WASHINGTON, D.C. — Capital One has closed a $110 million non-recourse bridge loan for the refinancing of a six-story office building located at 64 New York Ave. in Washington, D.C. Capital One served as sole lead agent, sole bookrunner and administrative agent for the loan. Capital One provided the loan on behalf of the borrower, a property fund managed by Brookfield Asset Management. The office building is primarily leased to the Washington, D.C., government, according to Capital One.
ST. PETERSBURG, FLA. — Cushman & Wakefield has brokered the $103 million sale of a 1.7 million-square-foot industrial portfolio in St. Petersburg. Evergreen Industrial Properties purchased the 34-building portfolio from Miami-based Fleeman Family Trust. The portfolio comprises five industrial parks, including Gateway Business Center, Gateway Business Park, Metropointe Commerce Park, Westbay Corporate Center and Joe’s Creek Industrial Park. The portfolio was 84 percent leased at the time of sale to tenants such as Lockheed Martin, Jabil, L–3 Communications, FedEx, MTS Systems, Worldpac, Digital Lightwave and Jagged Peak.
NASHVILLE, TENN. — Passco Cos. has acquired The Lexington Apartments, a 598-unit, Class-A garden-style multifamily community located in the Bellevue submarket of Nashville, for $93.5 million. According to Passco, The Lexington Apartments has maintained an average occupancy rate above 95 percent for the past three years. Located at 510 Old Hickory Blvd., the community comprises one-, two- and three- bedroom units and its community amenities include an indoor swimming pool, three outdoor pools, a fitness center, clubhouse, tennis courts, tanning beds, coffee bar and an outdoor grilling area. Vince Lefler of JLL’s Nashville office brokered the sale. The Lexington community was developed in two phases in 1997 and 1999, and all of the units were then remodeled between 2008 and 2012. The former owner began a new round of upgrades in 2012, which are still in progress today. Chris Black of KeyBank Real Estate Capital arranged $60.8 million in acquisition financing on behalf of Passco Cos.
NASHVILLE, TENN. — Batson-Cook Construction has begun building SkyHouse Nashville, a luxury mixed-use tower in midtown Nashville. Upon completion in the summer of 2016, the 25-story property will feature 352 luxury apartment residences, more than 10,000 square feet of retail space and a rooftop amenities deck. The property will be situated along Broadway, 17th Avenue and Division Street and offer panoramic views of downtown Nashville. The development’s amenity package will include an upscale clubhouse, fitness center, swimming pool and an outdoor kitchen. The design team includes co-developers Batson-Cook Development Co. and Novare Group and architect Smallwood, Reynolds, Stewart, Stewart. SkyHouse Nashville is the 15th SkyHouse-branded project that Batson-Cook has constructed since 2001. Earlier this year, the company delivered SkyHouse Buckhead in Atlanta, SkyHouse Channelside in Tampa and SkyHouse Raleigh in Raleigh.
ROCKVILLE, MD. — Lantian Development LLC and 1788 Holdings LLC have formed a joint venture to acquire a 31-acre site in Rockville from TA Associates for $50 million. The tract fronts Shady Grove Road between Choke Cherry and Gaither roads. The site currently contains seven separate two-story buildings totaling approximately 450,000 square feet of Class B office space. The joint venture intends to demolish two buildings and renovate the other five buildings in the portfolio to retain the existing tenant base and increase occupancy with new tenants. The partnership will also transform the asset into a mixed-use and multi-functional project that will eventually support 1.5 to 2 million square feet of commercial office, medical office, retail, hospitality and residential space. The joint venture intends to unveil the new branding of the project, as well as architectural renderings, by early 2016. 1788 Holdings and Lantian Development expect more than $500 million to be invested in the project during the next 10 years.
SACRAMENTO, CALIF. — The Garibaldi Co. has acquired 3310 Apartments, a 384-unit apartment building in Sacramento, for $35 million. The Class B community is located at 3310 Winter Park Drive in the city’s South Natomas area. The property was built in 1985. Though minor interior improvements were completed prior to the sale, the buyer plans to implement an improvement plan that will focus on building exteriors and common areas. Mark Leary of ARA Newmark represented both Garibaldi and the seller, Prometheus, in this transaction.
PLEASANTON, CALIF. — Britannia Business Center III, a 191,000-square-foot office and R&D portfolio in Pleasanton, has received $27.4 million in acquisition financing. The portfolio is located at 5870 Stoneridge Drive. The center contains about 125,000 square feet of office space and 66,000 square feet of research and development facilities. This space is situated in three non-contiguous buildings. The R&D portion is fully occupied by contact lens developer CooperVision. The non-recourse loan was secured by Steven Buchwald and Lexington Henn of Mission Capital Advisors’ Debt & Equity Finance Group on behalf of Ridge Capital Investors. The firm’s Will Sledge, Patrick Arnold and Gregg Applefield executed the $35.1 million sale.
OXNARD, CALIF. — CBRE Group, in collaboration with Red Mountain Group, has arranged three retail leases at the vacated Kmart property at the corner of Ventura Road and Channel Island Boulevard in Oxnard. The 137,175-square-foot retail site is being redeveloped into an anchored multi-tenant retail center. LA Fitness has leased 37,500 square feet, Smart & Final inked a deal for 31,044 square feet, and Star World, an appliance and electronic company, signed a lease for 26,487 square feet at the property. Each company signed a 15-year lease for the space. Scheduled for completion in the second quarter of 2016, the proposed renovations include new storefront elevations, parking lot, landscaping and lighting, as well as the construction of a new drive-thru pad along Ventura Road. The new tenants are scheduled to open for business in 2016. Several restaurant and retail spaces, ranging from 1,200 to 15,000 square feet, will be available for lease at the property. Scott Siegel, Larry Tanji and Lisa Engle of CBRE, along with Kristin Ambrose of Red Mountain, negotiated the leased on behalf of the investor, Red Mountain Group.
GLENDALE, ARIZ. — Lee & Associates has arranged the sale of Arrowhead Plaza, an 84,389-square-foot shopping center, for $14 million. The center is located at 7700 W Arrowhead Towne Center. It was purchased by Beardsley-67th Avenue LLC. Ian Fincham and Patrick Dempsey of Lee & Associates worked on behalf of the buyer and seller.
FRESNO, CALIF. — Phillips Edison Grocery Center REIT II Inc. has acquired a grocery-anchored shopping center in Fresno. West Acres LLC sold the 83,414-square-foot West Acres Shopping Center for $10.2 million. The fully leased center is occupied by 14 tenants, including Best Cuts, Little Caesars and Atlas Healthcare, and anchored by a 55,080-square-foot Food Maxx.