COVINA, CALIF. — CBM has arranged a 10-year lease with Ross Stores Inc. at a community shopping center located at the intersection of Arrow Highway and Azusa Avenue in Covina. Ross Dress for Less will occupy a 26,000-square-foot former Office Depot location. El Super is a co-anchor of the shopping center. Dave O’Connell completed the transaction.
BOCA RATON, FLA. — C. Talanian Realty Co. has purchased Peninsula Executive Center, an office development in Boca Raton, for $59.8 million. The 187,784-square-foot, Class A office property, located at 2381 and 2385 Executive Center Drive, consists of two four-story office buildings and a 742-space parking structure. The property is currently 97 percent leased and is anchored by Newell Brands. HFF, led by Chris Drew, Herman Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack marketed the property on behalf of the undisclosed seller. HFF also secured $33.5 million in long-term, fixed-rate acquisition financing through Principal Real Estate Investors on behalf of C. Talanian Realty.
FRESNO, CLOVIS AND KERMAN, CALIF. — Retail California has arranged four retail leases totaling 5,430 square feet. In Fresno, Lori Semas, dba Allstate Insurance leased 953 square feet of retail space at 8034 N. Cedar Ave. from J&V Fresno LLC. Nick Frechou and John Lee of Retail California brokered the transaction. Also in Fresno, Fiesta Insurance leased 1,107 square feet of retail space at 3064 N. Cedar Ave. from Ducket-Wilson Development Co. Michael Arfsten of Retail California and Jon Cox of Commercial Retail Associates brokered the deal. Clovis Black Belt signed a lease for 1,620 of retail space at 840 Herndon Ave. in Clovis from DN Clovis LLC and Rich North Freeway LLC. Peter Orlando and Lewis Smith of Retail California handled the transaction. In Kerman, Metrocom MDB Inc., dba Metro PCS, leased 1,750 square feet of retail space at 15010 Whitesbridge Ave. from Kerman Shopping Plaza LLC. Nick Frechou of Retail California, along with Brett Todd and Ted Fellner of Colliers International, brokered the transaction.
MIAMI — Cushman & Wakefield has arranged the $50 million sale of Cottage Cove, a 468-unit apartment complex located at 10 N.E. 188th St. in Miami. Marlin Spring Realty Limited purchased the asset. Cushman & Wakefield’s Robert Given, Calum Weaver, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the disposition on behalf of the seller, TM Real Estate Group. Cottage Cove features studio, one- and two-bedroom units. Property amenities include a newly renovated laundry building, a swimming pool and an on-site leasing office. The property was 97 percent occupied at the time of sale.
SHREVEPORT, LA — Walker & Dunlop has arranged a $20.5 million Freddie Mac loan for the refinancing of Orleans Square Apartments, a Class B, 472-unit, garden-style apartment community in Shreveport. Walker & Dunlop’s Stuart Wernick and Matt Newton arranged the 10-year, floating-rate loan with three years of interest-only payments, followed by a 30-year amortization period and an initial interest rate in the 3 percent range. Built in the 1970s and 80s, the property features three swimming pools, four laundry facilities, a clubhouse, playground and a tennis court.
CONCORD, N.C. — Griffin Industrial Realty has purchased a 277,000-square-foot industrial warehouse near Charlotte for $18.6 million. The property is located at 215 International Drive in Concord. The purchase was paid in cash at closing using approximately $9.7 million of cash held in escrow as part of a 1031 exchange, and $8.9 million of Griffin’s cash on hand. Chris Riley of CBRE represented the sellers, Trinity Capital Advisors and Crow Holdings, and Trinity Partners’ William Maxwell and Terry Brennan represented Griffin. Constructed in 2015, the Class A warehouse features tilt-up concrete wall panels, 32-foot clear heights and the potential for 80 dock doors. At closing, the building was 74 percent leased. This is Griffin’s first property in the Charlotte area.
NORTH BETHESDA, MD. — Federal Realty Investment Trust has revealed plans for 909 Rose Ave., the second office building within the 24-acre Pike & Rose mixed-use project in North Bethesda. Designed by Hickok Cole, the 11-story, Class A, LEED Silver-certified office building will include panoramic views from the rooftop terrace, meeting rooms, collaborative spaces, bike storage and a gym facility with showers. Tenant build-out could begin as early as the fall of 2019, with move-in by the first quarter of 2020. Merrill Lynch, Bank of America, Regus and Hilti are among the tenants in Pike & Rose’s first office building. Other components of Pike & Rose include more than 20 restaurants and 25 retail shops.
HOUSTON — Stream Realty Partners and development partner AMD Global LLC will develop Memorial Medical Pavilion, a 101,744-square-foot, Class A medical office complex near the Texas Medical Center in Houston. In early June, joint venture between Stream, AMD and Diamond Realty Investments Inc., an affiliate of Mitsubishi Corp., purchased the two-acre site on which the complex will be developed. Construction is scheduled to begin in December with occupancy slated for the first quarter of 2019.
BURLESON, TEXAS — Abby Development has broken ground on Auberge of Burleson, a 250-unit, Class A multifamily community located near the intersection of State Highway 174 and FM 731 in the southern Fort Worth metro of Burleson. The property, which features a 24-hour fitness center, resident coffee bar and a dog park, will be part of the 95-acre Arabella of Burleson master-planned development.
LUBBOCK, TEXAS — Coldwell Banker Commercial Capital Advisors has arranged the sale of South Plains Plaza Shopping Center, a 108,326-square-foot retail property located at 6703 Slide Road in Lubbock. The center is currently leased to tenants such as Michaels, Office Max, Mattress Firm and Wing Stop. Eric Eberhardt and Alex Eberhardt of Coldwell Banker represented the buyer in the transaction. Other terms of sale were not released.