FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received $28.5 million in refinancing. The community is located at 200 S. Lexington Drive. The loan includes a 10-year interest-only term. Financing was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s Fannie Mae DUS lender. The borrower was CWS Capital Partners.
PHOENIX – Propak Logistics has leased 48,735 square feet of industrial space at Estrella Business Park in Phoenix. The space is located at 1010 S. 65th Ave. The new lease marks Propak’s entry into metropolitan Phoenix. It also brought the building to full occupancy. Propak was represented by CBRE’s Pat Feeney, Dan Calihan, Rusty Kennedy and Bob Pielsticker. The landlord, EJM Development Co., represented itself in the lease negotiation.
PASADENA, CALIF. – The Commons, an 85,743-square-foot office and retail complex in Pasadena, has sold to a global investment management firm for an undisclosed sum. The complex is located at 140-146 South Lake Ave. It is occupied by tenants like Drybar, Soul Cycle, Lemonade, Green Street Café, The Counter, 18/8 and Seco New American. The buyer plans to further enhance value and hold the property long term. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, a joint venture between Arenda Capital Management and Arenda Capital Management, in this transaction.
LORAIN, OHIO — Namdar Realty Group has acquired a 200,000-square-foot shopping center in Lorain, approximately 29 miles west of Cleveland. The Center of Sheffield features national and regional tenants including Apple’s Market, Marc’s and H&R Block. The property is located at 400 Sheffield Center. Joel Gorjian led the Namdar Realty Group team in the transaction. Namdar’s portfolio consists of 16 million square feet of commercial real estate nationwide.
DALLAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Hunter’s Hill, a 436-unit apartment complex in north Dallas. Will Balthrope and Drew Kile of IPA represented the seller and procured the buyer. Hunter’s Hill is located at the intersection of Midway Road and Frankford Road in the Platinum Corridor area. Amenities include controlled access gates, a gym, indoor basketball and racquetball courts, two pools, a business center, clubhouse, billiards table and covered parking.
AUSTIN — Walker & Dunlop has arranged a $23 million acquisition loan for The Ballpark, a student housing complex in Austin. Walker & Dunlop provided short-term bridge financing prior to the borrower, Nimes Capital, obtaining a 10-year Freddie Mac loan. Nimes Capital purchased the property through an auction in October 2014. The Ballpark is a 282-unit, 768-bed complex built in 2000. It is located in the East Riverside area near the University of Texas at Austin. Amenities at the Ballpark include a computer lab, free internet, a volleyball court, athletic fields, gym and swimming pool. Will Baker of Walker & Dunlop led the team that structured financing.
MOUNT PLEASANT, MICH. — AT&T has signed a 1,920-square-foot retail lease in Mount Pleasant. The mobile provider will occupy space within the Pickard Square shopping center located at Pickard Road, is just east of Mission Street. This will be the second AT&T location in Mount Pleasant. Larry Siedell and Tjader Gerdom of Gerdom Realty and Investment represented the landlord. Steve Millman of Northstar Commercial Real Estate represented the tenant in the lease.
HOUSTON — NAI Houston represented American Spectrum in the sale of two office properties located at 800 and 888 W. Sam Houston Pkwy. Both buildings are two-story, multi-tenant properties totaling 88,292 square feet. The assets are located in Houston’s Westchase District near the intersection of Beltway 8 and Briar Forest. Doug Pack of NAI Houston represented the seller, American Spectrum. Logan Brown of Logan Brown Investments represented the buyer.
BROOKFIELD, WIS. — Aspen Physical Therapy has leased 3,000 square feet of space at Ruby Isle. The shopping center is located at 2205 N. Calhoun Road in Brookfield, 12 miles west of Milwaukee. Teresa Shemitis of Mid-America Real Estate –Wisconsin LLC represented the landlord in the transaction.
NEW YORK CITY — Broad Street Development, along with investment partner Crow Holdings, has acquired a two-building residential portfolio for $178.5 million. The portfolio includes 298 and 304 Mulberry Street, which offer a total of 182 apartments and 11,825 square feet of ground-floor retail space with full frontage on both Houston and Mulberry streets and an on-site parking garage. The seller was Boston-based GID Investment Advisors LLC. The partnership will immediately begin a $3.5 million renovation campaign, including aesthetic and operational improvements. Planned improvements include the installation of new windows, new roof and roof decks, the redesign and renovation of the lobbies, modernization of interior areas and upgrades to individual homes, including kitchen and bathrooms.