of CBRE’s Miami office arranged the financing for the borrower.
PHOENIX — The Koll Co. and Seera International Bank have completed the sale of Buckeye Logistics Center, a distribution center located at 6835 W. Buckeye Road in Phoenix. An undisclosed buyer acquired the property for $98.3 million. Amazon occupies the 1 million-square-foot warehouse/distribution facility. Originally built as a 604,678-square-foot facility in 2007, Amazon has expanded the property to accommodate its growing clothing and soft goods inventory. The Koll Co. acquired the property in 2016 for $74.7 million and worked with Amazon to convert the property to meet its needs, including the acquisition of an adjacent parcel for additional truck trailer storage. The Koll Co., along with Mark Detmer and Bo Mills of JLL, also renegotiated the tenant’s lease, extending Amazon’s term to more than 10 years.
LEXINGTON PARK, MD. — Charger Ventures has received $30.1 million in financing for the acquisition of Greens at Hilton Run, a garden-style multifamily community located at 46860 Hilton Drive in Lexington Park. Jamie Leachman and Nicole Brickhouse of HFF secured the 10-year, fixed-rate loan through Freddie Mac’s CME Program for the borrower. The securitized loan will be serviced by HFF. Charger Ventures plans to continue the seller’s interior unit renovation program, as well as upgrade the clubhouse and amenities. Developed in 1988 and 1992, Greens at Hilton Run features 328 apartments in a mix of one-, two- and three-bedroom units averaging 927 square feet.
PORTLAND, ORE. — A joint venture between Unico Properties, a subsidiary of Unico Investment Group, and American Realty Advisors has purchased MODA Tower, a skyline office tower in Portland’s central business district, for an undisclosed price. Located at 601 SW Second Ave., the 24-story building features 398,412 square feet of Class A office space. At the time of sale, the property was 90 percent leased. The building features an on-site daycare facility, gourmet coffee and food service, bike storage, direct access to the MAX light rail transit system, exterior terraces and unobstructed views of Mt. Hood and the Willamette River. Jason Flynn of Eastdil Secured represented the undisclosed seller in the deal.
RENTON, WASH. — Griffis Residential, through its Griffis Premium Apartment Fund IV, has acquired a two-property multifamily portfolio located in Renton, a suburb 25 miles south of Seattle, for an undisclosed price. The properties — Reserve and Sanctuary Apartments — have been renamed Griffis Lake Washington at the Landing. Built between 2008 and 2010, the properties will be operated as an 880-unit single apartment community offering studio, one- and two-bedroom units, with an average size of 846 square feet. The property is within walking distance of a variety of amenities and employment opportunities, including The Landing, a lifestyle retail center, and Boeing’s 737 airplane manufacturing facility. Additionally, the community is adjacent to Southport, an under-construction mixed-use project that will feature hospitality, office and recreational space.
LAS VEGAS — San Diego-based Tower 16 Capital Partners has purchased Cornerstone Crossing Apartments, a multifamily property located at 6666 W. Washington Ave. in northwest Las Vegas. An undisclosed seller sold the 540-unit property for $49.7 million. Built in 1984, the two-story complex features studios, one-, two- and three-bedroom apartments, ranging from 440 square feet to 1,000 square feet, with private patios and balconies. Community amenities include landscaped courtyards, three pools and spas, a barbecue area, business center, fitness center, basketball courts and sports courts. Tower 16 plans to invest $6.5 million in renovations and upgrades to the property. This is the company’s third acquisition in Las Vegas. Earlier this year, Tower 16 acquired Altura on Duneville and Altura on Tropicana in Spring Valley, Nev.
OAKLAND, CALIF. — Marcus & Millichap has negotiated the sale 315 Wayne Place, a 46-unit apartment asset located at 315 Wayne Place in Oakland. An undisclosed buyer acquired the property for $13.5 million, or $293,478 per unit. Constructed in 1966, the 40,041-square-foot property features five studios, 27 one-bedroom/one-bath units, 12 two-bedroom/one-bath apartments, a two-bedroom/two-bath penthouse and a three-bedroom/two-bath penthouse. Kevin Turner of Marcus & Millichap and Kristopher Lamont of Bay Apartment Advisors handled the transaction.
ALPHARETTA, GA. — Dallas-based Velocis, a private equity real estate manager, has completed the disposition of Royal Centre One, a Class A office complex located in Alpharetta, a northern suburb of Atlanta. The Simpson Organization acquired the property for an undisclosed price. Situated within the master-planned Royal 400 office park, the asset features 152,935 square feet of office space across multiple buildings spanning 12 acres along the Georgia 400 corridor. Velocis originally acquired the property in 2013 and has raised occupancy from 53 percent to just under 80 percent, at the time of sale. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the deal.