CLOVIS, PISMO BEACH AND ATWATER, CALIF. — Retail California, a division of Pearson Realty, has arranged three retail leases totaling 6,605 square feet. In Clovis, Kevin Cameron leased 1,810 square feet of retail space at 300 W. Shaw Ave. from Nevada Deanza Family Limited Partnership. Michael Kennedy of Retail California brokered the transaction. In Pismo Beach, Brooks Restaurant Group Inc. signed a deal for 1,820 square feet of retail space at 220 Five Cities Drive from Richard Shih and Linda Lee. Kennedy, along with Colliers International, arranged the transaction. In Atwater, Styles For Less Inc. leased 2,975 square feet of retail space at Applegate Ranch Shopping Center from BRE Throne, Applegate Ranch LLC. Nick Frechou of Retail California represented the tenant in the transaction.
PHILADELPHIA — NGKF Capital Markets has arranged the sale of 2.0 University Place, a multi-tenant office building located at 30 N. 41st St. in Philadelphia. 2.0 University Place Associates sold the 100,000-square-foot property to a member company of Zurich North America for $41.2 million, or $420 per square foot. The building is the first double-platinum, multi-tenant office property in the United States, with both LEED Platinum Core & Shell v2.0 and commercial interior – LEED v2009 Platinum certifications. Dave Dolan and Brett Segal of NGKF Capital Markets represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.
MALDEN, MASS. — Berkeley Investments Inc. has acquired an office building located at 200 Exchange St. in Malden. An affiliate of KBS Real Estate Investment Trust Inc. sold the 314,176-square-foot property for $21.8 million. The buyer plans to reposition the property into a mixed-used asset with street-level retail, a state-of-the-art data center and approximately 200,000 square feet of creative office space. Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell of HFF represented the seller, while Gramercy Property Trust, as asset manager, advised the seller on the transaction.
KUTZTOWN, PA. — Woodmont Industrial Partners (WIP) has completed the sale of an industrial property located at 9747 Commerce Circle in Kutztown. The 385,000-square-foot property sold for an undisclosed price. Built in 2007, the property features an ESFR sprinkler system, T5 lighting, 32-foot ceiling heights, 50-foot by 50-foot column spacing, 20 loading docks and 10 additional knock-out dock door panels. Hearth & Home, a producer and installer of hearth product, leases 173,701 square feet of the property. Michael Hines, Brian Fiumara and Brad Ruppel of CBRE represented WIP in the transaction. WIP acquired the property in 2012 in a joint venture with AEW Capital Management.
POTTSTOWN, PA. — Deerwood Real Estate Capital has closed a $15.5 million loan to finance the acquisition and redevelopment of an enclosed mall in Pottstown. The property features 700,000 square feet of retail space. The loan, provided by a balance sheet lender, was structured with a construction facility to accommodate upgrades and repositioning. Abe Katz and Aaron Rosenfeld of Deerwood negotiated the financing for the undisclosed borrower.
BURLINGTON, MASS. — The Stubblebine Company/CORFAC International has arranged the sale of a health club facility at 12 A St. in Burlington. Academy of Creative Arts acquired the property from Burlington Recreation Group for $1 million. The buyer, which is currently located at 217 Middlesex Turnpike, plans to relocate to the facility. Built in 1977, the 17,500-square-foot facility has been the site of several health clubs, including Gold’s Gym, Mad Maggie’s and Empire Fitness. David Stubblebine, James Stubblebine and Alan Ringuette of The Stubblebine Company procured the buyer and represented the seller.
LAS VEGAS — Camden Property Trust (NYSE: CPT) has sold its Las Vegas portfolio, largely consisting of apartment communities, for $630 million. The portfolio includes 15 garden-style apartment communities totaling 4,918 units, a retail center and 19.6 acres of undeveloped land. With the sale, Camden is exiting the Las Vegas market, according to the Houston Business Chronicle. Company executives will discuss the sale during a first-quarter earnings call slated for April 29. The buyer was not named. However, Las Vegas business journal Vegas Inc. reports the purchaser is a joint venture between Irvine, Calif.-based Bascom Group and Los Angeles-based Oaktree Capital Management. The joint venture also owns Vantage Lofts, a luxury apartment project in the Las Vegas suburb of Henderson. Camden Property Trust is a publicly traded real estate firm that owns, manages, develops, redevelops, acquires and builds multifamily communities. The Houston-based company owns and operates 158 properties totaling 55,254 units across the United States. The company’s stock price closed at $82.64 per share on Tuesday, April 26, up from $76.28 one year ago. — Haisten Willis
NOVI, MICH. — Capital One has provided a $4.7 million fixed-rate Fannie Mae loan to refinance a 309-space manufactured housing community in Novi, approximately 30 miles northwest of Detroit. Country Cousin Manufactured Home Community was constructed in two phases. Phase I consisted of 212 sites built in 1966, and Phase II added 97 sites in 1996. The 10-year, fixed-rate loan has 9.5 years of yield maintenance and a 30-year amortization schedule. Damon Reed of Capital One originated the financing.
CHICAGO — Meridian Design Build has completed a 219,858-square-foot industrial property in Chicago. The automated package sortation and distribution center is located on 41.3 acres and boasts more than 3,000 feet of expressway frontage along the north side of I-55 at South Damen Avenue. The facility features 61 loading docks, 156 interior van loading positions, 8,153 square feet of office space, 452 auto parking spaces and 301 trailer stalls. Cornerstone Architects provided architectural services, and Spaceco Inc. was the civil engineer of record.
CHICAGO — Luxury Living Chicago Realty has opened Phase II of Madison Throop Place, a 72-unit luxury apartment building in Chicago’s West Loop neighborhood. The four-story building, located at 1247-1249 W. Madison St., includes one-, two- and three-bedroom units. Units at Madison Throop Place range from 820 square feet to 1,290 square feet with monthly rents varying from $2,350 to $3,900. Residents can move into Phase II apartments starting in June. All units at the apartment building include bamboo hardwood floors, 10-foot ceilings, crown molding, stainless steel appliances, custom-designed closets, in-unit washers and dryers and a space in the building’s heated parking garage. Michigan Avenue Real Estate Group is the project developer, and Luxury Living Chicago Realty is providing leasing and brokerage services.