LEESBURG, VA. — Calkain Cos. has arranged the $6.1 million sale of a multi-tenant strip center located at 400-416 Sycolin Road S.E. in Leesburg, a city in northern Virginia. The sales price equates to $440 per square foot. The names of the buyer and seller were not disclosed. A 9,300-square-foot Kiddie Academy anchors the center, which is co-located with a Walgreens.
CORDOVA, TENN. — Titkin Real Estate Investment Services (TREIS) has brokered the $5.2 million sale of Cordova Village, a 30,000-square-foot shopping center located at 1315 N. Germantown Parkway in Cordova, roughly 23 miles east of Memphis. Adam Titkin and Cliff Weisner of TREIS arranged the transaction on behalf of the seller, Cordova TN LLC. HAO Investment Co. acquired the asset. Cordova Village was 92 percent leased at the time of sale to tenants such as PPG Paints, Subway and Domino’s Pizza.
PHOENIX — TLG Investment Partners and Concord Wilshire Capital, through an affiliate of TLG Phoenix, have purchased Sheraton Grand Hotel in Phoenix. An undisclosed seller sold the property for $255 million. Marriott International is the majority capital partner with TLG and Concord Wilshire, and will manage the asset. Situated in downtown Phoenix, the hotel features 1,000 guest rooms and 114,000 square feet of indoor and outdoor meeting space.
SANTA MARIA, CALIF. — KeyBank Real Estate Capital has provided a $26.8 million CMBS first-mortgage loan for Enos Ranch Retail, a shopping center in Santa Maria. Built in 2017, 10 tenants occupy the 119,760-square-foot property. Dick’s Sporting Goods is the anchor tenant. John Loshbaugh of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term and a 30-year amortization scheduled. The undisclosed borrower used the loan to refinance existing debt.
LOS ANGELES — KFA, a Santa Monica-based architecture firm, has started construction of The Curve @ West Angeles Senior Apartments, an affordable community in the Park Mesa Heights neighborhood of Los Angeles. The development is a project of West Angeles Community Development Corp. and Related Cos. of California. The 52,777-square-foot, five-story building consists of a total of 70 apartments reserved for seniors, with 40 low-income units, 29 very-low-income units, and 1 market-rate manager’s unit. The development is located just two blocks north of the Crenshaw/Slauson Station in Park Mesa Heights, which is currently under construction and slated to open in 2019.
GILBERT, ARIZ. — Cushman & Wakefield has arranged the sale of Williams Gateway Apartments, a multifamily property located at 5050 S. Power Road in Gilbert. Nasim Sikder of Chandler, Ariz., acquired the property from Chicago-based 29SC Williams Landing LP for $7.5 million. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Built in 1982, the property features 72 units in a mix of one- and two-bedroom floor plans. On-site community amenities include a swimming pool, dog park, fire pit, barbecue and laundry center.
CHANDLER, ARIZ. — NAI Horizon has arranged the sale of an industrial property located at 2120 S. Douglas Drive in Chandler. Traditional Asset Management acquired the 11,187-square-foot property from John L. Smith for $1.6 million. Mark Wilcke of NAI Horizon represented the seller, while Chris McClurg of Lee & Associates represented the buyer in the deal.
Over the last 15 years, the office market of Fort Worth, as well as that of the metroplex as a whole, has experienced steady growth in both development and absorption of new product. DFW’s office vacancy rate currently sits at 15 percent, according to CoStar Group, indicating the ceiling for new growth has not yet been hit. The traditional drivers of job and population growth have fueled new construction and strong leasing velocity for office properties in Dallas. But in Fort Worth, particularly the downtown area, the growth is more visibly tied to the live-work-play trend embodied by millennials and other young members of the workforce. The health of Fort Worth’s multifamily, restaurant and hotel markets are all contributing to the growth of the office sector. Office developers consider a number of factors when constructing new space. But much like any project, location is key. As Fort Worth’s need for more housing, dining and hotels has grown, the walkability factor in the office sector has only increased in importance. As such, it’s not only the employees that are drawn to properties that are located within walking distance to residential buildings and entertainment destinations. Developers are also coveting these sites. Entertainment …
CHANDLER AND GOODYEAR, ARIZ. — NexMetro Communities has sold three apartment communities in suburban Phoenix for $98 million. The properties include Avilla Grace and Avilla Heights in Chandler, as well as Avilla Palm Valley in Goodyear. Avilla Grace, which features 194 units, sold for $45 million. An entity of Illinois-based The Inland Real Estate Group of Cos. Inc. was the buyer. Avilla Heights, which features 116 units, sold for $27.8 million. A single-purpose entity formed by California-based The Certe Group was the buyer. The 125-unit Avilla Palm Valley sold for $25.1 million. New York-based RN Falcon LLC was the buyer. Avilla Homes communities feature single-level units for lease. One-, two- and three-bedroom floor plans include private entrances and outdoor patios. The Class A communities each offer a pool, dog park and recreation area. NexMetro partnered with MEB Management Services in 2014 to manage the lease-up and stabilize operations of its Avilla Homes Arizona portfolio. NexMetro and its affiliated companies have been developing Avilla Homes communities since 2010. With more than 4,000 units completed or under construction, NexMetro plans to expand along the entire Sunbelt region of the country. — Kristin Hiller
PERTH AMBOY, N.J. — HFF has brokered the sale of a 260,046-square-foot industrial cold storage facility in Perth Amboy. Broadstone Net Lease Inc. purchased the asset for an undisclosed price. The facility is currently triple-net leased to Preferred Freezer Storage and features 24 loading doors and clear heights of up to 42 feet. The building also features a super freezer with temperatures that reach negative 60 degrees Celsius. Preferred Freezer Services is the third largest refrigerated warehouse operator in North America, according to HFF. Scott Pertel, Jose Cruz, Jordan Avanzato and Marc Duval of HFF represented the undisclosed seller in the transaction.
