LEESBURG, FLA. — Phillips Edison & Co. has acquired Shoppes of Lake Village, a 135,437-square-foot shopping center in the Central Florida community of Leesburg. The name of the seller and sales price were not disclosed. Publix anchors the center, which is also home to tenants such as Advance Auto Parts, Dollar Tree, H&R Block, Bon Worth, Wells Fargo Bank and Wireless Unlimited.
FORT WAYNE, IND. — HFF has arranged the sale of Jefferson Pointe in Fort Wayne for an undisclosed price. The 407,363-square-foot retail center is situated on 50 acres at 4110 W. Jefferson Blvd. Tenants at the property, built in 2000, include Carmike Cinemas, Bed Bath & Beyond, Barnes & Noble, Marshalls, Ulta Beauty, Old Navy, White House Black Market, Vera Bradley, Michaels and Tucanos Brazilian Grill. A separately owned Von Maur shadow anchors the property. The vacancy rate is around 20 percent, according to The Journal Gazette. Amy Sands, Clinton Mitchell, Barry Brown, Dave Keller and Claudia Steeb of HFF represented the seller, Institutional Mall Investors LLC, which was advised by Miller Capital Advisory Inc. Jefferson Pointe Center SPE LLC purchased the asset.
INDIANAPOLIS — KeyBank Community Development Lending & Investment has provided $17.1 million in financing for the renovation of Lakes at Crossridge, an affordable housing community in Indianapolis. Victoria O’Brien and Al Beaumariage of KeyBank originated the financing, which included a $10.2 million Freddie Mac tax-exempt loan and a $6.9 million LIHTC (Low-Income Housing Tax Credit) equity investment. Formerly known as Farmington Lake Apartments, the property features 252 units across 21 buildings. All of the one- and two-bedroom units are reserved for residents earning at or below 60 percent of the area median income. The renovation plan includes replacement of all HVAC systems, water heaters, doors and windows, and the installation of energy-efficient fixtures. Planned community improvements include a new computer lab, a key fob building entry system, new playground, bike racks, outdoor entertainment areas and a camera security system.
WOODBRIDGE, ST. CHARLES AND CRYSTAL LAKE, ILL. — Michael P. Jakubiec Investment Real Estate Inc. has brokered the sale of three apartment properties in Illinois for a purchase price of just under $26 million. The properties, which total 263 units, include The Quarters in Woodbridge, Charleston Park Apartments in St. Charles and Camelot Apartments in Crystal Lake. TriCap Residential was the buyer. A private party was the seller.
DES MOINES, IOWA — Bellomy & Co. has negotiated the sale of two Class A self-storage facilities in Des Moines. The sales price was not disclosed. One of the properties, Afford It Storage, includes 280 units spread across 36,150 square feet. Country Club Mini Storage features 170 units totaling 22,200 square feet. The facilities, located 5.6 miles apart, both feature a mix of climate-controlled and non-climate-controlled units. Bill Bellomy, Michael Johnson and John Arnold of Bellomy represented the Iowa-based seller. The team also procured the buyer, StorageMart, which operates more than 15 million square feet of storage in three countries.
ADDISON, ILL. — Arjo Inc. has signed a 62,000-square-foot office lease renewal for its North American headquarters in Addison, about 20 miles west of Chicago. The medical technology company is expanding by 18,000 square feet to occupy the entire second floor at Meadows Corporate Center I. Dave Burden of Colliers International negotiated the lease transaction on behalf of Arjo. Over the past 10 years, Arjo has grown steadily from 31,000 square feet to become the largest tenant in the building today, according to Colliers.
SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Santa Ana. An affiliate of Empire USA LLC acquired the portfolio from an undisclosed seller for $42.4 million, or $198,000 per unit. The 214-unit portfolio includes a 58-unit property at 510 N. Mortimer St.; a 46-unit property at 510 E. Chestnut Ave.; The Carlton Apartments, a 74-unit community at 215 E. 15th St.; and 36 units at 1717-1721 N. Spurgeon St. Mark Bridge of Marcus & Millichap represented the buyer, while Stephen Soqui, also of Marcus & Millichap, represented the seller in the deal. Shane Ryan McConnell of Marcus & Millichap also provided representation in the sale of 1717-1721 N. Spurgeon St.
CERRITOS, CALIF. — Rexford Industrial Realty has acquired an industrial facility located at 16010 Shoemaker Ave. in Cerritos within the Los Angeles-Mid Counties submarket. An undisclosed company sold the property for $17.2 million, or $149 per square foot. Situated on 4.4 acres, the 115,600-square-foot property features 24-foot clearance and 12 dock-high positions with a secured concrete yard and immediate access to major transportation arterials. At the time of sale, the property was fully leased to a single-tenant user. Redford funded the acquisition through a combination of cash on hand and draws on the company’s line of credit.
SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the intersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undisclosed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property features 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORION Investment Real Estate facilitated the transaction.
SALT LAKE CITY — Tower Commercial Mortgage has arranged $2.9 million in Freddie Mac permanent financing for Brickyard Apartments, a multifamily property in Salt Lake City. The loan features a 10-year term with a 10-year floating-rate extension and a 30-year amortization schedule. The undisclosed sponsor completed the 24-unit property in August 2017, and the property was stabilized in December 2017. Mike Del Carlo of Tower Commercial Mortgage arranged the financing for the borrower.