PHOENIX — The El Cortez condominium complex in Phoenix has sold to FPA Multifamily LLC for $6.4 million. The community is located on 7th Avenue within the Melrose District. The acquisition included 146 of the 165 units. CBRE’s Bert Kempfert represented FPA. Brian Smuckler and Jeff Seaman of the same firm represented the seller, El Cortez Condominiums LLC.
DENVER — First National Bank of Santa Fe has signed a 10-year lease for 22,198 square feet of office space in Denver. The space is located at 1400 16th St. in the LoDo (Lower Downtown) district. First National Bank of Santa Fe is composed of First National Denver, First National Santa Fe and First National Rio Grande. Dorit Fischer and Hayden Hirschfeld represented the bank in this transaction. Todd Wheeler of Cushman & Wakefield represented the landlord.
CLAREMONT, CALIF. — Avison Young has brokered the sale of a seven-acre site located at 620 Auto Center Drive in Claremont. Brandywine Homes sold the property to New Orleans, La.-based Premier Automotive Group for an undisclosed price. The buyer plans to develop a Chrysler, Dodge, Jeep and Ram auto dealership on the site. Situated within the Claremont Auto Center, the site has been vacant for more than decade. Jodi Meade of Avison Young represented the seller and the buyer in the transaction.
ORLANDO, FLA. — NGKF Capital Markets has recently completed three separate investment sale transactions in the metro Orlando area totaling nearly $100 million. Most recently, the company closed the $21.2 million sale of Vista Centre Shoppes, a 98,411-square-foot shopping center near Disney World. NGKF Capital Markets represented the buyer, GL Orlando Vista LLC, a real estate investment firm based in South Florida. Auction.com represented the seller, TSO Vista Centre. NGKF Capital Markets also brokered the sale of two multifamily communities on behalf of the seller, CWCapital Asset Management LLC. The properties, Victoria Place Apartments and Charter Pointe Apartments, sold at a combined $71 million. Adam Greenberg, Michael Lapointe, Michael Lohmann, Scott Gordon and Stephanie Ceballos comprise the NGKF Capital Markets team that brokered all three transactions.
MIAMI — Monogram Residential Trust Inc., a publicly traded operator and developer of luxury apartment communities, has opened SOMA, a new 418-unit multifamily community in downtown Miami’s Brickell district. Monogram Residential developed the eight-story boutique community in partnership with Alliance Residential Co. Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds, provided equity for the development of SOMA. The Class A property is located at 145 S.W. 13th St. within blocks of Mary Brickell Village, the Brickell Metrorail Station and Simpson Park. Community amenities include 24-hour package receipt and delivery via Luxer locker systems, electric car charging stations, an athletic center overlooking downtown Miami, yoga studio, big screen movie theater and a rooftop resort with a pool, grilling stations, lounge area and basketball court. Unit interiors feature epicurean kitchens, designer lighting, al fresco balconies, walk-in closets and Roman soaking tubs.
ORLANDO, FLA. — Liberty Property Trust has sold a 713,585-square-foot industrial property located at 8201 Chancellor Drive in Orlando for $35.5 million. Liberty recently completed a long-term lease renewal with CVS at the facility. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction. Exan Capital LLC advised the undisclosed buyer. Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.
RALEIGH, N.C. — Avison Young has brokered the $14.4 million sale of Atlantic Business Park, a two-building, 10-acre office campus located at 4401 and 4501 Atlantic Ave. in north Raleigh. The office campus totals 114,365 square feet and was fully leased at the time of sale to tenants such as Advance Auto Parts Inc., City of Raleigh Police Department and Regional Acceptance Corp., a division of BB&T. Braxton Anthony and Gary Lyons of Avison Young’s Raleigh office represented the sellers, SJ Co. LLC and SJ1 Co. LLC, in the transaction. William Allen of Trinity Partners represented the buyers, 4401 Atlantic Avenue LLC and 4501 Atlantic Avenue LLC.
WAYCROSS, GA. — SRS’ Southeast investment sales team has brokered the $4.3 million sale of Satilla Square, a 117,212-square-foot shopping center in Waycross. The property is located at 1803 Knight Ave. at the intersection of Knight Avenue and South City Boulevard. Dollar General Market and Big Lots anchor the center. Baer Asset Management Co. purchased the property from Satilla Square LLC, Henderson Satilla LLC and Satilla Land LLC. Kyle Stonis and Pierce Mayson of SRS represented the sellers in the transaction. The buyer didn’t have representation.
WACO, TEXAS — Stream Realty Partners has arranged the sale of Canyon Springs Apartments. The 80-unit, Class A apartment community is located at 2301 Woodgate Drive in Waco. Kelly Witherspoon and Charlie Marrs of Stream Realty’s Austin office represented the seller, Southern Financial Group, in the transaction. The newly built property consists of eight two-story, townhome-style apartment buildings. At the time of the sale, the 4.2-acre property was 96 percent occupied. Property amenities include controlled-access gates, perimeter fencing and a community clubhouse. Jeff Patterson leads Stream’s multifamily division.
EARLY, TEXAS — The Heartland Mall in Early has been sold to Victoria Retail Group LLC, according to the Brownwood Bulletin. The sale to the retail group, headquartered in Austin, was finalized last Wednesday, according to founding partner Todd Routh. The sale was made through Coldwell Banker Mark Campbell & Associates. Routh plans to renovate the 215,000-square-foot mall and add additional tenants. Work is expected to begin next week. Victoria Retail Group owns more than 55 malls and shopping centers in Texas. Opened in 1980, Heartland Mall is located at 300 Early Blvd. and sits on close to 24 acres with tenants including JC Penny, Hibbett Sports and Bath & Body Works, along with Regal Cinemas Heartland 8. Restaurants include Chick-fil-A and Corn Dog 7. The Retail Coach is handling leasing assignments for the property.