SAN PEDRO, CALIF. — Rio Co. has purchased a 36-unit apartment portfolio in the Los Angeles submarket of San Pedro for $6 million. The acquisition includes two buildings located at 1144 W. 13th St. and 1215 S. Leland St. They were built in 1961. Tim Steuernol and Rob Zaharia of NAI Capital represented Rio Co. The seller was Lamont Revocable Trust.
LOS ANGELES — Federal Public Defenders Office has signed a 10-year lease for 50,130 square feet of office space in the Little Tokyo Historic District of downtown Los Angeles. The space is located at 321 E. 2nd St. The property was built in 1963. GSA represented the tenant. John Anthony, Chris Steck and Chris Giordano of Charles Dunn Co. represented the landlord, 321 E. Little Tokyo Master LLC.
EAU CLAIRE, WIS. — Dougherty Funding LLC has closed a $15.3 million construction loan for Hotel Lismore, a DoubleTree Hotel by Hilton. Dougherty provided the financing to ECHL LLC. The construction involves redeveloping an existing hotel property located in downtown Eau Claire. The new full-service hotel will feature 112 rooms and a 14,406-square-foot convention center. The property will also include a fine dining restaurant, coffee shop, bar/lounge, fitness center and a business center. The convention center renovation is complete and the space is available for use. The entire project is slated for completion by April 2016. Dougherty Funding was the lead lender in the transaction and will also service the loan.
CINCINNATI, OHIO — NorthMarq Capital has arranged $7.2 million in acquisition financing for Kemper Point in Cincinnati. Kemper Point is a 96,418-square-foot office building located at 7870 Kemper Road. An affiliate of Smith/Hallemann Partners was the borrower. The transaction was structured with a 10-year term and 25-year amortization schedule. Susan Branscome of NorthMarq arranged the financing. Tenants in the office building include Comey & Shepherd Relators, Hazen and Sawer P.C. and Kiwiplan Inc.
SHAKOPEE, MINN. — Marcus & Millichap has brokered the sale of Dean Lakes in Shakopee, a southwest suburb of Minneapolis. The 7,826-square-foot retail center, located at 4041-4061 Dean Lake Blvd., sold for $2 million. The property is 100 percent occupied. Tenants include Qdoba, Shakopee Wine and Siriouthay. Matthew Hazelton, Adam Prins, Cory Villaume and Sean Doyle of Marcus & Millichap represented both undisclosed parties in the transaction. Brian Klancke also assisted in procuring and representing the buyer.
CHICAGO — Millennium Properties R/E has arranged the sale of a 69,000-square-foot infill industrial site in the Old Irving Park neighborhood of Chicago. The parcel of land is in the Knox Industrial Corridor. Dayton Street Partners purchased the site for an undisclosed amount from North Shore Investment Group and plans to redevelop it as a 40,000-square-foot distribution center. Dayton Street Partners’ development plan calls for 30-foot clear heights, four dock doors, two drive-in docks and T8 lighting. Millennium Properties R/E, which represented the undisclosed seller in the transaction, is a boutique brokerage and property management company.
KALAMAZOO, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 180-unit apartment complex in Kalamazoo for an undisclosed price. Trillium Ventures MSV purchased The Landing, a 156,395-square-foot property located at 3306 W. Main St. near Western Michigan University. The complex was built in 1967 and includes a clubhouse, an outdoor swimming pool, volleyball court, central air conditioning and a laundry room in each building. Craig Black and Scott Nurski of NAI represented the undisclosed seller and procured the buyer.
DALLAS — Performance Properties has acquired the 230-unit Las Terrazas apartment complex. The 98 percent leased property is located at 14018 Brookgreen Dr. With the acquisition, Performance now controls 35 acres within blocks of the High Five stacked interchange bisected by the Cottonwood Trail, a city-maintained hiking and biking amenity. The buyer plans to spend $1.3 million to update Las Terrazas, focusing on the exteriors of the 21 buildings to create an entirely new look for the late 1960s-era complex set on 9.8 acres. Work will start immediately on new roofs, stairwells, landings and landscaping. It will take nine months to one year to complete the renovation. Amenities include a courtyard with barbecue areas, swimming pool, playground, four laundry facilities and clubhouse with a fitness room, business center and community room. Las Terrazas is also located near a bus stop, a light rail station and the Cottonwood Trail. Las Terrazas contains 98 two-bedroom, two-bath units and the balance consists of efficiencies and one-bedroom, one-bath floor plans. Units average 745 square feet and rents average $627 per month. Todd White and David McQuaid of Performance Properties represented the investment group in the acquisition of Las Terrazas. Taylor Snoddy and Philip Wiegand …
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Woodmont Plaza North, a 42,004-square-foot retail property located in Fort Worth. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy also secured the buyer, a private investor. Woodmont Plaza North is located at 6200 McCart Ave. The property is a multi-tenant retail center that is 91 percent occupied. Tenants include EZ Money Payday Loans, Schlotzsky’s Deli, Krispy Catfish, Evolution Games, Agape Church, Maya’s Furniture & More, Century 21, Supercuts, H & R Block, Little Caesar’s, Eddie Bermea State Farm and Cousin’s Barbecue. The center was built in 1982 and sits on 4.1 acres. Woodmont Plaza North is located on McCart Avenue about two miles south of Interstate 20.
FLOWER MOUND, TEXAS — HFF has arranged the sale of Robertson’s Creek, a 336,402-square-foot power center in the Dallas suburb of Flower Mound. HFF arranged the sale of the property on behalf of the seller, a partnership between TFG Crown Partners and Ball Ventures. Dunhill Partners purchased the asset for an undisclosed amount. Completed in 2007, the 97 percent leased property includes tenants such as Belk, Hobby Lobby, Dick’s Sporting Goods, Old Navy and ULTA Beauty. Situated on 39 acres at 5801-5861 Long Prairie Road, Robertson’s Creek is located less than 30 miles northwest of downtown Dallas and less than 33 miles northeast of downtown Fort Worth. Doug Hazelbaker and Ryan Shore led the HFF investment sales team representing the seller.