OKLAHOMA CITY — Mortgage banking firm Q10 | Professional Mortgage Co. has arranged a $7 million permanent loan for Chatenay Square, a shopping center in the southwest submarket of Oklahoma City. A life insurance company provided the capital. The borrower was not disclosed. Chatenay Square comprises 113,739 square feet and is anchored by a supermarket. Bryson G. Thomason, president, and Franklin “Trey” Warren III, vice president, led the transaction for Q10.
AUGUSTA, GA. — Multi Housing Advisors (MHA) has brokered the $19.9 million sale of Century Hills, a 200-unit apartment community located in Augusta. Kole Management Co. purchased the property from an undisclosed seller. Built in 2000, Century Hills is located on Alexander Drive within two miles of Costco, Whole Foods Market, Publix, Kroger, The Fresh Market and Starbucks Coffee. Robert Stickel of MHA represented the seller in the transaction.
DULUTH, GA. — The Southeast investment sales team at SRS has brokered the $15.7 million sale of Venture Pointe, a 335,151-square-foot regional power center situated at the northwest corner of Venture Drive and Steve Reynolds Boulevard in Duluth, a northeast suburb of Atlanta. The power center is located at 3855 Venture Drive near Gwinnett Place Mall and I-85. Venture Pointe’s tenant roster includes anchors Kohl’s, Big Lots and Golfsmith. The seller, Situs Holdings LLC, sold the property via Auction.com. Kyle Stonis and Pierce Mayson of the SRS Atlanta office, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Situs in the sale. The undisclosed buyer was represented internally.
PHOENIX — Liv Biltmore LLC has acquired the 395-unit Sienna Springs apartment complex in Phoenix for $20.5 million. The Class B community is located at 5120 N. 16th St. It was built in 1973 and renovated in 2006. The seller was P.B. Bell. Brad and Cindy Cooke of Colliers International executed the transaction
MAUI, HAWAII — Lowe’s has acquired an 11-acre site at Maui Business Park II in Kahului for $18.7 million. The property is situated in Maui’s retail and industrial core near Kahului Airport. Lowe’s plans to build a 167,000-square-foot store on the site. The new property will be 16 percent larger than its current store in Kahului, which is leased from a third party. Maui Business Park is anchored by Maui’s first Target store. Recent buyers within the park include the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW). Maui Business Park I is home to Walmart, Home Depot, Costco, Sports Authority, Office Max, Kmart and Pier1 Imports. The seller was A&B Properties, the real estate subsidiary of Alexander & Baldwin.
LOS ANGELES — The LA Opera has leased a 27,500-square-foot industrial/flex building in downtown Los Angeles. The opera production organization will use the space as a costume design shop. It is located at 1655 E. 14th St. The company will relocate from the nearby Arts District. The 10-year lease is valued at $4.6 million. Chris Steck, Chris Giordano and John Anthony of Charles Dunn Company represented LA Opera. Major Properties represented the landlord, Danjon Realty.
PHOENIX — Granite Investment Group has purchased a 104,016-square-foot office tower in Phoenix for $9.8 million. The 14-story property is located at 2828 N. Central Ave. It recently underwent a renovation. The building is currently 53 percent occupied. DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley, Ben Geelan, Mark Stratz and Scott Baumgarten represented the seller, Ironline.
PORTLAND, ORE. — National Health Investors has acquired Golden Age Senior Living in Portland for $6.7 million. Renovated in 2010 and expanded in 2013, the 40-bed memory care community was 88 percent occupied at the time of sale. The community will be leased to Chancellor Health Care for 15 years with renewal options at an initial lease rate of 7.75 percent plus annual escalators. The purchase was funded with cash on hand and borrowings from NHI’s revolving credit facility. NHI is a REIT specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
DURHAM, N.C. — Grubb Properties, in partnership with an affiliate of Blue Vista Real Estate Partners IV, has purchased two mid-rise office buildings in Durham for a combined $6.6 million. The companies plan to renovate and reposition the buildings, including new lobbies and bathrooms, resurfaced parking and extensive landscaping. The buildings are located at 2222 and 2224 N.C. 54 and total 147,471 square feet. The properties are situated on 16 acres off I-40 and directly adjacent to the Research Triangle Park.
E-commerce and business-to-consumer companies could overtake the automotive industry when it comes to driving growth in Kansas City’s modern bulk distribution segment of the industrial market. Auto suppliers filled the first wave of new space in the Kansas City industrial market. But now that those needs have primarily been met, new industry sectors are needed to fill the second wave of development. E-commerce and business-to-consumer companies could be the dominant users. These companies are capitalizing on the fact that 85 percent of the U.S. population can be reached from Kansas City in a two-day truck drive, according to KC Smart Port, a nonprofit organization that works to attract freight-based companies to the Kansas City area. Through in-house transportation studies, KC Smart Port is coming to the conclusion that it strategically makes sense for the distribution centers of e-commerce companies to be located in Kansas City. Recommendations from UPS, FedEx and third-party consultants also help e-commerce companies — located on both the East and West coasts — make that decision. Business-to-consumer companies operating a one-, three- or five-building model find that Kansas City works well logistically as it is in the middle of the country. Inherent Advantages Locating in Kansas City allows …
