AURORA, ILL. — Adelphia Properties has arranged the $2.7 million sale of a single-tenant, net-leased retail property in Aurora, approximately 40 miles west of Chicago. CVS/pharmacy occupies the 13,013-square-foot property located at 2360 W. Indian Trail. The freestanding building was developed in 2005. CVS/pharmacy has 16 years remaining on its lease term. Simeon Spirrison of Adelphia Properties represented the private investor in the all-cash transaction. The buyer is not a 1031 exchange buyer. Stan Johnson Co. represented the seller, also a private real estate investor.
ANN ARBOR, MICH. — Colliers International has arranged the sale of two attached office buildings in downtown Ann Arbor to Wickfield Properties for an undisclosed amount. The Barden family sold both buildings, located at 307-311 N. Main St., which span a total of 8,943 square feet. The Ann Arbor Credit Bureau, which formerly occupied the space, is relocating to a property it acquired at 2090 S. Main St. A ballet studio has begun occupying the building at 307 N. Main St., and Atwell LLC will occupy the building at 311 N. Main St. Jim Chaconas and Brendan Cavender of Colliers International represented both parties in the transaction. Chaconas and Cavender also represented the Ann Arbor Credit Bureau in the purchase of its new building at 2090 S. Main St.
BURR RIDGE, ILL. — Lagestee-Mulder has purchased a 54,000-square-foot office property in Burr Ridge, a southwest suburb of Chicago, for an undisclosed amount. Burr Ridge Office Center includes 14 office suites and was 94 percent leased at the time of sale. The property is located at 361 S. Frontage Road. Lagestee-Mulder has acquired, leased constructed and developed commercial real estate in metro Chicago for more than 25 years. Alissa Adler and John Homsher of Podolsky | Circle CORFAC International represented the seller in the transaction, a private investment group. Don Price of Lagestee-Mulder represented the buyer.
GLENDALE AND TEMPE, ARIZ. — Lee & Associates has arranged the sale of two Arizona shopping centers for a combined $16.4 million. Properties include 51st & Olive Square, an 88,225-square-foot shopping center located in Glendale; and Playa Del Norte, an 11,499-square-foot shopping center located in Tempe. Patrick Dempsey and Jan Fincham of Lee & Associates worked on behalf of both the buyer, 51st & Olive Station LLC, and the undisclosed seller in the 51st & Olive Square transaction. Dempsey, Fincham, Chris McClurg and Matt Frederick of Lee & Associates co-listed and secured the buyer, Crow Holdings Capital Real Estate, in the Playa Del Norte transaction.
TURLOCK AND FRESNO, CALIF. — Inland Real Estate Acquisitions Inc. has facilitated the acquisitions of two shopping centers in Turlock and Fresno. In the first transaction, Inland Real Estate Income Trust Inc. acquired Blossom Valley Plaza, a shopping center located at 2900 Geer Road in Turlock, for an undisclosed sum. Constructed in 1988, the 111,558-square-foot shopping center was 100 percent leased at the time of sale to a variety of tenants, including Raley’s grocery store, Wells Fargo, Supercuts, Subway, Papa John’s, GameStop and Jay’s Tires. Matthew Tice of Inland Real Estate Acquisitions Inc. facilitated the purchase on behalf of Inland Real Estate Income Trust. The name of the seller was not released. Additionally, Inland Real Estate Acquisitions facilitated the purchase of Marketplace at El Paseo, a 224,683-square-foot shopping center in Fresno, for an Inland-related party. Terms of the acquisition, including seller and purchase price, were not released.
MADERA, CALIF. — Lancaster Pollard has arranged the refinancing of an $11.3 million bridge loan into a $13.3 million, non-recourse FHA permanent loan for Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community in Madera, a small town between San Francisco and Los Angeles. Woodset Partners LLC owns the property, which Integral Senior Living operates. The property opened in 2005 and in 2010 was the winner of the Assisted Living Federation of America’s (ALFA) Best of the Best Award. Lancaster originally arranged the bridge loan in 2013 to ensure Woodset retained ownership of the community. The intent was to refinance the loan into permanent financing through FHA. The new loan structure removed many covenants, paid off the $11.3 million bridge loan and $900,000 in mezzanine debt, and provides debt service savings. In addition, the financing funds repairs to the property and a $445,000 deposit to the replacement reserve account. Jason Dopoulos led the transaction for Lancaster Pollard.
ALBUQUERQUE, N.M. — Q10 Realty Mortgage & Investment Co. has arranged $2.5 million in financing for Alameda Retail Center, a 16,391-square-foot shopping center located in Albuquerque. Michael Kelly and Michael Stordahl of Q10 secured the 15-year, fixed-rate loan through a life insurance company.
SAN MARCOS, CALIF. — Capstone On-Campus Management (COCM) has been selected to assume management of University Village Apartments and The QUAD student housing communities, both serving students on the campus of California State University San Marcos (CSUSM). The two student communities provide housing for a total of 1,527 CSUSM students. University Village Apartments, providing 638 beds, is located directly on the CSUSM campus and is owned by an auxiliary organization of CSUSM. Living arrangements are two- and four-bedroom apartments, all fully furnished. The QUAD, providing 889 beds on a site adjoining the campus, is a privately owned, CSUSM-affiliated community. Living arrangements are private and shared bedrooms, within two-, three-, and four-bedroom apartments, all fully furnished.
SAN ANTONIO — Stream Realty Partners has completed an office development called One51 Office Centre. The speculative two-story, 101,000-square-foot office building is located in San Antonio’s Westover Hills submarket. Located at the south side of Highway 151, the Class A office building stretches across 8.3 acres. The property, owned and developed by Stream Realty, offers access to Highway 151, 50,000-square-foot plates, 615 parking spaces and green space with mature trees. Stream Realty’s Ryan Harrison and Carolyn Hinchey Shaw will lease the office property. Westover Hills houses 15 corporate campuses.
DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged a $2.9 million acquisition loan for Dallas Arts Center, a 66,000-square-foot office property located at 2030 Main St. in Dallas’ central business district. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.