WOODLAND HILLS, CALIF. — Venture West Funding Inc. has arranged a $10.2 million loan for the refinance of Pride Center, a 185,265-square-foot shopping center located in Woodland Hills. Albertsons anchors the center, with tenants including Bank of America, CVS/pharmacy, Pep Boys, Tuesday Morning, HomeGoods, Harbor Freight Tools and Jo-Ann Stores. Jean-Marc Herrouin of Venture West Funding arranged the financing through Farmers & Merchants Bank.
WEST COVINA, CALIF. — Waterton Associates has acquired the 183-unit Sunset Plaza apartment complex in West Covina for an undisclosed sum. The community is located at 1234 W. Cameron Ave. Sunset Plaza amenities include two outdoor pools, a fitness center, resident clubhouse with business center and a children’s playroom. Waterton plans to implement a value-add renovation program that will update individual units and amenity spaces, as well as refresh the community’s exterior. This is Waterton’s fifth acquisition so far in 2015. The firm’s Southern California portfolio now contains six communities with nearly 1,400 units.
NEW YORK CITY — Madison Realty Capital has acquired The Brooklyn Whale Building, located at 14 53rd St. in Brooklyn’s Sunset Park neighborhood, for $82.5 million. The seven-story building offers 400,000 square feet of industrial space. Currently 79 percent occupied, the property is nearing the completion of a more than $8 million renovation program to fully reposition the building into a state-of-the-art office hub. The seller initiated the capital expenditure program and Madison Realty plans to add substantially more to the building’s renovation plans as it assumes ownership. Built in 1918 by E.W. Bliss, the property served as the headquarters for the Whale Oil Co. Renovations to the building include the installation of energy-efficient windows, new elevators, a new roof and improved power infrastructure, as well as the addition of a new lobby with concierge desk along with spaces for amenity shops and restroom facilities. Aaron Jungreis of Rosewood represented both the buyer and undisclosed seller in the off-market transaction.
SOUTH BRUNSWICK TOWNSHIP AND MONROE TOWNSHIP, N.J. — J.G. Petrucci Co. Inc. is constructing two build-to-suit industrial properties in Middlesex County, N.J. Located at 15 Stults Road in South Brunswick Township, the first building will feature 63,506 square feet of industrial space. Slated for delivery in October, the property will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system. The second facility, located at 30 Engelhard Drive in Monroe Township, will feature 130,102 square feet of industrial space. Scheduled for delivery in second quarter of 2016, the single- or multi-tenant building will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system.
NEW YORK CITY — TerraCRG has brokered the sale of an approximately 12,941-square-foot multifamily property located at 93-97 Waverly Place in Brooklyn’s Clinton Hill neighborhood. AC Waverly LLC sold the property to 93-97 Waverly Ventures LLC for $8.8 million, or $680 per net residential square foot. Built in 2008, the property consists of two four-story buildings featuring a total of 17 loft-style apartments, ranging from studio to two-bedroom units. At the time of sale, the property was fully occupied. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG were the sole brokers in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 664 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The 4,300-square-foot asset sold for $8.1 million. The property features apartment units and one retail space. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Logan Markley of Marcus & Millichap represented the seller and the buyer, both private investors, in the transaction.
WATERVILLE, MAINE — Fantini & Gorga has secured $7.5 million in acquisition financing for a freestanding Rite Aid Pharmacy in Waterville. Constructed in 2009, the 14,673-square-foot property features a drive-thru canopy and a high-volume pharmacy layout. Chris Miller and Casimir Groblewski of Fantini & Gorga arranged the financing for Wells Realty LP through a leading regional financial institution.
DALLAS — Trader Joe’s has leased 12,500 square feet in the Preston Alexis addition to Pepper Square Shopping Center at Preston Road and Alexis Drive in north Dallas. Trader Joe’s is a privately held chain that entered the Dallas/Fort Worth market in 2013 and has six stores in the region. Vaughn Miller of VCM Development Group secured the lease and worked in cooperation with Henry Miller IV and Daniel Harris of HSM Brokerage on behalf of the landlord. Kevin Deighan of Timberline Real Estate represented the tenant. The store is slated to open later this year. Vaughn Miller and his father, Vance C. Miller, developed the Preston Alexis addition in 2001 after redeveloping the nearby Pepper Square Shopping Center at Preston Road and Beltline Road.
LONGVIEW, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has acquired a 74-unit assisted living and memory care community known as Fountainview Estates in the east Texas market of Longview, about a two-hour drive east of Dallas. Located at 1408 Lago Trail on the city’s northwest side, the community will become part of Caddis’ Heartis brand and will be renamed Heartis Longview. Frontier Management, a seniors housing operator headquartered in Portland, Ore., assumed management duties upon closing. Amenities at Fountainview Estates include a waterfront outdoor terrace, community dining room, game room, theater, beauty salon and barber shop, 24-hour nursing services, an emergency call system, housekeeping and laundry services. Mike Pardoll of Marcus & Millichap’s Charlotte office brokered the deal.
SUGAR LAND, TEXAS — H.I.G. Realty Partners, an investment firm, has sold a 288-unit apartment community in the Houston suburb of Sugar Land. The asset was purchased in December 2012 and H.I.G. implemented a capital improvement program during its ownership. During the past three years, H.I.G. Realty has acquired and/or developed 7,000 multifamily and student housing units in 13 investments across the U.S. H.I.G. Realty is the real estate platform of H.I.G. Capital, which manages $1.3 billion in investments in small-to-mid cap real estate assets. H.I.G. Realty targets the acquisition of value-add investments and seeks to generate cash flow and appreciation through redevelopment.