SAN ANTONIO — Berkadia has arranged the sale of Sun Park Apartments, a multifamily property located in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the sale. Sun Park Apartments was built in 1985 and is located at 1830 Bandera Road. The fully occupied, 334-unit property features studio, one- and two-bedroom units, with amenities including kitchens, pantries, walk-in closets as well as balconies or patios. Select units include two-tone paint, vaulted ceilings and pool views. Community amenities include a swimming pool, spa, barbeque area, clubhouse, playground, fitness center, sports courts, gazebos, carports and controlled-access gates. A private investor from San Diego purchased the property. A private investor from Los Angeles was the seller.
SANTA MONICA, CALIF. — Phase I of Water Garden Office Park, a two-building office complex in Santa Monica, has received a $260-million refinancing. The Class A complex is located at 1620 26th Street. The 12-year, fixed-rate loan was provided by New York Life Real Estate Investors. Stroock & Stroock & Lavan law firm represented the institutional investors, which were advised by J.P. Morgan Asset Management.
SAN FRANCISCO — The Bascom Group and funds managed by Carlyle Realty Partners have acquired the 220-unit Bridgecourt Apartments in the San Francisco Bay submarket of Emeryville for $45.1 million. The community is located at 1325 40th Street. Bridgecourt was built in 1998. It is situated near the headquarters of Pixar Animation Studios. The community also contains five ground-floor retail spaces. The transaction was executed by Stephen Jackson and Mark J. Feldman of Colliers International. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $40.6-million loan with California Bank & Trust.
DENVER – The 42-unit Emerson Lofts has sold to an unnamed buyer for $11.5 million. The community is located at 777 Emerson Street. It was built in 2013. Notable area employers include Colorado State University, Denver Health, Denver Water and the Denver Police Department. The sale was executed by John Laratta and Frank Farrell of Berkadia.
SAN FRANCISCO – A two-story mixed-use property in a San Francisco Bay submarket has sold to an East Bay developer in a 1031 exchange for $9.5 million. The property is located at 329 Primrose Road in Burlingame. It is currently occupied by the U.S. Post Office and One Medical. The mixed-use asset’s interiors were fully renovated in 2012 and 2015. It is known around town as the Postcard Building. The buyer was represented by Eduardo Vergara of Marcus & Millichap. The seller was represented by Thomas Doglio and Richard Reisman of Marcus & Millichap’s National Land Group.
PHOENIX – DLS Worldwide has leased 78,843 square feet of office space at a new speculative building in Phoenix. The third-party logistics provider will use the space for its new headquarters, light manufacturing, and as an assembly and distribution facility. It will be situated in Building B. Phase I of the Airport I-10 speculative project will contain 600,000 square feet. It is being developed by Wentworth Property Company and Clarion Partners. The developer was represented by JLL’s Pat Harlan, Steve Sayre and Kyle Westfall. DLS was represented by Mike Gordon of Cresa.
BROOKFIELD, WIS. — Land assembly at The Corners of Brookfield mixed-use development in Brookfield is now complete. Brookfield Corners LLC, a joint venture between IM Properties, Bradford Real Estate and The Marcus Corporation, is developing the $200 million project. The development, which is bordered by West Bluemound Road, North Barker Road and I-94 in Brookfield, will serve as a destination for luxury shopping, dining and entertainment. Plans call for 400,000 square feet of retail and restaurant space anchored by Wisconsin’s first ever Von Maur Department Store, as well as 235 luxury apartments that will be managed by Milwaukee-based Mandel Group. With the entire 19-acre site now under ownership of Brookfield Corners LLC, the project will move toward a groundbreaking, which is set for mid-April. Demolition of the former Menards buildings and the former Marcus Theater is complete, with demolition of the adjoining strip mall also near completion.
RYE, N.Y. — Meridian Capital Group has arranged $30 million in financing for the acquisition of The Highlands at Rye, a multifamily property located in Rye. The seven-year loan, provided by a regional balance sheet lender, features a fixed rate, two years of interest-only payments, a 30-year amortization schedule and a five-year extension option. The borrower is the Kessner family. Located at 131-151 Purchase St., the two-building property features 108 residential units and 7,600 square feet of commercial space. Tal Bar-Or of Meridian Capital arranged the financing.
NEW HAVEN, CONN. — Hamden, Conn.-based Highville Charter School has acquired an office building located at 1 Science Park in New Haven. AT&T sold the 108,000-square-foot property for $5.8 million. Highville plans to convert the property’s open layout into classrooms to meet its expanding needs. Alan Fischer of Fischer Real Estate Inc. represented the buyer, while Cushman & Wakefield represented the seller in the deal.
HOPKINTON, MASS. — R.W. Holmes has negotiated the sale of a multi-tenanted flex building, located at 227-233 South St. in Hopkinton. 227-229 South Street LLC purchased the 43,000-square-foot property for $5.35 million from Mar S. Maple Realty Trust. Precision Digital Corp. will renovate and occupy 21,000 square feet of the property. Craig Johnston of R.W. Holmes procured and represented the buyer, while John Eysenbach, also of R.W. Holmes, represented the seller in the transaction.