ROMEOVILLE AND BOLINGBROOK, ILL. — Molto Properties has sold a three-building industrial portfolio in metro Chicago for an undisclosed price. Lincoln Property Co. is the buyer. The properties consist of a 189,662-square-foot building at 1485 Normantown Road in Romeoville; a 116,000-square-foot building at 1055 Remington Veterans Blvd. in Bolingbrook; and a 45,000-square-foot building at 49 N. Paragon Road in Romeoville. Both 1485 Normantown and 1055 Remington were developed by Molto Properties in 2014 and 2015, respectively, and are operating at 100 percent occupancy. Jeff Devine and Steve Disse of Colliers International represented Molto in the transaction.
WHITING, IND. — Cohen Financial has arranged a $3.3 million non-recourse loan to refinance City Place, a Class A apartment community in Whiting, approximately 15 miles northwest of Gary. City Place was built in 2015 and features 24 units. Located at 1514-1520 119th St., the property features all two-bedroom/two-bathroom units with an average size of 938 square feet. Michael Hart secured the 12-year, fixed-rate Fannie Mae loan with Pillar. The borrower is a Chicago-based apartment developer and investor.
SANTA CLARITA, CALIF. — Gelt has purchased the 232-unit Monterra Ridge apartment complex in Santa Clarita for $45.5 million. The community is located at 28085 Whites Canyon Road. Gelt plans to renovate the majority of the unit interiors as they become available. The units will receive vinyl plank flooring, new cabinets, stainless steel appliances, and new countertop surfaces in the kitchen and bathrooms. The leasing office and fitness center will also undergo an extensive remodel. The seller was FPA Multifamily.
COLORADO SPRINGS, COLO. — Monmouth Real Estate Investment Corp. has purchased a 225,362-square-foot industrial building in Colorado Springs for $28.8 million. The community is located at 125 N. Troy Hill Road. The space is net leased to FedEx Ground Packaging System for 10 years. The building is situated on 27.4 acres, directly across from the Colorado Springs Airport.
OXNARD, CALIF. — The Johnston Group has purchased a 115,000-square-foot office building in Oxnard for an undisclosed sum. The building is located at 1000 Town Center, within the RiverPark community. The space is adjacent to the Collection, a new 700,000-square-foot, open-air retail center. The office building was 97 percent leased at the time of sale. The seller was Equity Office Properties. The Johnston Group owns five other office properties in Westlake Village, Thousand Oaks and Simi Valley.
IRVINE, CALIF. — Greenwave Systems has signed a full-floor lease for 22,150 square feet of office space at the new 200 Spectrum Center Drive in Irvine. The space is situated within the Irvine Spectrum submarket. The global software and services company will move into the 15th floor space this fall. It will allow the company to more than double its current space at the nearby Corporate Business Center. The new lease will bring the campus to 60 percent occupancy. Other notable tenants include Mazda North America Operations, Curse Inc. and WeWork. Irvine Co. owns the building.
SONOMA, CALIF. — Strategic Storage Trust II has purchased a 340-unit self-storage facility in Sonoma for an undisclosed sum. The facility is located at 19240 Highway 12. The property contains a total of 37,800 square feet on 1.97 acres. It is about 95 percent occupied. The space was built in 1984. Strategic Storage Trust II is sponsored by SmartStop Asset Management LLC.
SCOTTSDALE, ARIZ. — Desert Troon Cos., a Scottsdale-based real estate developer, has sold a 638,717-square-foot office portfolio within the 260-acre Perimeter Center business park in Scottsdale. The buyers, Wentworth Property Co. LLC (WPC) and Northwood Investors, purchased the Class A portfolio for $122 million. Desert Troon originally developed the five-building portfolio, which features Perimeter Gateway I, II, III and V, and Terra Verde. WPC plans to start renovations to the portfolio immediately, including upgrades to the lobbies and common areas of Perimeter Gateway I, II and V, as well as adding a cafe, tenant lounge and fitness center to Perimeter Gateway I that will be available to tenants of all four Perimeter Gateway buildings. WPC also plans to convert roughly 162,000 square feet of the portfolio into spec space, with each building having two or three spec office suites. In addition, WPC plans to build two new parking garages, with construction starting in the third quarter for an estimated 2017 completion. Tom Knoell Jr. represented Desert Troon internally in the transaction, and Jeff Wentworth, Chris Walker, Mike Beall and Sean Spellman of Cushman & Wakefield represented the buyers. “As one of the premier office portfolios in the state, it has …
BRASELTON, GA. — Amazon plans to build a new 600,000-square-foot fulfillment center in Braselton, a northeast suburb of Atlanta. The new facility will add 500 new full-time jobs to the area, joining the more than 1,500 full-time Amazon employees at existing facilities in Georgia. Employees at the new facility will pick, pack and ship large items such as home décor items, sporting equipment and gardening tools. Amazon has not announced a construction timeline for the new property.
CLEARWATER BEACH, FLA. — BankUnited has provided a $41.8 million loan for Sheraton Sand Key Resort, a 390-room, beachfront hotel in Clearwater Beach, a town in Pinellas County fronting the Gulf of Mexico. The resort-style hotel is situated on 21.1 acres at 1160 Gulf Blvd. in Clearwater Beach, which TripAdvisor ranked as the No. 1 beach in the United States for 2016. The nine-story property features 24,000 square feet of indoor and outdoor meeting space, an outdoor pool, fitness center, spa, tennis and beach volleyball courts, whirlpool, gift shop and five dining options including Rusty’s Bistro, Island Grille, Poolside Café and Mainstay Tavern. Daniel Peek, Scott Wadler, Preston Reid and Alexandra Lalos of HFF arranged the five-year, fixed-rate loan, which the borrower is using to refinance an existing loan.