MESA, ARIZ. – Security Properties has acquired the 388-unit Sonora Canyon apartment community in Mesa for $30 million. The community is located at 265 North Gilbert Road. Sonora Canyon is set to receive a $2.6-million renovation. It will include upgrades to the clubhouse, pool and interior units. Security Properties had previously purchased the property in 2005 for $22 million. It was known as University Green at the time. The firm sold the community in 2007 for $33.3 million. The property was purchased by Security Properties in conjunction with an East Coast life insurance company.
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DENVER – The Waner Building, an 11,971-square-foot office property in Highlands Ranch, has sold to Winkes Sound LLC & Lorenz Sound LLC for $2.4 million. The building is located at 8950 Barrons Blvd. in the Littleton suburb. It is fully occupied by two triple-met tenants, Waner Construction and Great West. Winkes Sound was represented by Brandon Gouker of Pinnacle Real Estate Advisors. The seller, Hubba Hubba LLC, was represented by Rob Edwards, Eric Shaw and Tom Ethington of the same firm.
AUSTIN — HFF has secured joint venture equity and financing for a six-property multifamily portfolio in Austin. HFF worked on behalf of Commerce Capital Partners LLC to secure joint venture equity through Harbert United States Real Estate Fund V. HFF also placed six separate 12-year Fannie Mae loans with M&T Realty Capital Corp. Each loan has a four-year, interest-only period. The HFF team representing Commerce Capital included Robert Wooten, Doug Opalka and Matt Kafka.
TOMBALL, TEXAS — Houston-based Baker Katz has begun construction on the company’s retail center in Tomball, approximately 33 miles northwest of Houston. The property, which was purchased by Baker Katz earlier this year, was formerly a gas station. The site is located at FM 2920 and Highway 249, adjacent to another Baker Katz-owned shopping center. The building will be occupied by a 3,400-square-foot Pacific Dental Services office and a 4,200-square-foot Mattress Firm store. In total, the building will span 7,600 square feet. The two tenants are slated to open late this year.
CLEBURNE, TEXAS — Dougherty Mortgage LLC has arranged a $2.4 million Fannie Mae loan for the acquisition of Northridge Court Apartments, an 86-unit apartment complex in Cleburne. Dougherty’s Dallas office arranged the 10-year loan for DCP Skyline II LLC. The loan carries a 30-year amortization schedule. Dougherty Mortgage is based in Minneapolis with regional offices in California, Colorado, Maryland and Texas.
HOUSTON — Marcus & Millichap has arranged the sale of Ella Plaza, a 34,695-square-foot retail property in Houston. The asset had a list price of $3.75 million. Gus Lagos and Alex Bouchard with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Lagos and Bouchard also secured the buyer, a partnership. Ella Plaza is located at 3414-3496 Ella Boulevard in Houston.
RICHARDSON, TEXAS — Regency Centers will build a 40,000-square-foot Whole Foods Market at KDC’s 186-acre CityLine project in Richardson. Whole Foods will anchor the initial 81,000-square-foot phase of Regency Centers’ CityLine Market, a retail center on 11.3 acres at the intersection of Renner Road and Plano Road. The store is slated to open in spring 2016.
SWEETWATER, FLA. — IKEA will open a new 416,000-square-foot store on Wednesday, Aug. 27 in Sweetwater, approximately 14 miles west of Miami. The store, dubbed IKEA Miami, will be the Swedish company’s second store in South Florida, fourth in the state and 39th in the United States. According to Selwyn Crittendon, IKEA Miami’s store manager, the new store will employ roughly 350 individuals. The property will feature 1,500 parking spaces and South Florida’s largest rooftop solar array. The store will offer 10,000 designed items, 44 room settings, three model home interiors, a children’s play area, 600-seat restaurant and baby care rooms.
CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors has purchased four office buildings totaling 249,000 square feet in Charlotte. The properties are located at Oak Hill Business Park within Charlotte’s I-77 Corridor. The office properties were 68 percent leased at the time of the sale to tenants such as Wal-Mart Stores Inc., Paychex and Canon. Adler Kawa purchased the properties through the Adler Kawa Real Estate Fund II from a private equity firm. Patrick Gildea and Ralph Oldham of CBRE represented the seller in the transaction, and Charles Foschini and Christopher Apone of CBRE’s Miami office secured acquisition financing on behalf of Adler Kawa. Adler Kawa has selected Trinity Partners to lease the properties and affiliate Adler Realty Services to manage the assets on-site.
ORLANDO, FLA. — Berkadia Real Estate Advisors has arranged the $21.3 million sale of Arbour Apartments, a 292,000-square-foot multifamily community in Orlando. The property is located at 11000-11600 MacKay Blvd., which is within walking distance of the University of Central Florida. The apartment complex has two swimming pools, lighted tennis and basketball courts, a fitness center, billiard room and two 24-hour laundry centers. Cole Whitaker and Hal Warren of Berkadia, along with Robert Hold of Hold-Thyssen Inc., represented the seller, Arbour Apartments LLC, in the transaction. The buyer was New York-based BW Arbour Apartments LLC.