SUNRISE, FLA. — The Canadian Imperial Bank of Commerce (CIBC) has provided a $20.9 million CMBS loan to refinance Sawgrass Landings, a 64,500-square-foot shopping center in the Broward County city of Sunrise. The retail center’s tenant roster includes LA Fitness, Starbucks Coffee and FedEx Office. The mall is shadow anchored by Sawgrass Mills Mall. Steven Weiss, Romano Tio and Marc Sznajderman of RM Capital arranged the 10-year, fixed-rate loan on behalf of the borrower, Trikon Sunrise LLC, which is managed by Jon Samuel. The loan features four years of interest-only payments.
PLANTATION AND PEMBROKE PINES, FLA. — May Realty Advisors has brokered the sale of two net leased Petco stores in Plantation and Pembroke Pines to investors based in Venezuela and Portugal. Matthew May and Richard Huelsman of May Realty represented a U.S.- and Columbian-based family office in the sale of the two stores, which both had roughly four years remaining on their initial lease. The store at 12251 Pines Blvd. in Pembroke Pines sold for $5.9 million and the store at 8111 W. Broward Blvd. in Plantation sold for $7 million. The buyers purchased the assets in all cash. Alexandria Escudero of Miami-based Fortune Realty represented both buyers in the two transactions.
LEXINGTON, KY. — Hilton Worldwide has opened its first Home2 Suites by Hilton in Kentucky and its 53rd overall of the brand. The 103-room hotel, known as Home2 Suites by Hilton Lexington University/Medical Center, is located at 126 E. Lowry Lane and within three miles of downtown Lexington, area hospitals and the University of Kentucky. The hotel’s owner, Cohen Realty Inc., developed the hotel and has tapped Vista Host Inc. to manage it. The hotel features an indoor saline pool and an outdoor patio, as well as some of the brand’s trademark amenities such as the Oasis lobby, the Home2 MKT for grab-and-go items, the Spin2 Cycle (a combined laundry and fitness area) and complimentary continental breakfast at the “Inspired Table.”
LOS ANGELES – A local private investor has purchased a 31,242-square-foot building in Los Angeles that is net leased to Stock Building Supply Holdings for $15.7 million. The building is located at 3860 Grand View Blvd. Stock Building Supply had occupied the building for more than 20 years before deciding to sell the property in late 2014. The lease was restructured into a 15-year term after the building was purchased. This space is the builder’s West Coast flagship property. Stock Building Supply was represented by Chris Sands of Sands Investment Group.
SEATTLE – A three-building portfolio of light manufacturing, flex and distribution space has sold to Industrial Property Trust Inc. for $11.2 million. The portfolio contains a total of 138,296 square feet throughout the Seattle/Puget Sound region. It includes buildings I, III and V in the West Valley Distribution Center, located at 72nd Ave. South. Buildings I and V are fully leased. West Valley III is a vacant flex facility. The seller, a partnership between ScanlanKemperBard Companies and funds managed by Oaktree Capital Management, was represented by HFF’s Nicholas Kucha and James Childress. The transaction was co-brokered by Wilma Warshak of Washington Real Estate Advisors.
BUENA PARK, CALIF. – Tesla Motors has signed a seven-year lease for 23,000 square feet of space in Buena Park. The dealership is located at 6692 Auto Center Drive, within the Buena Park Auto Center. The space was previously occupied by Premier Chevrolet and General Motors. It served as a temporary location while the company’s five-acre dealership was being developed within the auto center. Jodi V. Meade of Avison Young represented both Tesla and the landlord, RST Associates, in this transaction.
LIVERMORE, CALIF. – Tri Valley Learning Corporation (TVLC) has acquired an 80,000-square-foot office building in Livermore for an undisclosed sum. The building is located at 3090 Independence Drive. TVLC operates charter schools in Livermore, Stockton and San Diego. This acquisition has been in the works for several years. The Class A building will house high school students from the K-8 campus, as well as international students. The land between the two campuses will be used for a sports field. TVLC was represented by John Hone of Colliers International.
PHOENIX – Palm Plaza, a 25,000-square-foot office building in Phoenix, has sold to MDR Enterprises for $2 million. The building is located at 141 E. Palm Lane in the Midtown submarket. The property is 85 percent occupied. MDR Enterprises was represented by John Oliver of Century 21 AZ Foothills. The seller, Lee Center, was represented by Justin Horwitz and Jonathan Levy of Sperry Van Ness, and by Paul Christ of Encom Properties. Both parties were completing 1031 exchange transactions.
MANITOWOC, WIS. — Mid-America Real Estate Corp. has brokered the sale of Harbor Town Center, a shopping center located in Manitowoc. Phoenix-based American Realty Capital Properties, on behalf of Cole Credit Property Trust IV Inc., acquired the 138,739-square-foot property for $18.5 million. Located at the northeast corner of Rapids Road and Calumet Avenue, the center is anchored by Kohl’s, MC Sports, Petco, Aspen Dental and Aldi’s. Rick Drogosz of Mid-America Real Estate Corp. and Dan Cohen of Mid-America – Wisconsin LLC represented the seller, Green Bay, Wis.-based Commercial Horizons, in the transaction.
CARY, ILL. — Entre Commercial Realty LLC has arranged the acquisition of an industrial property located at 770 Industrial Drive in Cary. A private investor purchased the 54,000-square-foot multi-tenant building for an undisclosed price. Situated on 4.5 acres, the property features six 9,000-square-foot units, 18- to 22-foot ceiling heights, parking for more than 120 cars and six truck docks, one for each unit. After the acquisition, the buyer announced the leasing of three units, totaling 27,000 square feet, to American Eagle Packaging Co. The ownership plans to rehab the remaining units with new interior office finishes and lighting, in addition to exterior upgrades such as new monument signage and parking lot improvements. Dan Jones, Dan Benassi and Mike DeSerto of Entre Commercial represented the buyer in the acquisition and leasing transactions. Ryan Nelson of Foresite Realty Partners represented the seller, FirstMerit Bank, in the deal.